FORM 20-F |
LiveReel Media Corporation |
(Exact name of Registrant as specified in its charter) |
Large accelerated filer | Accelerated filer | Non-accelerated filer |
US GAAP | International Financial Reporting Standards as issued by the International Accounting Standards | Board | |
Other o |
Page No. | ||
Forward-Looking Statements | 3 | |
Foreign Private Issuer Status and Currencies and Exchange Rates | 3 | |
Part I | ||
Item 1. Identity of Directors, Senior Management and Advisors | 4 | |
Item 2. Offer Statistics and Expected Timetable | 4 | |
Item 3. Key Information | 4 | |
Item 4. Information on the Company | 9 | |
Item 5. Operating and Financial Review and Prospects | 11 | |
Item 6. Directors, Senior Management and Employees | 15 | |
Item 7. Major Shareholders and Related Party Transactions | 20 | |
Item 8. Financial Information | 22 | |
Item 9. The Offer and Listing | 23 | |
Item 10. Additional Information | 24 | |
Item 11. Quantitative and Qualitative Disclosures About Market Risk | 37 | |
Item 12. Description of Securities Other Than Equity Securities | 38 | |
Part II | ||
Item 13. Defaults, Dividend Arrearages and Delinquencies | 39 | |
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds | 39 | |
Item 15. Controls and Procedures | 39 | |
Item 16. Audit Committee, Code of Ethics, and Principal Accountant's Fees, and Services | 40 | |
Part III | ||
Item 17. Financial Statements | 42 | |
Item 18. Financial Statements | 42 | |
Item 19. Exhibits | 42 | |
Signature | 44 |
- |
- |
- |
- | Fluctuations in prices of our products and services, |
- | Potential acquisitions and other business opportunities, |
- | General economic, market and business conditions, and |
- | Other risks and factors beyond our control. |
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | - | $ | - | $ | - | ||||||
Net Loss | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Net Loss per Share | (0.01 | ) | (0.00 | ) | (0.01 | ) | ||||||
Working Capital Deficit | (357,991 | ) | (232,171 | ) | (208,191 | ) | ||||||
Total Assets | 1,250 | 4,059 | 37,217 | |||||||||
Capital Stock | 7,880,660 | 7,880,660 | 7,880,660 | |||||||||
Contributed Surplus | 361,196 | 347,699 | 347,699 | |||||||||
Equity Component of Debt | - | 13,497 | 17,792 | |||||||||
Accumulated Deficit | (8,599,847 | ) | (8,474,027 | ) | (8,454,342 | ) | ||||||
Shareholders' Deficiency | (357,991 | ) | (232,171 | ) | (208,191 | ) | ||||||
Weighted Average Number of Shares Outstanding | 23,521,744 | 23,521,744 | 23,521,744 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Revenue | - | - | - | |||||||||
Net loss and comprehensive loss | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss and comprehensive loss per share | (0.005 | ) | (0.005 | ) | (0.001 | ) | ||||||
Working capital deficit | (464,359 | ) | (357,991 | ) | (232,171 | ) | ||||||
Total assets | 963 | 1,250 | 4,059 | |||||||||
Total liabilities | 465,322 | 359,241 | 236,230 | |||||||||
Capital stock | 7,880,660 | 7,880,660 | 7,880,660 | |||||||||
Contributed surplus | 361,196 | 361,196 | 347,699 | |||||||||
Equity component of debt | - | - | 13,497 | |||||||||
Accumulated deficit | (8,706,215 | ) | (8,599,847 | ) | (8,474,027 | ) | ||||||
Shareholders’ deficiency | (464,359 | ) | (357,991 | ) | (232,171 | ) | ||||||
Weighted average number of shares outstanding | 23,521,744 | 23,521,744 | 23,521,744 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Revenue | - | - | - | |||||||||
Net loss and comprehensive loss | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss and comprehensive loss per share | (0.005 | ) | (0.005 | ) | (0.001 | ) | ||||||
Total assets | 963 | 1,250 | 4,059 | |||||||||
Accumulated deficit | (8,706,215 | ) | (8,599,847 | ) | (8,474,027 | ) | ||||||
Shareholders’ deficiency | (464,359 | ) | (357,991 | ) | (232,171 | ) |
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | - | $ | - | $ | - | ||||||
Net Loss | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Comprehensive Loss | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Loss per Share | (0.01 | ) | (0.00 | ) | (0.01 | ) | ||||||
Total Assets | 1,250 | 4,059 | 37,217 | |||||||||
Accumulated Deficit | (8,599,847 | ) | (8,474,027 | ) | (8,454,342 | ) | ||||||
Shareholders' Deficiency | (357,991 | ) | (232,171 | ) | (208,191 | ) |
2015 | September | August | July | June | May | April | ||||||||||||||||||
High for period | $ | 0.7606 | $ | 0.7708 | $ | 0.7958 | $ | 0.8191 | $ | 0.8368 | $ | 0.8365 | ||||||||||||
Low for period | $ | 0.7455 | $ | 0.7517 | $ | 0.7657 | $ | 0.7968 | $ | 0.8010 | $ | 0.7929 |
2014 | September | August | July | June | May | April | |||||||||||||
High for period | $ | 0.9202 | $ | 0.9211 | $ | 0.9404 | $ | 0.9367 | $ | 0.9228 | $ | 0.9172 | |||||||
Low for period | $ | 0.8922 | $ | 0.9106 | $ | 0.9167 | $ | 0.9143 | $ | 0.9064 | $ | 0.9056 |
Year Ended June 30, | |||||
2014 | 2013 | 2012 | 2011 | 2010 | |
Average for the year | 0.9367 | 0.9735 | 0.9963 | 1.0013 | 1.0555 |
Year Ended June 30, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Average for the year | $ | 0.8466 | $ | 0.9367 | $ | 0.9735 | $ | 0.9963 | $ | 1.0013 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Revenue | - | - | - | |||||||||
Expenses | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss for year | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss per share | (0.005 | ) | (0.005 | ) | (0.001 | ) | ||||||
Year | Year | Year | ||||||||||
