Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 20, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | IGEN NETWORKS CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 27,691,231 | |
Amendment Flag | false | |
Entity Central Index Key | 1,393,540 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheet Unaudited - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current | ||
Cash | $ 53,823 | $ 56,347 |
Accounts receivable | 288,300 | 299,422 |
GST receivable | 17,461 | 17,021 |
Due from equity investee | 30,375 | 20,578 |
Inventories | 58,617 | 14,102 |
Prepaid expenses | 0 | 4,934 |
448,576 | 412,404 | |
Investment in an associate | 237,518 | 227,075 |
Equipment | 22,884 | 33,458 |
Goodwill | 505,508 | 505,508 |
Security deposit | 4,460 | 5,498 |
Total Assets | 1,218,946 | 1,183,943 |
Current | ||
Accounts payable | 509,481 | 284,783 |
Accrued liabilities | 71,855 | 68,221 |
Deferred revenue | 65,492 | 54,484 |
Note payable | 0 | 52,592 |
646,828 | 460,080 | |
Non-current | ||
Note payable | 85,429 | 80,414 |
Total liabilities | 732,257 | 540,494 |
Capital Stock: | ||
Authorized - 375,000,000 common shares with $0.001 par value Issued and outstanding -27,691,231 and 25,815,273 respectively | 27,691 | 25,815 |
Additional paid-in capital | 7,462,064 | 6,697,680 |
Subscription received | 25,000 | 0 |
Accumulated other comprehensive loss | (27,538) | (17,624) |
Deficit accumulated | (7,000,528) | (6,062,422) |
Shareholders' Equity | 486,689 | 643,449 |
Total Liabilities and Shareholders' Equity | $ 1,218,946 | $ 1,183,943 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Balance Sheet Unaudited (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common shares, shares authorized | 375,000,000 | 375,000,000 |
Common shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common shares, shares issued | 27,691,231 | 25,815,273 |
Common shares, shares outstanding | 27,691,231 | 25,815,273 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statement of Operations Unaudited - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Management services | $ 0 | $ 39 | $ 0 | $ 12,260 |
Commission fees | 0 | 12,364 | 0 | 30,204 |
Sales, hardware | 309,433 | 240,977 | 723,167 | 407,278 |
Sales, services | 28,300 | 15,065 | 82,180 | 36,260 |
Revenue, total | 337,733 | 268,445 | 805,347 | 486,002 |
Cost of goods sold | 216,050 | 150,730 | 519,689 | 249,117 |
Gross profit | 121,683 | 117,715 | 285,658 | 236,885 |
Expenses | ||||
Advertising and selling expenses | 2,709 | 30,684 | 22,126 | 43,027 |
Consulting and business development fees | 65,147 | 9,237 | 184,038 | 103,547 |
Depreciation | 4,446 | 3,061 | 13,166 | 4,992 |
General and administrative | 49,532 | 52,420 | 120,293 | 106,738 |
Interest expense | 7,602 | 3,766 | 17,938 | 13,342 |
Management fees | 57,188 | 11,066 | 72,188 | 38,426 |
Professional fees | 10,748 | 81,464 | 33,182 | 97,760 |
Salaries | 93,655 | 92,841 | 244,327 | 132,456 |
Stock-based compensation | 415,600 | 20,504 | 448,958 | 27,599 |
Transfer agent & filing fees | 8,925 | 2,952 | 43,410 | 11,945 |
Travel and accommodation | 9,990 | 14,317 | 29,566 | 31,581 |
Total | 725,542 | 322,312 | 1,229,192 | 611,413 |
Loss before the others: | (603,859) | (204,597) | (943,534) | (374,528) |
Accretion | (1,748) | (9,650) | (5,015) | (34,061) |
Change in derivative liabilities | 0 | 14,332 | 0 | 17,975 |
Change in fair value of convertible debenture | 0 | 0 | 0 | 31,003 |
Share of income (losses) from investment in an associate | 4,320 | (11,849) | 10,443 | (31,347) |
Net loss | (601,287) | (211,764) | (938,106) | (390,958) |
Other comprehensive Loss: | ||||
Net loss for the period | (601,287) | (211,764) | (938,106) | (390,958) |
Foreign currency translation adjustment | (22,261) | (1,193) | (9,914) | (1,427) |
Total comprehensive loss | $ (623,548) | $ (212,957) | $ (948,020) | $ (392,385) |
Net Loss per share, basic and diluted (in Dollars per share) | $ (0.02) | $ (0.01) | $ (0.04) | $ (0.02) |
Weighted Average Number of Common Shares Outstanding (in Shares) | 28,039,119 | 23,708,920 | 26,672,793 | 21,746,564 |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statement of Cash Flow Unaudited - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (938,106) | $ (390,958) |
Items not affecting cash: | ||
Accretion | 5,015 | 34,061 |
Change in derivative liabilities | 0 | (17,975) |
Change in fair value, convertible debenture | 0 | (31,003) |
Depreciation | 13,166 | 4,992 |
Share of (income) losses from investment in an associate | (10,443) | 31,347 |
Share issued for services | 58,960 | 66,950 |
Stock-based compensation | 448,958 | 27,599 |
Other, including net changes in other non-cash balances: | ||
Accounts receivable | 11,122 | (9,991) |
Due from an equity investee | (9,797) | (14,055) |
GST receivable | (440) | (8,896) |
Inventory | (44,515) | (5,967) |
Prepaid and security deposit | 5,972 | (384) |
Accounts payable, accrued liabilities, accrued interest, and deferred revenue | 253,598 | 35,477 |
Net cash used in operating activities | (206,510) | (278,803) |
Cash Flows from Investing Activities | ||
Acquisition of equipment | (2,592) | (2,381) |
Acquisition of cash, business combination | 0 | 42,672 |
(2,592) | 40,291 | |
Cash Flows from Financing Activities | ||
Proceeds from issuance of units, private placement | 208,163 | 292,500 |
Effect of exchange rate on cash | (1,585) | (845) |
Net increase (decrease) in cash | (2,524) | 53,143 |
Cash, beginning of period | 56,347 | 11,684 |
Cash, end of period | $ 53,823 | $ 64,827 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statement of Stockholders' Equity (Deficit) Unaudited - USD ($) | Unit A [Member]Common Stock [Member]Private Placement [Member] | Unit A [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Unit A [Member]Private Placement [Member] | Shares Issued at $0.08 [Member]Common Stock [Member]Private Placement [Member] | Shares Issued at $0.08 [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Shares Issued at $0.08 [Member]Private Placement [Member] | Stock Issued at $.015 [Member]Common Stock [Member]Private Placement [Member] | Stock Issued at $.015 [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Stock Issued at $.015 [Member]Private Placement [Member] | Unit B [Member]Common Stock [Member]Private Placement [Member] | Unit B [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Unit B [Member]Private Placement [Member] | Stock Issued at $0.168 [Member]Common Stock [Member]Private Placement [Member] | Stock Issued at $0.168 [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Stock Issued at $0.168 [Member]Private Placement [Member] | Unit C [Member]Common Stock [Member]Private Placement [Member] | Unit C [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Unit C [Member]Private Placement [Member] | Stock Issued at $0.18 [Member]Common Stock [Member]Private Placement [Member] | Stock Issued at $0.18 [Member]Additional Paid-in Capital [Member]Private Placement [Member] | Stock Issued at $0.18 [Member]Private Placement [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Receivables from Stockholder [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2013 | $ 18,771 | $ 5,537,261 | $ (2,596) | $ (5,314,199) | $ 239,237 | ||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2013 | 18,771,669 | ||||||||||||||||||||||||||
Issued for cash at | $ 844 | $ 66,656 | $ 67,500 | $ 385 | $ 49,615 | $ 50,000 | $ 147 | $ 24,853 | $ 25,000 | ||||||||||||||||||
Issued for cash at (in Shares) | 843,750 | 384,616 | 147,059 | ||||||||||||||||||||||||
Shares issued for acquisition of Nimbo | $ 2,500 | 472,500 | 475,000 | ||||||||||||||||||||||||
Shares issued for acquisition of Nimbo (in Shares) | 2,500,000 | ||||||||||||||||||||||||||
Shares issued for services | $ 530 | 102,420 | 102,950 | ||||||||||||||||||||||||
Shares issued for services (in Shares) | 529,722 | ||||||||||||||||||||||||||
Issuance for cash | $ 625 | $ 49,375 | $ 50,000 | $ 333 | $ 49,667 | $ 50,000 | $ 297 | $ 49,703 | $ 50,000 | $ 771 | $ 137,921 | $ 138,692 | |||||||||||||||
Issuance for cash (in Shares) | 625,000 | 333,333 | 297,619 | 770,510 | |||||||||||||||||||||||
Shares issuance, convertible debenture conversion | $ 612 | 91,921 | 92,533 | ||||||||||||||||||||||||
