Quarterly report pursuant to Section 13 or 15(d)

Interim Statements of Cash Flows

v2.4.0.8
Interim Statements of Cash Flows (USD $)
 6 Months Ended 99 Months Ended
May 31, 2013
May 31, 2012
May 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (1,032,410) $ (600,640) $ (20,328,556)
Items not requiring an outlay of cash:      
Issue of shares for services 0 0 584,500
Fair value of options and warrants (included in general and administration expenses) 99,245 213,440 6,585,016
Recovery of accounts payable 0 (215,143) (215,143)
Loss on cancellation of common stock 0 0 34,400
Amortization of plant and equipment 17,181 4,686 78,125
Amortization of debt discount 8,022 15,451 49,961
Amortization of deferred financing cost 0 10,916 35,160
Changes in non-cash working capital:      
Prepaid expenses and other receivables 1,073 (30,760) (6,127)
Deferred costs (61,230) 0 (93,730)
Accounts payable and accrued liabilities* 231,531 (205,646) 653,541
NET CASH USED IN OPERATING ACTIVITIES (736,588) (807,696) (12,622,853)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment (45,219) (5,079) (251,211)
NET CASH USED IN INVESTING ACTIVITIES (45,219) (5,079) (251,211)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net proceeds from issuance of common shares 0 0 10,468,900
Proceeds from convertible debentures 0 880,000 1,788,328
Cancellation of common stock 0 0 (50,000)
Loan from related party 96,700 0 96,700
Loan from non-related parties 531,850 0 531,850
Exercise of stock options 0 0 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 628,550 880,000 12,953,278
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD (153,257) 67,225 79,214
Cash, beginning of period 232,471 114,835 0
CASH, END OF PERIOD 79,214 182,060 79,214
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 0 $ 0 $ 0