Ended | Ended | Ended | ||||||||||
June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | - | $ | - | $ | - | ||||||
Expenses | (125,820 | ) | (128,154 | ) | (161,139 | ) | ||||||
Debt forgiveness | - | 75,929 | - | |||||||||
Write-down of production advances | - | 32,540 | - | |||||||||
Net loss for year | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Accumulated Deficit at end of period | $ | (8,599,847 | ) | $ | (8,474,027 | ) | $ | (8,454,342 | ) |
Year | Year | Year | ||||||||||
Ended | Ended | Ended | ||||||||||
June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Consulting expenses | $ | - | $ | 40,000 | $ | 52,500 | ||||||
Professional fees | 45,981 | 33,030 | 56,395 | |||||||||
Office and general | 13,707 | 11,289 | 16,325 | |||||||||
Shareholder information | 41,615 | 18,834 | 18,652 | |||||||||
Bank charges and interest | 320 | 1,095 | 860 | |||||||||
Financing costs | 24,197 | 15,307 | - | |||||||||
Accretion on convertible notes payable | - | 8,566 | 16,095 | |||||||||
Foreign exchange loss | - | 33 | 312 | |||||||||
$ | 125,820 | $ | 128,154 | $ | 161,139 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Legal and professional fees | 89,191 | 45,981 | 73,030 | |||||||||
Shareholders information | 44,734 | 41,615 | 18,834 | |||||||||
Office and general | 12,764 | 14,027 | 12,417 | |||||||||
Financing costs | 30,424 | 24,197 | 15,307 | |||||||||
(Gain) on settlement off of related party advances | (70,745 | ) | - | - | ||||||||
Accretion of convertible notes payable | - | - | 8,566 | |||||||||
(Gain) on debt forgiveness | - | - | (75,929 | ) | ||||||||
(Gain) on write-down of production advances | - | - | (32,540 | ) | ||||||||
106,368 | 125,820 | (19,685 | ) |
Non-equity incentive plan compensation ($) | ||||||||||||||||||
Name and | Year | Salary ($) | Share-based awards ($) | Option- | Annual incentive plans | Long-term incentive plans | Pension value ($) | All other compensation ($) | Total compensation ($) | |||||||||
J. Graham Simmonds, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Chief Executive Officer, Director | 2014 | - | - | - | - | - | - | - | - | |||||||||
2013 | - | - | - | - | - | - | - | - | ||||||||||
Ashish Kapoor, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Chief Financial Officer, Director | 2014 | - | - | - | - | - | - | - | - | |||||||||
2013 | - | - | - | - | - | - | - | - | ||||||||||
Henry J. Kloepper, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Director | 2014 | - | - | - | - | - | - | - | - | |||||||||
2013 | - | - | - | - | - | - | - | - | ||||||||||
Michael Wekerle, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Former Chief Executive Officer | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
2013 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
Henry Kneis, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Former Chief Financial Officer | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
2013 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
Thomas Astle, | 2015 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
Former Director | 2014 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
2013 | - | - | - | - | - | - | - | - | ||||||||||
Paul Sparkes, | - | - | - | - | - | - | - | - | ||||||||||
Former Director | 2014 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||||
2013 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
Jeff Kehoe, | 2015 | - | - | - | - | - | - | - | - | |||||||||
Former | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||
2013 | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
reviewing the quarterly and annual consolidated financial statements and management discussion and analyses; |
meeting at least annually with our external auditor; |
reviewing the adequacy of the system of internal controls in consultation with the chief executive and financial officer; |
reviewing any relevant accounting and financial matters including reviewing our public disclosure of information extracted or derived from our financial statements; |
establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal controls or auditing matters and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters; |
pre-approving all non-audit services and recommending the appointment of external auditors; and |
reviewing and approving our hiring policies regarding personnel of our present and former external auditor |
1. | 2006 Stock Option Plan, as amended on July 22, 2008, which provides for the issuance of up to 4,000,000 options. |
2. | 2006 Consultant Stock Compensation Plan, which provides for the issuance of up to 1,000,000 shares. |
Option-Based Awards | Share-Based Awards | |||||||||||||
Name | Number of Shares Held | Number of securities underlying unexercised options (#) | Option exercised price ($) | Option expiration date | Value of unexercised in-the-money options ($) | Number of shares or units of shares that have not vested (#) | Market or payout value of share based awards that have not vested ($) | |||||||
J. Graham Simmonds, | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||
Chief Executive Officer, Director | ||||||||||||||
Ashish Kapoor, | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||
Chief Financial Officer, Director | ||||||||||||||
Henry | Nil | Nil | Nil | Nil | Nil | Nil | Nil | |||||||
Director |
(1) |
(2) | Includes 5,895,046 common shares owned by GraySim Family Trust and 1,858,334 common shares owned by Woodham Group Inc. |
