Tribute Pharmaceuticals Canada (SLRXF) 10-K 31 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (CAD)	12 Months Ended
	Dec. 31, 2013	Mar. 14, 2014	Jun. 30, 2013
Document And Entity Information	'	'	'
Entity Registrant Name	'Tribute Pharmaceuticals Canada Inc.	'	'
Entity Central Index Key	'0001159019	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Is Entity a Well-known Seasoned Issuer?	'No	'	'
Is Entity a Voluntary Filer?	'No	'	'
Is Entity's Reporting Status Current?	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	8,261,917
Entity Common Stock, Shares Outstanding	'	51,581,238	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2013	'	'

BALANCE_SHEETS

BALANCE SHEETS (CAD)	Dec. 31, 2013	Dec. 31, 2012
Current	'	'
Cash and cash equivalents (Note 4)	2,813,472	2,283,868
Accounts receivable, net of allowance of $nil (2012 - $nil)	591,766	1,205,087
Inventories (Note 5)	1,044,831	1,000,557
Taxes recoverable	651,791	261,400
Loan receivable	15,814	15,814
Prepaid expenses and other receivables (Note 6)	165,886	118,910
Current portion of debt issuance costs, net (Note 10)	91,100	185,403
Total current assets	5,374,660	5,071,039
Property, plant and equipment, net (Note 7)	1,089,919	1,159,375
Intangible assets, net (Note 8)	9,717,173	10,883,179
Goodwill (Notes 2 and 9)	3,599,077	3,599,077
Debt issuance costs, net (Note 10)	253,712	115,862
Total assets	20,034,541	20,828,532
Current	'	'
Accounts payable and accrued liabilities (Notes 2)	3,284,756	5,455,664
Current portion of long term debt (Note 10)	204,700	1,305,840
Warrant liability (Note 11 c)	2,966,714	202,213
Other current liability (Note 21)	38,156	'
Total current liabilities	6,494,326	6,963,717
Long term debt (Note 10)	5,640,102	1,815,791
Deferred tax liability (Note 17)	'	314,900
Total liabilities	12,134,428	9,094,408
AUTHORIZED	'	'
Common shares 51,081,238 (2012 – 39,610,042)	19,947,290	17,589,957
Additional paid-in capital options (Note 11 b)	2,286,890	1,867,723
Accumulated other comprehensive loss	-38,156	'
Deficit	-14,295,911	-7,723,556
Total shareholders equity	7,900,113	11,734,124
Total liabilities and shareholders equity	20,034,541	20,828,532

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (CAD)	Dec. 31, 2013	Dec. 31, 2012
LIABILITIES	'	'
Allowance for accounts receivable	'	'
SHAREHOLDERS EQUITY	'	'
Common Shares Authorized	51,081,238	39,610,042

STATEMENTS_OF_CHANGES_IN_SHARE

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CAD)	Common Stock	Additional Paid-In Capital Options	Accumulated Other Comprehensive Income	Deficit
Beginning Balance, Amount at Dec. 31, 2011	37,610,042	'	'	'
Beginning Balance, Shares at Dec. 31, 2011	16,469,621	1,277,830	'	-4,374,590
Common shares issued for acquisition of Tribute (Notes 2 and 11 a), Amount	2,000,000	'	'	'
Common shares issued for acquisition of Tribute (Notes 2 and 11 a), Shares	1,120,336	'	'	'
Options issued to employees and directors (Note 11 b)	'	589,893	'	'
Net (loss)	'	'	'	-3,348,966
Ending Balance, Amount at Dec. 31, 2012	39,610,042	'	'	'
Ending Balance, Shares at Dec. 31, 2012	17,589,957	1,867,723	'	-7,723,556
Units issued (Note 11 a), Shares	11,471,196	'	'	'
Units issued (Note 11 a), Amount	4,713,787	'	'	'
Options issued to employees and directors (Note 11 b)	'	419,167	'	'
Broker warrants – valuation allocation (Note 11 a)	-172,986	'	'	'
Common share purchase warrants – valuation (Note 11 c)	-1,746,503	'	'	'
Share issuance costs (Note 11 a)	-436,965	'	'	'
Unrealized loss on derivative instrument	'	'	-38,156	'
Net (loss)	'	'	'	-6,572,355
Ending Balance, Amount at Dec. 31, 2013	51,081,238	'	'	'
Ending Balance, Shares at Dec. 31, 2013	19,947,290	2,286,890	-38,156	-14,295,911

STATEMENTS_OF_OPERATIONS_AND_C

STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenues	'	'
Licensed domestic product net sales	8,598,385	8,322,945
Other domestic product sales	3,366,374	2,494,359
International product sales	1,277,678	1,525,479
Royalty and licensing revenues	197,924	'
Total revenues (Notes 15 and 18)	13,440,361	12,342,783
Cost of sales	'	'
Licensor sales and distribution fees	5,844,494	5,916,845
Cost of products sold	1,541,662	1,220,716
Write down of inventories	56,935	36,345
Total cost of sales	7,443,091	7,173,906
Gross Profit	5,997,270	5,168,877
Expenses	'	'
Selling, general and administrative (Notes 14 c, 14 e, 16 and 19)	9,830,132	8,870,609
Amortization	1,245,846	718,981
Total operating expenses	11,075,978	9,589,590
(Loss) from operations	-5,078,708	-4,420,713
Non-operating income (expenses)	'	'
Change in warrant liability (Note 11 c)	-399,217	247,486
Cost of extending the warrant expiration (Note 11 c)	'	-135,157
Change in fair value of contingent consideration (Note 2)	'	79,724
Research and development	'	-21,402
Loss on disposal of intangible asset	-161,200	'
Loss on extinguishment of loan (Note 10)	-620,835	'
Accretion expense (Note 10)	-103,775	-140,154
Interest expense	-527,079	-253,143
Interest income	3,559	13,940
(Loss) and comprehensive (loss) before tax	-6,887,255	-4,629,419
Current income tax recovery	'	71,153
Deferred income tax recovery (Note 17)	314,900	1,209,300
Net (loss) for the year	-6,572,355	-3,348,966
Unrealized loss on derivative instrument, net of tax (Note 21)	-38,156	'
Total comprehensive loss	-6,610,511	-3,348,966
Loss Per Share (Note 12) - Basic	-0.13	-0.09
- Diluted	-0.13	-0.09
Weighted Average Number of Common Shares Outstanding - Basic	49,169,414	39,167,419
- Diluted	49,169,414	39,167,419

CONDENSED_INTERIM_CONSOLIDATED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from (used in) operating activities	'	'
Net (loss)	-6,572,355	-3,348,966
Items not affecting cash:	'	'
Deferred income tax recovery	-314,900	-1,209,300
Amortization	1,288,509	772,012
Change in warrant liability (Note 11 c)	399,217	-247,486
Cost of extending the warrant expiration (Note 11c)	'	135,157
Change in fair value of contingent consideration (Note 2)	'	-79,724
Stock-based compensation (Note 11 b)	419,167	589,893
Accretion expense	103,775	140,154
Loss on disposal of intangible asset (Note 8)	161,200	'
Loss of extinguishment of loan (Note 10)	620,835	'
Change in non-cash operating assets and liabilities (Note 13)	-1,643,044	1,690,533
Cash flows (used in) operating activities	-5,537,596	-1,557,727
Cash flows (used in) investing activities	'	'
Additions to property, plant and equipment	-26,795	-49,272
Payment of contingent liabilities (Note 2)	-460,000	-40,000
Increase in intangible assets	-33,345	-42,902
Increase in licensing agreements	'	-750,000
Cash cost of acquisitions (Note 2)	'	-425,000
Cash flows (used in) investing activities	-520,140	-1,307,174
Cash flows from (used in) financing activities	'	'
Financing costs deferred	-305,227	-341,489
Long term debt repayment (Note 10)	-3,386,630	-217,569
Long term debt issued (Note 10)	6,084,437	3,500,000
Units issued (Note 11 a)	4,713,787	'
Debt extinguishment costs (Note 10)	-348,420	'
Share issuance costs (Note 11 a)	-436,966	'
Cash flows from financing activities	6,320,981	2,940,942
Changes in cash and cash equivalents	263,245	76,041
Change in cash due to changes in foreign exchanges	266,359	-20,146
Cash and cash equivalents, beginning of year (Note 4)	2,283,868	2,227,973
Cash and cash equivalents, end of year (Note 4)	2,813,472	2,283,868

1_DESCRIPTION_OF_BUSINESS

1. DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
1. DESCRIPTION OF BUSINESS	'
	Tribute Pharmaceuticals Canada Inc. ("Tribute Pharmaceuticals" or the "Company") (formerly Stellar Pharmaceuticals Inc.) is an emerging specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada. The Company targets several therapeutic areas in Canada with a particular interest in products for the treatment of pain, urology, dermatology and endocrinology/cardiology. In addition to developing and selling healthcare products in Canada, Tribute also sells products globally through a number of international partners.
	Tribute Pharmaceuticals current portfolio consists of six marketed products in Canada, including: NeoVisc® and NeoVisc® Single Dose, Uracyst®, Bezalip® SR, Soriatane®, Cambia® and Collatamp G®. NeoVisc® and Uracyst® are also sold in several countries globally through strategic partners of the Company. Tribute Pharmaceuticals also has an exclusive license for the development and commercialization of Bezalip® SR (bezafibrate) for the US market.
	On October 1, 2012, Stellar Pharmaceuticals Inc. amalgamated with its two wholly owned subsidiaries and became a single entity. Prior to this date, the financial statements of the Company were consolidated with its two wholly owned subsidiaries.

2_ACQUISITIONS_AND_GOODWILL

2. ACQUISITIONS AND GOODWILL	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
2. ACQUISITIONS AND GOODWILL	'
	Tribute
	On December 1, 2011, the Company acquired 100% of the outstanding shares of Tribute Pharmaceuticals Canada Ltd. and Tribute Pharma Canada Inc. ("Tribute"), a Canadian-based specialty pharmaceutical company. Tribute's shareholders were paid 13,000,000 common shares of the Company, which were valued at $7,423,415 based on the then current stock price of $0.57, and $1,000,000 in cash consideration, with an additional $500,000 in cash consideration payable to Tribute shareholders on December 1, 2012. During the year ended December 31, 2012, $40,000 of this amount was paid, with the remaining balance outstanding and included in accounts payable and accrued liabilities as at December 31, 2012, and subsequently paid during the year ended December 31, 2013. Upon approval by Health Canada for the marketing and sale of Cambia, Tribute shareholders were also entitled to an additional 2,000,000 common shares of the Company, which were issued during the year ended December 31, 2012 (Note 11 a). The estimated fair value of this contingent non-cash consideration as of the acquisition date was $1,142,064, based on the Company’s stock price of $0.57 on December 1, 2011. The Company estimated the fair value of the contingent consideration by assigning an achievement probability to each potential milestone and discounting the associated cash payment to its present value using a risk adjusted rate of return. The Company evaluates its estimates of fair value of contingent consideration liabilities at the end of each reporting period until the liability is settled. Any changes in the fair value of contingent consideration liabilities are included in change in fair value of contingent consideration on the statements of operations and comprehensive loss. The liability for these amounts payable, were reported together as “amount payable and contingent consideration due” on the balance sheet.
	In connection with the acquisition, the Company acquired assets with a fair value of $14,460,209. Assets consisted primarily of receivables and other current assets of $791,648, a licensing asset of $255,820, licensing agreements of $10,004,000 and goodwill of $3,408,741. The value of goodwill is not deductible for tax purposes. Liabilities were also assumed of $4,477,387 consisting of bank indebtedness of $36,107, accounts payable and accrued liabilities of $1,940,280 and deferred tax liability of $2,501,000. The license agreement asset relates to Cambia, an acute treatment for migraine attacks with or without aura in adults and an agreement with Actavis Group PTC ehf, which provides the rights and licensing to several products. The estimated fair value of the license agreement asset was determined based on the use of the discounted cash flow model using an income approach for the acquired licenses. Estimated revenues were probability adjusted to take into account the stage of completion and the risks surrounding successful development and commercialization. The license agreement assets are classified as indefinite-lived intangible assets until the successful completion and commercialization or abandonment of the associated marketing and development efforts. The licensing asset and licensing agreements relate to product license agreements having an estimated useful life of 7 to 15 years. During 2012, the Company recognized a $79,724 reduction of expense related to the change in the estimated fair value of the contingent consideration liability on the statements of operations and comprehensive loss. The Company believes that the fair values assigned to the assets acquired, the liabilities assumed and the contingent consideration liabilities were based on reasonable assumptions.
	Subsequent to the acquisition, a shareholder of Tribute and an individual with a controlling interest in Tribute became the Chief Executive Officer and Chief Financial Officer of the Company, respectively.
	Theramed
	On June 19, 2012, the Company closed an agreement with Theramed Corporation ("Theramed"), a privately-held medical device company, thereby acquiring the exclusive rights to Collatamp G® for Canada. The initial term of the agreement to the exclusive Canadian rights ends March 31, 2018. The purchase of the exclusive rights was accounted for as a business combination. In connection with the purchase of the assets, the Company paid $425,000. The Company acquired assets with a fair value of $500,026, consisting of inventories of $101,690, intangible assets of $208,000 and goodwill of $190,336 (See Note 8). The value of goodwill is deductible for tax purposes. Liabilities of $75,026 were assumed in connection with the purchase.

