Quarterly report pursuant to Section 13 or 15(d)

Interim Statement of Cash Flows

v2.3.0.15
Interim Statement of Cash Flows (USD $)
 9 Months Ended 79 Months Ended
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (697,811) $ (1,631,279) $ (17,072,461)
Items not requiring an outlay of cash:      
Issue of shares for professional services 0 0 584,500
Stock based compensation (included in general and administration expenses) 0 226,187 5,556,406
Loss on cancellation of common stock 0 0 34,400
Amortization 8,089 6,732 37,662
Amortization of debt discount 11,419 0 11,419
Amortization of deferred financing cost 15,478 0 15,478
Changes in non-cash working capital:      
Prepaid expenses and other (60,346) (32,808) (98,765)
Due to related parties 0 37,489 0
Accounts payable and accrued liabilities (293,086) [1] 330,303 494,555 [1]
NET CASH USED IN OPERATING ACTIVITIES (1,016,257) (1,063,376) (10,436,806)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of plant and equipment 0 0 (58,773)
NET CASH USED IN INVESTING ACTIVITIES 0 0 (58,773)
CASH FLOWS FROM FINANCING ACTIVITIES      
Stock subscriptions received 160,000 415,000 190,000
Net proceeds from issuance of common shares 0 827,500 9,629,150
Proceeds from convertible debentures 678,328 0 678,328
Cancellation of common stock 0 0 (50,000)
Advances from a non related party 0 0 0
Exercise of stock options 0 10,800 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 838,328 1,253,300 10,564,978
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD (177,929) 189,924 69,399
Cash, beginning of period 247,328 55,431 0
CASH, END OF PERIOD 69,399 245,355 69,399
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0
[1] Excludes the credit of $35,160 to accrued liability resulting from deferred financing (a non cash item)