(3) | Includes 5,895,046 common shares owned by 2364201 Ontario Corp. |
Name of Shareholder | No. of Shares Held | % of Issued Shares | ||||||
GraySim Family Trust | 5,895,046 | 25.1 | % | |||||
2364201 Ontario Corp. | 5,895,046 | 25.1 | % | |||||
Baymount Incorporated | 4,108,982 | 17.5 | % | |||||
Woodham Group Inc. | 1,858,334 | 7.9 | % | |||||
Blue Thunder Holdings Corp. | 1,858,334 | 7.9 | % |
Name of shareholder | No. of shares held | % of issued shares |
Difference Capital Financial Inc. | 20,648,150 | 87.8% |
1. | During the year ended June 30, 2015, the Company received $106,409 (2014 - $89,159) in advances from Difference, its former shareholder, for working capital purposes. |
2. | During the year ended June 30, 2015, Difference forgave $70,745 of the above advances and the remaining $124,822 due to Difference from advances was settled with Notes Payable. |
3. | During the year ended June 30, 2015, the Company accrued interest of $30,424 (2014 - $24,197) on loans due to related parties. |
4. | During the year ended June 30, 2015, the Company expensed $11,500 (2014 - nil) in fees payable to a related entity for accounting and consulting services. |
5. | During the year ended June 30, 2015, the Company received $15,000 (2014 – nil) in advances from related entities, for working capital purposes. |
1. | On |
2. | On March 10, 2015, the loans payable of $200,000 and accrued interest of $49,825 and other related party advances in the amount of $124,822 owing to Difference, were fully settled with the issuance of $374,647 in related party Notes Payable to new entities related to the Company at the time of the transaction. The Notes Payable are unsecured, accrue interest at 12% per annum and are due on demand. |
Fiscal year ended June 30 | High in US $ | Low in US$ | |||||
2014 | 0.14 | 0.04 | |||||
2013 | 0.19 | 0.04 | |||||
2012 | 0.08 | 0.02 | |||||
2011 | 0.02 | 0.01 | |||||
2010 | 0.02 | 0.01 | |||||
2009 | 0.08 | 0.01 | |||||
2008 | 0.06 | 0.02 | |||||
2007 | 1.70 | 0.06 | |||||
2006 | 2.15 | 0.61 | |||||
2005 (April 28, 2005 to June 30, 2005) | 0.65 | 0.54 |
Fiscal year ended June 30 | High in US $ | Low in US$ | ||||||
2015 | 0.07 | 0.004 | ||||||
2014 | 0.14 | 0.04 | ||||||
2013 | 0.19 | 0.04 | ||||||
2012 | 0.08 | 0.02 | ||||||
2011 | 0.02 | 0.01 | ||||||
2010 | 0.02 | 0.01 | ||||||
2009 | 0.08 | 0.01 | ||||||
2008 | 0.06 | 0.02 | ||||||
2007 | 1.70 | 0.06 | ||||||
2006 | 2.15 | 0.61 | ||||||
2005 (April 28, 2005 to June 30, 2005) | 0.65 | 0.54 |
Fiscal Quarter ended | High in US $ | Low in US$ | High in US $ | Low in US$ | |||||||||||
September 30, 2015 | 0.01 | 0.003 | |||||||||||||
June 30, 2015 | 0.01 | 0.004 | |||||||||||||
March 31, 2015 | 0.05 | 0.004 | |||||||||||||
December 31, 2014 | 0.07 | 0.05 | |||||||||||||
September 30, 2014 | 0.07 | 0.07 | 0.07 | 0.07 | |||||||||||
June 30, 2014 | 0.07 | 0.05 | 0.07 | 0.05 | |||||||||||
March 31, 2014 | 0.05 | 0.04 | 0.05 | 0.04 | |||||||||||
December 31, 2013 | 0.14 | 0.04 | 0.14 | 0.04 | |||||||||||
September 30, 2013 | 0.19 | 0.14 | 0.19 | 0.14 | |||||||||||
June 30, 2013 | 0.19 | 0.04 | 0.19 | 0.04 | |||||||||||
March 31, 2013 | 0.05 | 0.04 | 0.05 | 0.04 | |||||||||||
December 31, 2012 | 0.06 | 0.05 | 0.06 | 0.05 | |||||||||||
September 30, 2012 | 0.18 | 0.08 | 0.18 | 0.08 | |||||||||||
June 30, 2012 | 0.08 | 0.062 | 0.08 | 0.062 | |||||||||||
March 31, 2012 | 0.06 | 0.06 | 0.06 | 0.06 | |||||||||||
December 31, 2011 | 0.08 | 0.02 | 0.08 | 0.02 | |||||||||||
September 30, 2011 | 0.18 | 0.11 | 0.18 | 0.11 | |||||||||||
June 30, 2011 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||
March 31, 2011 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||
December 31, 2010 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||
September 30, 2010 | 0.0275 | 0.01 | 0.0275 | 0.01 | |||||||||||
June 30, 2010 | 0.006 | 0.006 | 0.006 | 0.006 | |||||||||||
March 31, 2010 | 0.015 | 0.006 | 0.015 | 0.006 | |||||||||||
December 31, 2009 | 0.08 | 0.08 | 0.08 | 0.08 | |||||||||||
September 30, 2009 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||
June 30, 2009 | .015 | 0.015 | 0.015 | 0.015 | |||||||||||
March 31, 2009 | 0.08 | 0.012 | 0.08 | 0.012 | |||||||||||
December 31, 2008 | 0.08 | 0.012 | 0.08 | 0.012 | |||||||||||
September 30, 2008 | 0.02 | 0.01 | 0.02 | 0.01 | |||||||||||
June 30, 2008 | 0.03 | 0.02 | 0.03 | 0.02 | |||||||||||
March 31, 2008 | 0.04 | 0.03 | 0.04 | 0.03 | |||||||||||
December 31, 2007 | 0.06 | 0.04 | 0.06 | 0.04 | |||||||||||
September 30, 2007 | 0.06 | 0.06 | 0.06 | 0.06 | |||||||||||
June 30, 2007 | 0.11 | 0.10 | 0.11 | 0.10 | |||||||||||
March 31, 2007 | 0.15 | 0.10 | 0.15 | 0.10 | |||||||||||
December 31, 2006 | 0.50 | 0.12 | 0.50 | 0.12 | |||||||||||
September 30, 2006 | 1.70 | 0.30 | 1.70 | 0.30 | |||||||||||
June 30, 2006 | 0.85 | 2.15 | 0.85 | 2.15 | |||||||||||
March 31, 2006 | 1.20 | 0.20 | 1.20 | 0.20 | |||||||||||
December 31, 2005 | 0.65 | 0.35 | 0.65 | 0.35 | |||||||||||
September 30, 2005 | 0.61 | 0.56 | 0.61 | 0.56 |
Month | High in US $ | Low in US $ | |||
September 2014 | 0.07 | 0.07 | |||
August 2014 | 0.07 | 0.07 | |||
July 2014 | 0.07 | 0.07 | |||
June 2014 | 0.07 | 0.05 | |||
May 2014 | 0.05 | 0.05 | |||
April 2014 | 0.05 | 0.05 |
Month | High in US $ | Low in US $ | ||||||
September 2015 | 0.010 | 0.003 | ||||||
August 2015 | 0.003 | 0.003 | ||||||
July 2015 | 0.004 | 0.003 | ||||||
June 2015 | 0.010 | 0.004 | ||||||
May 2015 | 0.008 | 0.007 | ||||||