Shares issuance, convertible debenture conversion (in Shares) | 611,995 | ||||||||||||||||||||||||||
Stock based compensation | 49,625 | 49,625 | |||||||||||||||||||||||||
Issuance of promissory note on discount | 16,163 | 16,163 | |||||||||||||||||||||||||
Issuance of promissory note on discount | 16,163 | 16,163 | |||||||||||||||||||||||||
Foreign currency translation adjustment | (15,028) | (15,028) | |||||||||||||||||||||||||
Net loss | (748,223) | (748,223) | |||||||||||||||||||||||||
Balance at Dec. 31, 2014 | $ 25,815 | 6,697,680 | (17,624) | (6,062,422) | $ 643,449 | ||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2014 | 25,815,273 | 25,815,273 | |||||||||||||||||||||||||
Subscription received | $ 25,000 | $ 25,000 | |||||||||||||||||||||||||
Shares issued for services | $ 269 | 58,691 | 58,960 | ||||||||||||||||||||||||
Shares issued for services (in Shares) | 268,801 | ||||||||||||||||||||||||||
Issuance for debt settlement | $ 310 | 49,869 | 50,179 | ||||||||||||||||||||||||
Issuance for debt settlement (in Shares) | 310,318 | ||||||||||||||||||||||||||
Issuance for cash | $ 1,297 | 206,866 | 208,163 | ||||||||||||||||||||||||
Issuance for cash (in Shares) | 1,296,839 | ||||||||||||||||||||||||||
Stock based compensation | 448,958 | 448,958 | |||||||||||||||||||||||||
Foreign currency translation adjustment | (9,914) | (9,914) | |||||||||||||||||||||||||
Net loss | (938,106) | (938,106) | |||||||||||||||||||||||||
Balance at Sep. 30, 2015 | $ 27,691 | $ 7,462,064 | $ 25,000 | $ (27,538) | $ (7,000,528) | $ 486,689 | |||||||||||||||||||||
Balance (in Shares) at Sep. 30, 2015 | 27,691,231 | 27,691,231 |
Condensed Consolidated Interim7
Condensed Consolidated Interim Statement of Stockholders' Equity (Deficit) Unaudited (Parentheticals) | Dec. 31, 2014$ / shares |
Unit A [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | $ 0.08 |
Shares Issued at $0.08 [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | 0.08 |
Stock Issued at $.015 [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | 0.15 |
Unit B [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | 0.13 |
Stock Issued at $0.168 [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | 0.168 |
Unit C [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | 0.17 |
Stock Issued at $0.18 [Member] | |
Issued for cash at | 0.18 |
Stock Issued at $0.18 [Member] | Common Stock [Member] | Private Placement [Member] | |
Issued for cash at | $ 0.18 |
1. Nature and continuance of op
1. Nature and continuance of operations | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature and continuance of operations IGEN Networks Corp, (“IGEN”, or the “Company”) was incorporated in the State of Nevada on November 14, 2006. IGEN has three lines of businesses: investing in and managing for growth private high-tech companies that offer products and services in the domains of wireless broadband; negotiating distribution agreements with relevant organizations and selling their products and services through the distribution channels of IGEN; and commencing May 5, 2014, the Company was also in the business of providing vehicle tracking and recovery solutions to the automotive and power sport industries after the acquisition of Nimbo, LLC (Note 2). These consolidated financial statements have been prepared on a going concern basis, which imply the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, on the ability of the company to grow its revenue base, on its ability to successfully grow the companies in which it is invested, and on the ability of the Company to obtain necessary equity financing to both support the latter objectives and to invest in and grow new companies. The Company has recurring losses since inception and had accumulated losses of $7,000,528 as at September 30, 2015. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. Although there are no assurances that management’s plans will be realized, management believes that the Company will be able to continue operations into the future. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
2. Business Acquisition
2. Business Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Business Acquisition Effective May 5, 2014 (the “Acquisition Date”), the Company took control of Nimbo, LLC (“Nimbo”), a corporation incorporated in Texas U.S.A., by acquiring 100% of the voting equity interest (the “Acquisition”) of Nimbo. Nimbo is in the business of providing vehicle tracking and recovery solutions to the automotive and power sport industries. The Company intends on applying human resources and capital to help growing Nimbo LLC. The Company issued 2,500,000 common shares as consideration of the Acquisition. The fair value of these common shares was $475,000, which was determined on the basis of the closing price of Igen’s common share on the Acquisition Date. In accordance with the FASB ASC 805, the Acquisition has been accounted for as a purchase of a business and the Company is identified as the acquirer. The fair value of the purchase consideration of $475,000 was allocated to the assets acquired and liabilities assumed based on the estimated fair values on the date of acquisition as described below: Assets acquired Cash $ 42,672 Accounts receivable (net of $9,258 provision for uncollectable) 117,727 Inventory 21,312 Prepaid 4,170 Equipment 45,035 Goodwill 505,508 Total 736,424 Less liabilities assumed: Accounts payable, accrued liabilities, and deferred revenue 261,424 Fair value of assets acquired, net of liabilities assumed $ 475,000 The following table provides information of the revenue and net loss of Nimbo Revenue Net loss $ $ The actual result of Nimbo for the nine months ended September 30, 2014 443,458 (45,109) September 30, 2015 467,614 (185,480 ) |
3. Summary of Significant Accou
3. Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies a) Basic of presentation and consolidation These consolidated financial statements and related notes include the records of IGEN Networks Corp., its wholly owned subsidiary, IGEN Business Solutions Inc (incorporated in Canada) and Nimbo LLC (incorporated in USA). As discussed in Note 2, as of the completion of the Acquisition on May 5, 2014, the Company has started to consolidate the results of operation and cash flow of Nimbo to the Company’s consolidated financial statement. As a result, the comparative figures in the consolidated interim statements of operations and consolidated interim statements of cash flow for nine months ended September 30, 2014 (collectively the “2014 Comparative Figures”) include the accounts of Nimbo only from the period from May 5 to September 30, 2014. All intercompany transactions and balances have been eliminated. These condensed consolidated interim financial statements are presented in accordance with accounting principles generally accepted in the United States, expressed in US dollars, and, in management’s opinion, have been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized as in the following: b) Use of estimates The preparation of these financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to donated expenses, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Loss per share Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted earnings (loss) per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted earnings (loss) per share exclude all dilutive potential shares if their effect is anti-dilutive. Because the effect of conversion of the Company’s dilutive securities is anti-dilutive, diluted loss per share is the same as basic loss per share for the periods presented. d) Financial instruments The Company adopted FASB ASC 820-10-50, “Fair Value Measurements”. This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The fair values of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The fair value of cash is determined based on “Level 1” inputs and the fair value of derivative liability with convertible debt is determined based on “Level 2” inputs. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility to these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Financial instrument that potentially subject the Company to concentrations of credit risk consists of cash. The Company places its cash in what it believes to be credit-worthy financial institutions. e) Equipment Office equipment and computer are recorded at cost. Amortization is provided annually at rates and methods over their estimated useful lives as follows, except in the year of acquisition when one half of the rate is used. Management reviews the estimates of useful lives of the assets every year and adjust them on prospective basis, if needed. Office equipment 20% declining balance Computer 55% declining balance Software 3 years straight line Property, plant and equipment are reviewed for impairment whenever events or changes in the circumstances indicate that the carrying value may not be recoverable. If the total of the estimated undiscounted future cash flows is less than the carrying value of the asset, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset during the year the impairment occurs. Subsequent expenditure relating to an item of office equipment is capitalized when it is probable that future economic benefits from the use of the assets will be increased. f) Revenue recognition The Company recognizes revenue when earned, specifically when all the following conditions are met: - Services are provided or products are delivered to customers. - There is clear evidence that an arrangement exists. - Amounts are fixed or can be determined. - The ability to collect is reasonably assured. - There is no significant obligation for future performance. - The amount of future returns can be reasonably estimated. g) Foreign currency transaction balances The Company’s reporting currency is the U.S. dollar. The consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Assets and liabilities of the Company’s Canadian subsidiary are translated into U.S. dollars at the year-end exchange rates, and revenue and expenses are translated at the average exchange rates during the period. Exchange differences arising on translation are disclosed as a separate component of stockholders’ equity. h) Income taxes The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10. FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely than not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. i) Stock-based compensation The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the consolidated statement of operations over the requisite service period. j) Inventories Inventories are stated at the lower of cost or market with cost being determined on a first-in, first-Out (FIFO) basis. Inventories as at December 31, 2014 and September 30, 2015 were solely finished goods that can be resold. There was no provision for inventory recorded during the year ended December 31, 2014 and nine months ended September 30, 2015. k) Deferred revenue As at December 31, 2014, and September 30, 2015, the Company had deferred revenues of $54,484 and $65,492 respectively. Annual service renewal fees are recorded as a component of deferred revenue in the balance sheets at the inception of the contract and are recognized as revenue evenly over the contract period, which is generally one year. l) Changes in accounting policies and recent accounting pronouncements The Company has not adopted new accounting policies since it most recent year ended December 31, 2014. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. Investment in an associates
4. Investment in an associates and Investment | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 4. Investment in an associates and Investment Investment The Company’s investment consists of 43 common shares of Machlink Inc. (“Machlink”) which is a private company conducting information technology business. The Company is not considered having significant influence in Machlink’s operations. The shares of Machlink do not have quoted market prices in an active market. On December 31, 2013 and September 30, 2014, the Company’s investment in Machlink had a carrying value of $150,000 and $Nil which is the Company’s cost in this investment’s less impairment. During the year ended December 31, 2014, this investment was fully written off as management determined the investment cannot be recovered and the Company recorded an impairment loss of $150,000 during the fourth quarter of 2014. Investment in an associate Pursuant to an option agreement, the Company incurred $50,000 and $50,000 (totaling $100,000) to acquire 200,000 and 200,000 (totaling 400,000) common shares of Gogiro Internet Group (“Gogiro”), a private Canadian Company, on November 23, 2011 and October 17, 2012 respectively. On March 12, 2013, the Company signed an agreement to acquire 2,078,080 shares of Gogiro through the issuance of 1,744,747 restricted common shares of the Company (the “Gogiro Acquisition”). Neil Chan, CEO and Director of both companies, would exchange 2,000,000 Gogiro shares for 1,666,667 restricted common shares of the Company. The proceeds of Gogiro Acquisition was $174,475 which was the fair value of the 1,744,747 restricted shares of the Company. Upon the completion of the Gogiro Acquisition in March 2013, the Company’s interest on Gogiro increased to more than 30%. As a result, the Company has changed its method to account for its investment in Gogiro from “cost less impairment value” method to equity method as the Company’s interest on Gogiro has surpassed 20% whereby the Company is considered having significant influence on Gogiro. The Company’s weighted average ownership on Gogiro was 30.37 % during nine months ended September 30, 2015. Consequently the Company has included Gogiro’s income (losses) in the Company’s consolidated financial statements in accordance to the percentage ownership. In addition, gains and losses resulting from 'upstream' and 'downstream' transactions between IGEN and Gogiro are recognized in IGEN’s consolidated financial statements only to the extent of unrelated investors' interests in Gogiro. Changes in carrying value of the Company’s investment in Gogiro are as follows: Number of Gogiro shares owned Amount ($) Balance, December 31, 2013 2,478,080 241,338 Share of Gogiro’s loss during fiscal 2014 December 31, 2014 (30.44%) - (14,263 ) Balance, December 31, 2014 2,478,080 227,075 Share of Gogiro’s income during six months ended September 30, 2015 (30.37%) - 10,433 2,478,080 237,518 The following table summarizes Gogiro's revenue, expenses and net loss on an aggregate basis without adjusting for IGEN's proportionate interest: Nine months ended September 30, 2015 $ Nine months ended September 30, 2014 $ Revenue 79,562 75,530 Expense (51,175 ) (173,652 ) Other revenue - 31,105 Net income (loss) 34,386 (67,107 ) |
5. Equipment
5. Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Equipment Net Book Value Cost Accumulated Amortization Effect of foreign chang e 2015/9/30 2014/12/31 Office equipment $ 1,603 $ 1,050 $ - $ 553 $ 799 Computer 51,864 31,887 (96 ) 19,881 28,276 Software 6,012 3,489 (73 ) 2,450 4,383 TOTAL $ 59,479 $ 36,426 $ (169 ) $ 22,884 $ 33,458 |
6. Related Party Transactions
6. Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions Related party transactions not disclosed elsewhere in these consolidated financial statements are as follows: As at September 30, 2015, the Company has an advance receivable of $30,375 from Gogiro, a company of which IGEN has significant influence (Note 4) (2014/12/31 - $20,578). This advance receivable is unsecure, due on demand, and has an interest of 5% per annum. As at September 30, 2015, the Company had a trade receivable of $148,884 (CAD$198,511) with Gogiro (2014/12/31 - $170,719(CAD$198,511)). This trade receivable is unsecured, due on demand, and is non-interest bearing. During nine months ended September 30, 2015 (“2015 Nine Months”), the Company incurred $128,278 in management and consulting fees to two officers and a Company controlled by a director (2014 Nine Months - $75,023). During 2015 Nine Months, IGEN recorded the following transactions with Gogiro: - Commission fees income from Gogiro of $Nil (2014 Nine Months - $30,204) - Management service income from Gogiro of $Nil (2014 Nine Months - $12,260) - Advertising expenses charged by Gogiro of $Nil (2014 Nine Months - $2,626) - Office rent expenses charged by Gogiro of $Nil (2014 Nine Months - 4,941) As at September 30, 2015 the Company had an accounts payable of $Nil (December 31, 2014 - $Nil) with Gogiro. The Company also had account payable of $67,574 (December 31, 2014 - $59,180) with directors and officers and a company controlled by a director. |