3_SUMMARY_OF_SIGNIFICANT_ACCOU

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a basis consistent with that of the prior year.
	a)           CASH AND CASH EQUIVALENTS
	Cash and cash equivalents include cash and all highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are held with three major financial institutions in Canada.
	b)           ACCOUNTS RECEIVABLE
	The Company routinely assesses the recoverability of all material trade and other receivables to determine their collectability by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer's ability to pay.
	c)           REVENUE RECOGNITION
	The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. License fees which are comprised of initial fees and milestone payments are recognized upon achievement of the milestones, provided the milestone is meaningful, and provided that collectability is reasonably assured and other revenue recognition criteria are met. Milestone payments are recognized into income upon the achievement of the specified milestones when the Company has no further involvement or obligation to perform services, as related to that specific element of the arrangement. Up-front fees and other amounts received in excess of revenue recognized are recorded as deferred revenues.
	Revenues from the sale of products, net of trade discounts, returns and allowances, are recognized when legal title to the goods has been passed to the customer and collectability is reasonably assured. Revenues associated with multiple-element arrangements are attributed to the various elements, if certain criteria are met, including whether the delivered element has standalone value to the customer and whether there is objective and reliable evidence of the fair value of the undelivered elements. Non-refundable up-front fees for the transfer of methods and technical know-how, not requiring the Company to perform additional research or development activities or other significant future performance obligations, are recognized upon delivery of the methods and technical know-how.
	Royalty revenue is recognized when the Company has fulfilled the terms in accordance with the contractual agreement and has no material future obligation, other than inconsequential and perfunctory support, as would be expected under such agreements and the amount of the royalty fee is determinable and collection is reasonably assured.
	A customer is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms typically range from 0.5% to 2% discount, 15 to 20 days net 30 from the date of invoice.
	The Company has a product returns policy on some of its products, which allows the customer to return pharmaceutical products that have expired, for full credit, provided the expired products are returned within twelve months from the expiration date.
	Transfer of title occurs and risk of ownership passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A customer’s obligation to pay the Company for products sold to it is not contingent upon the resale of those products. The Company recognizes revenues for the sale of products from the date the title to the products is transferred to the customer.
	d)           INVENTORIES
	Inventories are valued at the lower of cost and net realizable value with cost being determined on a first-in, first-out basis. Cost is determined to be purchase cost for raw materials and the production cost (materials, labor and indirect manufacturing cost) for work-in-process and finished goods. Throughout the manufacturing process, the related production costs are recorded within inventory.
	e)           PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment are stated at cost. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of such assets to be held and used may not be recoverable. The Company reviews its long-term assets, such as fixed assets to be held and used or disposed of, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The basis of amortization and estimated useful lives of these assets are provided for as follows:
	Asset Classification		Amortization Method	Useful Life
	Building		Straight-line	20 years
	Computer and office equipment		Straight-line	5 years
	Leasehold improvements		Straight-line over the lease term	5 years
	Manufacturing equipment		Straight-line & activity based	5 to 10 years
	Warehouse equipment		Straight-line	5 to 10 years
	Packaging equipment		Activity based	5 to 10 years
	Activity based amortization is based on the number of uses for each asset in that category.
	f)           GOODWILL AND INTANGIBLE ASSETS
	Goodwill represents the excess of acquisition cost over the fair value of the net assets of the acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually. Intangible assets include patents, a licensing asset and licensing agreements.
	Patents represent capitalized legal costs incurred in connection with applications for patents. In-process patents pending are not amortized. All patents subject to amortization are amortized on a straight line basis over an estimated useful life of up to 17 years. The Company regularly evaluates patents and applications for impairment or abandonment, at which point the Company charges the remaining net book value to expenses. The licensing asset represents amounts paid for exclusive Canadian licensing rights to develop, register, promote, manufacture, use, market, distribute and sell pharmaceutical products. The licensing agreements represent the fair value assigned to licensing agreements acquired. The licensing asset and licensing agreement are amortized over the remaining life of the agreement, upon product approval. See Note 8.
	The Company evaluates the recoverability of amortizable intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company has not recorded any impairment charge during the years presented.
	When assessing goodwill impairment, the Company assesses qualitative factors first to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is not performed. In the event that there are qualitative factors which indicate that the carrying amount is greater than the fair value of the reporting unit, then the two step impairment approach is performed.
	The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step would need to be performed; otherwise, no further step is required. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2013 and 2012, no impairment of goodwill has been identified.
	g)           USE OF ESTIMATES
	The preparation of these financial statements has required management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent liabilities and the revenue and expenses recorded. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, inventories, accrued liabilities, accrued returns, discounts and rebates, derivative instruments, income taxes, stock based compensation, revenue recognition, goodwill, intangible assets, contingent consideration and the estimated useful lives of property, plant and equipment. The Company bases its estimates on historical experiences and on various other assumptions believed to be reasonable under the circumstances.
	Actual results could differ from those estimates. As adjustments become necessary, they are recorded in the statement of operations and comprehensive loss in the period in which they become known. Such adjustments could be material.
	h)           DEFERRED INCOME TAXES
	The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
	Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax results in deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent management believe these assets will more likely than not be realized. In making such determination, all available positive and negative evidence is utilized, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event a determination is made that the Company would be able to realize deferred income tax assets in the future in excess of the net recorded amount, an adjustment to the valuation allowance would be made, which would reduce the provision for income taxes.
	Tax benefits from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. This interpretation also provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
	i)	STOCK-BASED CONSIDERATION
	The Company uses the fair value based method of accounting for all its stock-based compensation in accordance with FASB Accounting Standards Codification ("ASC") ASC 718 “Compensation – Stock Compensation”. The estimated fair value of the options that are ultimately expected to vest based on performance related conditions, as well as the options that are expected to vest based on future service, is recorded over the option’s requisite service period and charged to stock-based compensation. In determining the amount of options that are expected to vest, the Company takes into account, voluntary termination behavior as well as trends of actual option forfeitures.
	Stock options and warrants which are indexed to a factor which is not a market, performance or service condition, in addition to the Company’s share price, are classified as liabilities and re-measured at each reporting date based on the Black-Scholes option pricing model with a charge to operations, until the date of settlement. Some warrants have been reflected as a liability as they are indexed to a factor which is not a market performance or service condition.
	j)           FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
	Monetary assets and liabilities are translated into Canadian dollars, which is the functional currency of the Company, at the year-end exchange rate, while foreign currency revenues and expenses are translated at the exchange rate in effect on the date of the transaction. The resultant gains or losses are included in the statement of operations and comprehensive loss. Non-monetary items are translated at historical rates.
	k)           RESEARCH AND DEVELOPMENT
	Research and development costs are expensed as incurred. The approved refundable portion of the tax credits are netted against the related expenses. Non-refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will realize the benefits of these tax credits against the deferred taxes. Refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will collect it. At December 31, 2013, the Company had no outstanding refundable tax credits (2012 - nil).
	l)           COMPREHENSIVE INCOME
	Comprehensive income is defined as the change in equity during a period related to transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
	m)           EARNINGS (LOSS) PER SHARE
	FASB ASC Section 260, “Earnings (Loss) Per Share”, requires presentation of both basic and diluted earnings (loss) per share (EPS) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares that would then share in the earnings.
	Basic earnings (loss) per share are computed based on the weighted average number of common shares outstanding each year. There were no diluted earnings factors for stock options and warrants for the years ended December 31, 2013 and 2012. The diluted loss per share is not presented when the effect is anti-dilutive.
	n)	ACQUISITIONS
	The accounting for acquisitions requires extensive use of estimates and judgments to measure the fair value of the identifiable tangible and intangible assets acquired, including license agreement assets and liabilities assumed. Additionally, the Company must determine whether an acquired entity is considered to be a business or a set of net assets, because the excess of the purchase price over the fair value of net assets acquired can only be recognized as goodwill in a business combination.
	o)	CONTINGENT CONSIDERATION
	Contingent consideration liabilities represent future amounts the Company may be required to pay in conjunction with various business combinations. The ultimate amount of future payments is based on specified future criteria, such as sales performance and the achievement of certain future development, regulatory and sales milestones. The Company estimates the fair value of the contingent consideration liabilities related to sales performance using the income approach, which involves forecasting estimated future net cash flows and discounting the net cash flows to their present value using a risk-adjusted rate of return. The Company estimates the fair value of the contingent consideration liabilities related to the achievement of future development and regulatory milestones by assigning an achievement probability to each potential milestone and discounting the associated cash payment to its present value using a risk-adjusted rate of return. The Company evaluates its estimates of the fair value of contingent consideration liabilities on a periodic basis. Any changes in the fair value of contingent consideration liabilities are included in the Company’s statements of operations.
	p)	FAIR VALUE MEASUREMENTS
	The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
		Level 1 -	Quoted prices in active markets for identical assets or liabilities.
		Level 2 -	Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
		Level 3 -	Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
	The Company’s valuation techniques used to measure the fair value of money market funds and certain marketable equity securities were derived from quoted prices in active markets for identical assets or liabilities. The valuation techniques used to measure the fair value of all other financial instruments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data.
	In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments.
	The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, accounts receivable, loan receivable, accounts payable and accrued liabilities are approximate of their fair values due to the short maturity of these instruments. The fair value of the long term debt is estimated based on quoted market prices and interest rates.
	The Company’s equity-linked financial instruments reflected as warrant liability on the balance sheet represent financial liabilities classified as Level 2 as per ASU 2009-05. As required by the guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrant liability which is not traded in an active market has been determined using the Black-Scholes option pricing model based on assumptions that are supported by observable market conditions. The estimated fair value of the contingent non-cash consideration was based on the Company’s stock price.
	q)	RECENTLY ADOPTED ACCOUNTING STANDARDS
In July 2012, the FASB issued an accounting standards update with new guidance on annual impairment testing of indefinite-lived intangible assets. The standards update allows an entity to first assess qualitative factors to determine if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on its qualitative assessment an entity concludes it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if an entity concludes otherwise, quantitative impairment testing is not required. The guidance is effective for the Company’s goodwill impairment test performed at December 31, 2013 and does not have a material impact on the Company’s financial statements.

4_CASH_AND_CASH_EQUIVALENTS

4. CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
4. CASH AND CASH EQUIVALENTS	'
		December 31,		December 31,
		2013		2012
	Cash	$	2,813,472	$	2,283,868
	Cash equivalents		-		-
		$	2,813,472	$	2,283,868

5_INVENTORIES

5. INVENTORIES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
5. INVENTORIES	'
		December 31,		December 31,
		2013		2012
	Raw materials	$	236,444	$	215,332
	Finished goods		418,635		284,147
	Packaging materials		333,745		91,476
	Work in process		56,007		409,602
		$	1,044,831	$	1,000,557
	During the year ended December 31, 2013, the Company assessed its inventory and determined that $56,935 of its on-hand inventory would not be used prior to its potential useful life (2012 - $36,345). Therefore, $1,710 (2012 - $19,411) of finished goods, $34,972 (2012 - $nil) of raw materials and $20,253 (2012 - $16,934) of packaging materials were written off during the year.

6_PREPAID_EXPENSES_AND_OTHER_R

6. PREPAID EXPENSES AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
6. PREPAID EXPENSES AND OTHER RECEIVABLES	'
		December 31,		December 31,
		2013		2012
	Prepaid operating expenses	$	140,986	$	113,735
	Manufacturing deposits		18,825		-
	Interest receivable on loan receivables		6,075		5,175
		$	165,886	$	118,910

7_PROPERTY_PLANT_AND_EQUIPMENT

7. PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
7. PROPERTY, PLANT AND EQUIPMENT	'
		31-Dec-13
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Land	$	90,000	$	-	$	90,000
	Building		618,254		269,886		348,368
	Leasehold improvements		10,359		2,590		7,769
	Office equipment		61,308		48,299		13,009
	Manufacturing equipment		1,103,525		576,862		526,663
	Warehouse equipment		17,085		16,737		348
	Packaging equipment		111,270		51,700		59,570
	Computer equipment		130,114		85,922		44,192
		$	2,141,915	$	1,051,996	$	1,089,919
		31-Dec-12
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Land	$	90,000	$	-	$	90,000
	Building		618,254		238,973		379,281
	Leasehold improvements		10,359		518		9,841
	Office equipment		61,315		44,137		17,178
	Manufacturing equipment		1,103,523		541,880		561,643
	Warehouse equipment		17,085		15,989		1,096
	Packaging equipment		111,270		42,302		68,968
	Computer equipment		103,313		71,945		31,368
		$	2,115,119	$	955,744	$	1,159,375
	During the year ended December 31, 2013, the Company disposed of $nil (2012 - $nil) in property, plant and equipment.
	During the year ended December 31, 2013, the Company recorded total amortization of $96,252 (2012 - $97,359), which was recorded as $19,842 (2012 - $23,037) to cost of goods sold, $22,812 (2012 - $29,994) to inventory and the remaining $53,598 (2012 - $44,328) was recorded to amortization expense on the statements of operations and comprehensive loss.