April 2015 | 0.008 | 0.004 |
(a) | acquisition of common shares by a person in the ordinary course of a person’s business as a trader or dealer in securities; |
(b) | acquisition of control of a Canadian corporation in connection with the realization of security granted for a loan or other financial assistance and not for any purpose related to the provisions of the ICA; and |
(c) | acquisition of control of a Canadian corporation by reason of an amalgamation, merger, consolidation or corporate reorganization following which the ultimate direct or indirect control in fact of the corporation, through the ownership of voting interests, remains unchanged. |
(a) | the value of the shares is derived principally from “real property” in Canada, including the right to explore for or exploit natural resources and rights to amounts computed by reference to production, |
(b) | the shareholder was resident in Canada for 120 months during any period of 20 consecutive years preceding the disposition, was resident in Canada at any time during the 10 years immediately preceding the disposition and the shares were owned by him when he ceased to be resident in Canada, or |
(c) | the shares formed part of the business property of a “permanent establishment” or pertained to a fixed base used for the purpose of performing independent personal services that the shareholder has or had in Canada within the 12 months preceding the disposition. |
June 30, 2014 | June 30, 2013 | June 30, 2015 | June 30, 2014 | |||||||||||||
Audit Fees | 13,000 | 15,000 | 12,995 | 14,690 | ||||||||||||
Audit Related Fees | - | - | - | - | ||||||||||||
Tax Fees | - | - | 1,130 | 5,085 | ||||||||||||
All Other Fees | - | - | - | - |
Description of Document | Page No. | |
Cover Sheet | F-1 | |
Index | F-2 | |
F-3 - F-4 | ||
Consolidated Statements of Financial Position as at June 30, | F-5 | |
Consolidated Statements of Operations and Comprehensive Loss for the | ||
F-6 | ||
Consolidated Statements of Changes in Equity for the | F-7 | |
Consolidated Statements of Cash Flows for the Years Ended June 30, 2015 and 2014 | F-8 | |
Notes to the Consolidated Financial Statements | F-9-F-18 |
1.1 | Application for Authorization to continue in another jurisdiction dated October 20, 2006.- Incorporated herein by reference to Exhibit 1.1 to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. | |
1.2 | Articles of Incorporation of the Company - Incorporated herein by reference to Exhibit 1.1 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.3 | By-Laws of the Company - Incorporated herein by reference to Exhibit 1.3 to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. | |
1.4 | Certificate of name change from Minedel Mining & Development Company Limited to Minedel Mines Limited - Incorporated herein by reference to Exhibit 1.3 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.5 | Certificate of name change from Minedel Mines Limited to Havelock Energy & Resources Inc. - Incorporated herein by reference to Exhibit 1.4 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.6 | Certificate of name change from Havelock energy & Resources Inc. to Municipal Ticket Corporation - Incorporated herein by reference to Exhibit 1.5 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.7 | Certificate of name change from Municipal Ticket Corporation to I.D. Investment Inc. - Incorporated herein by reference to Exhibit 1.6 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.8 | Certificate of Amalgamation. to Biolink Corporation - Incorporated herein by reference to Exhibit 1.7 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.9 | Certificate of name change from Biolink Corp. to First Empire Entertainment.com Inc. - Incorporated herein by reference to Exhibit 1.8 to the Company’s Registration Statement on Form 20-F filed on March 12, 2004. | |
1.10 | Certificate of name change from First Empire Entertainment.com Inc. to First Empire Corporation Inc. - Incorporated herein by reference to Exhibit 19 to the Company’s Annual Report on Form 20-F filed on March 12, 2004. |
1.11 | Certificate of name change from First Empire Corporation Inc. to Noble House Entertainment Inc. dated November 4, 2004 - Incorporated herein by reference to Exhibit 1.10 to the Company’s Annual Report on Form 20-F filed on December 1, 2005. | |
1.12 | Articles of Amendment dated November 19, 2004 consolidating the common shares of the Company on the basis of one new common share in exchange for every two old common shares - Incorporated herein by reference to Exhibit 1.11 to the Company’s Annual Report on Form 20-F filed on December 1, 2005. | |
1.13 | Certificate of name change from First Empire Music Corp. to Noble house Film & Television Inc. dated January 21, 2005 - Incorporated herein by reference to Exhibit 1.12 to the Company’s Annual Report on Form 20-F filed on December 1, 2005. | |
1.14 | Certificate of name change from Noble House Film & Television Inc. to LiveReel Productions Corporation dated August 10, 2006 - Incorporated herein by reference to Exhibit 1.14 to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. | |
1.15 | Certificate of name change from Noble House Entertainment Inc. to LiveReel Media Corporation dated October 12, 2006 - Incorporated herein by reference to Exhibit 1.15 to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. | |
