Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'Tribute Pharmaceuticals Canada Inc. |
Entity Central Index Key | '0001159019 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
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 Common Stock, Shares Outstanding | 51,581,238 |
Document Fiscal Period Focus | 'Q1 |
Document Fiscal Year Focus | '2014 |
CONDENSED_INTERIM_BALANCE_SHEE
CONDENSED INTERIM BALANCE SHEETS (Unaudited) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | 3,073,341 | 2,813,472 |
Accounts receivable, net of allowance of $nil (2013 - $nil) (Note 16 c) | 1,656,851 | 591,766 |
Inventories (Note 2) | 1,103,932 | 1,044,831 |
Taxes recoverable | 122,410 | 651,791 |
Loan receivable | 15,814 | 15,814 |
Prepaid expenses and other receivables (Note 3) | 174,922 | 165,886 |
Current portion of debt issuance costs, net (Note 6) | 119,140 | 91,100 |
Total current assets | 6,266,410 | 5,374,660 |
Property, plant and equipment, net (Note 4) | 1,076,093 | 1,089,919 |
Intangible assets, net (Note 5) | 9,481,581 | 9,717,173 |
Goodwill | 3,599,077 | 3,599,077 |
Debt issuance costs, net (Note 6) | 342,194 | 253,712 |
Total assets | 20,765,355 | 20,034,541 |
Current | ' | ' |
Accounts payable and accrued liabilities | 3,092,100 | 3,284,756 |
Current portion of long term debt (Note 6) | 345,728 | 204,700 |
Warrant liability (Note 7c) | 4,499,402 | 2,966,714 |
Other current liability (Note 17) | 103,488 | 38,156 |
Total current liabilities | 8,040,718 | 6,494,326 |
Long term debt (Note 6) | 7,849,090 | 5,640,102 |
Total liabilities | 15,889,808 | 12,134,428 |
Contingencies and commitments (Notes 6 and 10) | ' | ' |
SHAREHOLDERS EQUITY | ' | ' |
AUTHORIZED Unlimited non-voting, convertible redeemable and retractable preferred shares with no par value Unlimited common shares with no par value ISSUED (Note 7a) Common shares 51,581,238 (2013 – 51,081,238) | 20,159,102 | 19,947,290 |
Additional paid-in capital options (Note 7b) | 2,404,022 | 2,286,890 |
Accumulated other comprehensive loss (Note 17) | -103,488 | -38,156 |
Deficit | -17,584,089 | -14,295,911 |
Total shareholders equity | 4,875,547 | 7,900,113 |
Total liabilities and shareholders equity | 20,765,355 | 20,034,541 |
CONDENSED_INTERIM_BALANCE_SHEE1
CONDENSED INTERIM BALANCE SHEETS (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
Shareholders Equity | ' | ' |
Common Shares Authorized | 51,581,238 | 51,081,238 |
CONDENSED_INTERIM_STATEMENTS_O
CONDENSED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) AND DEFICIT (Unaudited) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues | ' | ' |
Licensed domestic product net sales | 2,276,383 | 1,893,640 |
Other domestic product sales | 734,779 | 1,099,162 |
International product sales | 463,978 | 331,338 |
Royalty and licensing revenues | 18,414 | 98,040 |
Total revenues (Notes 11 and 14) | 3,493,554 | 3,422,180 |
Cost of Sales | ' | ' |
Licensor sales and distribution fees | 1,413,043 | 1,288,479 |
Cost of products sold | 345,864 | 457,763 |
Total Cost of Sales | 1,758,907 | 1,746,242 |
Gross profit | 1,734,647 | 1,675,938 |
Expenses | ' | ' |
Selling, general and administrative (Notes 12 and 15) | 3,222,661 | 2,949,604 |
Amortization | 290,352 | 329,572 |
Total operating expenses | 3,513,013 | 3,279,176 |
(Loss) from operations | -1,778,366 | -1,603,238 |
Non-operating income (expenses) | ' | ' |
Gain on derivative instrument (Note 17) | 200,000 | ' |
Change in warrant liability (Note 7c) | -1,411,774 | -1,317,041 |
Accretion expense (Note 6) | -31,118 | -24,245 |
Interest expense | -267,292 | -87,858 |
Interest income | 372 | 725 |
(Loss) and comprehensive (loss) before tax | -3,288,178 | -3,031,657 |
Deferred income tax recovery (Note 13) | ' | -314,900 |
Net (loss) for the period | -3,288,178 | -2,716,757 |
Unrealized loss on derivative instrument, net of tax (Note 17) | -103,488 | ' |
Net loss and comprehensive loss for the period | -3,391,666 | -2,716,757 |
Deficit, beginning of period | -14,295,911 | -7,723,556 |
Deficit, end of period | -17,584,089 | -10,440,313 |
Loss per share (Note 8) - Basic | -0.06 | -0.06 |
Loss per share (Note 8) - Diluted | -0.06 | -0.06 |
Weighted Average Number of Common Shares Outstanding - Basic | 51,420,127 | 43,535,459 |
Weighted Average Number of Common Shares Outstanding - Diluted | 51,420,127 | 43,535,459 |
CONDENSED_INTERIM_STATEMENTS_O1
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from (used in) operating activities | ' | ' |
Net (loss) | -3,288,178 | -2,716,757 |
Items not affecting cash: | ' | ' |
Deferred income tax recovery | ' | -314,900 |
Amortization | 295,128 | 344,305 |
Stock-based compensation (Note 7b) | 117,133 | 174,487 |
Accretion expense | 31,118 | 24,245 |
Paid in common shares for services | 211,812 | ' |
Change in non-cash operating assets and liabilities (Note 9) | -796,497 | -2,534,179 |
Cash flows (used in) operating activities | -2,017,710 | -3,705,758 |
Cash flows from (used in) investing activities | ' | ' |
Additions to property, plant and equipment | -4,353 | ' |
Payment of contingent liabilities | ' | -460,000 |
Increase in patents and licensing agreements | -16,593 | ' |
Cash flows from (used in) investing activities | -20,946 | -460,000 |
Cash flows from (used in) financing activities | ' | ' |
Financing costs deferred | -128,181 | ' |
Long term debt issued (Note 6) | 2,211,000 | ' |
Units issued | ' | 4,662,700 |
Long term debt repayment | ' | -330,652 |
Share issuance costs | ' | -403,727 |
Cash flows from financing activities | 2,082,819 | 3,928,321 |
Changes in cash and cash equivalents | 44,163 | -237,437 |
Change in cash due to changes in foreign exchanges | 215,706 | 55,417 |
Cash and cash equivalents, beginning of period | 2,813,472 | 2,283,868 |
Cash and cash equivalents, end of period | 3,073,341 | 2,101,848 |
1_Basis_of_Presentation
1. Basis of Presentation | 3 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
1. Basis of Presentation | ' | ||
1 | Basis of Presentation | ||
These unaudited condensed interim financial statements should be read in conjunction with the financial statements for Tribute Pharmaceuticals Canada Inc.’s ("Tribute" or the "Company") most recently completed fiscal year ended December 31, 2013. These condensed interim financial statements do not include all disclosures required in annual financial statements, but rather are prepared in accordance with recommendations for interim financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements have been prepared using the same accounting policies, and methods as those used by the Company in the annual audited financial statements for the year ended December 31, 2013, except when disclosed below. | |||