7. Stockholders' Equity
7. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Stockholders' Equity a) During 2014, the company issued the following shares/ units under the Securities Act of 1933 exemption Rule 14 pursuant to non-brokerage private placements: · On January 28, 2014 the Company issued 843,750 units (“Unit A”) for $67,500 ($0.08/share). Each Unit A consisted of one common share and one share purchase warrant, each warrant entitling the holder to purchase one share at an exercise price of $0.20 per share for one year. · During the second quarter of 2014, the Company issued 625,000 common shares at for $50,000 ($0.08/share), issued 333,333 common shares for $50,000 ($0.15/share), issued 384,616 units (“Unit B”) for $50,000 ($0.13/unit). Each Unit B consisted of one common share and one share purchase warrant, each warrant entitling the holder to purchase one share at an exercise price of $0.26 per share for one year. · During the third quarter of 2014, the Company issued 297,619 common shares for $50,000 ($0.168/share), 277,778 common shares for $50,000 ($0.18/share), and issued 147,059 unit (“Unit C”) for $25,000 ($0.17/unit). Each Unit C consisted of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.40 for two years. · During the fourth quarter of 2014, the Company issued 492,732 common shares for $88,692 ($0.18/share). During 2014, the Company also issued the following common shares: · 2,500,000 common shares were issued for the Acquisition (Note 2). The fair value of these common shares is $475,000 which is determined by the market closing prices of these shares at the Acquisition Date. · 611,995 common shares when a convertible debenture with principal of CAD$100,000 was converted · 529,722 common shares with fair value of $102,950 for services rendered by various consultants. The fair value were determined by the market closing prices of these shares when they were issued. b) On April 22, 2015, the Company closed two non-brokered private placements of a total of 596,839 units for gross proceeds of $98,796: · The first private placement was for 133,333 units (“Unit X”) at a subscription price of $0.15 per unit for total proceeds of $ 20,000. Each Unit X consists of one common share and a Ѕ share purchase warrant, each whole warrant exercisable into one common share at $0.35 for a period of two years from the closing date. · The second private placement was for 463,506 common shares at a subscription price of $0.17 per share for total proceeds of $78,796. On May 15, 2015, The Company closed non-brokered private placements of a total of 600,000 units (“Unit Y”) for gross proceeds of $100,367. Each Unit Y consists of one common share and one share purchase warrant, each warrant exercisable into one common share at CAD$0.35 ($0.28) for a period of two years from the closing date. On April 22, 2015, The Company issued 100,000 common shares for option exercise. During nine months ended September 30, 2015 the Company issued 268,801 common shares for services for fair value totaling $58,960. c) Subscription received As at September 30, 2015, the Company received subscription of $25,000 for share issuance at $0.17/share (147,059 shares) as partial payment toward a larger subscription of $400,000 (2,352,941 shares). As of the date of this report, the Company has not received further payments nor issued any shares for this subscription. d) Common share purchase warrants: The Continuity of the Company’s share purchase warrant is as follows: December 31, 2014 Exercise Price Expiry Date Expired Issuance September 30, 2015 281,250 $ 0.20 28-Jan-15 281,250 - - 562,500 $ 0.20 28-Jan-15 562,500 - - 192,308 $ 0.26 27-Apr-15 192,308 - - 192,308 $ 0.26 27-Apr-15 192,308 - - 147,059 $ 0.40 30-Sep-16 - - 147,059 - $ 0.28 22-Apr-17 - 133,333 133,333 - $ 0.28 17-May-15 - 600,000 600,000 - $ 0.26 13-Aug-17 - 18,000 18,000 1,375,425 1,228,366 751,333 898,392 The number of outstanding warrants as at September 30, 2015 and December 31, 2014 was 898,392 and 1,375,425 respectively. As at September 30, 2015, the weighted average exercise price and weight average remaining life of the warrants was $0.30/share (2014/12/31 -$0.24/share) and 1.52 years (2014/12/31 - 0.32 years). e) Stock Options The following table summarizes information about stock options outstanding and exercisable at September 30, 2015: Number of Options Weighted average exercise price $ Options outstanding – December 31, 2013 1,090,556 0.09 Option granted (April 28, 2014) 50,000 0.17 Options granted (June 5, 2014) 450,000 0.18 Options outstanding, December 31, 2014 1,590,556 0.12 Options exercised 100,000 0.09 Options granted 2,590,000 0.19 Options outstanding, September 30, 2015 4,080,556 * 0.16 *Number of options exercisable as September 30, 2015 was 3,565,556. On April 28, 2014, the Company granted 50,000 stock options to a consultant at an exercise price of $0.17/share. These options will expire on April 1, 2019, and 50% of these 50,000 options will be vested on October 1, 2014 and April 1, 2015 respectively. On June 5, 2014, the Company granted three consultants totaling 450,000 stock options at an exercise price of $0.18/share. These 450,000 options will be vested 50% on May 1, 2015 and the remaining 50% on May 1, 2016. These 450,000 options will expire on June 5, 2019. On April 1, 2015, the Company granted 50,000 stock options to a consultant at an exercise price of $0.18/share. These options will expire April 1, 2019, and 50% of these 50,000 options will be vested on May 1, 2015 and on May 1, 2016, respectively. On September 21, 2015, the Company granted 540,000 and 2,000,000 stock options to consultants and its officers at exercise price of $0.19/share. These options will expire September 21, 2020, and is vesting in a range from immediate vesting to September 21, 2017. The fair values of stock options granted are amortized over the vesting period where applicable. During 2015 Nine Months, the Company recorded $448,958 (2014 Nine Months - $27,599) stock-based compensation in connection with the vesting of options granted. The Company uses the Black-Scholes option pricing model to establish the fair value of options granted with the following assumptions: Fiscal 2014 2015 Nine Months Expected dividend yield 0 % 0 % Volatility 230 % 200 % Risk free interest rate 1.52 % 1.52 % Expected option life 5 years 5 years Forfeiture rate 0 % 0 % |
8. Note payable
8. Note payable | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 8. Note payable Non-current During the fourth quarter of 2014, the Company issued a promissory note with principal of $95,000 in exchange for a settlement of accounts payable of the same amount. This promissory is un-secured, will expire on December 31, 2016, and carries interest of 5% per annum. During nine months ended September 30, 2015 and the year ended December 31, 2014, an accretion expense of $5,015, and $1,577 were recorded respectively. The promissory note was accredited up to $85,429 on September 30, 2015. Including in the Company’s accrued liabilities, there was an interest payable of $4,750 as at September 30, 2015 (2014/12/31 - $1,197) in connection with this outstanding promissory note. Current As at December 31, 2014 and September 30, 2015, the outstanding balance of an un-secured, payable on demand, promissory note with interest rate of 14% per annum outstanding, was $52,592 and $Nil respectively. The Company settled this promissory note by issuance of 310,318 common shares on August 13, 2015. |
9. Financial instruments