2.(a) | Specimen Common Share certificate - Incorporated herein by reference to Exhibit 2(a) to the Company’s Annual Report on Form 20-F filed on December 1, 2005. | |
2.(b)(i) | Unsecured loan agreement with Mad Hatter Investments Inc. dated July 21, 2011 - Incorporated herein by reference to Exhibit 2(b)(i) to the Company’s Registration Statement on Form 20-F filed on November 25, 2011. | |
2.(b)(ii) | Unsecured loan agreement with 1057111 Ontario Limited dated July 21, 2011 - Incorporated herein by reference to Exhibit 2(b)(ii) to the Company’s Registration Statement on Form 20-F filed on November 25, 2011. | |
2.(b)(iii) | Secured loan agreement with Enthrive Inc. dated | |
2.(b)(iv) | Unsecured loan agreement with Billidan Family Trust dated September 17, | |
2.(b)(v) | Unsecured loan agreement with Difference Capital Funding Inc. (now Difference Capital Financing Inc.) dated December 19, 2012 - Incorporated herein by reference | |
2.(b)(vi) | Unsecured loan agreement with Difference Capital Funding Inc. (now Difference Capital Financing Inc.) dated March 22, 2013 - Incorporated herein by reference | |
2.(b)(vii) | Loan amending agreement with Difference Capital Financing Inc. dated May 29, 2014 with respect to the unsecured loan entered into on December 19, | |
2.(b)(viii) | Loan amending agreement with Difference Capital Financing Inc. dated May 29, 2014 with respect to the unsecured loan entered into on March 22, | |
Unsecured note payable with Baymount Incorporated dated March 10, 2015. | ||
Unsecured note payable with SimKap Advisory Corp. dated March 10, 2015. | ||
4.(b) | Offer to Purchase dated November 30, 2004 regarding acquisition of film properties from Noble House Production Inc. - Incorporated herein by reference to Exhibit 1.12 to the Company’s Annual Report on Form 20-F filed on December 1, 2005. | |
4.(c) | 2006 Consultant Stock Compensation Plan and 2006 Stock Option Plan - Incorporated | |
Code of Ethics. | ||
The certifications required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)). | ||
The Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
14(a)(i) | Corporate Governance Charter - Incorporated herein by reference to Exhibit 14 (a)(i) to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. | |
Audit Committee Charter - Incorporated herein by reference to Exhibit 14 (a)(ii) to the Company’s Registration Statement on Form 20-F filed on December 26, 2006. |
Page | ||||
Independent | ||||
3-4 | ||||
Consolidated Statements of Financial Position | ||||
5 | ||||
Consolidated Statements of Operations and Comprehensive Loss | ||||
6 | ||||
Consolidated Statements of Changes in Equity | 7 | |||
Consolidated Statements of Cash Flows | 8 | |||
Notes to the Consolidated Financial Statements | 9 - 18 |
Schwartz Levitsky Feldman llp CHARTERED ACCOUNTANTS LICENSED PUBLIC ACCOUNTANTS TORONTO · MONTREAL | |
2300 Yonge Street, Suite 1500, Box 2434 Toronto, Ontario M4P 1E4 Tel: 416 785 5353 Fax: 416 785 5663 | |
Schwartz Levitsky Feldman llp CHARTERED ACCOUNTANTS LICENSED PUBLIC ACCOUNTANTS TORONTO · MONTREAL | |
Toronto, Ontario | Chartered Accountants |
October | Licensed Public Accountants |
2300 Yonge Street, Suite 1500, Box 2434 Toronto, Ontario M4P 1E4 Tel: 416 785 5353 Fax: 416 785 5663 | |
June 30, 2015 | June 30, 2014 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | - | $ | 1,250 | ||||
HST receivable | 963 | - | ||||||
Total assets | $ | 963 | $ | 1,250 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities (note 6) | $ | 54,343 | $ | 36,696 | ||||
Due to related parties (note 7) | 36,332 | 89,159 | ||||||
Short-term loans payable (note 8) | - | 233,386 | ||||||
Related party notes payable (note 9) | 374,647 | - | ||||||
Total liabilities | 465,322 | 359,241 | ||||||
Going concern (note 1) | ||||||||
Related party transactions (note 11) | ||||||||
Income taxes (note 12) | ||||||||
SHAREHOLDERS’ DEFICIENCY | ||||||||
Capital stock (note 10) | 7,880,660 | 7,880,660 | ||||||
Contributed surplus | 361,196 | 361,196 | ||||||
Accumulated deficit | (8,706,215 | ) | (8,599,847 | ) | ||||
Total shareholders’ deficiency | (464,359 | ) | (357,991 | ) | ||||
Total liabilities and shareholders’ deficiency | $ | 963 | $ | 1,250 |
As at | Note | June 30, 2014 | June 30, 2013 | |||||||||
Assets | ||||||||||||
Current Assets | ||||||||||||
Cash | $ | 1,250 | $ | 20 | ||||||||
Other assets | - | 4,039 | ||||||||||
Total Assets | 1,250 | 4,059 | ||||||||||
Liabilities | ||||||||||||
Current Liabilities | ||||||||||||
Accounts payable and accrued liabilities | 6 | $ | 36,696 | $ | 27,041 | |||||||
Due to related party | 10 | 89,159 | - | |||||||||
Short-term loans payable | 7 | 233,386 | 209,189 | |||||||||
Total Liabilities | 359,241 | 236,230 | ||||||||||
Shareholders’ Deficiency | ||||||||||||
Capital stock | 8 | 7,880,660 | 7,880,660 | |||||||||
Contributed surplus | 361,196 | 347,699 | ||||||||||
Equity component of debt | - | 13,497 | ||||||||||
Accumulated deficit | (8,599,847 | ) | (8,474,027 | ) | ||||||||
Total Shareholders’ Deficiency | (357,991 | ) | (232,171 | ) | ||||||||
Total Liabilities and Shareholders’ Deficiency | $ | 1,250 | $ | 4,059 | ||||||||
Going Concern (Note 1) | ||||||||||||
Related Party Transactions (Note 10) |
Approved on behalf of the Board: | |||
“Henry J. Kloepper”, Director | “J. Graham Simmonds”, Director | ||
(signed) | (signed) |
2015 | 2014 | |||||||
Revenue | $ | - | $ | - | ||||
Expenses | ||||||||
Legal and professional fees | 89,191 | 42,206 | ||||||