The unaudited condensed interim financial statements contain all adjustments (consisting of only normal recurring adjustments) which are necessary to present fairly the financial position of the Company as at March 31, 2014, and the results of its operations for the three month periods ended March 31, 2014 and 2013 and its cash flows for the three month periods ended March 31, 2014 and 2013. Note disclosures have been presented for material updates to the information previously reported in the annual audited financial statements. | |||
a) | 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 assets and liabilities at the date of the financial statements and the reported amounts of the revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, accrued liabilities, income taxes, stock based compensation, revenue recognition, intangible assets and derivative financial instruments. 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 reported in earnings in the period in which they become known. |
2_Inventories
2. Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
2. Inventories | ' | ||||||||
2 | Inventories | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 329,034 | $ | 236,444 | |||||
Finished goods | 392,138 | 418,635 | |||||||
Packaging materials | 66,441 | 56,007 | |||||||
Work in process | 316,319 | 333,745 | |||||||
$ | 1,103,932 | $ | 1,044,831 | ||||||
3_Prepaid_Expenses_and_Other_R
3. Prepaid Expenses and Other Receivables | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
3. Prepaid Expenses and Other Receivables | ' | ||||||||
3 | Prepaid Expenses and Other Receivables | ||||||||
March 31, 2014 | December 31, | ||||||||
2013 | |||||||||
Prepaid operating expenses | $ | 168,622 | $ | 140,986 | |||||
Deposits | - | 18,825 | |||||||
Interest receivable on loan receivables | 6,300 | 6,075 | |||||||
$ | 174,922 | $ | 165,886 |
4_Property_Plant_and_Equipment
4. Property, Plant and Equipment | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
4. Property, Plant and Equipment | ' | ||||||||||||
4 | Property, Plant and Equipment | ||||||||||||
31-Mar-14 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
Amortization | Amount | ||||||||||||
Land | $ | 90,000 | $ | - | $ | 90,000 | |||||||
Building | 618,254 | 277,614 | 340,640 | ||||||||||
Leasehold improvements | 10,359 | 3,108 | 7,251 | ||||||||||
Office equipment | 61,308 | 49,340 | 11,968 | ||||||||||
Manufacturing equipment | 1,103,525 | 579,075 | 524,450 | ||||||||||
Warehouse equipment | 17,085 | 16,905 | 180 | ||||||||||
Packaging equipment | 111,270 | 54,262 | 57,008 | ||||||||||
Computer equipment | 134,467 | 89,871 | 44,596 | ||||||||||
$ | 2,146,268 | $ | 1,070,175 | $ | 1,076,093 | ||||||||
31-Dec-13 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
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 |
5_Intangible_Assets
5. Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
5. Intangible Assets | ' | ||||||||||||
5 | Intangible Assets | ||||||||||||
31-Mar-14 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
Amortization | Amount | ||||||||||||
Patents | $ | 285,379 | $ | 42,431 | $ | 242,948 | |||||||
Licensing asset | 1,005,820 | 116,056 | 889,764 | ||||||||||
Licensing agreements | 10,004,000 | 1,655,131 | 8,348,869 | ||||||||||
$ | 11,295,199 | $ | 1,813,618 | $ | 9,481,581 | ||||||||
31-Dec-13 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
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 | ||||||||
Amortization expense of intangible assets for the three month periods ended March 31, 2014 was $252,185 (2013 - $262,540). | |||||||||||||
The Company has patents pending of $129,495 at March 31, 2014 (December 31, 2013 - $112,902). |
6_Long_Term_Debt_and_Debt_Issu
6. Long Term Debt and Debt Issuance Costs | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
6. Long Term Debt and Debt Issuance Costs | ' | ||||||||
6 | Long Term Debt and Debt Issuance Costs | ||||||||
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 was increased, as per the terms of the Credit Agreement, by an additional US$2,000,000 ($2,211,000) at the Company's request on February 4, 2014. SWK served as the agent under the Credit Agreement. The Loan matures on August 8, 2018. | |||||||||
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. | |||||||||
Upon receipt of the additional US$2,000,000 ($2,211,000) of the Loan, the Company issued to SWK 347,222 common share purchase warrants with a grant date fair value of the warrants of $120,914. Each warrant entitles SWK to acquire one common share in the capital of the Company at an exercise price of US$0.432($0.4775), at any time prior to February 4, 2021. | |||||||||
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 347,222 warrants issued to SWK was determined using the Black-Scholes model with the following assumptions: expected volatility of 117%, a risk-free interest rate of 1.85%, an expected life of seven years, and no expected dividend yield. | |||||||||
During the three month period ended March 31, 2014, the Company accreted $31,118 (2013 - $24,245) in non-cash accretion expense in connection with the long term loans, which is included in accretion expense on the condensed interim statements of operations, comprehensive loss and deficit. | |||||||||
During the three month period ended March 31, 2014, the Company also incurred US$116,169 ($128,425) in legal costs related to the additional US$2,000,000 ($2,211,000) Loan. These fees and costs were classified as debt issuance costs on the balance sheet. 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 three month period ended March 31, 2014, the Company amortized $24,764 (2013 – $53,967) in non-cash interest expense, which is included in amortization expense on the condensed interim statements of operations, comprehensive loss and deficit. | |||||||||
During the three month period ended March 31, 2014, the Company made no principal payments (year ended December 31, 2013 - US$3,281,250 ($3,386,630)) and interest payments of US$243,750 ($268,971) (year ended December 31, 2013 – US$409,653 ($422,341)) under the MidCap Financial LLC (now repaid) 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 | $ | US52,035 | ($57,514) | $ | US823,965 | ($910,728) | |||
