Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Apr. 30, 2015 | |
Document and Entity Information: | |
Entity Registrant Name | Eco Science Solutions, Inc. |
Document Type | 10-Q |
Document Period End Date | 30-Apr-15 |
Amendment Flag | FALSE |
Entity Central Index Key | 1490873 |
Current Fiscal Year End Date | -30 |
Entity Common Stock, Shares Outstanding | 30,893,001 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets - Unaudited (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $9,932 | $13,322 |
Total current assets | 9,932 | 13,322 |
TOTAL ASSETS | 9,932 | 13,322 |
Current liabilities | ||
Accounts payable and accrued expenses | 47,991 | 43,126 |
Related party payable | 59,750 | 58,250 |
Notes payable-short-term-related party | 22,000 | 22,000 |
Notes payable-short-term-related party-convertible | 174,045 | 164,045 |
Total current liabilities | 303,786 | 287,421 |
Long-term liabilities: | ||
Notes payable-convertible | 236,350 | 236,350 |
Total long-term liabilities | 236,350 | 236,350 |
Total liabilities | 540,136 | 523,771 |
Stockholders' deficit | ||
Preferred stock, $.001 par, 50,000,000 shares authorized, none issued and outstanding at April 30, 2015 and January 31, 2015, respectively | ||
Common stock, $0.10 par, 650,000,000 shares authorized, 30,893,001 and 30,643,001 issued and outstanding at April 30, 2015 and January 31, 2015, respectively | 3,089,300 | 3,064,300 |
Additional paid in capital-common | 5,534,628 | 5,408,128 |
Subscriptions receivable | -250 | |
Accumulated deficit | -9,153,882 | -8,982,877 |
Total stockholders' deficit | -530,204 | -510,449 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $9,932 | $13,322 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets - Parenthetical - Unaudited (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Statement of Financial Position | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $0.10 | $0.10 |
Common Stock, shares authorized | 650,000,000 | 650,000,000 |
Common Stock, shares issued | 30,893,001 | 30,643,001 |
Common Stock, shares outstanding | 30,893,001 | 30,643,001 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations - Unaudited (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Income from continuing operations: | ||
Revenue | ||
Cost of sales | ||
Gross profit | ||
General and administrative expenses | 14,029 | 24,217 |
Net operating loss | -14,029 | -24,217 |
Other income (expenses) | ||
Interest expense | -5,726 | -4,132 |
Amortization of stock options/stock compensation | -151,250 | -371,250 |
Total other income (expenses) | -156,976 | -375,382 |
Net loss | ($171,005) | ($399,599) |
Net (loss) per common share - basic and diluted | ($0.01) | ($0.05) |
Weighted average common shares outstanding - basic and diluted | 30,772,214 | 8,186,821 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows - Unaudited (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Cash flows from operations: | ||
Net loss | ($171,005) | ($399,599) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of stock options/stock compensation | 151,250 | 371,250 |
Changes in operating assets and liabilties: | ||
Increase (decrease) in accounts payable and accrued expenses | 4,865 | -8,752 |
Increase in related party payables | 1,500 | 475 |
Net cash used in operating activities | -13,390 | -36,626 |
Cash flows from financing activities: | ||
Proceeds from related party loans | 10,000 | 35,500 |
Net cash provided by financing activities | 10,000 | 35,500 |
Net increase (decrease) in cash | -3,390 | -1,126 |
Cash - beginning of period | 13,322 | 5,684 |
Cash - end of period | 9,932 | 4,558 |
NON-CASH ACTIVITIES | ||
Conversion of preferred stock to common stock | 5,265,000 | |
Conversion of debt to common stock | 3,000 | |
Subscriptions receivable | 250 | |
SUPPLEMENTAL INFORMATION | ||
Interest paid | ||
Income taxes paid |
Nature_of_Business_and_Continu
Nature of Business and Continuance of Operations | 3 Months Ended |
Apr. 30, 2015 | |
Notes | |
Nature of Business and Continuance of Operations | NOTE 1: Nature of Business and Continuance of Operations |
