Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2015 | Sep. 10, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Pivot Pharmaceuticals Inc. | |
Entity Central Index Key | 1,464,165 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
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 | 109,763,781 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - CAD | Jul. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash | CAD 270,282 | CAD 1,067 |
Amounts receivable | 1,360 | 126 |
Total current assets | 271,642 | 1,193 |
Property and equipment (Note 3) | 189 | 417 |
Total assets | 271,831 | 1,610 |
Current liabilities | ||
Accounts payable and accrued liabilities | 77,501 | CAD 52,388 |
Due to related parties (Note 8) | CAD 14,299 | |
Derivative liabilities (Note 4) | CAD 18,665 | |
Total liabilities | CAD 91,800 | 71,053 |
Stockholders' Equity (Deficit) | ||
Common stock: Unlimited shares authorized, without par value, 79,763,767 and 65,863,767 shares issued and outstanding, respectively (Note 5) | 5,562,349 | CAD 3,834,265 |
Common stock issuable (Note 5) | 2,893,580 | |
Additional paid-in capital | 267,586 | CAD 267,586 |
Accumulated deficit | (8,543,484) | (4,171,294) |
Total stockholder's equity (deficit) | 180,031 | (69,443) |
Total liabilities and stockholder's equity (deficit) | CAD 271,831 | CAD 1,610 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - CAD / shares None in scaling factor is -9223372036854775296 | Jul. 31, 2015 | Jan. 31, 2015 |
Balance Sheets Parenthetical | ||
Common stock, Par value | ||
Common stock, Shares authorized | ||
Common stock, Shares issued | 79,763,767 | 65,863,767 |
Common stock, Shares outstanding | 79,763,767 | 65,863,767 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - CAD | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Statements Of Operations | ||||
Revenue | ||||
Expenses | ||||
Consulting | CAD 723,395 | CAD 1,063,043 | ||
Depreciation | 114 | CAD 114 | 228 | CAD 228 |
Foreign exchange loss (gain) | 4,008 | 129 | 5,442 | (3,139) |
General and administrative | 23,660 | CAD 13,839 | 27,404 | 17,278 |
Management fees (Note 8) | 2,170,185 | 3,010,290 | 3,000 | |
Professional fees | 22,890 | CAD 15,889 | 284,448 | 20,798 |
Total expenses | 2,944,252 | 29,971 | 4,390,855 | 38,165 |
Loss from operations | CAD (2,944,252) | CAD (29,971) | CAD (4,390,855) | (38,165) |
Other (expenses) income | ||||
Accretion of discount on convertible debentures | (7,304) | |||
Financing costs | (90,000) | |||
Gain on change in fair value of derivative liabilities | CAD 7,679 | CAD 3,050 | CAD 18,665 | 208,383 |
Interest expense | (9,539) | (18,610) | ||
Total other income (expenses) | CAD 7,679 | (6,489) | CAD 18,665 | 92,469 |
Net (loss) income | CAD (2,936,573) | CAD (36,460) | CAD (4,372,190) | CAD 54,304 |
Net (loss) income per share, basic | CAD (0.04) | CAD 0 | CAD (0.06) | CAD 0 |
Net (loss) income per share, diluted | CAD (0.04) | CAD 0 | CAD (0.06) | CAD 0 |
Weighted average shares outstanding - basic | 78,850,723 | 11,576,707 | 75,801,336 | 10,872,287 |
Weighted average shares outstanding - diluted | 78,850,723 | 11,576,707 | 75,801,336 | 10,872,287 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - CAD | 6 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Operating activities | ||
Net (loss) income | CAD (4,372,190) | CAD 54,304 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion of discount on convertible debentures | 7,304 | |
Depreciation | CAD 228 | 228 |
Gain on change in fair value of derivative liabilities | CAD (18,665) | (208,382) |
Stock issued for financing costs | CAD 90,000 | |
Stock issued/issuable for services | CAD 4,311,784 | |
Services contributed by officer | CAD 3,000 | |
Changes in operating assets and liabilities: | ||
Amounts receivable | CAD (1,234) | (477) |
Accounts payable and accrued liabilities | 25,113 | 26,657 |
Due to related parties | 14,299 | 31,458 |
Net cash (used in) provided by operating activities | (40,665) | CAD 4,092 |
Financing activities | ||
Proceeds from stock to be issued | 309,880 | |
Net cash provided by financing activities | 309,880 | |
Increase in cash | 269,215 | CAD 4,092 |
Cash beginning of period | 1,067 | 1,044 |
Cash end of period | CAD 270,282 | CAD 5,136 |
Supplemental disclosures: | ||
Interest paid | ||
Income tax paid |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Nature of Operations and Continuance of Business | Pivot Pharmaceuticals Inc. (formerly Neurokine Pharmaceuticals Inc.) (the Company) was incorporated in British Columbia under the Business Corporations Act on June 10, 2002. On April 7, 2015, the Company changed its name from Neurokine Pharmaceuticals Inc. to Pivot Pharmaceuticals Inc. The Company is in the business of developing and commercializing new uses for existing prescription drugs in the area of Womens Health. These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at July 31, 2015, the Company has not earned any revenue and has an accumulated deficit of $8,543,484. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. These factors raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies | (a) Basis of Presentation The financial statements and the related notes of the Company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in Canadian dollars. The Companys fiscal year-end is January 31. (b) Use of Estimates The preparation of these financial statements in conformity with generally accepted accounting principles in the United States 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 the useful life and recoverability of long-lived assets, assumptions used to determine the fair values of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. 