Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended 105 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period/year $ (2,024,211) $ (2,019,938) $ (21,320,357)
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) 0 929,365 6,485,771
Recovery of accounts payable 0 (215,143) (215,143)
Loss on cancellation of common stock 0 0 34,400
Depreciation 38,130 20,585 99,074
Interest on convertible debt converted to stock 79,752 0 79,752
Amortization of debt discount 537,488 23,141 579,427
Amortization of deferred financing cost 0 10,916 35,160
Gain on extinguishment of debt included in general and administration expenses (33,501) 0 (33,501)
Derivative financial instrument (349,532) 0 (349,532)
Changes in non-cash working capital:      
Accounts receivable (20,351) 0 (20,351)
Prepaid expenses and other receivables (38,172) 100,504 (45,372)
Deferred costs 32,500 (32,500) 0
Accounts payable and accrued liabilities* 45,940 (111,825) 467,950
NET CASH USED IN OPERATING ACTIVITIES (1,731,957) (1,294,895) (13,618,222)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of Plant and Equipment (45,219) (147,219) (251,211)
NET CASH USED IN INVESTING ACTIVITIES (45,219) (147,219) (251,211)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Proceeds from issuance of common stock 3,069,700 649,750 13,538,600
Proceeds from convertible debentures converted to common stock 0 910,000 1,788,328
Repayment of convertible debentures (30,000) 0 (30,000)
Proceeds from bridge loans 641,965 0 641,965
Repayment of bridge loans (294,811) 0 (294,811)
Cancellation of common stock 0 0 (50,000)
Exercise of stock options 0 0 117,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,386,854 1,559,750 15,711,582
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE YEAR 1,609,678 117,636 1,842,149
Cash and cash equivalent , beginning of Year 232,471 114,835 0
CASH AND CASH EQUIVALENT END OF YEAR 1,842,149 232,471 1,842,149
SUPPLEMENTAL INFORMATION:      
INCOME TAXES PAID 0 0 0
INTEREST PAID $ 39,545 $ 0 $ 39,545