The accompanying unaudited consolidated financial statements of Eco Science Solutions, Inc., (the “Company” or “ESSI”) have been prepared in accordance with generally accepted accounting principles. The preparation of financial statements in conformity with 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 that effect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended January 31, 2015. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements have been omitted. | |
The Company was incorporated in the state of Nevada on December 8, 2009 under the name Pristine Solutions, Inc. Headquartered in Miami, Florida, Eco Science Solutions, Inc., a Nevada corporation, is charged with the origination, development and commercialization of innovative aftermarket automotive parts. On February 14, 2014, the Company changed its name to Eco Science Solutions, Inc. (OTCQB.ESSI). | |
The Company acquired an exclusive license to a unique automotive product, the EcoFlora Spark Plug (the “EcoFlora Plug”), with a proprietary technology, that has the potential to be uniquely positioned in the automotive parts business in the United States and International automotive parts marketplace. | |
On October 7, 2014, the US Patent and Trademark Office (“USPTO”) issued Patent #8,853,925 for the EcoFlora Plug, based on its "Internal Pre-Combustion Chamber High Efficiency Spark Plug" technology, and has patent pending applications both in Canada and worldwide. | |
The Company is currently in the testing stages, and intends to validate its technology and then and manufacture and sell the technology. | |
NOTE: The following notes and any further reference made to “the Company”, "we", "us", "our" and "ESSI" shall mean Eco Science Solutions, Inc., unless otherwise indicated. | |
Going Concern | |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As at April 30, 2015, the Company had a working capital deficit from continuing operations of $293,854, and an accumulated deficit of $9,153,882. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. | |
The financial statements reflect all adjustments consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Apr. 30, 2015 | ||
Notes | ||
Summary of Significant Accounting Policies | NOTE 2: Summary of Significant Accounting Policies | |
This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. | ||
Basis of Presentation | ||
These consolidated financial statements and related notes are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is January 31. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with United States 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to long-lived assets 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 Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of purchase to be cash equivalents. As of April 30, 2015 and January 31, 2015, respectively, the Company had no cash equivalents. | ||
Fair Value Measurements | ||
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 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 Company’s financial instruments consist principally of cash, accounts payable, and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | ||
Revenue Recognition | ||
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been provided, and collectability is reasonably assured. As of January 31, 2015, no revenue has been recognized, as the Company has not commenced operations. | ||
Stock-Based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, Share-Based Payments, 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. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | ||
Basic and Diluted Net Income (Loss) Per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. 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. | ||
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 January 31, 2015, the Company has no items that represent comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. | ||
Recently Adopted Accounting Standards: | ||
The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the US Securities and Exchange Commission (“SEC”), and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on US GAAP and the impact on the Company. The Company has recently adopted the following new accounting standards: | ||