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 Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (c) Interim Financial Statements These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Companys financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. (d) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at July 31 and January 31, 2015, the Company had no cash equivalents. Property and equipment is comprised of office equipment and is recorded at cost. The Company amortizes the cost of equipment on a straight-line basis over their estimated useful life of five years. (f) Long-lived Assets In accordance with ASC 360, Property, Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. (g) Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation Stock-Based 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. (h) Derivative Financial Instruments Derivative financial instruments that are not classified as equity and are not used in hedging relationships are measured at fair value. Subsequent changes to fair value are recorded in the statement of operations. (i) Earnings (Loss) Per Share The Company computes net earnings (loss) per share in accordance with ASC 260, Earnings Per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, 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 EPS excludes all dilutive potential shares if their effect is anti dilutive. At July 31, 2015, the Company has no (January 31, 2015 460,000) potentially dilutive shares. (j) Comprehensive Loss ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at July 31 and January 31, 2015, the Company had no items representing comprehensive income or loss. (k) Research and Development Costs - Research costs are expensed in the period that they are incurred. (l) Financial Instruments and Fair Value Measures ASC 820, Fair Value Measurements, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets and derivative liabilities is determined based on Level 2 inputs, as determined by observable market data. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. (m) Foreign Currency Translation The Companys functional currency and its reporting currency is the Canadian dollar and foreign currency transactions are primarily undertaken in United States dollars. Monetary assets and liabilities are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. (n) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Property and Equipment | Cost $ Accumulated amortization $ July 31, 2015 Net carrying value $ January 31, 2015 Net carrying value $ (unaudited) Office furniture and equipment 2,276 2,087 189 417 Depreciation expense included as a charge to income was $228 and $228 for the six months ended July 31, 2015 and 2014, respectively. |
Derivative Liabilities
Derivative Liabilities | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Derivative Liabilities | Derivative liabilities consist of share purchase warrants originally issued in private placements with conversion/exercise prices denominated in United States dollars, which differs from the Companys functional currency. The fair values of these derivative liabilities are as follows: July 31, 2015 $ January 31, 2015 $ (unaudited) 380,000 warrants expiring on July 30, 2015 18,665 The fair values of derivative financial liabilities were determined using the Black-Scholes option pricing model, using the following assumptions: Expected Volatility Risk-free Interest Rate Expected Dividend Yield Expected Life (in years) As at issuance date: 380,000 warrants expiring on July 30, 2015 125 % 1.26 % 0 % 4.50 As at July 31, 2015: No warrants outstanding |
Common Stock
Common Stock | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Common Stock | In July 2015, 1,000,000 shares of common stock were issued for cash proceeds of $261,036 or $0.12 per share. In April 2015, 400,000 shares of common stock were issued for cash proceeds of $48,844 or $0.26 per share. On April 15, 2015, the Company issued 2,500,000 shares of common stock to a service provider and an officer for services provided valued at $298,063. The value of the common stock was based on the market price of the stock on the date of issuance. On March 6, 2015, 10,000,000 shares of common stock were issued to directors, officers and a consultant and valued at $1,120,140 using the market price of the stock on the date of issuance. An additional 30,000,000 shares of common stock are held in escrow and will be released as follows: 10,000,000 shares of common stock on each of August 25, 2015, February 25, 2016 and February 25, 2017. For the six months ended July 31, 2015, an additional $2,893,580 was recognized for services provided, which was valued using the market price of the stock on July 31, 2015. |
Share Purchase Warrants
Share Purchase Warrants | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Share Purchase Warrants | The following table summarizes the continuity of share purchase warrants: Number of Warrants Weighted Average Exercise Price (US$) Balance, January 31, 2015 and 2014 380,000 0.05 Expired (380,000 ) (0.05 ) Balance, July 31, 2015 As at July 31, 2015, there were no share purchase warrants outstanding. |