8_INTANGIBLE_ASSETS

8. INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
8. INTANGIBLE ASSETS	'
		31-Dec-13
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Patents	$	268,786	$	39,562	$	229,224
	Licensing asset		1,005,820		96,713		909,107
	Licensing agreements		10,004,000		1,425,158		8,578,842
		$	11,278,606	$	1,561,433	$	9,717,173
		31-Dec-12
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Patents	$	235,441	$	28,139	$	207,302
	Licensing asset		1,005,820		19,343		986,477
	Licensing agreements		10,212,000		522,600		9,689,400
		$	11,453,261	$	570,082	$	10,883,179
	The Company recorded a loss of $161,200 on intangible assets during the year ended December 31, 2013 (2012 - $nil) due to the termination of a promotion and marketing agreement, which was acquired as part of the Theramed acquisition (Note 2).
	Amortization expense of intangible assets for the years ended December 31, 2013 and 2012 were $1,038,152 and $527,467, respectively.
	The Company has patents pending of $112,902 at December 31, 2013 (2012 - $81,854) not currently being amortized.
	.
	The licensing asset consists of capitalized payments to third party licensors related to the achievement of regulatory approvals to commercialize products in specified markets and up-front payments associated with royalty obligations for products that have not achieved regulatory approval for marketing.
	Estimated future amortization expense at December 31, 2013 is as follows:
		Amount
	2014	$	1,008,686
	2015		1,008,686
	2016		1,008,686
	2017		1,008,561
	2018		1,008,452
	Thereafter		4,561,268
		$	9,604,339

9_GOODWILL

9. GOODWILL	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
9. GOODWILL	'
		2013		2012
	Balance at the beginning of the year	$	3,599,077	$	3,408,741
	Acquisition of business (Note 2)		-		190,336
	Balance at the end of the year	$	3,599,077	$	3,599,077
	The goodwill relates to the Company’s acquisitions of Tribute and Theramed. The Company has evaluated the goodwill during the fourth quarter and has determined that there is no impairment of the values at December 31, 2013 and 2012. The Company has completed a qualitative goodwill assessment and concluded that there were no significant indications of impairment.

10_LONG_TERM_DEBT_AND_DEBT_ISS

10. LONG TERM DEBT AND DEBT ISSUANCE COSTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
10. LONG TERM DEBT AND DEBT ISSUANCE COSTS	'
	On May 11, 2012, the Company entered into a loan and security agreement (the "MidCap Loan Agreement") with MidCap Funding III, LLC (the "Lender" or "MidCap") for a 36 month term loan that is due May 11, 2015. The term loan allowed for a total advancement of US$6,000,000 ($6,381,600). An amount of US$3,500,000 ($3,482,150) was drawn on execution of the MidCap Loan Agreement and the remainder was available to be advanced if the Company raised an amount of not less than US$6,000,000 ($6,381,600) from any combination of: an equity issuance; upfront payments associated with a pharmaceutical partnership; or upfront payments in conjunction with the acquisition or in-licensing of pharmaceutical products. The availability of advancements of the remainder of the loan expired on March 31, 2013. The MidCap Loan Agreement was secured by all assets of the Company and contained customary covenants that, among other things, generally restricted the Company’s ability to incur additional indebtedness. The Loan Agreement included a financial covenant to raise not less than US$3,000,000 ($3,190,800) by March 31, 2013 in the form of an equity raise or cash from an upfront payment associated with a pharmaceutical partnership, which was completed prior to March 31, 2013 (Note 11 a). The first six (6) payments were interest-only, with principal and interest payments due monthly thereafter. Interest was calculated at the higher of 4% or the thirty (30) day London Inter Bank Offered Rate ("LIBOR") plus 7%. Pursuant to the below Credit Agreement, the MidCap Loan Agreement was repaid in full.
	On August 8, 2013, SWK Funding LLC ("SWK"), a wholly-owned subsidiary of SWK Holdings Corporation entered into a credit agreement (the "Credit Agreement") pursuant to which the lenders party thereto provided to the Company a term loan in the principal amount of US$6,000,000 ($6,381,600) (the "Loan") which may be increased by an additional US$2,000,000 ($2,127,200) at the Company's request on or before December 31, 2014. SWK served as the agent under the Credit Agreement. The Loan matures on August 8, 2018. Interest and principal under the Loan will be paid by a Revenue Based Payment that is charged on quarterly revenues of the Company, applied in the following priority (i) first, to the payment of all fees, costs, expenses and indemnities due and owing to SWK under the Credit Agreement, (ii) second, to the payment of all fees, costs, expenses and indemnities due and owing to the lenders under the Credit Agreement, (iii) third, to the payment of all accrued but unpaid interest until paid in full; and (iv) fourth, for each quarter after August 8, 2014, to the payment of all principal under the Loan up to a maximum of US$650,000 ($691,340) in respect of any fiscal quarter. All amounts applied under the Revenue Based Payment will be made to each lender according to its pro-rata share of the Loan. The lenders will be entitled to certain additional payments in connection with repayments of the Loan, both on maturity and in connection with a prepayment or partial prepayment. Pursuant to the terms of the Credit Agreement, the Company entered into a Guaranty and Collateral Agreement granting the lenders a security interest in substantially all of the Company’s assets (the "Collateral"). The Credit Agreement contains customary affirmative and negative covenants for credit facilities of its type, including but not limited to, limiting the Company’s ability to pay dividends or make any distributions, incur additional indebtedness, grant additional liens, engage in any other line of business, make investments, merge, consolidate or sell all or substantially all of its assets and enter into transactions with related parties. The Credit Agreement also contains certain financial covenants, including, but not limited to, certain minimum net sales requirements and a requirement to maintain at least $1,000,000 of unencumbered liquid assets at the end of each fiscal quarter. The Credit Agreement includes customary events of default, including but not limited to, failure to pay principal, interest or fees when due, failure to comply with covenants, default under certain other indebtedness, certain insolvency or bankruptcy events, the occurrence of certain material judgments, the institution of any proceeding by a government agency or a change of control of the Company. The obligations under the Credit Agreement to repay the Loan may be accelerated upon the occurrence of an event of default under the Credit Agreement. A 4% agent fee on the above mentioned transaction was paid on the amounts borrowed above US$3,500,000 ($3,722,600).
	The Loan shall accrue interest at an annual rate of 11.5% plus the Libor Rate (as defined in the Credit Agreement), with the Libor Rate being subject to a minimum floor of 2%, such that that minimum interest rate is 13.5%. In the event of a change of control, a merger or a sale of all or substantially all of the Company’s assets, the Loan shall be due and payable.
	In connection with the MidCap Loan Agreement, the Company granted warrants to purchase an aggregate of 750,000 common shares in the capital of the Company at an exercise price of US$0.56 ($0.59). The grant date fair value of the warrants was $312,000. Of this amount, $208,000 for 500,000 warrants was recorded as a warrant liability (Note 11 c), with an equal amount recorded as a discount to the carrying value of the loan in the accompanying financial statements. The remaining $104,000 was in respect of 250,000 warrants which were granted for compensation of the transaction and has been classified as debt issuance costs and recorded as a warrant liability. In connection with the Loan the Company issued to SWK 755,794 common share purchase warrants with each warrant entitling SWK to acquire one common share in the capital of the Company at an exercise price of US$0.5954 ($0.6333), at any time prior to August 8, 2020. The grant date fair value of the warrants was $445,794, which was recorded as warrant liability, with an equal amount recorded as a discount to the carrying value of the Loan. In addition, an origination fee of US$120,000 ($124,172) was paid to SWK and treated as a discount to the carrying value of the loan.
	The discount to the carrying value of the Loan is being amortized as a non-cash interest expense over the term of the Loan using the effective interest rate method. The grant date fair value of the warrants issued to MidCap was determined using the Black-Scholes option pricing model with the following assumptions: expected volatility of 124.6%, a risk-free interest rate of 1.48%, an expected life of five years, and no expected dividend yield. The grant date fair value of the warrants issued to SWK was determined using the Black-Scholes option pricing model with the following assumptions: expected volatility of 128%, a risk-free interest rate of 2.26%, an expected life of seven years, and no expected dividend yield.
	During the year ended December 31, 2013, the Company accreted $103,775 (2012 - $64,383) in non-cash accretion expense in connection with the long term loans, which is included in accretion expense on the statements of operations and comprehensive loss.
	During 2012, the Company also incurred $341,489 in financing fees and legal costs related to closing the MidCap Loan Agreement. These fees and costs were classified as debt issuance costs on the balance sheets and were being amortized as a non-cash interest expense using the effective interest rate method. Upon repayment of the MidCap Loan all financing fees and legal costs associated with the MidCap Loan not yet amortized were expensed to loss on extinguishment of loan on the statements of operations and comprehensive loss. These costs, including an exit fee of US$240,000, amount to $620,835. During 2013, the Company also incurred US$294,971 ($303,374) in financing fees and legal costs related to closing the Credit Agreement and recorded US$60,000 ($63,816) related to an exit fee payable to SWK upon the retirement of the Loan. These fees and costs were classified as debt issuance costs on the balance sheets. These assets are being amortized as a non-cash interest expense over the term of the outstanding Loan using the effective interest rate method. During the year ended December 31, 2013, the Company amortized $154,097 (2012 – $147,186) in non-cash interest expense, which is included in amortization expense on the statements of operations and comprehensive loss.
	During the year ended December 31, 2013, the Company made principal payments of US$3,281,250 ($3,386,630) (December 31, 2012 - US$218,750 ($215,185)) and interest payments of US$409,653 ($422,341) (December 31, 2012 – US$217,164 ($216,795)) under the MidCap and SWK loan agreements. The Company has estimated the following revenue-based principal and interest payments over the next five years ended December 31 based on the assumption that only the minimum revenue requirements will be met under the Credit Agreement:
		Principal Payments	Interest Payments
	2014	US$192,415 ($204,653)	US$817,834 ($869,849)
	2015	US$1,029,808 ($1,095,304)	US$732,692 ($779,291)
	2016	US$1,226,439 ($1,304,441)	US$581,061 ($618,016)
	2017	US$1,450,105 ($1,494,470)	US$402,395 ($427,987)
	2018	US$2,146,232 ($2,282,732)	US$145,608 ($154,869)