Adopted: | ||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In July 2013, the FASB issued ASU No 2013-11, Presentation of an Unrecognized Tax Benefit When Net Operating Loss Carryforward Exists. The objective of ASU 2013-11 is to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits, and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and interim reporting periods therein. Early adoption is permitted. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In June 2014, the FASB issued ASU No, 2014-10, Elimination of Certain Financial Reporting Requirements for Development Stage Entities. The objective of ASU 2014-10 is to reduce the cost and complexity associated with the incremental reporting requirements for development stage entities. This Update removes all incremental financial reporting requirements, and eliminates an exception provided to development stage entities in Topic 810. The amendments in this standard are effective retrospectively for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. | ||
Not Yet Adopted: | ||
In April 2014, the FASB issued ASU No. 2014-08 Presentation of Financial Statements (Top 205): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. The objective of ASU No. 2014-08 is to clarify the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption is permitted for new disposals beginning in the first quarter of 2014, provided financial statements have not been issued before the release of this standard. The Company is evaluating the effect, if any, adoption of ASU No. 2014-08 will have on its consolidated financial statements. | ||
In August 2014, the FASB issued ASU No 2014-15 Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The objective of ASU 2014-15 is to provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, adoption of ASU No. 2014-15 will have on its consolidated financial statements. | ||
In November 2014, the FASB issued ASU No. 2014-17 Business Combinations (Topic 805): Pushdown Accounting. The objective of ASU 2014-17 is to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company is evaluating the effect, if any, adoption of ASU No. 2014-17 will have on its consolidated financial statements. | ||
In January 2015, the FASB issued ASU 2015-01 Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. The Company is evaluating the effect, if any, adoption of ASU No. 2015-01 will have on its consolidated financial statements. | ||
Recently Issued Accounting Standards Updates: | ||
There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows. | ||
Notes_and_Loans_Payable
Notes and Loans Payable | 3 Months Ended |
Apr. 30, 2015 | |
Notes | |
Notes and Loans Payable | NOTE 3: NOTES PAYABLE |
Notes payable consists of an unsecured convertible promissory note in the modified principal sum of $236,350. The note bears interest at a rate of 6% per annum, , is due January 31, 2017, and is convertible into the Company’s common stock at a rate of $0.003 per share. | |
As of April 30, 2015 and January 31, 2015, the Company has accrued $33,957 and $30,499 , respectively, in interest on notes payable. | |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Notes | |||||||
Related Party Transactions | NOTE 4: Related Party Transactions | ||||||
As of April 30, 2015 and January 31, 2015, related parties are due a total of $255,795 and $244,295, respectively, which is comprised of $196,045 and $186,045, respectively, in cash loans to the Company, and $59,750 and $58,250, respectively, in accrued compensation. | |||||||
Related party transactions consist of the following: | |||||||
30-Apr-15 | 31-Jan-15 | ||||||
Related party payable-compensation | $ | 59,750 | $ | 58,250 | |||
Notes payable for loans to the Company | 22,000 | 22,000 | |||||
Convertible notes payable for loans to the Company | 174,045 | 164,045 | |||||
Total related party loans | 196,045 | 186,045 | |||||
Total related party transactions | $ | 255,795 | $ | 244,295 | |||
Related party notes payable consists of an unsecured promissory note in the principal sum of $22,000 for cash loans made to the Company as of April 30, 2015 and January 31, 2015. The note bears interest at a rate of 5% per annum and is due within ninety (90) days of written demand. Interest in the amount of $1,633 and $1,365 has been accrued as of April 30, 2015 and January 31, 2015, respectively, and is included as an accrued expense on the accompanying balance sheets. | |||||||