9. Financial instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 9. Financial instruments Credit Risk Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions as determined by rating agencies. As a result, credit risk is considered insignificant. Currency Risk The Company’s major expenses and payables are in United States dollars and are expected to continue to incur in United States dollars. Fluctuations in the exchange rate between the United States dollar and other currency may have a material effect on the Company’s business, financial condition and results of operations. The Company is subject to foreign exchange risk for transactions in its Canadian subsidiary and its investment in Gogiro, which is a Canadian company. The Company does not actively hedge against foreign currency fluctuations. Interest Rate Risk The Company has cash balances and no interest bearing debt. The Company’s current policy is to invest excess cash in high yield term deposits and bankers’ acceptance. The Company regularly monitors its cash management policy. As a result, interest rate risk is considered not significant. Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Company manages liquidity risk by continuously monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. As at September 30, 2015, the Company had a working capital deficiency 198,252 (December 31, 2014 – working capital of $32,676). The Company intends to have more equity financing and/or long term debt financing in order to eliminate the working capital deficiency and to the operations of the Company. |
10. Supplemental information fo
10. Supplemental information for statements of cash flow | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 10. Supplemental information for statements of cash flow Supplementary information in connection with the Company’s cash flow is as follows: Nine Months ended September 30 , 2015 2014 $ $ Cash paid for interest 6,656 5,341 Cash paid for income taxes - - |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | a) Basic of presentation and consolidation These consolidated financial statements and related notes include the records of IGEN Networks Corp., its wholly owned subsidiary, IGEN Business Solutions Inc (incorporated in Canada) and Nimbo LLC (incorporated in USA). As discussed in Note 2, as of the completion of the Acquisition on May 5, 2014, the Company has started to consolidate the results of operation and cash flow of Nimbo to the Company’s consolidated financial statement. As a result, the comparative figures in the consolidated interim statements of operations and consolidated interim statements of cash flow for nine months ended September 30, 2014 (collectively the “2014 Comparative Figures”) include the accounts of Nimbo only from the period from May 5 to September 30, 2014. All intercompany transactions and balances have been eliminated. These condensed consolidated interim financial statements are presented in accordance with accounting principles generally accepted in the United States, expressed in US dollars, and, in management’s opinion, have been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized as in the following: |
Use of Estimates, Policy [Policy Text Block] | b) Use of estimates The preparation of these financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to donated expenses, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Earnings Per Share, Policy [Policy Text Block] | c) Loss per share Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted earnings (loss) per share, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted earnings (loss) per share exclude all dilutive potential shares if their effect is anti-dilutive. Because the effect of conversion of the Company’s dilutive securities is anti-dilutive, diluted loss per share is the same as basic loss per share for the periods presented. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | d) Financial instruments The Company adopted FASB ASC 820-10-50, “Fair Value Measurements”. This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The fair values of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The fair value of cash is determined based on “Level 1” inputs and the fair value of derivative liability with convertible debt is determined based on “Level 2” inputs. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility to these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Financial instrument that potentially subject the Company to concentrations of credit risk consists of cash. The Company places its cash in what it believes to be credit-worthy financial institutions. |
Property, Plant and Equipment, Policy [Policy Text Block] | e) Equipment Office equipment and computer are recorded at cost. Amortization is provided annually at rates and methods over their estimated useful lives as follows, except in the year of acquisition when one half of the rate is used. Management reviews the estimates of useful lives of the assets every year and adjust them on prospective basis, if needed. Office equipment 20% declining balance Computer 55% declining balance Software 3 years straight line Property, plant and equipment are reviewed for impairment whenever events or changes in the circumstances indicate that the carrying value may not be recoverable. If the total of the estimated undiscounted future cash flows is less than the carrying value of the asset, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset during the year the impairment occurs. Subsequent expenditure relating to an item of office equipment is capitalized when it is probable that future economic benefits from the use of the assets will be increased. |
Revenue Recognition, Policy [Policy Text Block] | f) Revenue recognition The Company recognizes revenue when earned, specifically when all the following conditions are met: - Services are provided or products are delivered to customers. - There is clear evidence that an arrangement exists. - Amounts are fixed or can be determined. - The ability to collect is reasonably assured. - There is no significant obligation for future performance. - The amount of future returns can be reasonably estimated. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | g) Foreign currency transaction balances The Company’s reporting currency is the U.S. dollar. The consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Assets and liabilities of the Company’s Canadian subsidiary are translated into U.S. dollars at the year-end exchange rates, and revenue and expenses are translated at the average exchange rates during the period. Exchange differences arising on translation are disclosed as a separate component of stockholders’ equity. |
Income Tax, Policy [Policy Text Block] | h) Income taxes The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10. FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely than not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | i) Stock-based compensation The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the consolidated statement of operations over the requisite service period. |
Inventory, Policy [Policy Text Block] | j) Inventories Inventories are stated at the lower of cost or market with cost being determined on a first-in, first-Out (FIFO) basis. Inventories as at December 31, 2014 and September 30, 2015 were solely finished goods that can be resold. There was no provision for inventory recorded during the year ended December 31, 2014 and nine months ended September 30, 2015. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | k) Deferred revenue As at December 31, 2014, and September 30, 2015, the Company had deferred revenues of $54,484 and $65,492 respectively. Annual service renewal fees are recorded as a component of deferred revenue in the balance sheets at the inception of the contract and are recognized as revenue evenly over the contract period, which is generally one year. |
New Accounting Pronouncements, Policy [Policy Text Block] | l) Changes in accounting policies and recent accounting pronouncements The Company has not adopted new accounting policies since it most recent year ended December 31, 2014. The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
2. Business Acquisition (Tables
2. Business Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair value of the purchase consideration of $475,000 was allocated to the assets acquired and liabilities assumed based on the estimated fair values on the date of acquisition as described below: Assets acquired Cash $ 42,672 Accounts receivable (net of $9,258 provision for uncollectable) 117,727 Inventory 21,312 Prepaid 4,170 Equipment 45,035 Goodwill 505,508 Total 736,424 Less liabilities assumed: Accounts payable, accrued liabilities, and deferred revenue 261,424 Fair value of assets acquired, net of liabilities assumed $ 475,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides information of the revenue and net loss of Nimbo Revenue Net loss $ $ The actual result of Nimbo for the nine months ended September 30, 2014 443,458 (45,109) September 30, 2015 467,614 (185,480 ) |