Shareholders information | 44,734 | 41,615 | ||||||
Office and general | 12,764 | 17,802 | ||||||
Financing costs | 30,424 | 24,197 | ||||||
Gain on settlement of related party advances (note 11b) | (70,745 | ) | - | |||||
Net loss and comprehensive loss | $ | 106,368 | $ | 125,820 | ||||
Net loss per share – basic and diluted | $ | (0.005 | ) | $ | (0.005 | ) | ||
Weighted average number of shares outstanding | 23,521,744 | 23,521,744 |
For the years ended | Note | June 30, 2014 | June 30, 2013 | |||||||||
Revenue | $ | - | $ | - | ||||||||
Expenses | ||||||||||||
Consulting | 10 | - | 40,000 | |||||||||
Professional fees | 10 | 45,981 | 33,030 | |||||||||
Shareholders information | 41,615 | 18,834 | ||||||||||
Office and general | 13,707 | 11,289 | ||||||||||
Financing costs | 10 | 24,197 | 15,307 | |||||||||
Accretion on convertible notes payable | - | 8,566 | ||||||||||
Bank charges | 320 | 1,095 | ||||||||||
Foreign exchange loss | - | 33 | ||||||||||
125,820 | 128,154 | |||||||||||
Other income | ||||||||||||
Debt forgiveness | - | (75,929 | ) | |||||||||
Write-down of production advances | - | (32,540 | ) | |||||||||
- | (108,469 | ) | ||||||||||
Net loss and comprehensive loss | $ | (125,820 | ) | $ | (19,685 | ) | ||||||
Net loss per share – basic and diluted | 9 | $ | (0.01 | ) | $ | (0.00 | ) | |||||
Weighted average number of shares outstanding | 23,521,744 | 23,521,744 |
For the years ended | Note | June 30, 2014 | June 30, 2013 | ||||||
Cash flows from operating activities | |||||||||
Net loss for the year | $ | (125,820 | ) | $ | (19,685 | ) | |||
Adjustment for non-cash items: | |||||||||
Accrued interest | 24,197 | 9,189 | |||||||
Accretion on convertible notes payable | 8,566 | ||||||||
Forgiveness of debt | (75,929 | ) | |||||||
Write-down of production advances | (32,540 | ) | |||||||
Changes in working capital items: | |||||||||
Other assets | 4,039 | 19,407 | |||||||
Accounts payable and accrued liabilities | 9,655 | (11,595 | ) | ||||||
(87,929 | ) | (102,587 | ) | ||||||
Cash flows from financing activities | |||||||||
Due to related party | 89,159 | - | |||||||
Proceeds from short-term loans | - | 225,000 | |||||||
Repayment of short-term loans | - | (25,000 | ) | ||||||
Repayment of notes payable | - | (111,164 | ) | ||||||
89,159 | 88,836 | ||||||||
Increase (decrease) in cash | 1,230 | (13,751 | ) | ||||||
Cash, beginning of year | 20 | 13,771 | |||||||
Cash, end of year | $ | 1,250 | $ | 20 |
Number of Shares | Share Capital | Contributed Surplus | Equity Component of Debt | Accumulated Deficit | Shareholders’ Deficiency | |||||||||||||||||||
Balance, July 1, 2013 | 23,521,744 | $ | 7,880,660 | $ | 347,699 | $ | 13,497 | $ | (8,474,027 | ) | $ | (232,171 | ) | |||||||||||
Change in equity component of debt | - | - | 13,497 | (13,497 | ) | - | - | |||||||||||||||||
Net loss for the year | - | - | - | - | (125,820 | ) | (125,820 | ) | ||||||||||||||||
Balance, June 30, 2014 | 23,521,744 | $ | 7,880,660 | $ | 361,196 | $ | - | $ | (8,599,847 | ) | $ | (357,991 | ) | |||||||||||
Net loss for the year | - | - | - | - | (106,368 | ) | (106,368 | ) | ||||||||||||||||
Balance, June 30, 2015 | 23,521,744 | $ | 7,880,660 | $ | 361,196 | $ | - | $ | (8,706,215 | ) | $ | (464,359 | ) |
Number of Shares | Share Capital | Contributed Surplus | Equity Component of Debt | Accumulated Deficit | Shareholders’ Equity (Deficit) | |||||||||||||||||||
Balance, July 1, 2012 | 23,521,744 | $ | 7,880,660 | $ | 347,699 | $ | 17,792 | $ | (8,454,342 | ) | $ | (208,191 | ) | |||||||||||
Change in equity component of debt | - | - | - | (4,295 | ) | - | (4,295 | ) | ||||||||||||||||
Net loss for the year | - | - | - | - | (19,685 | ) | (19,685 | ) | ||||||||||||||||
Balance, June 30, 2013 | 23,521,744 | $ | 7,880,660 | $ | 347,699 | $ | 13,497 | $ | (8,474,027 | ) | $ | (232,171 | ) | |||||||||||
Change in equity component of debt | - | - | 13,497 | (13,497 | ) | - | - | |||||||||||||||||
Net loss for the year | - | - | - | - | (125,820 | ) | (125,820 | ) | ||||||||||||||||
Balance, June 30, 2014 | 23,521,744 | $ | 7,880,660 | $ | 361,196 | $ | - | $ | (8,599,847 | ) | $ | (357,991 | ) |
2015 | 2014 | |||||||
OPERATING ACTIVITIES | ||||||||
Net loss for the year | $ | (106,368 | ) | $ | (125,820 | ) | ||
Adjustment for non-cash items: | ||||||||
Accrued interest | 30,424 | 24,197 | ||||||
Gain on settlement of related party advances (note 11b) | (70,745 | ) | - | |||||
Changes in working capital items: | ||||||||
HST receivable | (963 | ) | - | |||||
Other assets | - | 4,039 | ||||||
Accounts payable and accrued liabilities | 17,647 | 9,655 | ||||||
Due to related parties | 7,346 | - | ||||||
Cash used in operating activities | (122,659 | ) | (87,929 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Advances from related parties | 121,409 | 89,159 | ||||||
Proceeds from financing activities | 121,409 | 89,159 | ||||||
Increase (decrease) in cash during the period | (1,250 | ) | 1,230 | |||||
Cash, beginning of period | 1,250 | 20 | ||||||
Cash, end of period | $ | - | $ | 1,250 | ||||
Supplemental Information: | ||||||||
Cash paid for income taxes | $ | - | $ | - | ||||
Cash paid for interest | $ | - | $ | - | ||||
Non cash activities: | ||||||||
Issuance of related party notes payable | $ | 374,647 | $ | - | ||||
Settlement of short term loans payable | $ | 233,386 | - |
1. | NATURE OF OPERATIONS AND GOING CONCERN |
(a) | Statement of Compliance |
(b) | Basis of Presentation |