Related party convertible notes payable consists of an unsecured promissory note in the modified principal sum of $174,045 and $164,045 for cash loans made to the Company as of April 30, 2015 and January 31, 2015, respectively. The convertible note bears interest at a rate of 5% per annum, matures in nine (9) months, or January 31, 2016, and is convertible into the Company’s common stock at a per share rate equal to the fair market value on the date of conversion. Interest in the amount of $4,941 and $2,941 has been accrued as of April 30, 2015 and January 31, 2015, respectively, and is included as an accrued expense on the accompanying balance sheets. | |||||||
As of April 30, 2015 and January 31, 2015, the Company has accrued $6,574 and $4,306, respectively, in interest on related party loans. | |||||||
Common_Stock
Common Stock | 3 Months Ended |
Apr. 30, 2015 | |
Notes | |
Common Stock | NOTE 5: COMMON STOCK |
The total number of authorized shares of common stock that may be issued by the Company is 650,000,000 shares with a par value of $0.10. | |
On March 15, 2015, in accordance with his 2014 Employment Agreement, the Company issued 250,000 shares of restricted common stock, valued at -$100,000, to its President for cash in the amount of $250. As a result, additional paid in capital was reduced by -$24,750. | |
During the three months ended April 30, 2015 and the year ended January 31, 2015, respectively, a total of $151,250 and $945,000 in deferred compensation has been expensed. There remains $302,500 and $453,750, respectively, in deferred compensation as of April 30, 2015 and January 31, 2015, to be expensed over the next 7 months. | |
As of April 30, 2015 and January 31, 2015, respectively, 30,893,001 and 30,643,001 shares of the Company’s common stock were issued and outstanding. | |
Warrants_and_Options
Warrants and Options | 3 Months Ended | ||||||||||
Apr. 30, 2015 | |||||||||||
Notes | |||||||||||
Warrants and Options | NOTE 6: WARRANTS AND OPTIONS | ||||||||||
The following table represents the number of options currently granted under the 2012 Employee Stock Option Plan: | |||||||||||
Options Outstanding | |||||||||||
Remaining | Exercise Price | Weighted | |||||||||
Number of | Contractual Life | times Number | Average | ||||||||
Exercise Price | Shares | (in years) | of Shares | Exercise Price | |||||||
$0.10 | 5,000,000 | 2.5 | $ | 500,000 | $0.10 | ||||||
$0.25 | 1,500,000 | 2.5 | 375,000 | $0.25 | |||||||
6,500,000 | $ | 875,000 | $0.20 | ||||||||
Options Activity | Weighted | ||||||||||
Number | Average | ||||||||||
of Shares | Exercise Price | ||||||||||
Outstanding at January 31, 2015 | 6,500,000 | $0.20 | |||||||||
Issued | –– | –– | |||||||||
Exercised | –– | –– | |||||||||
Expired / Cancelled | –– | –– | |||||||||
Outstanding at April 30, 2015 | 6,500,000 | $0.20 | |||||||||
As of April 30, 2015 and January 31, 2015, the Company has granted a total of 6,500,000 options to purchase common stock shares. In connection with the options granted, a total of $2,665,000 has been recorded as deferred compensation, of which $51,250 and $205,000 has been expensed during the three months ended April 30, 2015 and the year ended January 31, 2015, respectively. There remains $102,500 and $153,250 of deferred compensation as of April 30, 2015 and January 31, 2015, respectively. | |||||||||||
Restricted_Stock_Awards
Restricted Stock Awards | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Notes | |||||
Restricted Stock Awards | NOTE 7: RESTRICTED STOCK AWARDS | ||||
The following table represents the number of Restricted Stock Units awarded (the "Stock Awards"): | |||||
Restricted Stock Units Activity | Weighted | ||||
Number | Average | ||||
of RSUs | Exercise Price | ||||
Outstanding at January 31, 2015 | 750,000 | $0.00 | |||
Awarded | –– | –– | |||
Exercised / Vested | (250,000 | ) | $0.00 | ||
Expired / Cancelled | –– | –– | |||
Outstanding at January 31, 2015 | 500,000 | $0.00 | |||