2015 | $ | US721,460 | ($797,430) | $ | US1,041,040 | ($1,150,661) | |||
2016 | $ | US872,654 | ($964,545) | $ | US934,846 | ($1,033,285) | |||
2017 | $ | US1,001,370 | ($1,106,814) | $ | US806,130 | ($891,016) | |||
2018 | $ | US5,352,481 | ($5,916,097) | $ | US417,053 | ($460,969) |
7_Capital_Stock
7. Capital Stock | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
7. Capital Stock | ' | ||||||||||
7 | Capital Stock | ||||||||||
(a) Common Shares | |||||||||||
During the three month period ended March 31, 2014, the Company issued 500,000 common shares to a consultant for services and recorded $211,812 as paid-in common shares. | |||||||||||
Number of Shares | Amount | ||||||||||
Balance, December 31, 2013 | 51,081,238 | $ | 19,947,200 | ||||||||
Common shares for services issued | 500,000 | 211,812 | |||||||||
Balance, March 31, 2014 | 51,581,238 | $ | 20,159,102 | ||||||||
(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 three month period ended March 31, 2014, there were 1,298,245 options granted to officers, employees and a consultant of the Company (2013 – 282,500). The exercise price of 1,098,245 of these options is $0.40, with one-eighth vesting over two years on each of March 31, June 30, September 30 and December 31, in 2015 and 2016, 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 1.61%; and expected term of 5 years. | |||||||||||
The remaining 200,000 options were granted with an exercise price of $0.42 and will fully vest on January 3, 2015 (Note 12). The grant date fair value of these options was estimated as $0.39 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 1.69%; and expected term of 5 years. | |||||||||||
For the three month period ended March 31, 2014, the Company recorded $117,132 (2013 – $174,487) 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, 13,750 options were removed from the number of options issued during the three month period ended March 31, 2014 (year ended December 31, 2013 – 560,917). | |||||||||||
The activities in additional paid in-capital options are as follows: | |||||||||||
Amount | |||||||||||
Balance, December 31, 2013 | $ | 2,286,890 | |||||||||
Expense recognized for options issued to employees | 100,910 | ||||||||||
Expense recognized for options issued to consultants | 16,222 | ||||||||||
Balance, March 31, 2014 | $ | 2,404,022 | |||||||||
The total number of options outstanding as at March 31, 2014 was 5,109,330 (December 31, 2013 – 3,824,835). The weighted average grant date fair value of the options granted during the three month period ended March 31, 2014, was $0.34 (2013 - $0.50). | |||||||||||
The maximum number of options that may be issued under the Plan is floating at an amount equivalent to 10% of the issued and outstanding common shares, or 5,158,124 as at March 31, 2014 (December 31, 2013 – 5,108,124). | |||||||||||
(c) Warrants | |||||||||||
As at March 31, 2014, the following warrants were outstanding: | |||||||||||
Number of | Weighted Average | Fair Value at March 31, | Fair Value at December 31, 2013 | ||||||||
Expiration Date | Warrants | Exercise Price | 2014 | ||||||||
11-May-17 | 750,000 | US$0.43 ($0.48) | $ | 174,085 | $ | 223,356 | |||||
27-Feb-15 | 4,429,688 | US$0.50 ($0.55) | $ | 87,042 | $ | 518,256 | |||||
27-Feb-18 | 4,429,687 | US$0.60 ($0.66) | $ | 2,573,966 | $ | 1,286,216 | |||||
5-Mar-15 | 1,253,000 | US$0.50 ($0.55) | $ | 118,016 | $ | 146,596 | |||||
5-Mar-18 | 1,253,000 | US$0.60 ($0.66) | $ | 682,578 | $ | 363,825 | |||||
11-Mar-15 | 343,750 | US$0.50 ($0.55) | $ | 81,909 | $ | 49,723 | |||||
11-Mar-18 | 343,750 | US$0.60 ($0.66) | $ | 223,029 | $ | 99,812 | |||||
8-Aug-18 | 755,794 | US$0.5954 ($0.6581) | $ | 347,518 | $ | 245,982 | |||||
20-Sep-18 | 108,696 | US$0.55 ($0.61) | $ | 46,615 | $ | 32,948 | |||||
4-Feb-21 | 347,222 | US$0.4320 ($0.4775) | $ | 164,644 | $ | - | |||||
14,014,587 | US$0.55 ($0.61) | $ | 4,499,402 | $ | 2,966,714 | ||||||
In connection with the additional US$2,000,000 ($2,211,000) loan, the Company issued SWK 347,222 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$0.432 ($0.4775), at any time prior to February 5, 2021. The fair value of the warrant liability at the date of grant was $120,914 and was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 117%; risk free interest rate of 1.85%; and expected term of 7 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 March 31, 2014, the fair value of the warrant liability of $4,499,402 (December 31, 2013 - $2,966,714) was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions: expected dividend yield of 0% (December 31, 2013 – 0%) expected volatility of 115.5% (December 31, 2013 – 114%) risk-free interest rate of 1.45% (December 31, 2013 – 1.58%) and expected term of 2.79 years (December 31, 2013 – 2.94 years). | |||||||||||
For the three month period ended March 31, 2014, the Company recorded a loss of $1,411,774 (2013 – loss of $1,317,041) as change in warrant liability on the condensed interim statement of operations and comprehensive loss. |
8_Loss_Per_Share
8. Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
8. Loss Per Share | ' | ||||||||
8 | 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 three month periods ended March 31, 2014 and 2013, consist of outstanding stock options (5,109,330 and 3,480,452, respectively) and outstanding warrants (14,014,587 and 14,302,875, respectively). | |||||||||
The following table sets forth the computation of loss per share: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net loss available to common shareholders | $ | (3,288,178 | ) | $ | (2,716,757 | ) | |||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 51,420,127 | 43,535,459 | |||||||
Effect of dilutive common shares | - | - | |||||||
Diluted weighted average number of common shares outstanding | 51,420,127 | 43,535,459 | |||||||
Loss per share – basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | |||
9_Changes_in_NonCash_Operating
9. Changes in Non-Cash Operating Assets and Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
9. Changes in Non-Cash Operating Assets and Liabilities | ' | ||||||||
9 | Changes in Non-Cash Operating Assets and Liabilities | ||||||||
Changes in non-cash balances related to operations are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | (1,065,085 | ) | $ | (699,610 | ) | |||
