| PRIOR PERIOD RESTATEMENT [Text Block] |
| 17. |
PRIOR PERIOD RESTATEMENT
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The financial statements as of November 30, 2015 and for the year then ended are restated to record foreign currency translations gains net of tax of $179,537
and $39,167
in fiscal years 2015 and 2014, respectively, following further analysis of convertible debt issued by the Company in Canadian dollars. Accumulated Deficit as of December 1, 2015, has been reduced by $218,704, net of income tax effect of $nil, to correct the cumulative errors for years 2015 and 2014 to include foreign currency translation gain in income statements to conform to generally accepted accounting principles. The analysis was conducted during the preparation of annual financial statements for 2016.
The effect of changes in the financial statements is summarized as follows:
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Year ended |
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Quarter ended |
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Quarter ended |
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Quarter ended |
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Year ended |
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November 30, 2014 |
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February 28, 2015 |
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May 31, 2015 |
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August 31, 2015 |
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November 30, 2015 |
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Prior to |
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Prior to |
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Prior to |
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Prior to |
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Prior to |
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Restatement |
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Restated |
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Restatement |
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Restated |
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Restatement |
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Restated |
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Restatement |
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Restated |
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Restatement |
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Restated |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Consolidated Balance Sheet:
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Deferred financing costs
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170,674
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165,230
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155,000
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137,301
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138,978
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123,770
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122,959
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103,510
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107,108
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88,970
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Total Assets
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1,557,052
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1,551,608
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1,011,348
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993,649
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3,056,766
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3,041,558
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2,545,867
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2,526,418
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2,166,418
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2,148,280
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Convertible Debentures
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1,398,592
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1,353,981
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1,398,592
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1,238,890
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1,398,592
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1,245,551
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1,398,592
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1,177,395
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1,398,592
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1,161,750
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Total Liabilities
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1,559,997
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1,515,386
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1,514,011
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1,354,309
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1,524,026
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1,370,985
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1,459,190
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1,237,993
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1,571,921
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1,335,079
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Accumulated deficit
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(24,042,769
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(24,003,602
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(24,531,262
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(24,389,259
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(25,000,244
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(24,862,410
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(25,467,782
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(25,266,031
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(26,593,207
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(26,374,503
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Consolidated Statement of operations
and Comprehensive loss:
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Foreign currency translation (gain) loss
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-
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(39,167
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(102,836
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4,169
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(63,917
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(179,537
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Total Operating Expenses
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2,670,074
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2,630,907
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433,120
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330,284
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424,010
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428,179
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414,490
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350,573
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2,354,105
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2,174,568
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Loss from Operations
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(2,654,917
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(2,615,750
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(431,436
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(328,600
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(410,657
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(414,826
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(409,213
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(345,296
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(2,319,040
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(2,139,503
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Loss before Income Taxes
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(2,722,412
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(2,683,245
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(488,493
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(385,657
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(468,982
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(473,151
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(467,538
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(403,621
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(2,550,438
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(2,370,901
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Net Loss
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(2,722,412
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(2,683,245
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(488,493
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(385,657
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(468,982
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(473,151
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(467,538
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(403,621
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(2,550,438
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(2,370,901
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Comprehensive Loss
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(2,754,118
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(2,714,951
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(499,718
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(396,882
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(464,597
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(468,766
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(469,833
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(405,916
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(2,565,471
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(2,385,934
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Loss per share - basic and diluted
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(0.06
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(0.06
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(0.01
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(0.01
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(0.01
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(0.01
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(0.01
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(0.01
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(0.05
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(0.05
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Consolidated Statement of Cash Flows
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Net Loss
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(2,722,412
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(2,683,245
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(488,493
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(385,657
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(957,475
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(858,808
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(1,425,013
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(1,262,429
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(2,550,438
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(2,370,901
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Adjustment for: Foreign currency translation (gain) loss
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(39,167
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(102,836
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(98,667
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(162,584
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(179,537
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| Net cash used in operating activities |
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(1,940,050
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(1,940,050
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(507,246
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(507,246
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(908,650
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(908,650
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(1,417,684
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(1,417,684
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(1,738,824
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(1,738,824
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