As of April 30, 2015 and January 31, 2015, the Company has awarded a total of 1,400,000 Restricted Stock Units. In connection with the Stock Awards, a total of $1,040,000 has been recorded as deferred compensation, of which $100,000 and $740,000 has been expensed during the three months ended April 30, 2015 and the year ended January 31, 2015, respectively. There remains $200,000 and $300,000 in deferred compensation as of April 30, 2015 and January 31, 2015, respectively, to be amortized over the next 7 months. | |||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Notes | |||||||
Income Taxes | NOTE 8: INCOME TAXES | ||||||
The components of the net change in deferred tax asset at April 30, 2015 and January 31, 2015, the statutory tax rate, the effective tax rate and the amount of the valuation allowance are indicated below: | |||||||
30-Apr-15 | 31-Jan-15 | ||||||
Income (loss) before taxes | $ | (171,005 | ) | $ | (1,090,336 | ) | |
Statutory rate | 34% | 34% | |||||
Computed expected tax payable (recovery) | $ | (58,200 | ) | $ | (370,600 | ) | |
Non-deductible expenses | –– | –– | |||||
Change in valuation allowance | 58,200 | 370,600 | |||||
Reported income taxes | $ | –– | $ | –– | |||
The significant components of the cumulative deferred income tax assets and liabilities at April 30, 2015 and January 31, 2015, are as follows: | |||||||
30-Apr-15 | 31-Jan-15 | ||||||
Deferred tax assets: | |||||||
Net operating loss carry forward | $ | 3,048,800 | $ | 2,990,600 | |||
Less valuation allowance | (3,048,800 | ) | (2,990,600 | ) | |||
Net deferred tax asset - continuing operations | $ | –– | $ | –– | |||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2015 | |
Notes | |
Subsequent Events | NOTE 9: SUBSEQUENT EVENTS |
The Company has evaluated the events and transactions for recognition or disclosure subsequent to April 30, 2015, and has determined that there have been no events that would require disclosure. | |
Nature_of_Business_and_Continu1
Nature of Business and Continuance of Operations (Policies) | 3 Months Ended |
Apr. 30, 2015 | |
Policies | |
Going Concern | Going Concern |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As at April 30, 2015, the Company had a working capital deficit from continuing operations of $293,854, and an accumulated deficit of $9,153,882. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. | |
The financial statements reflect all adjustments consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Apr. 30, 2015 | ||
Policies | ||
Basis of Presentation | Basis of Presentation | |
These consolidated financial statements and related notes are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is January 31. | ||
Use of Estimates, Policy | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with United States 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to long-lived assets 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 Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | ||
Cash and Cash Equivalents, Policy | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of purchase to be cash equivalents. As of April 30, 2015 and January 31, 2015, respectively, the Company had no cash equivalents. | ||
Financial Instruments | ||
Fair Value Measurements | ||
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 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 Company’s financial instruments consist principally of cash, accounts payable, and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | ||
Revenue Recognition | ||
Revenue Recognition | ||
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been provided, and collectability is reasonably assured. As of January 31, 2015, no revenue has been recognized, as the Company has not commenced operations. | ||
Stock-based Compensation | ||
Stock-Based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, Share-Based Payments, 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. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | ||
Basic and Diluted Net Income (loss) Per Share | ||
Basic and Diluted Net Income (Loss) Per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. 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. | ||
Comprehensive Loss | ||
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 January 31, 2015, the Company has no items that represent comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. | ||
Recent Accounting Pronouncements | ||
Recently Adopted Accounting Standards: | ||