Inventories | (59,101 | ) | (182,358 | ) | |||||
Prepaid expenses and other receivables | (9,036 | ) | (42,626 | ) | |||||
Taxes recoverable | 529,381 | (27,817 | ) | ||||||
Accounts payable and accrued liabilities | (192,656 | ) | (1,581,768 | ) | |||||
$ | (796,497 | ) | $ | (2,534,179 | ) | ||||
Included in accounts payable and accrued liabilities at the end of the three month period ended March 31, 2014, is an amount related to patents and licenses of $8,603 (December 31, 2013 - $14,365) and an amount related to computer equipment of $4,353 (December 31, 2013 - $nil). | |||||||||
During the three month period ended March 31, 2014, there was $267,291 (2013 - $87,858) in interest paid and $nil in taxes paid (2013 – $nil). | |||||||||
During the three month period ended March 31, 2014, there was $24,764 (2013 - $53,967) of non-cash debt issuance costs (see Note 6) expensed as amortization of assets. |
10_Contingencies_and_Commitmen
10. Contingencies and Commitments | 3 Months Ended | ||
Mar. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
10. Contingencies and Commitments | ' | ||
10 | Contingencies and Commitments | ||
The Company has royalty, licensing and manufacturing agreements that have remained in effect for the Company during the quarter. In addition, there were no material changes to the lease agreements during the period. | |||
(a) Common Shares | |||
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 U.S. 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 U.S. | |||
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) paid upon the first commercial sale of the product. 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 paid on March 1, 2013. Additional one-time performance based sales milestones are due as follows: i) US$250,000 ($276,325) the first year in which annual net sales exceed US$2,500,000 ($2,763,250), ii) US$500,000 ($552,650) the first year in which the annual net sales exceed US$5,000,000 ($5,526,500), iii) US$750,000 ($828,975) the first year in which the annual net sales exceed US$7,500,000 ($8,289,750), iv) US$1,000,000 ($1,105,300) the first year in which the annual net sales exceed US$10,000,000 ($11,053,000), v) US$1,500,000 ($1,657,950) the first year the annual net sales exceed US$15,000,000 ($16,579,500), and vi) US$2,000,000 ($2,210,600) the first year in which the annual net sales exceed US$20,000,000 ($22,106,000). 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 March 31, 2014 this product has not been filed with Health Canada and to-date any 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) Stock Based Compensation | |||
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 $632,200 as of March 31, 2014 (December 31, 2013 - $792,200) 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 $1,527,200 (based on current base salaries). |
11_Significant_Customers
11. Significant Customers | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
11. Significant Customers | ' |
11. Significant Customers | |
During the three month period ended March 31, 2014, the Company had three significant wholesale customers (2013 – one) that represented 65.6% (2013– 48.7%) of product sales. | |
The Company believes that its relationships with these customers are satisfactory. |
12_Related_Party_Transactions
12. Related Party Transactions | 3 Months Ended | ||
Mar. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
12. Related Party Transactions | ' | ||
12 | Related Party Transactions | ||
During the three month period ended March 31, 2014 the Company granted 200,000 stock options as payment for services in 2014 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 three month period ended March 31, 2014, the Company recorded $16,222 as a non-cash expense. During the three month period ended March 31, 2013 the Company recorded and paid to LMT an aggregate of $18,000. These amounts have been recorded as selling, general and administrative expense in the condensed statements of operations and comprehensive (loss). |
13_Income_Taxes
13. Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
13. Income Taxes | ' | |
13 | Income Taxes | |
The Company has no taxable income under Canadian Federal and Provincial tax laws for the three month periods ended March 31, 2014 and 2013. The Company has non-capital loss carry-forwards at March 31, 2014 totaling approximately $12,331,000, which may be offset against future taxable income. If not utilized, the loss carry-forwards will expire between 2014 and 2034. The cumulative carry-forward pool of SR&ED expenditures as at March 31, 2014, that may be offset against future taxable income, with no expiry date, is $1,798,300. | ||
The non-refundable portion of the tax credits as at March 31, 2014 was $341,300. |
14_Segmented_Information
14. Segmented Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
14. Segmented Information | ' | ||||||||
14. 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 three month periods ended March 31, 2014 and 2013 includes products sold in Canada and international sales of products. Revenue earned is as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Product sales: | |||||||||
Canadian sales | $ | 2,999,912 | $ | 2,981,919 | |||||
International sales | 463,978 | 331,338 | |||||||
Other revenue | 11,250 | 10,883 | |||||||
Total | $ | 3,475,140 | $ | 3,324,140 | |||||
Royalty revenues | 18,414 | 98,040 | |||||||
Total revenues | $ | 3,493,554 | $ | 3,422,180 | |||||
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 condensed statements of operations and comprehensive (loss) includes the Company’s activity in these markets |
15_Foreign_Currency_Gain_Loss
15. Foreign Currency Gain (Loss) | 3 Months Ended | |
Mar. 31, 2014 | ||
Foreign Currency [Abstract] | ' | |
15. Foreign Currency Gain (Loss) | ' | |
15. 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 March 31, 2014, the Company held cash of $1,330,855 (US$1,175,830 and €20,497) in denominations other than in Canadian dollars (December 31, 2013 - $1,211,602 (US$1,134,686 and €747)); had accounts receivables of $440,142 (US$95,648 and €219,964) denominated in foreign currencies (December 31, 2013 - $258,027 (US$51,395 and €138,964); had accounts payable and accrued liabilities of $64,035 (US$24,233 and €25,939) denominated in foreign currencies (December 31, 2013 – $115,373 (US$72,693 and €25,969)); warrant liability of $4,499,402 (US$4,070,752) (December 31, 2013 - $2,966,715 (US$2,789,315)); and long term debt of $8,842,400 (US$8,000,000) (December 31, 2013 - $6,381,600 (US$6,000,000)). For the three month period ended March 31, 2014, the Company had a foreign currency loss of $196,066 (2013 – loss of $69,180). These amounts have been included in selling, general and administrative expenses in the condensed statements of operations and comprehensive (loss). |