4. Investment in an associate20
4. Investment in an associates and Investment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Summary Investment Holdings [Table Text Block] | Changes in carrying value of the Company’s investment in Gogiro are as follows: Number of Gogiro shares owned Amount ($) Balance, December 31, 2013 2,478,080 241,338 Share of Gogiro’s loss during fiscal 2014 December 31, 2014 (30.44%) - (14,263 ) Balance, December 31, 2014 2,478,080 227,075 Share of Gogiro’s income during six months ended September 30, 2015 (30.37%) - 10,433 2,478,080 237,518 |
Equity Method Investments [Table Text Block] | The following table summarizes Gogiro's revenue, expenses and net loss on an aggregate basis without adjusting for IGEN's proportionate interest: Nine months ended September 30, 2015 $ Nine months ended September 30, 2014 $ Revenue 79,562 75,530 Expense (51,175 ) (173,652 ) Other revenue - 31,105 Net income (loss) 34,386 (67,107 ) |
5. Equipment (Tables)
5. Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Net Book Value Cost Accumulated Amortization Effect of foreign chang e 2015/9/30 2014/12/31 Office equipment $ 1,603 $ 1,050 $ - $ 553 $ 799 Computer 51,864 31,887 (96 ) 19,881 28,276 Software 6,012 3,489 (73 ) 2,450 4,383 TOTAL $ 59,479 $ 36,426 $ (169 ) $ 22,884 $ 33,458 |
7. Stockholders' Equity (Tables
7. Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The Continuity of the Company’s share purchase warrant is as follows: December 31, 2014 Exercise Price Expiry Date Expired Issuance September 30, 2015 281,250 $ 0.20 28-Jan-15 281,250 - - 562,500 $ 0.20 28-Jan-15 562,500 - - 192,308 $ 0.26 27-Apr-15 192,308 - - 192,308 $ 0.26 27-Apr-15 192,308 - - 147,059 $ 0.40 30-Sep-16 - - 147,059 - $ 0.28 22-Apr-17 - 133,333 133,333 - $ 0.28 17-May-15 - 600,000 600,000 - $ 0.26 13-Aug-17 - 18,000 18,000 1,375,425 1,228,366 751,333 898,392 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes information about stock options outstanding and exercisable at September 30, 2015: Number of Options Weighted average exercise price $ Options outstanding – December 31, 2013 1,090,556 0.09 Option granted (April 28, 2014) 50,000 0.17 Options granted (June 5, 2014) 450,000 0.18 Options outstanding, December 31, 2014 1,590,556 0.12 Options exercised 100,000 0.09 Options granted 2,590,000 0.19 Options outstanding, September 30, 2015 4,080,556 * 0.16 *Number of options exercisable as September 30, 2015 was 3,565,556. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company uses the Black-Scholes option pricing model to establish the fair value of options granted with the following assumptions: Fiscal 2014 2015 Nine Months Expected dividend yield 0 % 0 % Volatility 230 % 200 % Risk free interest rate 1.52 % 1.52 % Expected option life 5 years 5 years Forfeiture rate 0 % 0 % |
10. Supplemental information 23
10. Supplemental information for statements of cash flow (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplementary information in connection with the Company’s cash flow is as follows: Nine Months ended September 30 , 2015 2014 $ $ Cash paid for interest 6,656 5,341 Cash paid for income taxes - - |
1. Nature and continuance of 24
1. Nature and continuance of operations (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Disclosure Text Block [Abstract] | ||
Number of Operating Segments | 3 | |
Retained Earnings (Accumulated Deficit) | $ (7,000,528) | $ (6,062,422) |
2. Business Acquisition (Detail
2. Business Acquisition (Details) - Nimbo Acquisition [Member] | May. 05, 2014USD ($)shares |
2. Business Acquisition (Details) [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 2,500,000 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 475,000 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 475,000 |
2. Business Acquisi
2. Business Acquisition (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | May. 04, 2014 |
Assets acquired | |||
Goodwill | $ 505,508 | $ 505,508 | |
Nimbo Acquisition [Member] | |||
Assets acquired | |||
Cash | $ 42,672 | ||
Accounts receivable (net of $9,258 provision for uncollectable) | 117,727 | ||
Inventory | 21,312 | ||
Prepaid | 4,170 | ||
Equipment | 45,035 | ||
Goodwill | 505,508 | ||
Total | 736,424 | ||
Less liabilities assumed: | |||
Accounts payable, accrued liabilities, and deferred revenue | 261,424 | ||
Fair value of assets acquired, net of liabilities assumed | $ 475,000 |
2. Business Acqui27
2. Business Acquisition (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Parentheticals) | May. 04, 2014USD ($) |
Nimbo Acquisition [Member] | |
2. Business Acquisition (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Parentheticals) [Line Items] | |
Accounts receivable, provision for uncollectable | $ 9,258 |
2. Business Acqui28
2. Business Acquisition (Details) - Business Acquisition, Pro Forma Information - Nimbo Acquisition [Member] - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
The actual result of Nimbo for the nine months ended | ||
Revenue | $ 467,614 | $ 443,458 |
Net loss | $ (185,480) | $ (45,109) |
3. Summary of Significant Acc29
3. Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
3. Summary of Significant Accounting Policies (Details) [Line Items] | ||
Deferred Revenue, Current | $ 65,492 | $ 54,484 |
Office Equipment [Member] | ||
3. Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Depreciation Methods | 20% declining balance | |
Computer Equipment [Member] | ||
3. Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Depreciation Methods | 55% declining balance | |
Software and Software Development Costs [Member] | ||
3. Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Depreciation Methods | straight line | |
Property, Plant and Equipment, Useful Life | 3 years |
4. Investment in an associate30
4. Investment in an associates and Investment (Details) - USD ($) | Mar. 12, 2013 | Oct. 17, 2012 | Nov. 23, 2011 | Oct. 17, 2012 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2013 |
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 150,000 | ||||||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ 475,000 | ||||||
Machlink Inc. [Member] | |||||||
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Investment Owned, Balance, Shares | 43 | ||||||
Machlink Inc. [Member] | |||||||
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Equity Method Investments (in Dollars) | $ 150,000 | ||||||
Gogiro Acquisition [Member] | |||||||
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Investment Owned, Balance, Shares | 2,478,080 | 2,478,080 | 2,478,080 | ||||
Equity Method Investments (in Dollars) | $ 227,075 | $ 237,518 | $ 241,338 | ||||
Payments to Acquire Equity Method Investments (in Dollars) | $ 50,000 | $ 50,000 | $ 100,000 | ||||
Sale of Stock, Number of Shares Issued in Transaction | 2,078,080 | 200,000 | 200,000 | 400,000 | |||
Stock Issued During Period, Shares, Acquisitions | 1,744,747 | ||||||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ 174,475 | ||||||
Equity Method Investment, Additional Information | As a result, the Company has changed its method to account for its investment in Gogiro from “cost less impairment value” method to equity method as the Company’s interest on Gogiro has surpassed 20% whereby the Company is considered having significant influence on Gogiro. | ||||||
Equity Method Investment, Ownership Percentage | 30.44% | 30.37% | |||||
Chief Executive Officer [Member] | Gogiro Acquisition [Member] | |||||||
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | (2,000,000) | ||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||
4. Investment in an associates and Investment (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Acquisitions | 1,666,667 |
4. Investment in an
4. Investment in an associates and Investment (Details) - Summary Investment Holdings - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Summary of Investment Holdings [Line Items] | |||||