The Company evaluates the pronouncements of various authoritative accounting organizations, primarily the Financial Accounting Standards Board (“FASB”), the US Securities and Exchange Commission (“SEC”), and the Emerging Issues Task Force (“EITF”), to determine the impact of new pronouncements on US GAAP and the impact on the Company. The Company has recently adopted the following new accounting standards: | ||
Adopted: | ||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In July 2013, the FASB issued ASU No 2013-11, Presentation of an Unrecognized Tax Benefit When Net Operating Loss Carryforward Exists. The objective of ASU 2013-11 is to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits, and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and interim reporting periods therein. Early adoption is permitted. The adoption of this update did not have a material impact on its consolidated financial statements. | ||
In June 2014, the FASB issued ASU No, 2014-10, Elimination of Certain Financial Reporting Requirements for Development Stage Entities. The objective of ASU 2014-10 is to reduce the cost and complexity associated with the incremental reporting requirements for development stage entities. This Update removes all incremental financial reporting requirements, and eliminates an exception provided to development stage entities in Topic 810. The amendments in this standard are effective retrospectively for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. | ||
Not Yet Adopted: | ||
In April 2014, the FASB issued ASU No. 2014-08 Presentation of Financial Statements (Top 205): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity. The objective of ASU No. 2014-08 is to clarify the criteria for determining which disposals can be presented as discontinued operations and also modifies related disclosure requirements. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption is permitted for new disposals beginning in the first quarter of 2014, provided financial statements have not been issued before the release of this standard. The Company is evaluating the effect, if any, adoption of ASU No. 2014-08 will have on its consolidated financial statements. | ||
In August 2014, the FASB issued ASU No 2014-15 Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The objective of ASU 2014-15 is to provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, adoption of ASU No. 2014-15 will have on its consolidated financial statements. | ||
In November 2014, the FASB issued ASU No. 2014-17 Business Combinations (Topic 805): Pushdown Accounting. The objective of ASU 2014-17 is to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company is evaluating the effect, if any, adoption of ASU No. 2014-17 will have on its consolidated financial statements. | ||
In January 2015, the FASB issued ASU 2015-01 Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities. The Company is evaluating the effect, if any, adoption of ASU No. 2015-01 will have on its consolidated financial statements. | ||
Recently Issued Accounting Standards Updates: | ||
There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows. | ||
Related_Party_Transactions_Sch
Related Party Transactions: Schedule of Related Party Transactions (Tables) | 3 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Related Party Transactions | Related party transactions consist of the following: | ||||||
30-Apr-15 | 31-Jan-15 | ||||||
Related party payable-compensation | $ | 59,750 | $ | 58,250 | |||
Notes payable for loans to the Company | 22,000 | 22,000 | |||||
Convertible notes payable for loans to the Company | 174,045 | 164,045 | |||||
Total related party loans | 196,045 | 186,045 | |||||
Total related party transactions | $ | 255,795 | $ | 244,295 | |||
Warrants_and_Options_Schedule_
Warrants and Options: Schedule of Options Outstanding (Tables) | 3 Months Ended | ||||||||||
Apr. 30, 2015 | |||||||||||
Tables/Schedules | |||||||||||
Schedule of Options Outstanding | Options Outstanding | ||||||||||
Remaining | Exercise Price | Weighted | |||||||||
Number of | Contractual Life | times Number | Average | ||||||||
Exercise Price | Shares | (in years) | of Shares | Exercise Price | |||||||
$0.10 | 5,000,000 | 2.5 | $ | 500,000 | $0.10 | ||||||
