Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 08, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2018 | |
Trading Symbol | cpah | |
Entity Registrant Name | COUNTERPATH CORP | |
Entity Central Index Key | 1,236,997 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,935,872 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 3,048,418 | $ 2,071,019 |
Accounts receivable (net of allowance for doubtful accounts of $249,995 and $80,232, respectively) | 3,932,957 | 2,133,469 |
Prepaid expenses and deposits | 236,987 | 170,853 |
Total current assets | 7,218,362 | 4,375,341 |
Deposits | 102,417 | 91,400 |
Equipment | 125,094 | 125,813 |
Goodwill | 7,144,260 | 6,440,955 |
Other assets | 210,865 | 199,637 |
Total Assets | 14,800,998 | 11,233,146 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 2,080,402 | 1,825,528 |
Accrued warranty | 65,330 | 54,365 |
Customer deposits | 2,794 | 6,211 |
Unearned revenue | 2,421,672 | 2,134,948 |
Total current liabilities | 4,570,198 | 4,021,052 |
Deferred lease inducements | 17,611 | 23,022 |
Unrecognized tax liability | 9,763 | 9,763 |
Total liabilities | 4,597,572 | 4,053,837 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value Authorized: 100,000,000 Issued and outstanding: January 31, 2018 - nil; April 30, 2017 - nil | 0 | 0 |
Common stock, $0.001 par value - Authorized: 10,000,000 Issued and outstanding: January 31, 2018 - 5,935,206; April 30, 2017 - 5,005,245 | 5,935 | 5,005 |
Treasury stock | 0 | (60) |
Additional paid-in capital | 75,071,382 | 71,680,575 |
Accumulated deficit | (62,253,057) | (60,481,015) |
Accumulated other comprehensive loss - currency translation adjustment | (2,620,834) | (4,025,196) |
Total stockholders' equity | 10,203,426 | 7,179,309 |
Liabilities and Stockholders' Equity | $ 14,800,998 | $ 11,233,146 |
INTERIM CONSOLIDATED BALANCE S3
INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 249,995 | $ 80,232 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 5,935,206 | 5,005,245 |
Common Stock, Shares, Outstanding | 5,935,206 | 5,005,245 |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenue - : | ||||
Software | $ 1,791,165 | $ 1,324,203 | $ 5,306,925 | $ 4,223,066 |
Subscription, support and maintenance | 1,120,690 | 1,031,162 | 3,069,371 | 2,944,349 |
Professional services and other | 172,048 | 199,994 | 1,230,978 | 1,165,051 |
Total revenue | 3,083,903 | 2,555,359 | 9,607,274 | 8,332,466 |
Operating expenses: | ||||
Cost of sales (includes depreciation of $4,753 (2017 - $4,975)) | 362,057 | 360,722 | 1,131,122 | 1,334,385 |
Sales and marketing | 996,470 | 819,958 | 3,031,981 | 2,770,367 |
Research and development | 1,361,219 | 1,215,783 | 4,052,129 | 3,524,959 |
General and administrative | 800,049 | 678,243 | 2,407,234 | 2,531,322 |
Total operating expenses | 3,519,795 | 3,074,706 | 10,622,466 | 10,161,033 |
Loss from operations | (435,892) | (519,347) | (1,015,192) | (1,828,567) |
Interest and other income (expense), net: | ||||
Interest and other income | 0 | 36 | 0 | 222 |
Interest expense | (123) | 0 | (338) | 0 |
Foreign exchange gain/(loss) | (342,328) | (162,829) | (756,512) | 218,274 |
Net income (loss) for the period | $ (778,343) | $ (682,140) | $ (1,772,042) | $ (1,610,071) |
Net income (loss) per share: | ||||
Basic and diluted | $ (0.14) | $ (0.14) | $ (0.33) | $ (0.35) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 5,539,352 | 4,789,675 | 5,354,690 | 4,631,472 |
INTERIM CONSOLIDATED STATEMENT5
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Depreciation | $ 4,753 | $ 4,975 |
INTERIM CONSOLIDATED STATEMENT6
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Net income (loss) for the period | $ (778,343) | $ (682,140) | $ (1,772,042) | $ (1,610,071) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | 633,751 | 318,210 | 1,404,362 | (534,069) |
Comprehensive loss | $ (144,592) | $ (363,930) | $ (367,680) | $ (2,144,140) |
INTERIM CONSOLIDATED STATEMENT7
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Cash flows from operating activities: | ||
Net (loss) for the period | $ (1,772,042) | $ (1,610,071) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Deferred lease inducements | (7,626) | (7,419) |
Depreciation and amortization | 85,153 | 85,918 |
Stock-based compensation | 494,883 | 701,515 |
Issuance of common stock for services | 11,105 | 13,963 |
Foreign exchange loss (gain) | 707,942 | (267,383) |
Changes in assets and liabilities: | ||
Accounts receivable | (1,799,488) | 394,047 |
Prepaid expenses and deposits | (46,973) | 31,366 |
Accounts payable and accrued liabilities | 166,680 | (33,730) |
Unearned revenue | 286,724 | 274,314 |
Accrued warranty | 10,965 | (2,730) |
Customer deposits | (5,730) | 14,721 |
Net cash used in operating activities | (1,868,407) | (405,489) |
Cash flows from investing activities: | ||
Purchase of equipment | (73,415) | (81,678) |
Purchase of other assets | (13,864) | (24,600) |
Net cash used in investing activities | (87,279) | (106,278) |
Cash flows from financing activities: | ||
Common stock issued | 2,895,655 | 898,693 |
Common stock repurchased | (32,059) | (8,824) |
Net cash provided by financing activities | 2,863,596 | 889,869 |
Foreign exchange effect on cash | 69,489 | (16,142) |
Net increase in cash | 977,399 | 361,960 |
Cash, beginning of the period | 2,071,019 | 2,159,738 |
Cash, end of the period | 3,048,418 | 2,521,698 |
Supplemental disclosure of cash flow information Cash paid for: | ||