11_CAPITAL_STOCK

11. CAPITAL STOCK	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
11. CAPITAL STOCK	'
	a)	Common Shares
	During the year ended December 31, 2012, the Company issued 2,000,000 common shares related to a contingent liability recorded on December 1, 2011. The difference between the fair value of these shares at December 31, 2011 and the fair value on the date of issuance was a credit of $79,724 which was recorded as a reduction of expense to the “change in fair value of contingent consideration” on the statements of operations and comprehensive loss.
	During the year ended December 31, 2013, the Company completed two private placement offerings in which 11,471,196 units were issued for gross proceeds of US$4,595,000 ($4,713,787). As a part of the private placements, the Company issued 11,362,500 units at a price of US$0.40 ($0.41) per unit and granted 11,362,500 common share purchase warrants to the participants. Each unit consisted of one common share of the Company's stock and one-half of one Series A common share purchase warrant (a "Series A Warrant") and one-half of one Series B common share purchase warrant (a "Series B Warrant"). Each whole Series A Warrant entitles the holder thereof to acquire one common share of the Company at any time during the period ending 24 months after the date of issuance at a price of US$0.50 ($0.53) per common share. Each whole Series B Warrant entitles the holder thereof to acquire one common share of the Company at a price of US$0.60 ($0.64) per share at any time during the period ending 60 months after the date of issuance. The terms of the Series B Warrants provide the Company with a right to call the Series B Warrants at a price of US$0.001 per warrant if certain conditions are met including the common shares trading at a volume weighted average price for 20 out of 30 consecutive trading days at a price which exceeds US$1.20 (subject to adjustment for stock splits, recapitalizations and other corporate transactions) with average daily volume during such period of at least US$30,000. The remaining 108,696 units were issued at a price of US$0.46 ($0.49) per unit. Each unit consists of one common share of the Company’s stock and one warrant exercisable at any time during the period ending 60 months after the date of the issuance at a price of US$0.55 ($0.58).
	Directors, officers and individuals related to directors purchased 6,046,196 units for gross proceeds of US$2,425,000 ($2,485,625) pursuant to this private placement.
	In connection with the private placement, the Company paid cash commissions of US$248,219 ($252,101) and issued 345,188 Series A broker warrants and 345,187 Series B broker warrants valued at US$168,491 ($172,986). Each Series A broker warrant entitles the holder to purchase one common share at an exercise price of US$0.50 ($0.53) for a period of twenty four months. Each Series B broker warrant entitles the holder to purchase one common share at an exercise price of $0.60 ($0.64) for a period of 60 months after the date of issuance. Total other issuance costs associated with the private placements were $184,856. The Series B broker warrants also contain a call right similar to the Series B Warrant described above.
	b)	Stock Based Compensation
	The Company’s stock-based compensation program ("Plan") includes stock options in which some options vest based on continuous service, while others vest based on performance conditions such as profitability and sales goals. For those equity awards that vest based on continuous service, compensation expense is recorded over the service period from the date of grant. For performance-based awards, compensation expense is recorded over the remaining service period when the Company determines that achievement is probable.
	During the year ended December 31, 2013, there were 1,173,250 options granted to officers and employees of the Company (2012 – 290,000). The exercise price of 286,250 of these options is $0.40, with quarterly vesting terms at 25% on each of March 31, June 30, September 30 and December 31, 2014, upon achieving certain financial objectives. Since stock-based compensation is recognized only for those awards that are ultimately expected to vest, the Company has applied an estimated forfeiture rate (based on historical experience and projected employee turnover) to unvested awards for the purpose of calculating compensation expense. The grant date fair value of these options was estimated as $0.33 using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 123%; risk free interest rate of 1.49%; and expected term of 5 years.
	Additionally, 720,000 options had an exercise price of $0.42, with vesting as to one-twelfth at the end of each fiscal quarter over a three year period, commencing on September 30, 2013. The grant date fair value of these options was estimated as $0.34 using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 122%; risk free interest rate of 1.84%; and expected term of 5 years.
	The remaining 167,000 options had an exercise price as follows: 150,000 at $0.53 and 17,000 at $0.39. Of these options 150,000 will vest as to one-eighth over a period of two years in equal installments at the end of every fiscal quarter starting on the first day of the first fiscal quarter following the quarter in which the performance criteria has been met. The remaining 17,000 options will vest quarterly over the next two years with the first vesting date being September 30, 2013. The weighted average grant date fair value of these options was estimated as $0.42 using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 129%; risk free interest rate of 1.89%; and expected term of 5 years.
	For the year ended December 31, 2013, the Company recorded $419,168 (2012 – $589,893) as compensation expense for options previously issued to directors, officers and employees based on continuous service. This expense was recorded as selling, general and administrative expense on the statements of operations and comprehensive loss. Due to termination of employment and non-achievement of performance-based awards, 560,917 options were removed from the number of options issued (2012 – 52,500).
	The Company uses the Black-Scholes option-pricing model to estimate the grant date fair value of stock options with the following weighted average assumptions:
			2013				2012
	Risk-free interest rate			1.76	%			1.49	%
	Expected life		5 years				5 years
	Expected volatility			123	%			124	%
	Expected dividend yield			0	%			0	%
	The Company’s computation of expected volatility for the years ended December 31, 2013 and 2012 is based on the Company’s market close price over the period equal to the expected life of the options. The Company’s computation of expected life is calculated using the simplified method.
	The Company’s expected dividend yield is 0%, since there is no history of paying dividends and there are no plans to pay dividends. The Company’s risk-free interest rate is the Canadian Treasury Bond rate for the period equal to the expected term.
	On June 22, 2011, pursuant to resolutions by the Board of Directors and shareholders, the Company amended the Plan to change the maximum number of common shares subject to options that may be issued under the Plan from a fixed number of 4,629,452 to a floating amount equivalent to 10% of the issued and outstanding common shares, or 5,108,124 shares as at December 31, 2013 (2012 – 3,961,004). The total remaining options available for granting under the plan at December 31, 2013, was 1,283,289 (2012 – 748,052).
	The total number of options outstanding as at December 31, 2013 was 3,824,835 (2012 – 3,212,502). The weighted average grant date fair value of the options granted during the year ended December 31, 2013, was $0.35 (2012 - $0.45).
	The activities in options outstanding are as noted below:
			Number of				Weighted Average Exercise Price
			Options
	Balance, December 31, 2011			2,975,002			$	0.66
	Granted			290,000				0.53
	Forfeited			(52,500	)			0.67
	Balance, December 31, 2012			3,212,502				0.65
	Granted			1,173,250				0.43
	Forfeited			(560,917	)			0.5
	Balance, December 31, 2013			3,824,835			$	0.6
	When employees or non-employees exercise their stock options, the capital stock is credited by the sum of the consideration paid together with the related portion previously credited to additional paid-in capital when stock-based compensation costs were recorded.
	As at December 31, 2013, the Company had 2,260,253 (2012 – 1,169,619) vested options. As at December 31, 2013, the number of unvested options expected to vest (including the impact of expected forfeitures) had been estimated at 1,564,582 (2012 – 2,043,333) with a weighted average contractual life of 3.8 years (2012 – 3.9 years) and exercise price of $0.497 (2012 - $0.58). As at December 31, 2013, the total fair value of future expense to be recorded in subsequent periods (assuming no forfeiture occurs) is $296,186 (2012 - $540,454). The weighted average time remaining for these options to vest is 1.5 years (2012 – 1.9 years).
	As at December 31, 2013, the aggregate intrinsic value of outstanding options was $nil (2012 - $nil) and the aggregate intrinsic value of exercisable options was $nil (2012 - $nil) based on the Company’s closing common share price of $0.38 (2012 - $0.35).
	The Company recognizes compensation expense for the fair values of stock options using the graded vesting method over the requisite service period for the entire award.
	The following table presents information relating to stock options outstanding and exercisable at December 31, 2013.
					Options Outstanding										Options Exercisable
	Range of				Number				Weighted Average Remaining Contractual				Weighted Average Exercise Price		Number		Weighted Average		Weighted Average Remaining Contractual
	Exercise Price				of Shares				Life (Years)						of Shares		Exercise		Life (Years)
																	Price
	$	0.30 to $0.49				1,065,750				4.1			$	0.42		351,750	$	0.43		3.5
	$	0.50 to $0.69				2,024,585				3				0.57		1,174,003		0.58		2.9
	$	0.70 to $0.89				77,000				0.9				0.84		77,000		0.84		0.9
	$	0.90 to $1.09				657,500				1.4				0.96		657,500		0.96		1.4
						3,824,835				3			$	0.6		2,260,253	$	0.67		2.5
	c)           Warrants
	As at December 31, 2013, the following compensation warrants were outstanding:
	Expiration Date		Number of		Weighted Average			Fair Value at			Fair Value at
			Warrants		Exercise Price			31-Dec-13			31-Dec-12
	11-May-17		750,000		US$0.43 ($0.46)		$	223,356			$	202,213
	27-Feb-15		4,429,688		US$0.50 ($0.53)		$	518,256			$	-
	27-Feb-18		4,429,687		US$0.60 ($0.64)		$	1,286,216			$	-
	5-Mar-15		1,253,000		US$0.50 ($0.53)		$	146,596			$	-
	5-Mar-18		1,253,000		US$0.60 ($0.64)		$	363,825			$	-
	11-Mar-15		343,750		US$0.50 ($0.53)		$	49,723			$	-
	11-Mar-18		343,750		US$0.60 ($0.64)		$	99,812			$	-
	8-Aug-18		755,794		US$0.5954 ($0.6333)		$	245,982			$	-
	20-Sep-18		108,696		US$0.55 ($0.58)		$	32,948			$	-
			13,667,365		US$0.55 ($0.58)		$	2,966,714			$	202,213
	In connection with a private placement offering in October 2010, the Company granted 1,500,000 warrants to the participants, each exercisable into one common share as follows: 500,000 at US$1.50 ($1.60), 500,000 at US$2.00 ($2.06) and 500,000 at US$2.50 ($2.57) each for a period of 18 months, ending on April 8, 2012. The exercise price of the 1,500,000 warrants is denominated in US dollars while the Company’s functional and reporting currency is the Canadian dollar. As a result, the fair value of the warrants fluctuates based on the current stock price, volatility, the risk free interest rate, time remaining until expiry and changes in the exchange rate between the US and Canadian dollar. On April 5, 2012, the Company granted a one year extension on these warrants and recorded $135,157 to cost of extending the warrant expiration on the statements of operations and comprehensive loss. The fair value of this extension of the warrants on date of grant was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 107%; risk free interest rate of 1.43%; and expected term of 1 year. These warrants expired during the year ended December 31, 2013.
	On May 11, 2012, the Company granted 750,000 warrants in connection with the Loan Agreement, at an exercise price of US$0.56 ($0.59). Subsequently, the pro rata exercise price of the 750,000 warrants described above was adjusted due to the exercise rate of the 755,794 common share purchase warrants being issued to SWK during 2013. The effect of this pro rata change was a new warrant exercise price of US$0.43 ($0.46). The fair value of these warrants fluctuates based on the current stock price, volatility, the risk free interest rate, time remaining until expiry and changes in the exchange rate between the US and Canadian dollar. The fair value of the warrant liability at the date of grant of the 750,000 warrants was $312,000 and was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 124%; risk free interest rate of 1.48%; and expected term of 5 years.
	In connection with the SWK Credit Agreement the Company issued to SWK 755,794 common share purchase warrants with each warrant entitling SWK to acquire one common share in the capital of the Company at an exercise price of US$0.5954 ($0.6333), at any time prior to August 8, 2020. The fair value of the warrant liability at the date of grant was $445,012 and was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 128%; risk free interest rate of 2.14%; and expected term of 7 years.
	In connection with the private placement offerings completed during the year ended December 31, 2013, the Company granted an aggregate of 12,161,571 share purchase warrants to the participants each exercisable into one common share as follows: 6,026,438 at US$0.50 ($0.53) exercisable on or before March 11, 2015 and 6,026,437 at US$0.60 ($0.64) exercisable on or before March 11, 2018. The exercise price of the 12,052,875 warrants is denominated in US dollars while the Company’s functional and reporting currency is the Canadian dollar. As a result, the fair value of the warrants fluctuates based on the current stock price, volatility, the risk free interest rate, time remaining until expiry and changes in the exchange rate between the US and Canadian dollar. The fair value of the warrant liability at the date of grant for these warrants was $1,896,679 and was estimated using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 117.4%; risk free interest rate of 1.16%; and expected term of 3.5 years. The remaining 108,696 share purchase warrants are exercisable on or before September 20, 2018 at US$0.55 ($0.58). The fair value of the warrant liability at the date of grant for these warrants was $22,810 and was estimated using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 130.0%; risk free interest rate of 1.89%; and expected term of 5 years.
ASC 815 "Derivatives and Hedging" indicates that warrants with exercise prices denominated in a different currency other than an entity’s functional currency should not be classified as equity. As a result, these warrants have been treated as derivatives and recorded as liabilities carried at their fair value, with period-to-period changes in the fair value recorded as a gain or loss in the statements of operations and comprehensive loss. The Company treated the compensation warrants as a liability upon their issuance.
As at December 31, 2013, the fair value of the warrant liability of $2,966,714 (2012 - $202,213) was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions: expected dividend yield of 0% (2012 – 0%) expected volatility of 114% (2012 – 108.4%) risk-free interest rate of 1.58% (2012 – 1.20%) and expected term of 2.94 years (2012 – 1.65 years).
This model requires management to make estimates of the expected volatility of its common shares, the expected term of the warrants and interest rates. The risk free interest rate is based on the Canadian Treasury Bond rate. The Company has not paid dividends and does not expect to pay dividends in the foreseeable future. The expected term of the warrants is the contractual term of the warrants upon initial recognition.
For the year ended December 31, 2013, the Company recorded a loss of $399,217 (2012 – gain of $247,486) as change in warrant liability on the statement of operations and comprehensive loss.

12_LOSS_PER_SHARE

12. LOSS PER SHARE	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
12. LOSS PER SHARE	'
	The treasury stock method assumes that proceeds received upon the exercise of all warrants and options outstanding in the period is used to repurchase the Company’s shares at the average share price during the period. The diluted earnings per share is not computed when the effect of such calculation is anti-dilutive. In years when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. Potentially dilutive securities, which were not included in diluted weighted average shares for the years ended December 31, 2013 and 2012 consist of outstanding stock options (3,824,835 and 3,212,502, respectively) and outstanding warrants (13,667,365 at December 31, 2013 and 2,250,000 at December 31, 2012).
	The following table sets forth the computation of loss per share:
		31-Dec
		2013			2012
	Numerator:
	Net loss available to common shareholders	$	(6,572,355	)	$	(3,348,966	)
	Denominator:
	Weighted average number of common shares outstanding		49,169,414			39,167,419
	Effect of dilutive common shares		-			-
	Diluted weighted average number of common shares outstanding		49,169,414			39,167,419
	Loss per share – basic and diluted	$	(0.13	)	$	(0.09	)

13_CHANGES_IN_NONCASH_OPERATIN

13. CHANGES IN NON-CASH OPERATING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
13. CHANGES IN NON-CASH OPERATING ASSETS AND LIABILITIES	'
	Changes in non-cash balances related to operations are as follows:
		31-Dec
		2013			2012
	Accounts receivable	$	613,321		$	(441,277	)
	Inventories		(44,274	)		(28,237	)
	Prepaid expenses and other receivables		(46,976	)		5,191
	Taxes recoverable		(390,391	)		(81,240	)
	Accounts payable and accrued liabilities		(1,774,724	)		2,236,096
		$	(1,643,044	)	$	1,690,533
	Included in accounts payable and accrued liabilities at the year ended December 31, 2013, is an amount related to patents and licenses of $14,365 (2012 - $5,489) and an amount payable to Tribute shareholders of $nil (2012 - $460,000) – see Note 2.
	During the year ended December 31, 2013, there was $422,341 (2012 - $216,795) in interest paid and $nil in taxes paid (2012 – $nil).
	During the year ended December 31, 2013, there was $63,816 (2012 - $104,000) of non-cash debt issuance costs (see Note 10) included in accounts payable and accrued liabilities.
	During the year ended December 31, 2013, broker warrants were issued with a grant date fair value of $172,986 (2012 - $nil).

