• Filing Date: 2016-07-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
May 31, 2016
May 31, 2015
Cash Flows from Operating Activities    
Net loss $ (964,549) $ (338,108)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 93,921 2,364
Amortization expense 22,257 7,419
Amortization of the fair value of common shares issued for services 178,000
Fair value of shares issued for services and settlement 20,000
Fair value of warrants issued for services 41,359
Changes in operating assets and liabilities:    
Valued added tax and other receivables (36,804) (33,426)
Prepayments and other current assets 11,298 (1,604)
Accounts payable and accrued liabilities (78,004) 16,010
Accrued officer compensation 45,000 45,000
Intellectual property obligation (212,880)
Advances from majority stockholder 18,586 (2,223)
Net Cash Used in Operating Activities (846,936) (319,448)
Cash Flows from Investing Activities    
Purchase of property and equipment (79,759) (13,543)
Net Cash Used in Investing Activities (79,759) (13,543)
Cash Flows from Financing Activities    
Proceeds from sale of common shares 1,988,003 2,207,000
Net Cash Provided by Financing Activities 1,988,003 2,207,000
Effect of exchange rate changes (63,602) (24,846)
Net Change in Cash 997,706 1,849,163
Cash - beginning of period 422,586 209,796
Cash - end of period 1,420,292 2,058,959
Supplemental disclosure of cash flow information:    
Income tax paid
Non-cash investing and financing activities:    
Fair value of common stock issued for services that was recorded as prepaid expense $ 356,000