16_Financial_Instruments
16. Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
16. Financial Instruments | ' | ||||||||||||||||
16 | Financial Instruments | ||||||||||||||||
(a) Financial assets and liabilities – fair values | |||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, certain other current assets, accounts payables and accrued liabilities are a reasonable estimate of their fair values because of the short maturity of these instruments. | |||||||||||||||||
Warrant liability and other current liability are financial liabilities where fluctuations in market rates will affect the fair value of this financial instrument. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: | |||||||||||||||||
Level 1: quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly | |||||||||||||||||
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. | |||||||||||||||||
Cash equivalents, warrant liability and other current liability are classified as Level 2 financial instruments within the fair value hierarchy. | |||||||||||||||||
(b) Liquidity risk | |||||||||||||||||
The Company generates sufficient cash from operating and financing activities to fund its operations and fulfill its obligations as they become due. 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 March 31, 2014, 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, the Company’s 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. | |||||||||||||||||
(c) Concentration of credit risk and major customers | |||||||||||||||||
The Company considers its maximum credit risk to be $1,672,665 (December 31, 2013 - $607,580). This amount is the total of the following financial assets: accounts receivable 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 11 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 March 31, 2014, the Company had two customers which made up 48.9% of the outstanding accounts receivable in comparison to three customers which made up 38.4% at December 31, 2013. For the three month period ended March 31, 2014, all outstanding accounts receivable were related to product sales, of which $795,511 or 48.9% was related to two wholesale accounts. For December 31, 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. | |||||||||||||||||
(d) 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 exposes the Company to foreign exchange risk due to changes in the value of the Canadian dollar. As at March 31, 2014, a 5% change in the foreign exchange rate would increase/decrease the long term debt balance by $400,000 and would increase/decrease both interest expense and net loss by approximately $13,400 for the three month period ended March 31, 2014. For the periods ended March 31, 2014 and December 31, 2013, the Company held foreign cash balances in the following currencies: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Foreign $ | Canadian $ | Foreign $ | Canadian $ | ||||||||||||||
U.S. dollars | 1,175,830 | 1,299,644 | 1,134,686 | 1,210,512 | |||||||||||||
EUROS | 20,497 | 31,211 | 747 | 1,090 | |||||||||||||
(e) Interest rate risk | |||||||||||||||||
The Company is exposed to interest rate fluctuations on its cash and cash equivalents as well as its long term debt. At March 31, 2014, the Company had an outstanding long term debt balance of US$8,000,000 ($8,842,400), 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 three month period ended March 31, 2014, a 1% increase in interest rates would increase interest expense and net loss by approximately $88,400. 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. |
17_Derivative_Financial_Instru
17. Derivative Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
17. Derivative Financial Instruments | ' | |||||||||||||||
17 | 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 the three month period ended March 31, 2014, 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$6,000,000 was $6,726,000 at July 1, 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 March 31, 2014 was a loss of $103,488 (December 31, 2013 – a loss of $38,156), and is reported in other current liabilities in the accompanying balance sheets. During the three month period ended March 31, 2014, the Company recognized a gain on the settled foreign exchange contract of $200,000 (2013 - $nil). | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the notional principal and fair value of the Company’s outstanding foreign currency derivative financial instruments were as follows: | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||
Notional Principal | Fair Value | Notional Principal | Fair Value | |||||||||||||
Foreign currency sold – call options | USD$ 6,000,000 | $ | (103,488 | ) | USD$ 5,000,000 | $ | (38,156 | ) | ||||||||
The notional principal amounts provide one measure of the transaction volume outstanding as of March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013. 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. |
18_Subsequent_Event
18. Subsequent Event | 3 Months Ended | ||
Mar. 31, 2014 | |||
Subsequent Events [Abstract] | ' | ||
18. Subsequent Event | ' | ||
18 | Subsequent Event | ||
On May 13, 2014, Tribute entered into an exclusive license and supply agreement with Faes Farma, S.A. (“Faes”), a Spanish pharmaceutical company, for the exclusive right to sell Bilastine, a product for the treatment of Allergic Rhinitis and Chronic Idiopathic Urticaria (hives) in Canada. The exclusive license is inclusive of prescription and non-prescription rights for Bilastine, as well as adult and paediatric presentations in Canada. Sales of Bilastine are subject to receiving regulatory approval from Health Canada. Payment for the licensing rights is based on an initial fee of €250,000 ($380,691) with the remaining milestone payments based on the achievement of specific events, including the approval of Bilastine from Health Canada and net sales milestones. |
1_Basis_of_Presentation_Policy