Share of Gogiro’s income (loss) during the period | $ 4,320 | $ (11,849) | $ 10,443 | $ (31,347) | |
Gogiro Acquisition [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Balance, Shares Owned (in Shares) | 2,478,080 | 2,478,080 | 2,478,080 | ||
Balance, Amount | $ 227,075 | $ 241,338 | $ 241,338 | ||
Share of Gogiro’s income (loss) during the period | $ 10,433 | $ (14,263) | |||
Balance, Shares Owned (in Shares) | 2,478,080 | 2,478,080 | 2,478,080 | ||
Balance, Amount | $ 237,518 | $ 237,518 | $ 227,075 |
4. Investment in 32
4. Investment in an associates and Investment (Details) - Summary Investment Holdings (Parentheticals) | Sep. 30, 2015 | Dec. 31, 2014 |
Gogiro Acquisition [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Share of Gogiro | 30.37% | 30.44% |
4. Investment in 33
4. Investment in an associates and Investment (Details) - Equity Method Investments - Gogiro Acquisition [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenue | $ 79,562 | $ 75,530 |
Expense | (51,175) | (173,652) |
Other revenue | 0 | 31,105 |
Net income (loss) | $ 34,386 | $ (67,107) |
5. Equipment (Deta
5. Equipment (Details) - Schedule of Equipment - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Cost | $ 59,479 | |
Property and Equipment Accumulated amortization | 36,426 | |
Property and Equipment, Effect of Foreign Change | (169) | |
Property and Equipment, Net | 22,884 | $ 33,458 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Cost | 1,603 | |
Property and Equipment Accumulated amortization | 1,050 | |
Property and Equipment, Effect of Foreign Change | 0 | |
Property and Equipment, Net | 553 | 799 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Cost | 51,864 | |
Property and Equipment Accumulated amortization | 31,887 | |
Property and Equipment, Effect of Foreign Change | (96) | |
Property and Equipment, Net | 19,881 | 28,276 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Cost | 6,012 | |
Property and Equipment Accumulated amortization | 3,489 | |
Property and Equipment, Effect of Foreign Change | (73) | |
Property and Equipment, Net | $ 2,450 | $ 4,383 |
6. Related Party Transactions (
6. Related Party Transactions (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | |
6. Related Party Transactions (Details) [Line Items] | |||||||
Due from Related Parties, Current | $ 30,375 | $ 30,375 | $ 20,578 | ||||
Fees and Commissions | 0 | $ 12,364 | 0 | $ 30,204 | |||
Sales Revenue, Services, Other | 0 | 39 | 0 | 12,260 | |||
Marketing and Advertising Expense | 2,709 | $ 30,684 | 22,126 | 43,027 | |||
Affiliated Entity [Member] | |||||||
6. Related Party Transactions (Details) [Line Items] | |||||||
Accounts Payable, Related Parties, Current | 67,574 | 67,574 | 59,180 | ||||
Affiliated Entity [Member] | Gogiro Acquisition [Member] | |||||||
6. Related Party Transactions (Details) [Line Items] | |||||||
Due from Related Parties, Current | $ 30,375 | $ 30,375 | CAD 20,578 | ||||
Interest rate on related party receivable | 5.00% | 5.00% | 5.00% | ||||
Accounts Receivable, Related Parties, Current | $ 148,884 | $ 148,884 | CAD 198,511 | $ 170,719 | CAD 198,511 | ||
Fees and Commissions | 30,204 | ||||||
Sales Revenue, Services, Other | 12,260 | ||||||
Marketing and Advertising Expense | 2,626 | ||||||
Operating Leases, Rent Expense | 4,941 | ||||||
Officers and Directors [Member] | Management Fees [Member] | |||||||
6. Related Party Transactions (Details) [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | $ 128,278 | $ 75,023 |
7. Stockholders' Equity (Detail
7. Stockholders' Equity (Details) | Sep. 21, 2015$ / sharesshares | May. 15, 2015USD ($)$ / sharesshares | Apr. 22, 2015USD ($)$ / sharesshares | Apr. 01, 2015$ / sharesshares | Jun. 05, 2014$ / sharesshares | Apr. 28, 2014$ / sharesshares | Jan. 28, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014CADshares | May. 15, 2015CAD / shares |
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 208,163 | $ 292,500 | ||||||||||||||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ | $ 475,000 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ | $ 58,960 | 102,950 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 100,000 | (100,000) | ||||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ | $ 25,000 | $ 0 | $ 25,000 | 0 | ||||||||||||
Warrants and Rights Outstanding (in Dollars) | $ | $ 898,392 | $ 1,375,425 | $ 898,392 | $ 1,375,425 | ||||||||||||
Class of Warrant or Rights, Weighted-Average Exercise Price of Warrants or Rights, Outstanding (in Dollars per share) | $ / shares | $ 0.30 | $ 0.24 | $ 0.30 | $ 0.24 | ||||||||||||
Warrants, Weighted-Average Remaining Contractual Term | 1 year 189 days | 116 days | 116 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,565,556 | 3,565,556 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 450,000 | 50,000 | 2,590,000 | |||||||||||||
Share-based Compensation (in Dollars) | $ | $ 415,600 | $ 20,504 | $ 448,958 | $ 27,599 | ||||||||||||
Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 596,839 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 98,796 | |||||||||||||||
Number of Private Placements | 2 | |||||||||||||||
Partial Subscription [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.17 | $ 0.17 | ||||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ | $ 25,000 | $ 25,000 | ||||||||||||||
Common Stock, Shares Subscribed but Unissued | 147,059 | 147,059 | ||||||||||||||
Stock Subscription [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ | $ 400,000 | $ 400,000 | ||||||||||||||
Common Stock, Shares Subscribed but Unissued | 2,352,941 | 2,352,941 | ||||||||||||||
Unit Y [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 600,000 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 100,367 | |||||||||||||||
Unit Description | Each Unit Y consists of one common share and one share purchase warrant | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 0.28 | CAD 0.35 | ||||||||||||||
Warrants, Term | 2 years | |||||||||||||||
Unit A [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 843,750 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 67,500 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||
Unit Description | Each Unit A consisted of one common share and one share purchase warrant | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.20 | |||||||||||||||
Warrants, Term | 1 year | |||||||||||||||
Shares Issued at $0.08 [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 625,000 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 50,000 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||
Stock Issued at $.015 [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 333,333 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 50,000 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.15 | |||||||||||||||
Unit B [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 384,616 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 50,000 | |||||||||||||||
Unit Description | Each Unit B consisted of one common share and one share purchase warrant | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.26 | |||||||||||||||
Warrants, Term | 1 year | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.13 | |||||||||||||||
Stock Issued at $0.168 [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 297,619 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 50,000 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.168 | $ 0.168 | ||||||||||||||
Stock Issued at $0.18 [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 492,732 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.18 | $ 0.18 | ||||||||||||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ | $ 88,692 | |||||||||||||||
Stock Issued at $0.18 [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 277,778 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 50,000 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.18 | 0.18 | ||||||||||||||
Unit C [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 147,059 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 25,000 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.17 | 0.17 | ||||||||||||||
Unit Description | Each Unit C consisted of one common share and one share purchase warrant. | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.40 | $ 0.40 | ||||||||||||||