14_CONTINGENCIES_AND_COMMITMEN

14. CONTINGENCIES AND COMMITMENTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
14. CONTINGENCIES AND COMMITMENTS	'
	a)           License Agreements
	On December 1, 2011, the Company acquired 100% of the outstanding shares of Tribute Pharmaceuticals Canada Ltd. and Tribute Pharma Canada Inc. Included in this transaction were the following license agreements:
	On June 30, 2008, Tribute signed a Sales, Marketing and Distribution Agreement with Actavis Group PTC ehf (“Actavis”) to perform certain sales, marketing, distribution, finance and other general management services in Canada in connection with the importation, marketing, sales and distribution of Bezalip® SR and Soriatane® (the “Products”). On January 1, 2010, a first amendment was signed with Actavis to grant the Company the right and obligation to more actively market and promote the Products in Canada. On March 31, 2011, a second amendment was signed with Actavis that extended the term of the agreement, modified the terms of the agreement and increased the Company’s responsibilities to include the day-to-day management of regulatory affairs, pharmacovigilance and medical information relating to the Products. The Company pays Actavis a sales and distribution fee up to an annual base-line net sales forecast plus an incremental fee for incremental net sales above the base-line. The Company agreed and fulfilled a marketing budget for the first three years of not less than $3,750,000. On May 4, 2011, the Company signed a Product Development and Profit Share Agreement with Actavis to develop, obtain regulatory approval of and market Bezalip SR in the USA. The Company shall pay US$5,000,000 to Actavis within 30 days of receipt of the regulatory approval to market Bezalip SR in the US.
	On November 9, 2010, the Company signed a license agreement (the "License Agreement") with Nautilus Neurosciences, Inc. (“Nautilus”) for the exclusive rights to develop, register, promote, manufacture, use, market, distribute and sell Cambia® in Canada. On August 11, 2011, the Company and Nautilus executed the first amendment to the License Agreement and on September 30, 2012 executed the second amendment to the License Agreement. The payments under this agreement include: a) US$250,000 ($255,820) upfront payment to Nautilus upon the execution of this agreement - paid; and b) the following milestone payments; i) US$750,000 ($746,175) to be paid upon the earlier of the first commercial sale of the product or six months after all regulatory approvals. As per the second amendment of the License Agreement, a payment of US$250,000 ($245,200) was paid in October 2012, while the remaining US$500,000 ($497,450) was made on March 1, 2013. Additional one-time performance based sales milestones are due as follows: i) US$250,000 ($265,900) the first year in which annual net sales exceed US$2,500,000 ($2,659,000), ii) US$500,000 ($531,800) the first year in which the annual net sales exceed US$5,000,000 ($5,318,000), iii) US$750,000 ($797,700) the first year in which the annual net sales exceed US$7,500,000 ($7,977,000), iv) US$1,000,000 ($1,063,600) the first year in which the annual net sales exceed US$10,000,000 ($10,636,000), v) US$1,500,000 ($1,595,400) the first year the annual net sales exceed US$15,000,000 ($15,954,000), and vi) US$2,000,000 ($2,127,200) the first year in which the annual net sales exceed US$20,000,000 ($21,272,000). Royalty rates are tiered and payable at rates ranging from 22.5-25.0% of net sales. The initial term of the agreement expires on September 30, 2025 but is subject to automatic renewals under certain circumstances.
	On December 30, 2011, the Company signed a License Agreement to commercialize MycoVa in Canada. As of December 31, 2013 this product has not been filed with Health Canada and to-date no upfront payments have been paid. Within 10 days of execution of a manufacturing agreement, the Company shall pay an up-front license fee of $200,000. Upon Health Canada approval the Company shall pay $400,000. Sales milestones payments of $250,000 each are based on the achievement of aggregate net sales in increments of $5,000,000. Royalties are payable at rates ranging from 20% to 25% of net sales.
	b)           Executive Termination Agreements
	The Company currently has employment agreements with the provision of termination and change of control benefits with officers and executives of the Company. The agreements for the officers and executives provide that in the event that any of their employment is terminated during the initial term (i) by the Company for any reason other than just cause or death; (ii) by the Company because of disability; (iii) by the officer or executive for good reason; or (iv) following a change of control, the officer or executive shall be entitled to the balance of the remuneration owing for the remainder of the initial term of up to an aggregate amount of $792,200 as of December 31, 2013 (2012 - $1,314,167) or if a change of control occurs subsequent to the initial term, while the officers or executives are employed on an indefinite basis, a lump sum payment of up to an aggregate amount of $1,520,000 (based on current base salaries).
	c)           Consultant Royalty Agreements
	The Company has consultant royalty agreements in place for several of its international license agreements. These agreements involve royalty payments to be issued to the consultants who assisted in locating the licensee who signed the license agreements with the Company.
	The royalty payments issued to consultants include 10% of the upfront fees received from the licensee and 10% of any future milestone payments received. No royalties on license fees were paid for the year ended December 31, 2013 (2012 - $nil). In addition, royalty payments on product sales are also based on 4% to 5% of the total sales of Uracyst at a declining rate of 1% per year over a three to five year period, declining to a 1% rate effective in the final year. The expenses recorded in regards to royalty fees on product sales for the year ended December 31, 2013 were $1,593 (2012 - $15,329). These amounts have been recorded as royalty expense in selling, general and administrative expenses on the statements of operations and comprehensive (loss).
	d)           Manufacturing Agreements
	During 2013 and 2012, the Company’s NeoVisc® product was manufactured at Therapure Biopharma Inc. in Mississauga, Ontario, Canada and Uracyst® was manufactured by Jubilant HollisterStier, Inc. (formerly Draxis Pharma, Inc.) in Kirkland, Quebec, Canada. Bezalip® SR and Soriatane® are provided by the Company’s licensor, Actavis. Under the terms of these agreements the Company is obligated to make payments for batches to be manufactured within the one year termination notification period.
	e)            Lease Obligations
	The Company presently leases office and warehouse equipment under operating leases. For the year ended December 31, 2012, expenses related to these leases were $2,213 (2012 - $3,616). These amounts have been recorded as rent expense in selling, general and administrative expenses on the statements of operations and comprehensive (loss).
	On September 1, 2012, the Company entered into a five year operating lease for its head office. For the year ended December 31, 2013, expenses related to this lease were $96,000 (2012 - $32,000).
	As at December 31, 2013, minimum operating lease payments under these leases are as follows:
		Total		2014		2015		2016		2017
	Operating lease obligations	$	379,500	$	100,880	$	105,287	$	104,000	$	69,333

15_SIGNIFICANT_CUSTOMERS

15. SIGNIFICANT CUSTOMERS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
15. SIGNIFICANT CUSTOMERS	'
	During the year ended December 31, 2013, the Company had two significant wholesale customers (2012 – two) that represented 58.2% (2012 – 54.7%) of product sales.
	The Company believes that its relationships with these customers are satisfactory.

16_RELATED_PARTY_TRANSACTIONS

16. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
16. RELATED PARTY TRANSACTIONS	'
	Fees were paid to LMT Financial Inc. ("LMT"), a company beneficially owned by a director and former interim officer of the Company, and his spouse for consulting services. For the year ended December 31, 2013, the Company recorded and paid to LMT an aggregate of $60,000 (2012 - $150,000) which has been recorded as selling, general and administrative expense in the statements of operations and comprehensive (loss).
	See Notes 2, 11 and 14 b.

17_INCOME_TAXES

17. INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
17.INCOME TAXES	'
	Rate reconciliation: A reconciliation of income tax (benefit) expense computed at the statutory income tax rate included in the statements of operations and comprehensive loss follows:
	Income tax expense (benefit) is comprised of:
		2013			2012
	Income tax expense (benefit) at statutory rate at 26.5% (2012 - 26.25%)	$	(1,825,100	)	$	(1,215,200	)
	Adjusted for:
	Impact on legislated changes in tax rates		28,400			55,800
	Change in valuation allowance		1,611,100			-
	Share issue costs		(409,200	)		(93,200	)
	Non-deductible expenses		484,900			158,000
	Other		109,900			(114,700	)
	Deferred income tax (recovery)	$	-		$	(1,209,300	)
	Deferred tax assets and liabilities reflect losses carry-forward, the cumulative carry-forward pool of scientific research and experimental development ("SR&ED") expenditures and the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding tax basis. Significant components of net deferred tax assets are listed below:
	Components of deferred income tax assets and liabilities:
		2013			2012
	Benefit of net operating losses carry-forward	$	2,796,800		$	1,641,400
	Book values of property, plant and equipment and intangible assets in excess of tax bases		58,900			13,600
	Benefit of SR&ED expenditures		476,600			449,600
	Share issue costs		345,200			63,800
	Non-refundable tax credits		341,300			341,300
	License agreements and goodwill		(2,273,000	)		(2,375,000	)
	Valuation allowance		(1,745,800	)		(449,600	)
		$	-		$	(314,900	)
	A valuation allowance was provided against certain deferred tax assets at December 31, 2013 and 2012, because the realization of the asset remains not determinable.
	The Company has non-capital losses carry-forward for income tax purposes in the amount of $10,553,600 which may be applied against future years’ taxable income. The losses expire as follows:
	2014	$	1,013,100
	2026		231,900
	2027		85,400
	2028		53,700
	2030		755,300
	2031		1,994,900
	2032		2,071,000
	2033		4,348,300
		$	10,553,600
	Tax years 2007 through 2013 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company has not been notified by any taxing jurisdictions of any proposed or planned examination.
	The Company has non-refundable tax credits as at December 31, 2013 of $341,300 (2012 - $341,300).
	The cumulative carry-forward pool of scientific research and experimental development (SR&ED) expenditures as at December 31, 2013 applicable to future years, with no expiry date, is $1,798,300 (2012 - $1,798,300). The tax credits have a full valuation allowance on them as they do not meet the more-likely-than-not test.
	The Company has Ontario Harmonization Credits of $151,500 resulting from an adjustment from the adoption of the Harmonization of the provincial tax attributes with the federal tax attributes. To the extent that this adjustment resulted in a net decrease in the Ontario attributes (because the aggregate Ontario attributes exceed the aggregate federal attributes), the Company is eligible to claim a tax credit as compensation ("transitional credit"). This tax credit is eligible for use up to the end of 2014. The Company has taken a full valuation allowance against this credit as they do not meet the more-likely–than-not test.

18_SEGMENTED_INFORMATION

18. SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
18. SEGMENTED INFORMATION	'
	The Company is a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada. The Company targets several therapeutic areas in Canada, but has a particular interest in products for the treatment of pain, dermatology and endocrinology/cardiology. The Company also sells Uracyst® and NeoVisc® internationally through a number of strategic partnerships. Currently, all of the Company’s manufacturing assets are located in Canada. All direct sales take place in Canada. Licensing arrangements have been obtained to distribute and sell the Company’s products in various countries around the world.
	Revenue for the years ended December 31, 2013 and 2012 includes products sold in Canada and international sales of products. Revenue earned is as follows:
		31-Dec
		2013		2012
	Product sales:
	Canadian sales	$	11,918,105	$	10,768,716
	International sales		1,277,678		1,525,479
	Other revenue		46,654		48,588
	Total	$	13,242,437	$	12,342,783
	Royalty revenues		197,924		-
	Total revenues	$	13,440,361	$	12,342,783
	The Company currently sells its own products and is in-licensing other products in Canada. In addition, revenues include products which the Company out-licenses throughout most countries in Europe, the Caribbean, Austria, Germany, Italy, Lebanon, Kuwait, Malaysia, Portugal, Romania, Spain, South Korea, Turkey, Egypt, Hong Kong and the United Arab Emirates. The operations reflected in the statements of operations and comprehensive (loss) includes the Company’s activity in these markets.

19_FOREIGN_CURRENCY_GAIN_LOSS

19. FOREIGN CURRENCY GAIN (LOSS)	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
19. FOREIGN CURRENCY GAIN (LOSS)	'
		The Company enters into foreign currency transactions in the normal course of business. Expenses incurred in currencies other than Canadian dollars are therefore subject to gains or losses due to fluctuations in these currencies. As at December 31, 2013, the Company held cash of $1,211,602 (US$1,134,686 and €747) in denominations other than in Canadian dollars (2012 - $211,992 (US$190,858 and €18,973)); had accounts receivables of $258,027 (US$51,395 and €138,964) denominated in foreign currencies (2012 - $392,918 (US$38,825 and €270,075)); had accounts payable and accrued liabilities of $115,373 (US$72,693 and €25,969) denominated in foreign currencies (2012 – $59,642 (US$47,349 and €12,293)); warrant liability of $2,966,715 (US$2,789,315); and long term debt of $6,381,600 (US$6,000,000). For the year ended December 31, 2013, the Company had a foreign currency gain of $227,227 (2012 – gain of $110,186). These amounts have been included in selling, general and administrative expenses in the statements of operations and comprehensive (loss).