(c) | Functional and Presentation Currency |
(d) | Use of Estimates and Judgements |
3. | SIGNIFICANT ACCOUNTING POLICIES |
Financial asset: | Classification: |
Cash | FVTPL |
HST receivable | Loans and receivables |
Financial | Classification: | |
Other financial liabilities | ||
Due to related | Other financial liabilities | |
Short-term loans payable | Other financial liabilities | |
Related party notes payable | Other financial liabilities |
Income taxes |
June 30, 2014 | June 30, 2013 | |||||||
Financial assets: | ||||||||
FVTPL | ||||||||
Cash | $ | 1,250 | $ | 20 | ||||
Other assets | - | 4,039 | ||||||
Total | $ | 1,250 | $ | 4,059 | ||||
Financial liabilities: | ||||||||
Other financial liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 36,696 | $ | 27,041 | ||||
Due to related party | 89,159 | - | ||||||
Short-term loans payable | 233,386 | 209,189 | ||||||
Total | $ | 359,241 | $ | 236,230 |
June 30, 2015 | June 30, 2014 | |||||||
Accounts payable | $ | 5,848 | $ | 1,696 | ||||
Accrued liabilities | 48,495 | 35,000 | ||||||
Total | $ | 54,343 | $ | 36,696 |
June 30, 2015 | June 30, 2014 | |||||||
Advances from related parties | $ | - | $ | 89,159 | ||||
Amounts owing to entities related by virtue of common officers | 22,346 | - | ||||||
Interest accrued on related party notes payable | 13,986 | - | ||||||
$ | 36,332 | $ | 89,159 |
June 30, 2014 | June 30, 2013 | |||||||
Accounts payable | $ | - | $ | 10,091 | ||||
Accrued liabilities | 36,696 | 16,950 | ||||||
Total | $ | 36,696 | $ | 27,041 |
9. | RELATED PARTY NOTES PAYABLE |
a) | Authorized: Unlimited number of common shares |
b) | Issued: |
June 30, 2015 | June 30, 2014 | |||||||||||||||
Common Shares | Amount | Common Shares | Amount | |||||||||||||
Beginning of year | 23,521,744 | $ | 7,880,660 | 23,521,744 | $ | 7,880,660 | ||||||||||
Issued | - | - | - | - | ||||||||||||
End of year | 23,521,744 | $ | 7,880,660 | 23,521,744 | $ | 7,880,660 |
a) | During the year ended June 30, 2015, the Company received $106,409 (2014 - $89,159) in advances from Difference, its former shareholder, for working capital purposes. |
b) | During the year ended June 30, 2015, Difference forgave $70,745 of the above advances and the remaining $124,822 due to Difference from advances was settled with Notes Payable, see note 9. |
c) | During the year ended June 30, 2015, the Company accrued interest of $30,424 (2014 - $24,197) on loans due to related parties, see notes 8 and 9. |
d) | During the year ended June 30, 2015, the Company expensed $11,500 (2014 - nil) in fees payable to a related entity for accounting and consulting services, $5,000 of this amount has been included in accrued liabilities. |
e) | During the year ended June 30, 2015, the Company received $15,000 (2014 – nil) in advances from related entities, for working capital purposes. |
June 30, 2015 | June 30, 2014 | |||||||
Combined Canadian statutory income tax rates | 26.50 | % | 26.50 | % | ||||
Income tax recovery at statutory income tax rates | $ | (28,134 | ) | $ | (33,342 | ) | ||
Increase (decrease) in taxes resulting from: | ||||||||
Temporary difference | - | (1,265 | ) | |||||
Forgiveness of debt | (18,750 | ) | - | |||||
Benefit of tax losses not recognized | 46,884 | 34,607 | ||||||
Provision for income taxes | $ | - | $ | - |
June 30, 2015 | June 30, 2014 | |||||||
Amounts related to tax loss carry forwards | $ | 977,564 | $ | 989,510 | ||||
Share issuance costs | - | 2,531 | ||||||
Deferred tax assets not recognized | (977,564 | ) | (992,041 | ) | ||||
$ | - | $ | - |
2016 | 377,000 | |||
2027 | 536,000 | |||
2028 | 868,000 | |||
2029 | 911,000 | |||
2030 | 260,000 | |||
2031 | 251,000 | |||
2032 | 153,000 | |||
2033 | 25,000 | |||
2034 | 131,000 | |||
2035 | 177,000 | |||
$ | 3,689,000 |
Overview | 3 | |
Summary of Results | 3 | |
Number of Common Shares | 5 | |
Business Environment | 5 | |
Risk Factors | 5 | |
Forward Looking Statements | 7 | |
Business Plan and Strategy | 8 | |
Results of Operations | 9 | |
Liquidity and Capital Resources | 11 | |
Working Capital | 11 | |
Key Contractual Obligations | 11 | |
Off Balance Sheet Arrangements | 11 | |
Transactions with Related Parties | 12 | |
Financial and Derivative Instruments | 12 | |
Critical Accounting Estimates | 12 | |
Evaluation of Disclosure Controls and Procedures | 13 | |
Outlook | 13 | |
Current Outlook | 13 | |
Public Securities Filings | 13 |
June 30, 2014 | June 30, 2013 | ||||||||||||||||
Common | Common | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Beginning of year | 23,521,744 | $ | 7,880,660 | 23,521,744 | $ | 7,880,660 | |||||||||||
End of year | 23,521,744 | $ | 7,880,660 | 23,521,744 | $ | 7,880,660 |
June 30, 2014 | June 30, 2013 | |||||||
Canadian statutory income tax rates | 26.50% | 26.50% | ||||||
Income tax recovery at statutory income tax rates | $ | (33,342 | ) | $ | (5,217 | ) | ||
Increase (decrease) in taxes resulting from: | ||||||||
Temporary difference | (1,265 | ) | (1,265 | ) | ||||
Other permanent differences | - | (28,735 | ) | |||||
Benefit of tax losses not recognized | 34,607 | 35,217 | ||||||
Provision for income taxes | $ | - | $ | - |
June 30, 2014 | June 30, 2013 | |||||||
Amounts related to tax loss carry forwards | $ | 989,510 | $ | 954,795 | ||||
Share issuance costs | 2,531 | 3,796 | ||||||
Deferred tax assets not recognized | (922,041 | ) | (958,591 | ) | ||||
$ | - | $ | - |
2015 | 151,000 | |||||
2016 | 448,000 | |||||