Warrants, Term | 2 years | |||||||||||||||
Stock Issued for Services [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 268,801 | 529,722 | 529,722 | |||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ | $ 58,960 | $ 102,950 | ||||||||||||||
Private Placement #1 [Member] | Unit X [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 133,333 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 20,000 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.15 | |||||||||||||||
Unit Description | Each Unit X consists of one common share and a Ѕ share purchase warrant | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.35 | |||||||||||||||
Warrants, Term | 2 years | |||||||||||||||
Private Placement #2 [Member] | Private Placement [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 463,506 | |||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 78,796 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 0.17 | |||||||||||||||
Nimbo Acquisition [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 2,500,000 | 2,500,000 | ||||||||||||||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ | $ 475,000 | |||||||||||||||
Stock Option Plan [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | 450,000 | 50,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercise Price (in Dollars per share) | $ / shares | $ 0.18 | $ 0.18 | $ 0.17 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Apr. 1, 2019 | Jun. 5, 2019 | Apr. 1, 2019 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% of these 50,000 options will be vested on May 1, 2015 and on May 1, 2016, respectively | 50% of these 50,000 options will be vested on October 1, 2014 and April 1, 2015 respectively | ||||||||||||||
Number of Consultants | 3 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 450,000 | |||||||||||||||
Stock Option Plan [Member] | Consultants [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 540,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercise Price (in Dollars per share) | $ / shares | $ 0.19 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Sep. 21, 2020 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | vesting in a range from immediate vesting to September 21, 2017 | |||||||||||||||
Stock Option Plan [Member] | Officer [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercise Price (in Dollars per share) | $ / shares | $ 0.19 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Sep. 21, 2020 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | vesting in a range from immediate vesting to September 21, 2017 | |||||||||||||||
Share-based Compensation Award, Tranche One [Member] | Stock Option Plan [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% on May 1, 2015 | |||||||||||||||
Share-based Compensation Award, Tranche Two [Member] | Stock Option Plan [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | remaining 50% on May 1, 2016 | |||||||||||||||
Convertible Debenture One [Member] | Convertible Debt [Member] | ||||||||||||||||
7. Stockholders' Equity (Details) [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 611,995 | 611,995 | ||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | CAD | CAD 100,000 |
7. Stockholders' Eq
7. Stockholders' Equity (Details) - Schedule of Stockholders' Equity Note, Warrants - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 898,392 | 1,375,425 |
Warrants, Expired | 1,228,366 | |
Warrants, Issuance | 751,333 | |
Warrants at $0.20 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 0 | 281,250 |
Warrants, Exercise Price (in Dollars per share) | $ 0.20 | |
Warrants, Expiry Date | 28-Jan-15 | |
Warrants, Expired | 281,250 | |
Warrants, Issuance | 0 | |
Warrants at $0.20 #2 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 0 | 562,500 |
Warrants, Exercise Price (in Dollars per share) | $ 0.20 | |
Warrants, Expiry Date | 28-Jan-15 | |
Warrants, Expired | 562,500 | |
Warrants, Issuance | 0 | |
Warrants at $0.26 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 0 | 192,308 |
Warrants, Exercise Price (in Dollars per share) | $ 0.26 | |
Warrants, Expiry Date | 27-Apr-15 | |
Warrants, Expired | 192,308 | |
Warrants, Issuance | 0 | |
Warrants at $0.26 #2 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 0 | 192,308 |
Warrants, Exercise Price (in Dollars per share) | $ 0.26 | |
Warrants, Expiry Date | 27-Apr-15 | |
Warrants, Expired | 192,308 | |
Warrants, Issuance | 0 | |
Warrants at $0.40 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 147,059 | 147,059 |
Warrants, Exercise Price (in Dollars per share) | $ 0.40 | |
Warrants, Expiry Date | 30-Sep-16 | |
Warrants, Expired | 0 | |
Warrants, Issuance | 0 | |
Warrants at $0.28 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 133,333 | 0 |
Warrants, Exercise Price (in Dollars per share) | $ 0.28 | |
Warrants, Expiry Date | 22-Apr-17 | |
Warrants, Expired | 0 | |
Warrants, Issuance | 133,333 | |
Warrants at $0.28 #2 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 600,000 | 0 |
Warrants, Exercise Price (in Dollars per share) | $ 0.28 | |
Warrants, Expiry Date | 17-May-15 | |
Warrants, Expired | 0 | |
Warrants, Issuance | 600,000 | |
Warrants at $0.26 #3 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 18,000 | 0 |
Warrants, Exercise Price (in Dollars per share) | $ 0.26 | |
Warrants, Expiry Date | 13-Aug-17 | |
Warrants, Expired | 0 | |
Warrants, Issuance | 18,000 |
7. Stockholders' 38
7. Stockholders' Equity (Details) - Schedule of Option Activity - $ / shares | Apr. 22, 2015 | Jun. 05, 2014 | Apr. 28, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Option Activity [Abstract] | |||||||
Options Outstanding | 4,080,556 | [1] | 1,590,556 | 1,090,556 | |||
Options Outstanding, Weighted Average Exercise Price | $ 0.16 | $ 0.12 | $ 0.09 | ||||
Options exercised | (100,000) | 100,000 | |||||
Options exercised | $ 0.09 | ||||||
Options Granted | 450,000 | 50,000 | 2,590,000 | ||||
Options Granted, Weighted Average Exercise Price | $ 0.18 | $ 0.17 | $ 0.19 | ||||
[1] | Number of options exercisable as September 30, 2015 was 3,565,556. |
7. Stockholders' 39
7. Stockholders' Equity (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Under Review) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Under Review) [Abstract] | ||
Expected dividend yield | 0.00% | 0.00% |
Volatility | 200.00% | 230.00% |
Risk free interest rate | 1.52% | 1.52% |
Expected option life | 5 years | 5 years |
Forfeiture rate | 0.00% | 0.00% |
8. Note payable (Details)
8. Note payable (Details) - USD ($) | Aug. 13, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
8. Note payable (Details) [Line Items] | |||||||
Accretion Expense | $ 1,748 | $ 9,650 | $ 5,015 | $ 34,061 | |||
Notes Payable, Noncurrent | 85,429 | $ 80,414 | 85,429 | $ 80,414 | |||
Notes Payable, Current | 0 | 52,592 | 0 | 52,592 | |||
Loans Payable [Member] | |||||||
8. Note payable (Details) [Line Items] | |||||||
Debt Instrument, Face Amount | $ 95,000 | $ 95,000 | |||||
Debt Instrument, Maturity Date | Dec. 31, 2016 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 14.00% | 14.00% | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 16,163 | ||||||
Debt Instrument, Unamortized Discount | 16,163 | $ 16,163 | |||||
Accretion Expense | 5,015 | 1,577 | |||||
Interest Payable | $ 4,750 | $ 1,197 | $ 4,750 | $ 1,197 | |||
Notes Payable, Other Payables [Member] | |||||||
8. Note payable (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Other (in Shares) | 310,318 | ||||||
Notes Payable, Other Payables [Member] | Loans Payable [Member] | |||||||
8. Note payable (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | 14.00% | 14.00% | 14.00% | |||
Notes Payable, Current | $ 52,592 | $ 52,592 |
9. Financial instruments (Detai
9. Financial instruments (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Working Capital (Deficit) | $ (198,252) | $ 32,676 |
10. Supplemental info
10. Supplemental information for statements of cash flow (Details) - Schedule of Cash Flow, Supplemental Disclosures - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Cash Flow, Supplemental Disclosures [Abstract] | ||
Cash paid for interest | $ 6,656 | $ 5,341 |
Cash paid for income taxes | $ 0 | $ 0 |