20_FINANCIAL_INSTRUMENTS

20. FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
20. FINANCIAL INSTRUMENTS	'
	(a)            Liquidity risk
	The Company generates sufficient cash from operating and financing activities to fund its operations and fulfill its obligations as they become due (Note 22 b). The Company has sufficient funds available through its cash, cash equivalents, and financing arrangements, should its cash requirements exceed cash generated from operations to cover financial liability obligations. The Company’s investment policy is to invest excess cash resources into highly liquid short-term investments purchased with an original maturity of three months or less with tier one financial institutions. As at December 31, 2013, there were no restrictions on the flow of these funds nor have any of these funds been committed in any way, except as outlined in the detailed notes.
	In the normal course of business, management considers various alternatives to ensure that we can meet some of our operating cash flow requirements through financing activities, such as private placements of our common stock, preferred stock offerings and offerings of debt and convertible debt instruments as well as through merger or acquisition opportunities. Management may also consider strategic alternatives, including strategic investments and divestitures. As future operations may be financed out of funds generated from financing activities, our ability to do so is dependent on, among other factors, the overall state of capital markets and investor appetite for investments in the pharmaceutical industry and our securities in particular. Should we elect to satisfy our cash commitments through the issuance of securities, by way of either private placement or public offering or otherwise, there can be no assurance that our efforts to obtain such additional funding will be successful, or achieved on terms favorable to us or our existing shareholders. If adequate funds are not available on terms favorable to us, we may have to reduce substantially or eliminate expenditures such as promotion, marketing or production of our current or proposed products, or obtain funds through other sources such as divestiture or monetization of certain assets or sublicensing (where permitted) of certain rights to certain of our technologies or products.
	(b)            Concentration of credit risk and major customers
	The Company considers its maximum credit risk to be $607,580 (2012 - $1,220,901). This amount is the total of the following financial assets: accounts receivables and loan receivable. The Company’s cash and cash equivalents are held through various high grade financial institutions.
	The Company is exposed to credit risk from its customers and continually monitors its customers’ credit. It establishes the provision for doubtful accounts based upon the credit risk applicable to each customer. In line with other pharmaceutical companies, the Company sells its products through a small number of wholesalers and retail pharmacy chains in addition to hospitals, pharmacies, physicians and other groups. Note 15 discloses the significant customer details and the Company believes that the concentrations on the Company’s customers are considered normal for the Company and its industry.
	As at December 31, 2013, the Company had three customers which made up 38.4% of the outstanding accounts receivable in comparison to three customers which made up 53.1% at December 31, 2012. For 2013, all outstanding accounts receivables were related to product sales, of which $63,722 or 10.8% were related to one wholesale account and $163,220 or 27.6% was related to two international customers. For 2012, all outstanding accounts receivables were related to product sales, of which $465,981 or 38.9% were related to two wholesale accounts and $177,161 or 14.5% was related to one international customer.
	(c)            Foreign exchange risk
		The Company principally operates within Canada; however, a portion of the Company’s revenues, expenses, and current assets and liabilities, are denominated in United States dollars and the EURO. The Company’s long term debt is repayable in U.S. dollars, which may expose the Company to foreign exchange risk due to changes in the value of the Canadian dollar. As at December 31, 2013, a 5% change in the foreign exchange rate would increase/decrease the long term debt balance by $300,000 and would increase/decrease both interest expense and net loss by approximately $26,300 for the year ended December 31, 2013. For the years ended December 31, 2013 and 2012, the Company held foreign cash balances in the following currencies:
			2013				2012
			Foreign $		Cdn $		Foreign $		Cdn $
	US dollars			1,134,686		1,210,512		190,858		187,103
	EUROS			747		1,090		18,973		24,889
	(d)            Interest rate risk
	The Company is exposed to interest rate fluctuations on its cash and cash equivalents as well as its long term debt. The Company does not believe that the results of operations or cash flows would be materially affected to any significant degree by a sudden change in market interest rates relative to interest rates on the cash equivalents. At December 31, 2013, the Company had an outstanding long term debt balance of US$6,000,000 ($6,381,600), which bears interest annually at a rate of 11.5% plus the Libor Rate with the Libor Rate being subject to a minimum floor of 2%, such that that minimum interest rate is 13.5%, which may expose the Company to market risk due to changes in interest rates. For the year ended December 31, 2013, a 1% increase in interest rates would increase interest expense and net loss by approximately $61,800. However, based on current LIBOR interest rates, which are currently under the minimum floor set at 2% and based on historical movements in LIBOR rates, the Company believes a near-term change in interest rates would not have a material adverse effect on the financial position or results of operations.

21_DERIVATIVE_FINANCIAL_INSTRU

21. DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

'

21. DERIVATIVE FINANCIAL INSTRUMENTS

'

The Company enters into foreign currency contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. In accordance with the Company’s current foreign exchange rate risk management policy, this program is not designated for trading or speculative purposes.

The Company recognizes derivative instruments as either assets or liabilities in the accompanying balance sheets at fair value.

During 2013, the Company entered into a foreign currency call option designated as a cash flow hedge to hedge certain forecasted expenses related to its loan obligation denominated in United States Dollars. The notional principal of the foreign currency call option to purchase US$5,000,000 was $5,370,000 at March 31, 2014.

The Company initially reports any gain or loss on the effective portion of the cash flow hedge as a component of other comprehensive income and subsequently reclassifies to the statements of operations when the hedged transaction occurs. Any ineffectiveness is recognized in earnings immediately.

Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company has determined the foreign currency call option to be Level 2. The fair value of the foreign currency call option at December 31, 2013 was ($38,156), and is reported in other current liabilities in the accompanying balance sheets.

At December 31, 2013 and 2012, the notional principal and fair value of the Company’s outstanding foreign currency derivative financial instruments were as follows:

2013

2012

Notional

Fair Value

Notional

Fair Value

Principal

Principal

Foreign currency sold – call options

$

5,000,000

$

(38,156

)

$

-

$

-

The notional principal amounts provide one measure of the transaction volume outstanding as of December 31, 2013 and 2012, and do not represent the amount of the Company’s exposure to market loss. The estimates of fair value are based on applicable and commonly used pricing models using prevailing financial market information as of December 31, 2013 and 2012. The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures, will depend on actual market conditions during the remaining life of the instruments.

22_SUBSEQUENT_EVENTS

22. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
22. SUBSEQUENT EVENTS	'
	(a)            Employee Stock Options
	On February 6, 2014, the Company granted 1,066,162 options to officers and employees of the Company. The weighted average exercise price of these options is $0.40. These options vest one eighth at the end of each fiscal quarter following the date of grant, commencing on March 31, 2015, upon achieving certain financial objectives. The options have a term of five years.
	(b)            Loan Advancement
	On February 4, 2014, pursuant to the terms of the Credit Agreement, SWK advanced the Company the remaining US$2,000,000 in available funds. All terms under the Credit Agreement apply to the additional loan.
	On the closing date of the second advancement of funds ("Second Closing Date"), the Company issued the lender a warrant to purchase 347,222 common shares of the Company (the "Subsequent Loan Warrant"). The Subsequent Loan Warrant is exercisable for a period of seven years from the Second Closing Date at an exercise price of US$0.432 ($0.459). The Lender may exercise the Subsequent Loan Warrant on a cashless basis at any time. In the event the lender exercises the Subsequent Loan Warrant on a cashless basis the Company will not receive any proceeds. The exercise price of the Subsequent Loan Warrant is subject to customary adjustment provisions for stock splits, stock dividends, recapitalizations and the like.

3_SUMMARY_OF_SIGNIFICANT_ACCOU1

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Policies	'
CASH AND CASH EQUIVALENTS	'
	Cash and cash equivalents include cash and all highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are held with three major financial institutions in Canada.
ACCOUNTS RECEIVABLE	'
	The Company routinely assesses the recoverability of all material trade and other receivables to determine their collectability by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer's ability to pay.
REVENUE RECOGNITION	'
	The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. License fees which are comprised of initial fees and milestone payments are recognized upon achievement of the milestones, provided the milestone is meaningful, and provided that collectability is reasonably assured and other revenue recognition criteria are met. Milestone payments are recognized into income upon the achievement of the specified milestones when the Company has no further involvement or obligation to perform services, as related to that specific element of the arrangement. Up-front fees and other amounts received in excess of revenue recognized are recorded as deferred revenues.
	Revenues from the sale of products, net of trade discounts, returns and allowances, are recognized when legal title to the goods has been passed to the customer and collectability is reasonably assured. Revenues associated with multiple-element arrangements are attributed to the various elements, if certain criteria are met, including whether the delivered element has standalone value to the customer and whether there is objective and reliable evidence of the fair value of the undelivered elements. Non-refundable up-front fees for the transfer of methods and technical know-how, not requiring the Company to perform additional research or development activities or other significant future performance obligations, are recognized upon delivery of the methods and technical know-how.
	Royalty revenue is recognized when the Company has fulfilled the terms in accordance with the contractual agreement and has no material future obligation, other than inconsequential and perfunctory support, as would be expected under such agreements and the amount of the royalty fee is determinable and collection is reasonably assured.
	A customer is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms typically range from 0.5% to 2% discount, 15 to 20 days net 30 from the date of invoice.
	The Company has a product returns policy on some of its products, which allows the customer to return pharmaceutical products that have expired, for full credit, provided the expired products are returned within twelve months from the expiration date.
	Transfer of title occurs and risk of ownership passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A customer’s obligation to pay the Company for products sold to it is not contingent upon the resale of those products. The Company recognizes revenues for the sale of products from the date the title to the products is transferred to the customer.
INVENTORIES	'
	Inventories are valued at the lower of cost and net realizable value with cost being determined on a first-in, first-out basis. Cost is determined to be purchase cost for raw materials and the production cost (materials, labor and indirect manufacturing cost) for work-in-process and finished goods. Throughout the manufacturing process, the related production costs are recorded within inventory.
PROPERTY, PLANT AND EQUIPMENT	'
	Property, plant and equipment are stated at cost. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of such assets to be held and used may not be recoverable. The Company reviews its long-term assets, such as fixed assets to be held and used or disposed of, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The basis of amortization and estimated useful lives of these assets are provided for as follows:
	Asset Classification		Amortization Method	Useful Life
	Building		Straight-line	20 years
	Computer and office equipment		Straight-line	5 years
	Leasehold improvements		Straight-line over the lease term	5 years
	Manufacturing equipment		Straight-line & activity based	5 to 10 years
	Warehouse equipment		Straight-line	5 to 10 years
	Packaging equipment		Activity based	5 to 10 years
	Activity based amortization is based on the number of uses for each asset in that category.
GOODWILL AND INTANGIBLE ASSETS	'
	Goodwill represents the excess of acquisition cost over the fair value of the net assets of the acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually. Intangible assets include patents, a licensing asset and licensing agreements.
	Patents represent capitalized legal costs incurred in connection with applications for patents. In-process patents pending are not amortized. All patents subject to amortization are amortized on a straight line basis over an estimated useful life of up to 17 years. The Company regularly evaluates patents and applications for impairment or abandonment, at which point the Company charges the remaining net book value to expenses. The licensing asset represents amounts paid for exclusive Canadian licensing rights to develop, register, promote, manufacture, use, market, distribute and sell pharmaceutical products. The licensing agreements represent the fair value assigned to licensing agreements acquired. The licensing asset and licensing agreement are amortized over the remaining life of the agreement, upon product approval. See Note 8.
	The Company evaluates the recoverability of amortizable intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company has not recorded any impairment charge during the years presented.
	When assessing goodwill impairment, the Company assesses qualitative factors first to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is not performed. In the event that there are qualitative factors which indicate that the carrying amount is greater than the fair value of the reporting unit, then the two step impairment approach is performed.
	The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step would need to be performed; otherwise, no further step is required. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2013 and 2012, no impairment of goodwill has been identified.
USE OF ESTIMATES	'
	The preparation of these financial statements has required management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent liabilities and the revenue and expenses recorded. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, inventories, accrued liabilities, accrued returns, discounts and rebates, derivative instruments, income taxes, stock based compensation, revenue recognition, goodwill, intangible assets, contingent consideration and the estimated useful lives of property, plant and equipment. The Company bases its estimates on historical experiences and on various other assumptions believed to be reasonable under the circumstances.
	Actual results could differ from those estimates. As adjustments become necessary, they are recorded in the statement of operations and comprehensive loss in the period in which they become known. Such adjustments could be material.
DEFERRED INCOME TAXES	'
	The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
	Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax results in deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent management believe these assets will more likely than not be realized. In making such determination, all available positive and negative evidence is utilized, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event a determination is made that the Company would be able to realize deferred income tax assets in the future in excess of the net recorded amount, an adjustment to the valuation allowance would be made, which would reduce the provision for income taxes.
	Tax benefits from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. This interpretation also provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
STOCK-BASED CONSIDERATION	'
	The Company uses the fair value based method of accounting for all its stock-based compensation in accordance with FASB Accounting Standards Codification ("ASC") ASC 718 “Compensation – Stock Compensation”. The estimated fair value of the options that are ultimately expected to vest based on performance related conditions, as well as the options that are expected to vest based on future service, is recorded over the option’s requisite service period and charged to stock-based compensation. In determining the amount of options that are expected to vest, the Company takes into account, voluntary termination behavior as well as trends of actual option forfeitures.
	Stock options and warrants which are indexed to a factor which is not a market, performance or service condition, in addition to the Company’s share price, are classified as liabilities and re-measured at each reporting date based on the Black-Scholes option pricing model with a charge to operations, until the date of settlement. Some warrants have been reflected as a liability as they are indexed to a factor which is not a market performance or service condition.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION	'
	Monetary assets and liabilities are translated into Canadian dollars, which is the functional currency of the Company, at the year-end exchange rate, while foreign currency revenues and expenses are translated at the exchange rate in effect on the date of the transaction. The resultant gains or losses are included in the statement of operations and comprehensive loss. Non-monetary items are translated at historical rates.
RESEARCH AND DEVELOPMENT	'
	Research and development costs are expensed as incurred. The approved refundable portion of the tax credits are netted against the related expenses. Non-refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will realize the benefits of these tax credits against the deferred taxes. Refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will collect it. At December 31, 2013, the Company had no outstanding refundable tax credits (2012 - nil).
COMPREHENSIVE INCOME	'
	Comprehensive income is defined as the change in equity during a period related to transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
EARNINGS (LOSS) PER SHARE	'
	FASB ASC Section 260, “Earnings (Loss) Per Share”, requires presentation of both basic and diluted earnings (loss) per share (EPS) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares that would then share in the earnings.
	Basic earnings (loss) per share are computed based on the weighted average number of common shares outstanding each year. There were no diluted earnings factors for stock options and warrants for the years ended December 31, 2013 and 2012. The diluted loss per share is not presented when the effect is anti-dilutive.
ACQUISITIONS	'
	The accounting for acquisitions requires extensive use of estimates and judgments to measure the fair value of the identifiable tangible and intangible assets acquired, including license agreement assets and liabilities assumed. Additionally, the Company must determine whether an acquired entity is considered to be a business or a set of net assets, because the excess of the purchase price over the fair value of net assets acquired can only be recognized as goodwill in a business combination.
CONTINGENT CONSIDERATION	'
	Contingent consideration liabilities represent future amounts the Company may be required to pay in conjunction with various business combinations. The ultimate amount of future payments is based on specified future criteria, such as sales performance and the achievement of certain future development, regulatory and sales milestones. The Company estimates the fair value of the contingent consideration liabilities related to sales performance using the income approach, which involves forecasting estimated future net cash flows and discounting the net cash flows to their present value using a risk-adjusted rate of return. The Company estimates the fair value of the contingent consideration liabilities related to the achievement of future development and regulatory milestones by assigning an achievement probability to each potential milestone and discounting the associated cash payment to its present value using a risk-adjusted rate of return. The Company evaluates its estimates of the fair value of contingent consideration liabilities on a periodic basis. Any changes in the fair value of contingent consideration liabilities are included in the Company’s statements of operations.
FAIR VALUE MEASUREMENTS	'
	The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
		Level 1 -	Quoted prices in active markets for identical assets or liabilities.
		Level 2 -	Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
		Level 3 -	Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
	The Company’s valuation techniques used to measure the fair value of money market funds and certain marketable equity securities were derived from quoted prices in active markets for identical assets or liabilities. The valuation techniques used to measure the fair value of all other financial instruments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data.
	In accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. The Company has not elected the fair value option for any eligible financial instruments.
	The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, accounts receivable, loan receivable, accounts payable and accrued liabilities are approximate of their fair values due to the short maturity of these instruments. The fair value of the long term debt is estimated based on quoted market prices and interest rates.
	The Company’s equity-linked financial instruments reflected as warrant liability on the balance sheet represent financial liabilities classified as Level 2 as per ASU 2009-05. As required by the guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrant liability which is not traded in an active market has been determined using the Black-Scholes option pricing model based on assumptions that are supported by observable market conditions. The estimated fair value of the contingent non-cash consideration was based on the Company’s stock price.
RECENTLY ADOPTED ACCOUNTING STANDARDS	'
	In July 2012, the FASB issued an accounting standards update with new guidance on annual impairment testing of indefinite-lived intangible assets. The standards update allows an entity to first assess qualitative factors to determine if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on its qualitative assessment an entity concludes it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if an entity concludes otherwise, quantitative impairment testing is not required. The guidance is effective for the Company’s goodwill impairment test performed at December 31, 2013 and does not have a material impact on the Company’s financial statements.