1. Basis of Presentation (Policy) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Estimates | ' | ||
a) | 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 assets and liabilities at the date of the financial statements and the reported amounts of the revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, accrued liabilities, income taxes, stock based compensation, revenue recognition, intangible assets and derivative financial instruments. 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 reported in earnings in the period in which they become known. |
2_Inventories_Tables
2. Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 329,034 | $ | 236,444 | |||||
Finished goods | 392,138 | 418,635 | |||||||
Packaging materials | 66,441 | 56,007 | |||||||
Work in process | 316,319 | 333,745 | |||||||
$ | 1,103,932 | $ | 1,044,831 | ||||||
3_Prepaid_Expenses_and_Other_R1
3. Prepaid Expenses and Other Receivables (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Receivables | ' | ||||||||
March 31, 2014 | December 31, | ||||||||
2013 | |||||||||
Prepaid operating expenses | $ | 168,622 | $ | 140,986 | |||||
Deposits | - | 18,825 | |||||||
Interest receivable on loan receivables | 6,300 | 6,075 | |||||||
$ | 174,922 | $ | 165,886 |
4_Property_Plant_and_Equipment1
4. Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||||||
31-Mar-14 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
Amortization | Amount | ||||||||||||
Land | $ | 90,000 | $ | - | $ | 90,000 | |||||||
Building | 618,254 | 277,614 | 340,640 | ||||||||||
Leasehold improvements | 10,359 | 3,108 | 7,251 | ||||||||||
Office equipment | 61,308 | 49,340 | 11,968 | ||||||||||
Manufacturing equipment | 1,103,525 | 579,075 | 524,450 | ||||||||||
Warehouse equipment | 17,085 | 16,905 | 180 | ||||||||||
Packaging equipment | 111,270 | 54,262 | 57,008 | ||||||||||
Computer equipment | 134,467 | 89,871 | 44,596 | ||||||||||
$ | 2,146,268 | $ | 1,070,175 | $ | 1,076,093 | ||||||||
31-Dec-13 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
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 |
5_Intangible_Assets_Tables
5. Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Intangible Assets Tables | ' | ||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||
31-Mar-14 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
Amortization | Amount | ||||||||||||
Patents | $ | 285,379 | $ | 42,431 | $ | 242,948 | |||||||
Licensing asset | 1,005,820 | 116,056 | 889,764 | ||||||||||
Licensing agreements | 10,004,000 | 1,655,131 | 8,348,869 | ||||||||||
$ | 11,295,199 | $ | 1,813,618 | $ | 9,481,581 | ||||||||
31-Dec-13 | |||||||||||||
Cost | Accumulated | Net Carrying | |||||||||||
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 | ||||||||
6_Long_Term_Debt_and_Debt_Issu1
6. Long Term Debt and Debt Issuance Costs (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of payments for Long-term Debt | ' | ||||||||
Principal Payments | Interest Payments | ||||||||
2014 | $ | US52,035 | ($57,514) | $ | US823,965 | ($910,728) | |||
2015 | $ | US721,460 | ($797,430) | $ | US1,041,040 | ($1,150,661) | |||
2016 | $ | US872,654 | ($964,545) | $ | US934,846 | ($1,033,285) | |||
2017 | $ | US1,001,370 | ($1,106,814) | $ | US806,130 | ($891,016) | |||
2018 | $ | US5,352,481 | ($5,916,097) | $ | US417,053 | ($460,969) |
7_Capital_Stock_Tables
7. Capital Stock (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of Common Stock Outstanding | ' | ||||||||||
Number of Shares | Amount | ||||||||||
Balance, December 31, 2013 | 51,081,238 | $ | 19,947,200 | ||||||||
Common shares for services issued | 500,000 | 211,812 | |||||||||
Balance, March 31, 2014 | 51,581,238 | $ | 20,159,102 | ||||||||
Schedule of Paid-in Capital Options | ' | ||||||||||
The activities in additional paid in-capital options are as follows: | |||||||||||
Amount | |||||||||||
Balance, December 31, 2013 | $ | 2,286,890 | |||||||||
Expense recognized for options issued to employees | 100,910 | ||||||||||
Expense recognized for options issued to consultants | 16,222 | ||||||||||
Balance, March 31, 2014 | $ | 2,404,022 | |||||||||
Schedule of warrants outstanding | ' | ||||||||||
As at March 31, 2014, the following warrants were outstanding: | |||||||||||
Number of | Weighted Average | Fair Value at March 31, | Fair Value at December 31, 2013 | ||||||||
Expiration Date | Warrants | Exercise Price | 2014 | ||||||||
11-May-17 | 750,000 | US$0.43 ($0.48) | $ | 174,085 | $ | 223,356 | |||||
27-Feb-15 | 4,429,688 | US$0.50 ($0.55) | $ | 87,042 | $ | 518,256 | |||||
27-Feb-18 | 4,429,687 | US$0.60 ($0.66) | $ | 2,573,966 | $ | 1,286,216 | |||||
5-Mar-15 | 1,253,000 | US$0.50 ($0.55) | $ | 118,016 | $ | 146,596 | |||||
5-Mar-18 | 1,253,000 | US$0.60 ($0.66) | $ | 682,578 | $ | 363,825 | |||||
11-Mar-15 | 343,750 | US$0.50 ($0.55) | $ | 81,909 | $ | 49,723 | |||||
11-Mar-18 | 343,750 | US$0.60 ($0.66) | $ | 223,029 | $ | 99,812 | |||||
8-Aug-18 | 755,794 | US$0.5954 ($0.6581) | $ | 347,518 | $ | 245,982 | |||||
20-Sep-18 | 108,696 | US$0.55 ($0.61) | $ | 46,615 | $ | 32,948 | |||||
4-Feb-21 | 347,222 | US$0.4320 ($0.4775) | $ | 164,644 | $ | - | |||||
14,014,587 | US$0.55 ($0.61) | $ | 4,499,402 | $ | 2,966,714 |
8_Loss_Per_Share_Tables
8. Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Computation of Earnings Per Share | ' | ||||||||
The following table sets forth the computation of loss per share: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net loss available to common shareholders | $ | (3,288,178 | ) | $ | (2,716,757 | ) | |||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 51,420,127 | 43,535,459 | |||||||
Effect of dilutive common shares | - | - | |||||||
Diluted weighted average number of common shares outstanding | 51,420,127 | 43,535,459 | |||||||
Loss per share – basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) |
9_Changes_in_NonCash_Operating1
9. Changes in Non-Cash Operating Assets and Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Changes in non-cash balances | ' | ||||||||
Changes in non-cash balances related to operations are as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | (1,065,085 | ) | $ | (699,610 | ) | |||
Inventories | (59,101 | ) | (182,358 | ) | |||||
Prepaid expenses and other receivables | (9,036 | ) | (42,626 | ) | |||||
Taxes recoverable | 529,381 | (27,817 | ) | ||||||
Accounts payable and accrued liabilities | (192,656 | ) | (1,581,768 | ) | |||||