$0.25 | 1,500,000 | 2.5 | 375,000 | $0.25 | |||||||
6,500,000 | $ | 875,000 | $0.20 | ||||||||
Warrants_and_Options_Schedule_1
Warrants and Options: Schedule of Options Activity (Tables) | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Tables/Schedules | |||||
Schedule of Options Activity | Options Activity | Weighted | |||
Number | Average | ||||
of Shares | Exercise Price | ||||
Outstanding at January 31, 2015 | 6,500,000 | $0.20 | |||
Issued | –– | –– | |||
Exercised | –– | –– | |||
Expired / Cancelled | –– | –– | |||
Outstanding at April 30, 2015 | 6,500,000 | $0.20 | |||
Restricted_Stock_Awards_Schedu
Restricted Stock Awards: Schedule of RSU Activity (Tables) | 3 Months Ended | ||||
Apr. 30, 2015 | |||||
Tables/Schedules | |||||
Schedule of RSU Activity | Restricted Stock Units Activity | Weighted | |||
Number | Average | ||||
of RSUs | Exercise Price | ||||
Outstanding at January 31, 2015 | 750,000 | $0.00 | |||
Awarded | –– | –– | |||
Exercised / Vested | (250,000 | ) | $0.00 | ||
Expired / Cancelled | –– | –– | |||
Outstanding at January 31, 2015 | 500,000 | $0.00 | |||
Income_Taxes_Schedule_of_Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 3 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Effective Income Tax Rate Reconciliation | |||||||
30-Apr-15 | 31-Jan-15 | ||||||
Income (loss) before taxes | $ | (171,005 | ) | $ | (1,090,336 | ) | |
Statutory rate | 34% | 34% | |||||
Computed expected tax payable (recovery) | $ | (58,200 | ) | $ | (370,600 | ) | |
Non-deductible expenses | –– | –– | |||||
Change in valuation allowance | 58,200 | 370,600 | |||||
Reported income taxes | $ | –– | $ | –– | |||
Income_Taxes_Schedule_of_Compo
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 3 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Components of Income Tax Expense (Benefit) | 30-Apr-15 | 31-Jan-15 | |||||
Deferred tax assets: | |||||||
Net operating loss carry forward | $ | 3,048,800 | $ | 2,990,600 | |||
Less valuation allowance | (3,048,800 | ) | (2,990,600 | ) | |||
Net deferred tax asset - continuing operations | $ | –– | $ | –– | |||
Nature_of_Business_and_Continu2
Nature of Business and Continuance of Operations: Going Concern (Details) (USD $) | Apr. 30, 2015 |
Details | |
Working Capital Deficit | $293,854 |
Deficit Accumulated During Development Stage | $9,153,882 |
Notes_and_Loans_Payable_Detail
Notes and Loans Payable (Details) (Convertible Debt, USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Convertible Debt | ||
Convertible Promissory Note, Principal After Assignment | $236,350 | |
Convertible Promissory Note, Interest Rate | 6.00% | |
Convertible Promissory Note, Conversion Rate | $0.00 | |
Convertible Promissory Note, Accrued Interest | $33,957 | $30,499 |
Related_Party_Transactions_Sch1
Related Party Transactions: Schedule of Related Party Transactions (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Details | ||
Accrued Compensation | $59,750 | $58,250 |
Loans to Company, Notes Payable | 22,000 | 22,000 |
Loans to the Company, Notes Payable, Convertible | 174,045 | 164,045 |
Total Related Party Loans | 196,045 | 186,045 |
Total Related Party Transactions | $255,795 | $244,295 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Eco Science Solutions Intl Inc. Promissory Note | ||
Related Party Transaction, Promissory Note, Principal | $22,000 | $22,000 |
Related Party Transaction, Rate | 5.00% | |
Related Party Transaction, Terms and Manner of Settlement | due within ninety (90) days of written demand | |
Related Party Transaction, Accrued Interest | 1,633 | 1,365 |
Eco Science Solutions Intl Inc. Convertible Promissory Note | ||
Related Party Transaction, Rate | 5.00% | |
Related Party Transaction, Convertible Note, Principal | 174,045 | 164,045 |
Related Party Transaction, Term (in Months) | 9 | |
Related Party Transaction, Maturity Date | 31-Jan-16 | |
Related Party Transaction, Convertible Note, Conversion Rate | fair market value | |
Related Party Transaction, Convertible Note, Accrued Interest | $4,941 | $2,941 |
Related_Party_Transactions_Acc
Related Party Transactions: Accrued Interest (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Details | ||
Related Party Transaction, Accrued Interest | $6,574 | $4,306 |