3_SUMMARY_OF_SIGNIFICANT_ACCOU2

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Tables	'
Amortization and estimated useful lives	'
	Asset Classification	Amortization Method	Useful Life
	Building	Straight-line	20 years
	Computer and office equipment	Straight-line	5 years
	Leasehold improvements	Straight-line over the lease term	5 years
	Manufacturing equipment	Straight-line & activity based	5 to 10 years
	Warehouse equipment	Straight-line	5 to 10 years
	Packaging equipment	Activity based	5 to 10 years

4_CASH_AND_CASH_EQUIVALENTS_Ta

4. CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Cash And Cash Equivalents Tables	'
Schedule of Cash and Cash Equivalents	'
		December 31,		December 31,
		2013		2012
	Cash	$	2,813,472	$	2,283,868
	Cash equivalents		-		-
		$	2,813,472	$	2,283,868

5_INVENTORIES_Tables

5. INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2013
Inventories Tables	'
Schedule of Inventory	'
		December 31,		December 31,
		2013		2012
	Raw materials	$	236,444	$	215,332
	Finished goods		418,635		284,147
	Packaging materials		333,745		91,476
	Work in process		56,007		409,602
		$	1,044,831	$	1,000,557

6_PREPAID_EXPENSES_AND_OTHER_R1

6. PREPAID EXPENSES AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2013
Prepaid Expenses And Other Receivables Tables	'
Schedule of Prepaid Expenses and Other Receivables	'
		December 31,		December 31,
		2013		2012
	Prepaid operating expenses	$	140,986	$	113,735
	Manufacturing deposits		18,825		-
	Interest receivable on loan receivables		6,075		5,175
		$	165,886	$	118,910

7_PROPERTY_PLANT_AND_EQUIPMENT1

7. PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2013
Property Plant And Equipment Tables	'
Property, Plant and Equipment	'
		31-Dec-13
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Land	$	90,000	$	-	$	90,000
	Building		618,254		269,886		348,368
	Leasehold improvements		10,359		2,590		7,769
	Office equipment		61,308		48,299		13,009
	Manufacturing equipment		1,103,525		576,862		526,663
	Warehouse equipment		17,085		16,737		348
	Packaging equipment		111,270		51,700		59,570
	Computer equipment		130,114		85,922		44,192
		$	2,141,915	$	1,051,996	$	1,089,919
		31-Dec-12
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Land	$	90,000	$	-	$	90,000
	Building		618,254		238,973		379,281
	Leasehold improvements		10,359		518		9,841
	Office equipment		61,315		44,137		17,178
	Manufacturing equipment		1,103,523		541,880		561,643
	Warehouse equipment		17,085		15,989		1,096
	Packaging equipment		111,270		42,302		68,968
	Computer equipment		103,313		71,945		31,368
		$	2,115,119	$	955,744	$	1,159,375

8_INTANGIBLE_ASSETS_Tables

8. INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2013
Intangible Assets Tables	'
Schedule of Intangible Assets	'
		31-Dec-13
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Patents	$	268,786	$	39,562	$	229,224
	Licensing asset		1,005,820		96,713		909,107
	Licensing agreements		10,004,000		1,425,158		8,578,842
		$	11,278,606	$	1,561,433	$	9,717,173
		31-Dec-12
				Accumulated		Net Carrying
		Cost		Amortization		Amount
	Patents	$	235,441	$	28,139	$	207,302
	Licensing asset		1,005,820		19,343		986,477
	Licensing agreements		10,212,000		522,600		9,689,400
		$	11,453,261	$	570,082	$	10,883,179
Estimated future amortization expense	'
		Amount
	2014	$	1,008,686
	2015		1,008,686
	2016		1,008,686
	2017		1,008,561
	2018		1,008,452
	Thereafter		4,561,268
		$	9,604,339

9_GOODWILL_Tables

9. GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2013
Goodwill Tables	'
Schedule of Goodwill	'
		2013		2012
	Balance at the beginning of the year	$	3,599,077	$	3,408,741
	Acquisition of business (Note 2)		-		190,336
	Balance at the end of the year	$	3,599,077	$	3,599,077

10_LONG_TERM_DEBT_AND_DEBT_ISS1

10. LONG TERM DEBT AND DEBT ISSUANCE COSTS (Tables)	12 Months Ended
	Dec. 31, 2013
Long Term Debt And Debt Issuance Costs Tables	'
Schedule of payments for Long-term Debt	'
		Principal Payments	Interest Payments
	2014	US$192,415 ($204,653)	US$817,834 ($869,849)
	2015	US$1,029,808 ($1,095,304)	US$732,692 ($779,291)
	2016	US$1,226,439 ($1,304,441)	US$581,061 ($618,016)
	2017	US$1,450,105 ($1,494,470)	US$402,395 ($427,987)
	2018	US$2,146,232 ($2,282,732)	US$145,608 ($154,869)

11_CAPITAL_STOCK_Tables

11. CAPITAL STOCK (Tables)	12 Months Ended
	Dec. 31, 2013
Capital Stock Tables	'
Weighted average assumptions	'
			2013				2012
	Risk-free interest rate			1.76	%			1.49	%
	Expected life		5 years				5 years
	Expected volatility			123	%			124	%
	Expected dividend yield			0	%			0	%
Activities in options outstanding	'
			Number of				Weighted Average Exercise Price
			Options
	Balance, December 31, 2011			2,975,002			$	0.66
	Granted			290,000				0.53
	Forfeited			(52,500	)			0.67
	Balance, December 31, 2012			3,212,502				0.65
	Granted			1,173,250				0.43
	Forfeited			(560,917	)			0.5
	Balance, December 31, 2013			3,824,835			$	0.6
Schedule of stock option outstanding	'
					Options Outstanding										Options Exercisable
	Range of				Number				Weighted Average Remaining Contractual				Weighted Average Exercise Price		Number		Weighted Average		Weighted Average Remaining Contractual
	Exercise Price				of Shares				Life (Years)						of Shares		Exercise		Life (Years)
																	Price
	$	0.30 to $0.49				1,065,750				4.1			$	0.42		351,750	$	0.43		3.5
	$	0.50 to $0.69				2,024,585				3				0.57		1,174,003		0.58		2.9
	$	0.70 to $0.89				77,000				0.9				0.84		77,000		0.84		0.9
	$	0.90 to $1.09				657,500				1.4				0.96		657,500		0.96		1.4
						3,824,835				3			$	0.6		2,260,253	$	0.67		2.5
Schedule of warrants outstanding	'
	Expiration Date		Number of		Weighted Average			Fair Value at			Fair Value at
			Warrants		Exercise Price			31-Dec-13			31-Dec-12
	11-May-17		750,000		US$0.43 ($0.46)		$	223,356			$	202,213
	27-Feb-15		4,429,688		US$0.50 ($0.53)		$	518,256			$	-
	27-Feb-18		4,429,687		US$0.60 ($0.64)		$	1,286,216			$	-
	5-Mar-15		1,253,000		US$0.50 ($0.53)		$	146,596			$	-
	5-Mar-18		1,253,000		US$0.60 ($0.64)		$	363,825			$	-
	11-Mar-15		343,750		US$0.50 ($0.53)		$	49,723			$	-
	11-Mar-18		343,750		US$0.60 ($0.64)		$	99,812			$	-
	8-Aug-18		755,794		US$0.5954 ($0.6333)		$	245,982			$	-
	20-Sep-18		108,696		US$0.55 ($0.58)		$	32,948			$	-
			13,667,365		US$0.55 ($0.58)		$	2,966,714			$	202,213

12_LOSS_PER_SHARE_Tables

12. LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2013
Loss Per Share Tables	'
Schedule of Computation of loss Per Share	'
		31-Dec
		2013			2012
	Numerator:
	Net loss available to common shareholders	$	(6,572,355	)	$	(3,348,966	)
	Denominator:
	Weighted average number of common shares outstanding		49,169,414			39,167,419
	Effect of dilutive common shares		-			-
	Diluted weighted average number of common shares outstanding		49,169,414			39,167,419
	Loss per share – basic and diluted	$	(0.13	)	$	(0.09	)

13_CHANGES_IN_NONCASH_OPERATIN1

13. CHANGES IN NON-CASH OPERATING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2013
Changes In Non-Cash Operating Assets And Liabilities Tables	'
Changes in Non-Cash Operating Assets and Liabilities	'
		31-Dec
		2013			2012
	Accounts receivable	$	613,321		$	(441,277	)
	Inventories		(44,274	)		(28,237	)
	Prepaid expenses and other receivables		(46,976	)		5,191
	Taxes recoverable		(390,391	)		(81,240	)
	Accounts payable and accrued liabilities		(1,774,724	)		2,236,096
		$	(1,643,044	)	$	1,690,533

14_CONTINGENCIES_AND_COMMITMEN1

14. CONTINGENCIES AND COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Contingencies And Commitments Tables	'
Minimum operating lease payment	'
		Total		2014		2015		2016		2017
	Operating lease obligations	$	379,500	$	100,880	$	105,287	$	104,000	$	69,333

17_INCOME_TAXES_Tables

17. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes Tables	'
Income tax expense (benefit)	'
		2013			2012
	Income tax expense (benefit) at statutory rate at 26.5% (2012 - 26.25%)	$	(1,825,100	)	$	(1,215,200	)
	Adjusted for:
	Impact on legislated changes in tax rates		28,400			55,800
	Change in valuation allowance		1,611,100			-
	Share issue costs		(409,200	)		(93,200	)
	Non-deductible expenses		484,900			158,000
	Other		109,900			(114,700	)
	Deferred income tax (recovery)	$	-		$	(1,209,300	)
Components of deferred income tax assets and liabilities	'
		2013			2012
	Benefit of net operating losses carry-forward	$	2,796,800		$	1,641,400
	Book values of property, plant and equipment and intangible assets in excess of tax bases		58,900			13,600
	Benefit of SR&ED expenditures		476,600			449,600
	Share issue costs		345,200			63,800
	Non-refundable tax credits		341,300			341,300
	License agreements and goodwill		(2,273,000	)		(2,375,000	)
	Valuation allowance		(1,745,800	)		(449,600	)
		$	-		$	(314,900	)
Losses expire	'
	2014	$	1,013,100
	2026		231,900
	2027		85,400
	2028		53,700
	2030		755,300
	2031		1,994,900
	2032		2,071,000
	2033		4,348,300
		$	10,553,600

18_SEGMENTED_INFORMATION_Table

18. SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2013
Segmented Information Tables	'
Schedule of Segment Reporting	'
		31-Dec
		2013		2012
	Product sales:
	Canadian sales	$	11,918,105	$	10,768,716
	International sales		1,277,678		1,525,479
	Other revenue		46,654		48,588
	Total	$	13,242,437	$	12,342,783
	Royalty revenues		197,924		-
	Total revenues	$	13,440,361	$	12,342,783

20_FINANCIAL_INSTRUMENTS_Table

20. FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Financial Instruments Tables	'
Foreign cash balances	'
		2013				2012
		Foreign $		Cdn $		Foreign $		Cdn $
	US dollars		1,134,686		1,210,512		190,858		187,103
	EUROS		747		1,090		18,973		24,889

21_DERIVATIVE_FINANCIAL_INSTRU1

21. DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments Tables	'
Schedule of derivative financial instruments	'
		2013							2012
		Notional			Fair Value			Notional			Fair Value
		Principal						Principal
	Foreign currency sold – call options		$	5,000,000	$	(38,156	)		$	-	$	-