$ | (796,497 | ) | $ | (2,534,179 | ) |
14_Segmented_Information_Table
14. Segmented Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting | ' | ||||||||
Revenue earned is as follows: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Product sales: | |||||||||
Canadian sales | $ | 2,999,912 | $ | 2,981,919 | |||||
International sales | 463,978 | 331,338 | |||||||
Other revenue | 11,250 | 10,883 | |||||||
Total | $ | 3,475,140 | $ | 3,324,140 | |||||
Royalty revenues | 18,414 | 98,040 | |||||||
Total revenues | $ | 3,493,554 | $ | 3,422,180 |
2_Inventories_Details
2. Inventories (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventories Details | ' | ' |
Raw materials | 329,034 | 236,444 |
Finished goods | 392,138 | 418,635 |
Packaging materials | 66,441 | 56,007 |
Work in process | 316,319 | 333,745 |
Inventories | 1,103,932 | 1,044,831 |
3_Prepaid_Expenses_and_Other_R2
3. Prepaid Expenses and Other Receivables (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Prepaid Expenses And Other Receivables Details | ' | ' |
Prepaid operating expenses | 168,622 | 140,986 |
Deposits | ' | 18,825 |
Interest receivable on loan receivables | 6,300 | 6,075 |
Prepaid expenses and other receivables | 174,922 | 165,886 |
4_Property_Plant_and_Equipment2
4. Property, Plant and Equipment (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Cost | 2,146,268 | 2,141,915 |
Accumulated Amortization | 1,070,175 | 1,051,996 |
Net Carrying Amount | 1,076,093 | 1,089,919 |
Land | ' | ' |
Cost | 90,000 | 90,000 |
Accumulated Amortization | ' | ' |
Net Carrying Amount | 90,000 | 90,000 |
Building | ' | ' |
Cost | 618,254 | 618,254 |
Accumulated Amortization | 277,614 | 269,886 |
Net Carrying Amount | 340,640 | 348,368 |
Leasehold Improvements | ' | ' |
Cost | 10,359 | 10,359 |
Accumulated Amortization | 3,108 | 2,590 |
Net Carrying Amount | 7,251 | 7,769 |
Office Equipment | ' | ' |
Cost | 61,308 | 61,308 |
Accumulated Amortization | 49,340 | 48,299 |
Net Carrying Amount | 11,968 | 13,009 |
Manufacturing equipment | ' | ' |
Cost | 1,103,525 | 1,103,525 |
Accumulated Amortization | 579,075 | 576,862 |
Net Carrying Amount | 524,450 | 526,663 |
Warehouse equipment | ' | ' |
Cost | 17,085 | 17,085 |
Accumulated Amortization | 16,905 | 16,737 |
Net Carrying Amount | 180 | 348 |
Packaging equipment | ' | ' |
Cost | 111,270 | 111,270 |
Accumulated Amortization | 54,262 | 51,700 |
Net Carrying Amount | 57,008 | 59,570 |
Computer equipment | ' | ' |
Cost | 134,467 | 130,114 |
Accumulated Amortization | 89,871 | 85,922 |
Net Carrying Amount | 44,596 | 44,192 |
5_Intangible_Assets_Details
5. Intangible Assets (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Cost | 11,295,199 | 11,278,606 |
Accumulated Amortization | 1,813,618 | 1,561,433 |
Net Carrying Amount | 9,481,581 | 9,717,173 |
Patents | ' | ' |
Cost | 285,379 | 268,786 |
Accumulated Amortization | 42,431 | 39,562 |
Net Carrying Amount | 242,948 | 229,224 |
Licensing asset | ' | ' |
Cost | 1,005,820 | 1,005,820 |
Accumulated Amortization | 116,056 | 96,713 |
Net Carrying Amount | 889,764 | 909,107 |
Licensing agreements | ' | ' |
Cost | 10,004,000 | 10,004,000 |
Accumulated Amortization | 1,655,131 | 1,425,158 |
Net Carrying Amount | 8,348,869 | 8,578,842 |
5_Intangible_Assets_Details_Na
5. Intangible Assets (Details Narrative) (CAD) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Intangible Assets Details Narrative | ' | ' | ' |
Amortization expense of intangible assets | 252,185 | 262,540 | ' |
Patents pending not amortized | 129,495 | ' | 112,902 |
6_Long_Term_Debt_and_Debt_Issu2
6. Long Term Debt and Debt Issuance Costs (Details) (CAD) | Mar. 31, 2014 |
Debt Disclosure [Abstract] | ' |
Principle Payments - 2014 | 57,514 |
Principle Payments - 2015 | 797,430 |
Principle Payments - 2016 | 964,545 |
Principle Payments - 2017 | 1,106,814 |
Principle Payments - 2018 | 5,916,097 |
Interest Payments - 2014 | 910,728 |
Interest Payments - 2015 | 1,150,661 |
Interest Payments - 2016 | 1,033,285 |
Interest Payments - 2017 | 891,016 |
Interest Payments - 2018 | 460,969 |
6_Long_Term_Debt_and_Debt_Issu3
6. Long Term Debt and Debt Issuance Costs (Details Narrative) (CAD) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Non-cash accretion expense | 31,118 | 24,245 | ' |
Legal Fees | 128,425 | ' | ' |
Long term debt issued | -2,211,000 | ' | ' |
Non-cash interest expense | 24,764 | 53,967 | ' |
Principal payments | ' | ' | 3,386,630 |
Interest payments | 268,971 | ' | 422,341 |
7_Capital_Stock_Details
7. Capital Stock (Details) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Begining Balance, Number of Shares | 51,081,238 |
Begining Balance, Amount | 19,947,290 |
Common shares for services issued | 500,000 |
Common shares for services issued, value | 211,812 |
Ending Balance, Number of Shares | 51,581,238 |
Ending Balance, Amount | 20,159,102 |
7_Capital_Stock_Details_1
7. Capital Stock (Details 1) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Paid-in Capital Options, Beginning | 2,286,890 |
Expense recognized for options issued to employees | 100,910 |
Expense recognized for options issued to consultants | 16,222 |
Paid-in Capital Options, Ending | 2,404,022 |
7_Capital_Stock_Details_2
7. Capital Stock (Details 2) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Number of Warrants | 14,014,587 | ' | 14,302,875 |
Weighted Average Exercise Price | 0.61 | ' | ' |
Fair Value | 4,499,402 | 2,966,714 | ' |
Warrant 1 | ' | ' | ' |
Expiration Date | 11-May-17 | ' | ' |
Number of Warrants | 750,000 | ' | ' |
Weighted Average Exercise Price | 0.48 | ' | ' |
Fair Value | 174,085 | 223,356 | ' |
Warrant 2 | ' | ' | ' |
Expiration Date | 27-Feb-15 | ' | ' |
Number of Warrants | 4,429,688 | ' | ' |
Weighted Average Exercise Price | 0.55 | ' | ' |
Fair Value | 87,042 | 518,256 | ' |
Warrant 3 | ' | ' | ' |
Expiration Date | 27-Feb-18 | ' | ' |
Number of Warrants | 4,429,687 | ' | ' |
Weighted Average Exercise Price | 0.66 | ' | ' |
Fair Value | 2,573,966 | 1,286,216 | ' |
Warrant 4 | ' | ' | ' |
Expiration Date | 5-Mar-15 | ' | ' |
Number of Warrants | 1,253,000 | ' | ' |
Weighted Average Exercise Price | 0.55 | ' | ' |
Fair Value | 118,016 | 146,596 | ' |
Warrant 5 | ' | ' | ' |
Expiration Date | 5-Mar-18 | ' | ' |
Number of Warrants | 1,253,000 | ' | ' |
Weighted Average Exercise Price | 0.66 | ' | ' |
Fair Value | 682,578 | 363,825 | ' |
Warrant 6 | ' | ' | ' |