Interest | 341 | 0 |
Income taxes paid | $ 0 | $ 0 |
INTERIM CONSOLIDATED STATEMENT
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY - 9 months ended Jan. 31, 2018 - USD ($) | Common Shares [Member] | Treasury Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Beginning Balance at Apr. 30, 2017 | $ 5,005 | $ (60) | $ 71,680,575 | $ (60,481,015) | $ (4,025,196) | $ 7,179,309 |
Beginning Balance (Shares) at Apr. 30, 2017 | 5,005,245 | (59,900) | ||||
Private placement, net of share issuance costs | $ 967 | 2,831,479 | 2,832,446 | |||
Private placement, net of share issuance costs (Shares) | 966,740 | |||||
Issuance of common stock for services | $ 14 | 33,303 | 33,317 | |||
Issuance of common stock for services (Shares) | 14,000 | |||||
Share repurchase plan | $ (14) | (33,807) | (33,821) | |||
Share repurchase plan (Shares) | (13,600) | |||||
Cancellation of shares | $ (74) | $ 74 | 1,762 | 1,762 | ||
Cancellation of shares (Shares) | (73,500) | 73,500 | ||||
Stock-based compensation | 494,883 | 494,883 | ||||
Employee share purchase program | $ 22 | 61,970 | 61,992 | |||
Employee share purchase program (Shares) | 22,226 | |||||
Exercise of stock options | $ 1 | 1,217 | $ 1,218 | |||
Exercise of stock options (Shares) | 495 | 495 | ||||
Net income (loss) for the period | (1,772,042) | $ (1,772,042) | ||||
Foreign currency translation adjustment | 1,404,362 | 1,404,362 | ||||
Ending Balance at Jan. 31, 2018 | $ 5,935 | $ 75,071,382 | $ (62,253,057) | $ (2,620,834) | $ 10,203,426 | |
Ending Balance (Shares) at Jan. 31, 2018 | 5,935,206 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Jan. 31, 2018 | |
Nature of Operations [Text Block] | Note 1 Nature of Operations CounterPath Corporation (the “Company”) was incorporated in the State of Nevada on April 18, 2003. The shares of the Company’s common stock are listed for trading on the NASDAQ Capital Market in the United States of America and on the Toronto Stock Exchange in Canada. The Company focuses on the design, development, marketing and sales of software applications and related services, such as pre and post sales technical support and customization services, that enable enterprises and telecommunication service providers to deliver Unified Communications (UC) services, including voice, video, messaging and collaboration functionality, over their Internet Protocol, or IP, based networks. The Company’s products are sold either directly or through channel partners, to small, medium and large businesses (“enterprises”) and telecom service providers, in North America, and in Europe, Middle East, Africa (“collectively EMEA”), Asia Pacific and Latin America. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2018 | |
Significant Accounting Policies [Text Block] | Note 2 Significant Accounting Policies These interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are stated in U.S. dollars except where otherwise disclosed. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for the period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates. These interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities and commitments in the normal course of business. a) Basis of Presentation These interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, CounterPath Technologies Inc. (“CounterPath Technologies”), a company existing under the laws of the province of British Columbia, Canada, and BridgePort Networks, Inc. (“BridgePort”), incorporated under the laws of the state of Delaware. All inter- company transactions and balances have been eliminated. The Company has experienced volatile revenues as a result of a number of factors including its buildout of a cloud based subscription platform concurrent with the change of its licensing model to subscription based licensing and has not reached profitable operations which raises substantial doubt about its ability to continue operating as a going concern within one year of the date of the financial statements. The Company has historically been able to manage liquidity requirements through cost management and cost reduction measures, supplemented with raising additional financing. To alleviate this situation, the Company has plans in place to improve its financial position and liquidity, while executing on its growth strategy, by managing and or reducing costs that are not expected to have an adverse impact on the ability to generate cash flows. In addition, the Company has historically been able to raise additional financing to assist with the Company’s transition. As of the date of these financial statements, with planned cost management and reduction measures, the Company has sufficient liquidity to meet the ongoing cash requirements of the Company for one year after the issuance date of the financial statements. Therefore, although substantial doubt has been raised, this has been alleviated by management’s plans. b) Interim Reporting The information presented in the accompanying interim consolidated financial statements is without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States of America. Except where noted, these interim financial statements follow the same accounting policies and methods of their application as the Company’s April 30, 2017 annual audited consolidated financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’s April 30, 2017 annual audited consolidated financial statements. Operating results for the nine months ended January 31, 2018 are not necessarily indicative of the results that can be expected for the year ending April 30, 2018. c) New Accounting Pronouncements In May 2014, FASB issued ASU 2014-09, Revenue From Contracts With Customers In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the guidance in the new revenue standard on assessing whether an entity is a principal or an agent in a revenue transaction. This conclusion impacts whether an entity reports revenue on a gross or net basis. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the guidance in the new revenue standard regarding an entity’s identification of its performance obligations in a contract, as well as an entity’s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition: Customer Payments and Incentives, which clarifies the guidance in recognizing costs for consideration given by a vendor to a customer as a component of cost of sales. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers: Narrow- Scope Improvements and Practical Expedients which amends the guidance in the new revenue standard on collectability, noncash consideration, presentation of sales tax, and transition. The amendments are intended to address implementation issues and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. While we are currently evaluating the method of adoption and the impact of the new revenue standard, as amended, on our Consolidated Financial Statements and related disclosures, we believe the adoption of the new standard may have a significant impact on the accounting for certain transactions with multiple elements or “bundled” arrangements because the requirement to have VSOE for undelivered elements under current accounting standards is eliminated under the new standard. Accordingly, we may be required to recognize as revenue a portion of the sales price upon delivery of the software, as compared to the current requirement of recognizing the entire sales price ratably over an estimated offering period. We continue to evaluate the impact of the new revenue standard on our Consolidated Financial Statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments: Measurement of Credit Losses on Financial Instruments which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for a company’s ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected will a valuation provision. The amendments will be effective for fiscal years beginning after December 15, 2019. We are evaluating the impact of this amendment on our consolidated financial statements and related disclosures. In February 2016, FASB issued ASU 2016-02, Leases d) Derivative Instruments The Company accounts for derivative instruments, consisting of foreign currency forward contracts, pursuant to the provisions of ASC 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires the Company to measure derivative instruments at fair value and record them in the balance sheet as either an asset or liability and expands financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, results of operations and cash flows. The Company does not use derivative instruments for trading purposes. ASC 815 also requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The Company also routinely enters into foreign currency forward contracts, not designated as hedging instruments, to protect the Company from fluctuations in exchange rates. Gains or losses arising out of marked to market fair value valuation of forward contracts, not designated as hedges, are recognized in net income. The Company records foreign currency forward contracts on its Consolidated Balance Sheets as derivative instruments assets or liabilities depending on whether the net fair value of such contracts is a net asset or net liability, respectively (see Note 4 “Derivative Financial Instruments and Risk Management,” of the Notes to the Consolidated Financial Statements). The Company did not enter any foreign currency derivatives designated as cash flow hedges in the three and nine months ended January 31, 2018. e) Goodwill Goodwill represents the excess purchase price over the estimated fair value of net assets acquired as of the acquisition date. ASC Topic 350 (“ASC 350”) requires goodwill to be tested for impairment annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company's business enterprise below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit, which is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. Management has determined that the Company currently has a single reporting unit which is CounterPath Corporation. If the recorded value of the assets, including goodwill, and liabilities (“net book value”) of the reporting unit exceeds its fair value, an impairment loss may be required. Goodwill of $6,339,717 (CDN$6,704,947) and $2,083,960 (CDN$2,083,752) was initially recorded as the Company was deemed to be the acquirer of NewHeights Software Corporation (“NewHeights”) on August 2, 2007 and FirstHand Technologies Inc. (“FirstHand”) on February 1, 2008, respectively. Translated to U.S. dollars using the period end rate, the goodwill balance at January 31, 2018 was $5,450,605 (CDN$6,704,947) (April 30, 2017 - $4,914,029) in respect of NewHeights and $1,693,655 (CDN$2,083,414) (April 30, 2017 - $1,526,926) in respect of FirstHand. Management will perform its annual impairment test in its fiscal fourth quarter. No impairment charges were recorded for the nine months ended January 31, 2018 and 