Stock Options
Stock Options | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Stock Options | The following table summarizes the continuity of the Companys stock options: Number of Options Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (US$) Outstanding and exercisable, January 31, 2015 and 2014 80,000 0.05 0.30 / 1.30 Expired (80,000 ) (0.05 ) (0.30 ) Outstanding and exercisable, July 31, 2015 As at July 31, 2015, there were no stock options outstanding. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions | As at July 31, 2015, the Company owed $1,723 (January 31, 2015 - $nil) to a director of the Company, which is unsecured, non-interest bearing and due on demand. 16,512,521 shares of common stock were issued in January 2015 in settlement of $191,977 of amounts due to this director. As at July 31, 2015, the Company owed $4,886 (January 31, 2015 - $nil) and $7,690 (January 31, 2015 - $nil) to an officer and a director and officer of the Company, respectively. Both amounts are unsecured, non-interest bearing and due on demand. On April 29, 2015, the Company issued 100,000 shares of common stock to an officer and director for cash proceeds of $12,072 or $0.12 per share. On April 15, 2015, the Company issued 2,000,000 shares of common stock to an officer for services provided. This $238,450 of compensation expense has been included in professional fees. On March 6, 2015, 7,500,000 shares of common stock were issued to directors and officers. Management fees for the six months ended July 31, 2015 of $3,010,290 includes the 7,500,000 shares of common stock issued and shares of common stock issuable for services performed by directors and officers up to July 31, 2015 (Note 5). |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events | On August 25, 2015, 10,000,000 shares of common stock held in escrow (Note 5) were released to directors, officers and a consultant. The Company has evaluated subsequent events through the date of issuance of the financial statements and did not have any material recognizable subsequent events. |
Significant Accounting Polici15
Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2015 | |
Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements and the related notes of the Company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in Canadian dollars. The Companys fiscal year-end is January 31. |
Use of Estimates | The preparation of these financial statements in conformity with generally accepted accounting principles in the United States 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 the useful life and recoverability of long-lived assets, assumptions used to determine the fair values of stock-based compensation and derivative liabilities, and deferred income tax asset valuation allowances. 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 Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Interim Financial Statements | These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Companys financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Cash and Cash Equivalents | The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at July 31 and January 31, 2015, the Company had no cash equivalents. |
Property and Equipment | Property and equipment is comprised of office equipment and is recorded at cost. The Company amortizes the cost of equipment on a straight-line basis over their estimated useful life of five years. |
Long-lived Assets | In accordance with ASC 360, Property, Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
Stock-Based Compensation | The Company records stock-based compensation in accordance with ASC 718, Compensation Stock-Based 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. |
Derivative Financial Instruments | Derivative financial instruments that are not classified as equity and are not used in hedging relationships are measured at fair value. Subsequent changes to fair value are recorded in the statement of operations. |
Earnings (Loss) Per Share | The Company computes net earnings (loss) per share in accordance with ASC 260, Earnings Per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, 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 EPS excludes all dilutive potential shares if their effect is anti dilutive. At July 31, 2015, the Company has no (January 31, 2015 460,000) potentially dilutive shares. |
Comprehensive Loss | ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at July 31 and January 31, 2015, the Company had no items representing comprehensive income or loss. |
Research and Development Costs | Research costs are expensed in the period that they are incurred. |
Financial Instruments and Fair Value Measures | ASC 820, Fair Value Measurements, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets and derivative liabilities is determined based on Level 2 inputs, as determined by observable market data. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Foreign Currency Translation | The Companys functional currency and its reporting currency is the Canadian dollar and foreign currency transactions are primarily undertaken in United States dollars. Monetary assets and liabilities are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. |
Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Property And Equipment Tables | |
Property and Equipment | Cost $ Accumulated amortization $ July 31, 2015 Net carrying $ January 31, 2015 Net carrying value $ (unaudited) Office furniture and equipment 2,276 2,087 189 417 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Derivative Liabilities Tables | |
Schedule of Derivative Liabilities at Fair Value | The fair values of these derivative liabilities are as follows: July 31, 2015 $ January 31, 2015 $ (unaudited) 380,000 warrants expiring on July 30, 2015 18,665 |
Schedule of Interest Rate Derivatives | The fair values of derivative financial liabilities were determined using the Black-Scholes option pricing model, using the following assumptions: Expected Volatility Risk-free Interest Rate Expected Dividend Yield Expected Life (in years) As at issuance date: 380,000 warrants expiring on July 30, 2015 125 % 1.26 % 0 % 4.50 As at July 31, 2015: No warrants outstanding |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Share Purchase Warrants Tables | |
Schedule of continuity of share purchase warrants | The following table summarizes the continuity of share purchase warrants: Number of Warrants Weighted Average Exercise Price (US$) Balance, January 31, 2015 and 2014 380,000 0.05 Expired (380,000 ) (0.05 ) Balance, July 31, 2015 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Stock Options Tables | |
Schedule of Options Indexed to Issuer's Equity | The following table summarizes the continuity of the Companys stock options: Number of Options Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (US$) Outstanding and exercisable, January 31, 2015 and 2014 80,000 0.05 0.30 / 1.30 Expired (80,000 ) (0.05 ) (0.30 ) Outstanding and exercisable, July 31, 2015 |
Nature of Operations and Cont20
Nature of Operations and Continuance of Business (Details Narrative) - CAD | Jul. 31, 2015 | Jan. 31, 2015 |
Nature Of Operations And Continuance Of Business Details Narrative | ||
Accumulated deficit | CAD (8,543,484) | CAD (4,171,294) |
Significant Accounting Polici21
Significant Accounting Policies (Details Narrative) - shares | 6 Months Ended | 12 Months Ended |
Jul. 31, 2015 | Jan. 31, 2015 | |
Significant Accounting Policies Details Narrative | ||
Potentially dilutive shares | 460,000 |
Property and Equipment (Details
Property and Equipment (Details) - CAD | Jul. 31, 2015 | Jan. 31, 2015 |
Net carrying value | CAD 189 | CAD 417 |
Office furniture and equipment [Member] | ||
Cost | 2,276 | |
Accumulated amortization | 2,087 | |
Net carrying value | CAD 189 |
Property and Equipment (Detai23
Property and Equipment (Details Narrative) - CAD | 6 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Notes to Financial Statements | ||
Depreciation expense | CAD 228 | CAD 228 |
Derivative Liabilities (Details
Derivative Liabilities (Details) - CAD | Jul. 31, 2015 | Jan. 31, 2015 |
380,000 Warrants Expiring on July 30, 2015 | ||
Derivative liabilities | CAD 18,665 | |
380,000 Warrants Expiring on July 30, 2015 | ||
Derivative liabilities |
Derivative Liabilities (Detai25
Derivative Liabilities (Details 1) - 6 months ended Jul. 31, 2015 - As at issuance date 380,000 Warrants Expiring on July 30, 2015 | Total |
Fair Value Assumptions, Expected Volatility Rate | 125.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.26% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 4 years 6 months |
Common Stock (Details Narrative
Common Stock (Details Narrative) - CAD | Jul. 31, 2015 | Jan. 31, 2015 |
Common Stock Details Narrative | ||
Common stock issuable (Note 5) | CAD 2,893,580 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details) - 6 months ended Jul. 31, 2015 - CAD / shares | Total |
Share Purchase Warrants Details | |
Number of warrants, Beginning Balance | 380,000 |
Expired | (380,000) |
Number of warrants, Ending Balance | |
Weighted Average Exercise Price, Beginning Balance | CAD 0.05 |
Expired | CAD (0.05) |
Weighted Average Exercise Price, Ending Balance |
Stock Options (Details)
Stock Options (Details) - 6 months ended Jul. 31, 2015 - CAD None in scaling factor is -9223372036854775296 | Total |
Number of Outstanding Options, Beginning | 80,000 |
Number of Outstanding Options, Expired | (80,000) |
Number of Outstanding Options, Ending | |
Weighted Average Exercise Price, Beginning | CAD 0.05 |
Weighted Average Exercise Price, Expired | CAD (0.05) |
Weighted Average Exercise Price, Ending | |
Expired | 3 months 18 days |
Aggregate Intrinsic Value | |
Minimum [Member] | |
Weighted Average Remaining Contractual Term | 3 months 18 days |
Maximum [Member] | |
Weighted Average Remaining Contractual Term | 1 year 3 months 18 days |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - CAD | 6 Months Ended | |
Jul. 31, 2015 | Jan. 31, 2015 | |
Management fees | CAD 3,010,290 | |
Common stock issuable for service | 7,500,000 | |
Director [Member] | ||
Due to Other Related Parties | CAD 1,723 | |
Officer [Member] | ||
Due to Other Related Parties | 4,886 | |
Director And Officer [Member] | ||
Due to Other Related Parties | CAD 7,690 |
Uncategorized Items - pvotf-201
Label | Element | Value |
Net (loss) income | us-gaap_NetIncomeLoss | CAD (2,936,573) |
Net (loss) income | us-gaap_NetIncomeLoss | (36,460) |
Depreciation | us-gaap_DepreciationAndAmortization | 114 |
Depreciation | us-gaap_DepreciationAndAmortization | CAD 114 |