Expiration Date | 11-Mar-15 | ' | ' |
Number of Warrants | 343,750 | ' | ' |
Weighted Average Exercise Price | 0.55 | ' | ' |
Fair Value | 81,909 | 49,723 | ' |
Warrant 7 | ' | ' | ' |
Expiration Date | 11-Mar-18 | ' | ' |
Number of Warrants | 343,750 | ' | ' |
Weighted Average Exercise Price | 0.66 | ' | ' |
Fair Value | 223,029 | 99,812 | ' |
Warrant 8 | ' | ' | ' |
Expiration Date | 8-Aug-18 | ' | ' |
Number of Warrants | 755,794 | ' | ' |
Weighted Average Exercise Price | 0.6581 | ' | ' |
Fair Value | 347,518 | 245,982 | ' |
Warrant 9 | ' | ' | ' |
Expiration Date | 20-Sep-18 | ' | ' |
Number of Warrants | 108,696 | ' | ' |
Weighted Average Exercise Price | 0.61 | ' | ' |
Fair Value | 46,615 | 32,948 | ' |
Warrant 10 | ' | ' | ' |
Expiration Date | 4-Feb-21 | ' | ' |
Number of Warrants | 347,222 | ' | ' |
Weighted Average Exercise Price | 0.4775 | ' | ' |
Fair Value | 164,644 | ' | ' |
7_Capital_Stock_Details_Narrat
7. Capital Stock (Details Narrative) (CAD) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Options granted to officers and employees and a consultant | 1,298,245 | 282,500 | ' |
Options issued | 1,098,245 | ' | ' |
Exercise price of options | 0.4 | ' | ' |
Fair value of options | 0.33 | ' | ' |
Expected dividend yield | 0.00% | ' | ' |
Expected volatility | 123.00% | ' | ' |
Risk free interest rate | 1.61% | ' | ' |
Remaining options granted | 200,000 | ' | ' |
Expected term | '5 years | ' | ' |
Number of options outstanding | 5,109,330 | 3,480,452 | 3,824,835 |
Weighted average grant date fair value | 0.34 | 0.5 | ' |
Common shares outstanding | 5,158,124 | ' | 5,108,124 |
Compensation expense for options issued | 117,132 | 174,487 | ' |
Number of options issued terminated | 13,750 | ' | 560,917 |
Warrant [Member] | ' | ' | ' |
Expected dividend yield | 0.00% | ' | 0.00% |
Expected volatility | 115.50% | ' | 114.00% |
Risk free interest rate | 1.45% | ' | 1.58% |
Expected term | '2 years 9 months 14 days | ' | '2 years 11 months 8 days |
Fair value of the warrant liability | 4,499,402 | ' | 2,966,714 |
Change in warrant liability | 1,411,774 | ' | 1,317,041 |
8_Loss_Per_Share_Details
8. Loss Per Share (Details) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Numerator: | ' | ' |
Net loss available to common shareholders | -3,288,178 | -2,716,757 |
Denominator: | ' | ' |
Weighted average number of common shares outstanding | 51,420,127 | 43,535,459 |
Effect of dilutive common shares | ' | ' |
Diluted weighted average number of common shares outstanding | 51,420,127 | 43,535,459 |
Loss per share - basic and diluted | -0.06 | -0.06 |
8_Loss_Per_Share_Details_Narra
8. Loss Per Share (Details Narrative) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Notes to Financial Statements | ' | ' | ' |
Outstanding stock options | 5,109,330 | 3,824,835 | 3,480,452 |
Outstanding warrant grants | 14,014,587 | ' | 14,302,875 |
9_Changes_in_NonCash_Operating2
9. Changes in Non-Cash Operating Assets and Liabilities (Details) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Notes to Financial Statements | ' | ' |
Accounts receivable | -1,065,085 | -699,610 |
Inventories | -59,101 | -182,358 |
Prepaid expenses and other receivables | -9,036 | -42,626 |
Taxes recoverable | 529,381 | -27,817 |
Accounts payable and accrued liabilities | -192,656 | -1,581,768 |
Change in non-cash operating assets and liabilities | -796,497 | -2,534,179 |
9_Changes_in_NonCash_Operating3
9. Changes in Non-Cash Operating Assets and Liabilities (Details Narrative) (CAD) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Patents and license | Patents and license | Computer equipment | Computer equipment | |||
Accounts payable and accrued liabilities | -192,656 | -1,581,768 | 8,603 | 14,365 | 4,353 | 0 |
Interest paid | 267,291 | 87,858 | ' | ' | ' | ' |
Taxes paid | ' | 0 | ' | ' | ' | ' |
Non-cash debt issuance costs | 24,764 | 53,967 | ' | ' | ' | ' |
Contingencies_and_Commitments_
Contingencies and Commitments (Details Narrative) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Executive termination under initial agreement | 632,200 | 792,200 |
Remuneration to executive | 1,527,200 | ' |
11_Significant_Customers_Detai
11. Significant Customers (Details Narrative) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Risk percentage | 65.60% | 48.70% |
Major customer | ' | ' |
Concentration Risk, Customer | '3 | '1 |
12_Related_Party_Transactions_
12. Related Party Transactions (Details Narrative) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Stock options granted to LMT | 200,000 |
Non-cash expense | 16,222 |
Related Party, consulting services | 18,000 |
13_Income_Taxes_Details_Narrat
13. Income Taxes (Details Narrative) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Non-capital loss carry-forwards | 12,331,000 |
Carry-forward expenditures offset against future taxable income | 1,798,300 |
Tax credits, non-refundable | 341,300 |
Minimum [Member] | ' |
Loss Carryforwards Expiration Dates | '2014 |
Maximum [Member] | ' |
Loss Carryforwards Expiration Dates | '2034 |
14_Segmented_Information_Detai
14. Segmented Information (Details) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Product sales: | ' | ' |
Canadian sales | 2,999,912 | 2,981,919 |
International sales | 463,978 | 331,338 |
Other revenue | 11,250 | 10,883 |
Total | 3,475,140 | 3,324,140 |
Royalty revenues | 18,414 | 98,040 |
Total revenues | 3,493,554 | 3,422,180 |
15_Foreign_Currency_Gain_Loss_
15. Foreign Currency Gain (Loss) (Details Narrative) (CAD) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Notes to Financial Statements | ' | ' |
Foreign currency (gain) loss | 196,066 | 69,180 |
16_Financial_Instruments_Detai
16. Financial Instruments (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
US dollars | Foreign [Member] | ' | ' |
Foreign cash balances | 1,175,830 | 1,134,686 |
US dollars | Canada [Member] | ' | ' |
Foreign cash balances | 1,299,644 | 1,210,512 |
EUROS [Member] | Foreign [Member] | ' | ' |
Foreign cash balances | 20,497 | 747 |
EUROS [Member] | Canada [Member] | ' | ' |
Foreign cash balances | 31,211 | 1,090 |
17_Derivative_Financial_Instru1
17. Derivative Financial Instruments (Details) (CAD) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value | ' | ' |
Foreign currency sold - call options | -103,488 | -38,156 |
Notional Principal | ' | ' |
Foreign currency sold - call options | 6,000,000 | 5,000,000 |