2027 | 536,000 | |||||
2028 | 868,000 | |||||
2029 | 911,000 | |||||
2030 | 260,000 | |||||
2031 | 251,000 | |||||
2032 | 153,000 | |||||
2033 | 25,000 | |||||
2034 | 131,000 | |||||
$ | 3,734,000 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Revenue | - | - | - | |||||||||
Net loss for year | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss per share | (0.005 | ) | (0.005 | ) | (0.001 | ) | ||||||
Working capital deficit | (464,359 | ) | (357,991 | ) | (232,171 | ) | ||||||
Total assets | 963 | 1,250 | 4,059 | |||||||||
Total liabilities | 465,322 | 359,241 | 236,230 | |||||||||
Capital stock | 7,880,660 | 7,880,660 | 7,880,660 | |||||||||
Contributed surplus | 361,196 | 361,196 | 347,699 | |||||||||
Equity component of debt | - | - | 13,497 | |||||||||
Accumulated deficit | (8,706,215 | ) | (8,599,847 | ) | (8,474,027 | ) | ||||||
Shareholders’ deficiency | (464,359 | ) | (357,991 | ) | (232,171 | ) |
Selected consolidated data | ||||||||||||
Year ended June 30 ($) | 2014 | 2013 | 2012 | |||||||||
Revenue | - | - | - | |||||||||
Net loss for year | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Loss per share | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | |||
Working capital deficit | (357,991 | ) | (232,171 | ) | (208,191 | ) | ||||||
Total assets | 1,250 | 4,059 | 37,217 | |||||||||
Capital stock | 7,880,660 | 7,880,660 | 7,880,660 | |||||||||
Contributed surplus | 361,196 | 347,699 | 347,699 | |||||||||
Equity component of debt | - | 13,497 | 17,792 | |||||||||
Accumulated deficit | (8,599,847 | ) | (8,474,027 | ) | (8,454,342 | ) | ||||||
Shareholders' deficiency | (357,991 | ) | (232,171 | ) | (208,191 | ) |
Quarter Ended | June 30, | Mar 31, | Dec 31, | Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||||||||||
Fiscal Year | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 | 2013 | 2013 | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Revenue | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Earnings (Loss) from continuing operations | (36,056 | ) | (15,210 | ) | (22,610 | ) | (32,492 | ) | (25,659 | ) | (25,606 | ) | (28,492 | ) | (46,063 | ) | ||||||||||||||||
Net loss per share – basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Quarters ended | June 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | June 30, 2013 | March 31, 2013 | Dec. 31, 2012 | Sept. 30, 2012 | ||||||||
Total Revenue | - | - | - | - | - | - | - | - | ||||||||
Earnings (Loss) from continuing operations | (25,659) | (25,606) | (28,492) | (46,063) | 6,466 | 52,170 | (56,073) | (22,248) | ||||||||
Net loss per share - basic and diluted | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
our lack of substantial operating history; |
the impact of competition; and |
the enforceability of legal |
Year | Year | Year | ||||||||||
Ended | Ended | Ended | ||||||||||
June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | - | $ | - | $ | - | ||||||
Expenses | (125,820 | ) | (128,154 | ) | (161,139 | ) | ||||||
Debt forgiveness | - | 75,929 | - | |||||||||
Write-down of production advances | - | 32,540 | - | |||||||||
Net loss for the year | (125,820 | ) | (19,685 | ) | (161,139 | ) | ||||||
Accumulated deficit | $ | (8,599,847 | ) | $ | (8,474,027 | ) | $ | (8,454,342 | ) |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Revenue | - | - | - | |||||||||
Expenses | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss for year | (106,368 | ) | (125,820 | ) | (19,685 | ) | ||||||
Net loss per share | (0.005 | ) | (0.005 | ) | (0.001 | ) |
Year | Year | Year | ||||||||||
Ended | Ended | Ended | ||||||||||
June 30, | June 30, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Consulting expenses | $ | - | $ | 40,000 | $ | 52,500 | ||||||
Professional fees | 45,981 | 33,030 | 56,395 | |||||||||
Shareholders information | 41,615 | 18,834 | 18,652 | |||||||||
Office and general | 13,707 | 11,289 | 16,325 | |||||||||
Financing costs | 24,197 | 15,307 | - | |||||||||
Accretion on convertible notes payable | - | 8,566 | 16,095 | |||||||||
Bank charges and interest | 320 | 1,095 | 860 | |||||||||
Foreign exchange loss | - | 33 | 312 | |||||||||
$ | 125,820 | $ | 128,154 | $ | 161,139 |
For the Years Ending June 30, | 2015 | 2014 | 2013 | |||||||||
$ | $ | $ | ||||||||||
Legal and professional fees | 89,191 | 45,981 | 73,030 | |||||||||
Shareholders information | 44,734 | 41,615 | 18,834 | |||||||||
Office and general | 12,764 | 14,027 | 12,417 | |||||||||
Financing costs | 30,424 | 24,197 | 15,307 | |||||||||
(Gain) on settlement of related party advances | (70,745 | ) | - | - | ||||||||
Accretion of convertible notes payable | - | - | 8,566 | |||||||||
(Gain) on debt forgiveness | - | - | (75,929 | ) | ||||||||
(Gain) on write-down of production advances | - | - | (32,540 | ) | ||||||||
106,368 | 125,820 | (19,685 | ) |
Office and general costs during the year ended June 30, 2015 was $12,764 compared to $14,027 for the year ended June 30, 2014. These costs include consulting fees, bank charges, insurance and other various small office expenses not categorized elsewhere in the financial statements. |
During the year ended June 30, |
d) | During the year ended June 30, 2015, the Company expensed $11,500 (2014 - nil) in fees payable to a related entity for accounting and consulting services. |
e) | During the year ended June 30, 2015, the Company received $15,000 (2014 - nil) in advances from related entities, for working capital purposes. |