Common_Stock_Authorized_Shares
Common Stock: Authorized Shares (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Details | ||
Common Stock, shares authorized | 650,000,000 | 650,000,000 |
Common Stock, par value | $0.10 | $0.10 |
Common_Stock_Details
Common Stock (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Mar. 15, 2015 |
Common Stock, shares outstanding | 30,893,001 | 30,643,001 | 30,643,001 | |
Common Stock, Shares | ||||
Issuance of Restricted Stock Award | $250,000 | |||
Common Stock, Value | ||||
Issuance of Restricted Stock Award | 100,000 | |||
Common Stock, Cash Received | ||||
Issuance of Restricted Stock Award | 250 | |||
Additional Paid in Capital, Common | ||||
Issuance of Restricted Stock Award | ($24,750) |
Common_Stock_Deferred_Compensa
Common Stock: Deferred Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Details | ||
Deferred Compensation, Current Period Expense | $151,250 | $945,000 |
Deferred Compensation, Future Expense | $302,500 | $453,750 |
Warrants_and_Options_Schedule_2
Warrants and Options: Schedule of Options Outstanding (Details) (USD $) | 3 Months Ended |
Apr. 30, 2015 | |
ESOP Options Outstanding, Shares | 6,500,000 |
ESOP Options Outstanding, Exercise Price x Shares | $875,000 |
ESOP Options Outstanding, Weighted Avg Exercise Price | $0.20 |
$0.10 | |
ESOP Options Outstanding, Shares | 5,000,000 |
ESOP Options Outstanding, Remaining Life (in years) | 2 years 6 months |
ESOP Options Outstanding, Exercise Price x Shares | 500,000 |
ESOP Options Outstanding, Weighted Avg Exercise Price | $0.10 |
$0.25 | |
ESOP Options Outstanding, Shares | 1,500,000 |
ESOP Options Outstanding, Remaining Life (in years) | 2 years 6 months |
ESOP Options Outstanding, Exercise Price x Shares | $375,000 |
ESOP Options Outstanding, Weighted Avg Exercise Price | $0.25 |
Warrants_and_Options_Schedule_3
Warrants and Options: Schedule of Options Activity (Details) (Employee Stock Option, USD $) | Apr. 30, 2015 |
Employee Stock Option | |
ESOP Options, Beginning | 6,500,000 |
ESOP Options, Beginning, Weighted Avg Exercise Price | $0.20 |
ESOP Options, Ending | 6,500,000 |
ESOP Options, Ending, Weighted Avg Exercise Price | $0.20 |
Warrants_and_Options_Details
Warrants and Options (Details) (2012 Employee Stock Option Plan, USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
2012 Employee Stock Option Plan | ||
ESOP Options Granted, Shares | 6,500,000 | |
ESOP Options Granted, Value, Total | $2,665,000 | |
ESOP Options Granted, Deferred Compensation, Current Period Expense | 51,250 | 205,000 |
ESOP Options Granted, Deferred Compensation, Remaining to be Expensed | $102,500 | $153,250 |
Restricted_Stock_Awards_Schedu1
Restricted Stock Awards: Schedule of RSU Activity (Details) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
Apr. 30, 2015 | |
Restricted Stock Units (RSUs) | |
Restricted Stock Units, Beginning | 750,000 |
Restricted Stock Units, Weighted Average Exercise Price, Beginning | $0.00 |
Restricted Stock Units, Vested in Period | -250,000 |
Restricted Stock Units, Vested in Period, Weighted Average Exercise Price | $0.00 |
Restricted Stock Units, Ending | 500,000 |
Restricted Stock Units, Ending, Weighted Average Exercise Price | $0.00 |
Restricted_Stock_Awards_Deferr
Restricted Stock Awards: Deferred Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Details | ||
Restricted Stock Award, Total Units Awarded (Common Stock) | 1,400,000 | |
Restricted Stock Award, Deferred Compensation | $1,040,000 | |
Restricted Stock Award, Deferred Compensation, Current Period Expense | 100,000 | 740,000 |
Restricted Stock Award, Deferred Compensation, Future Expense | $200,000 | $300,000 |
Income_Taxes_Schedule_of_Effec1
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jan. 31, 2015 | |
Details | ||
Total Income (Loss) Before Taxes | ($171,005) | ($1,090,336) |
Statutory Rate | 34.00% | 34.00% |
Computed Expected Tax Payable (Recovery) | -58,200 | -370,600 |
Change in Valuation Allowance | $58,200 | $370,600 |
Income_Taxes_Schedule_of_Compo1
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Details | ||
Net Operating Loss Carryforward-Continuing Operations | $3,048,800 | $2,990,600 |
Less: Valuation Allowance | ($3,048,800) | ($2,990,600) |