3_SUMMARY_OF_SIGNIFICANT_ACCOU3

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2013
Building [Member]	'
Amortization Method	'Straight-line
Useful Life	'20 years
Computer and Office Equipment [Member]	'
Amortization Method	'Straight-line
Useful Life	'5 years
Leasehold Improvements [Member]	'
Amortization Method	'Straight-line
Useful Life	'5 years
Manufacturing Equipment [Member] | Minimum [Member]	'
Amortization Method	'Straight-line & activity based
Useful Life	'5 years
Manufacturing Equipment [Member] | Maximum [Member]	'
Amortization Method	'Straight-line & activity based
Useful Life	'10 years
Warehouse Equipment [Member] | Minimum [Member]	'
Amortization Method	'Straight-line
Useful Life	'5 years
Warehouse Equipment [Member] | Maximum [Member]	'
Amortization Method	'Straight-line
Useful Life	'10 years
Packaging Equipment [Member] | Minimum [Member]	'
Amortization Method	'Activity based
Useful Life	'5 years
Packaging Equipment [Member] | Maximum [Member]	'
Amortization Method	'Activity based
Useful Life	'10 years

4_CASH_AND_CASH_EQUIVALENTS_De

4. CASH AND CASH EQUIVALENTS (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Notes to Financial Statements	'	'	'
Cash	2,813,472	2,283,868	'
Cash equivalents	'	'	'
Cash and cash equivalents	2,813,472	2,283,868	2,227,973

5_INVENTORIES_Details

5. INVENTORIES (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Raw materials	236,444	215,332
Finished goods	418,635	284,147
Packaging materials	333,745	91,476
Work in process	56,007	409,602
Inventories	1,044,831	1,000,557

6_PREPAID_EXPENSES_AND_OTHER_R2

6. PREPAID EXPENSES AND OTHER RECEIVABLES (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Prepaid operating expenses	140,986	113,735
Manufacturing deposits	18,825	'
Interest receivable on loan receivables	6,075	5,175
Prepaid expenses and other receivables	165,886	118,910

7_PROPERTY_PLANT_AND_EQUIPMENT2

7. PROPERTY, PLANT AND EQUIPMENT (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Cost	2,141,915	2,115,119
Accumulated Amortization	1,051,996	955,744
Net Carrying Amount	1,089,919	1,159,375
Land	'	'
Cost	90,000	90,000
Accumulated Amortization	'	'
Net Carrying Amount	90,000	90,000
Building [Member]	'	'
Cost	618,254	618,254
Accumulated Amortization	269,886	238,973
Net Carrying Amount	348,368	379,281
Leasehold Improvements [Member]	'	'
Cost	10,359	10,359
Accumulated Amortization	2,590	518
Net Carrying Amount	7,769	9,841
Office Equipment	'	'
Cost	61,308	61,315
Accumulated Amortization	48,299	44,137
Net Carrying Amount	13,009	17,178
Manufacturing equipment	'	'
Cost	1,103,525	1,103,523
Accumulated Amortization	576,862	541,880
Net Carrying Amount	526,663	561,643
Warehouse equipment	'	'
Cost	17,085	17,085
Accumulated Amortization	16,737	15,989
Net Carrying Amount	348	1,096
Packaging Equipment [Member]	'	'
Cost	111,270	111,270
Accumulated Amortization	51,700	42,302
Net Carrying Amount	59,570	68,968
Computer equipment	'	'
Cost	130,114	103,313
Accumulated Amortization	85,922	71,945
Net Carrying Amount	44,192	31,368

7_PROPERTY_PLANT_AND_EQUIPMENT3

7. PROPERTY, PLANT AND EQUIPMENT (Details Narrative) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Property Plant And Equipment Details Narrative	'	'
Accumulated amortization	96,252	97,359
Amortization to cost of good sold	19,842	23,037
Amortization to Inventory	22,812	29,994
Amortization expense	53,598	44,328

8_INTANGIBLE_ASSETS_Details

8. INTANGIBLE ASSETS (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Cost	11,278,606	11,453,261
Accumulated Amortization	1,561,433	570,082
Net Carrying Amount	9,717,173	10,883,179
Patents	'	'
Cost	268,786	235,441
Accumulated Amortization	39,562	28,139
Net Carrying Amount	229,224	207,302
Licensing asset	'	'
Cost	1,005,820	1,005,820
Accumulated Amortization	96,713	19,343
Net Carrying Amount	909,107	986,477
Licensing agreements	'	'
Cost	10,004,000	10,212,000
Accumulated Amortization	1,425,158	522,600
Net Carrying Amount	8,578,842	9,689,400

8_INTANGIBLE_ASSETS_Details_1

8. INTANGIBLE ASSETS (Details 1) (CAD)	Dec. 31, 2013
Intangible Assets Details 1	'
2014	1,008,686
2015	1,008,686
2016	1,008,686
2017	1,008,561
2018	1,008,452
Thereafter	4,561,268
Estimated future amortization expense	9,604,339

8_INTANGIBLE_ASSETS_Details_Na

8. INTANGIBLE ASSETS (Details Narrative) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Amortization expense of intangible assets	1,038,152	527,467
Patents pending not amortized	112,902	81,854

9_GOODWILL_Details

9. GOODWILL (Details) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Goodwill beginning balance	3,599,077	3,408,741
Acquisition of businesses	'	190,336
Goodwill ending balance	3,599,077	3,599,077

Recovered_Sheet1

10. Long Term Debt and Debt Issuance Costs (Details) (US dollars, CAD)	Dec. 31, 2013
US dollars	'
Principle Payments - 2014	192,415
Principle Payments - 2015	1,029,808
Principle Payments - 2016	1,226,439
Principle Payments - 2017	1,450,105
Principle Payments - 2018	2,146,232
Interest Payment - 2014	817,834
Interest Payment - 2015	732,692
Interest Payment - 2016	581,061
Interest Payment - 2017	402,395
Interest Payment - 2018	145,608

11_Capital_Stock_Details

11. Capital Stock (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Capital Stock Details	'	'
Risk-free interest rate	1.76%	1.49%
Expected life	'5 years	'5 years
Expected volatility	123.00%	124.00%
Expected dividend yield	0.00%	0.00%

11_Capital_Stock_Details_1

11. Capital Stock (Details 1) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Options	'	'
Begining Balance	3,212,502	2,975,002
Granted	1,173,250	290,000
Forfeited	-560,917	-52,500
Ending Balance	3,824,835	3,212,502
Begining Balance	0.65	0.66
Granted	0.43	0.53
Forfeited	0.5	0.67
Ending Balance	0.6	0.65

11_Capital_Stock_Details_2

11. Capital Stock (Details 2) (CAD)	12 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
			$0.40 to $0.59	$0.60 to $0.79	$0.80 to $0.89	$0.90 to $1.09
Number of Shares Outstanding	'	3,824,835	1,065,750	2,024,585	77,000	657,500
Weighted Average Remaining Contractual, Outstanding	'3 years	'	'4 years 1 month 6 days	'3 years	'10 months 24 days	'1 year 4 months 24 days
Weighted Average Exercise Price	'	0.6	0.42	0.57	0.84	0.96
Number of Shares Exercisable	'	2,260,253	351,750	1,174,003	77,000	657,500
Weighted Average Exercise Price Exercisable	'	0.67	0.43	0.58	0.84	0.96
Weighted Average Remaining Contractual, Exercisable	'2 years 6 months	'	'3 years 6 months	'2 years 10 months 24 days	'10 months 24 days	'1 year 4 months 24 days

11_Capital_Stock_Details_3

11. Capital Stock (Details 3) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Number of Warrants	13,667,365	2,250,000
Weighted Average Exercise Price	0.58	'
Fair Value @ December 31st	2,966,714	'
Option 1	'	'
Expiration Date	11-May-17	'
Number of Warrants	750,000	'
Weighted Average Exercise Price	0.46	'
Fair Value @ December 31st	223,356	'
Option 2	'	'
Expiration Date	27-Feb-15	'
Number of Warrants	4,429,688	'
Weighted Average Exercise Price	0.53	'
Fair Value @ December 31st	518,256	'
Option 3	'	'
Expiration Date	27-Feb-18	'
Number of Warrants	4,429,687	'
Weighted Average Exercise Price	0.64	'
Fair Value @ December 31st	1,286,216	'
Option 4	'	'
Expiration Date	5-Mar-15	'
Number of Warrants	1,253,000	'
Weighted Average Exercise Price	0.53	'
Fair Value @ December 31st	146,596	'
Option 5	'	'
Expiration Date	5-Mar-18	'
Number of Warrants	1,253,000	'
Weighted Average Exercise Price	0.64	'
Fair Value @ December 31st	363,825	'
Option 6	'	'
Expiration Date	11-Mar-15	'
Number of Warrants	343,750	'
Weighted Average Exercise Price	0.53	'
Fair Value @ December 31st	49,723	'
Option 7	'	'
Expiration Date	11-Mar-18	'
Number of Warrants	343,750	'
Weighted Average Exercise Price	0.64	'
Fair Value @ December 31st	99,812	'
Option 8	'	'
Expiration Date	8-Aug-18	'
Number of Warrants	755,794	'
Weighted Average Exercise Price	0.6333	'
Fair Value @ December 31st	245,982	'
Option 9	'	'
Expiration Date	20-Sep-18	'
Number of Warrants	108,696	'
Weighted Average Exercise Price	0.58	'
Fair Value @ December 31st	32,948	'

12_Loss_Per_Share_Details

12. Loss Per Share (Details) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Numerator:	'	'
Net (loss) earnings available to common shareholders	-6,572,355	-3,348,966
Denominator:	'	'
Weighted average number of common shares	49,169,414	39,167,419
Effect of dilutive common shares	'	'
Diluted weighted average number of common shares outstanding	49,169,414	39,167,419
Loss per share - basic and diluted	-0.13	-0.09

12_Loss_Per_Share_Details_Narr

12. Loss Per Share (Details Narrative)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Notes to Financial Statements	'	'	'
Outstanding stock options	3,824,835	3,212,502	2,975,002
Outstanding warrant grants	13,667,365	2,250,000	'

Recovered_Sheet2

13. Changes in Non-Cash Operating Assets and Liabilities (Details) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Accounts receivable	613,321	-441,277
Inventories	-44,274	-28,237
Prepaid expenses and other receivables	-46,976	5,191
Taxes recoverable	-390,391	-81,240
Accounts payable and accrued liabilities	-1,774,724	2,236,096
Change in non-cash operating assets and liabilities	-1,643,044	1,690,533

Recovered_Sheet3

14. Contingencies and Commitments (Details) (CAD)	Dec. 31, 2013
Contingencies And Commitments Details	'
2014	100,800
2015	105,287
2016	104,000
2017	69,333
Operating lease obligations	379,500

15_Significant_Customers_Detai

15. Significant Customers (Details Narrative)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Revenue from Major Customer	58.20%	54.70%

16_Related_Party_Transactions_

16. Related Party Transactions (Details Narrative) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Related Party, consulting services	60,000	150,000

17_INCOME_TAXES_Details

17. INCOME TAXES (Details) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Taxes Details	'	'
Income tax expense (benefit) at statutory rate at 26.5% (2012-26.25%)	-1,825,100	-1,215,200
Impact on legislated changes in tax rates	28,400	55,800
Share issue costs	-409,200	-93,200
Non-deductible expenses	484,900	158,000
Other	109,900	-114,700
Deferred income tax (recovery)	0	-1,209,300

17_INCOME_TAXES_Details_1

17. INCOME TAXES (Details 1) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Income Taxes Details 1	'	'
Benefit of net operating losses carry-forward	2,796,800	1,641,400
Book values of property, plant and equipment and intangible assets in excess of tax bases	58,900	13,600
Benefit of SR&ED expenditures	476,600	449,600
Share issue costs	345,200	63,800
Non-refundable tax credits	341,300	341,300
License agreements and goodwill	-2,273,000	-2,375,000
Valuation allowance	-1,745,800	-449,600
Deferred income tax assets and liabilities	'	-314,900

17_INCOME_TAXES_Details_2

17. INCOME TAXES (Details 2) (CAD)	Dec. 31, 2013
Income Taxes Details 2	'
2014	1,013,100
2026	231,900
2027	85,400
2028	53,700
2030	755,300
2031	1,994,900
2032	2,071,000
2033	4,348,300
Non-capital losses carry-forward	10,553,600

17_INCOME_TAXES_Details_Narrat

17. INCOME TAXES (Details Narrative) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Income Taxes Details Narrative	'	'
Non-refundable tax credits	341,300	341,300
Scientific research and experimental development (SR&ED) expenditure	1,798,300	1,798,300

18_Segmented_Information_Detai

18. Segmented Information (Details) (CAD)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Product sales:	'	'
Canadian sales	11,918,105	10,768,716
International sales	1,277,678	1,525,479
Other revenue	46,654	48,588
Total	13,242,437	12,342,783
Royalty revenues	197,924	'
Total royalties and licensing revenue	13,440,361	12,342,783

20_Financial_Instruments_Detai

20. Financial Instruments (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Foreign [Member] | US dollars	'	'
Foreign cash balances	1,134,686	190,858
Foreign [Member] | EUROS [Member]	'	'
Foreign cash balances	747	18,973
Canada [Member] | US dollars	'	'
Foreign cash balances	1,210,512	187,103
Canada [Member] | EUROS [Member]	'	'
Foreign cash balances	1,090	24,889

21_DERIVATIVE_FINANCIAL_INSTRU2

21. DERIVATIVE FINANCIAL INSTRUMENTS (Details) (CAD)	Dec. 31, 2013	Dec. 31, 2012
Notional Principal	'	'
Foreign currency sold b call options	5,000,000	'
Fair Value	'	'
Foreign currency sold b call options	-38,156	'