2017. f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are presented net of an allowance for doubtful accounts. January 31, April 30, 2018 2017 Balance of allowance for doubtful accounts, beginning of period/year $ 80,232 $ 547,173 Bad debt provision 171,693 346,689 Write-off of receivables (1,930 ) (813,630 ) Balance of allowance for doubtful accounts, end of period/year $ 249,995 $ 80,232 The Company determines the allowance for doubtful accounts by considering a number of factors, including the length of time the accounts receivable are beyond the contractual payment terms, previous loss history, and the customer’s current ability to pay its obligation. When the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, the Company records a charge to the allowance to reduce the customer’s related accounts. g) Revenue Recognition The Company’s revenue is generated from the sale of software license, subscription fees related to the cloud offering, support and maintenance services and professional services. The Company recognizes revenue in accordance with ASC 985-605 “Software Revenue Recognition”. Software license revenue is recognized for sales of perpetual licenses. Subscription, support and maintenance revenue is generated from recurring fees purchased through the Company’s cloud based offerings, where the customer has no right to take possession of the underlying software at any time and is recognized ratably as the service is delivered. Professional and other services include software customization, implementation, training, and dedicated engineering which are recognized as the related service has been performed. h) Earnings Per Share The Company computes net loss per share in accordance with ASC Topics 260 and ASC 260-10. ASC Topics 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the year including stock options and warrants using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. For the nine months ended January 31, 2018 and 2017, common share equivalents, consisting of common shares issuable, on exercise or settlement, as applicable, of options, warrants and deferred share units (“DSUs”) of 1,144,172 and 867,309, respectively, were not included in the computation of diluted EPS because the effect was anti-dilutive. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions [Text Block] | Note 3 Related Party Transactions During the three and nine months ended January 31, 2018, the Company through its wholly owned subsidiary, CounterPath Technologies, paid $21,911 and $65,277 (2017 - $19,750 and $59,250) to KRP Properties (“KRP”) (previously known as Kanata Research Park Corporation) for leased office space. KRP is controlled by the Chairman of the Company. On November 21, 2013, the Company, through its wholly owned subsidiary, CounterPath Technologies, entered into an agreement with 8007004 (Canada) Inc. (“8007004”) to lease office space. 8007004 is controlled by a member of the board of directors of the Company. CounterPath Technologies, paid $8,258 and $24,820 (2017 - $7,671 and $23,013) for the three and nine months ended January 31, 2018, respectively. On January 24, 2018, the Company issued an aggregate of 427,500 shares of common stock under a non-brokered private placement (“Private Placement”) at a price of $4.01 per share for total gross proceeds of $1,714,275 less issuance costs of $14,956. In connection with the Private Placement, KRP, a company controlled by the Chairman of the Company, purchased 125,000 shares and KMB Trac Two Holdings Ltd., a company owned by the spouse of a director of our Company, purchased 125,000 shares. On July 20, 2017, our Company issued an aggregate of 539,240 shares of common stock under a non- brokered private placement at a price of $2.20 per share for total gross proceeds of $1,186,328 less issuance costs of $19,832. In connection with this private placement, Wesley Clover International Corporation, a Company controlled by the Chairman of our Company, purchased 144,357 shares, KMB Trac Two Holdings Ltd., a company owned by the spouse of a director of our Company, purchased 180,446 shares, the chief executive officer and a director of our company, purchased 11,368 shares, the chief financial officer of our company, purchased 4,511 shares, and the executive vice president, sales and marketing of our Company, purchased 4,545 shares. On December 15, 2016, the Company issued an aggregate of 454,097 shares of common stock under a non-brokered private placement (“Private Placement”) at a price of $2.05 per share for total gross proceeds of $930,899 less issuance costs of $32,207. In connection with the Private Placement, KRP, a company controlled by the Chairman of the Company, purchased 198,000 shares and a director and chief executive officer of the Company purchased 12,195 shares. The above transactions are in the normal course of operations and are recorded at amounts established and agreed to between the related parties. |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management | 9 Months Ended |
Jan. 31, 2018 | |
Derivative Financial Instruments and Risk Management [Text Block] | Note 4 Derivative Financial Instruments and Risk Management In the normal course of business, the Company is exposed to fluctuations in the exchange rates associated with foreign currencies. The Company’s primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk. Foreign Currency Exchange Rate Risk A majority of the Company’s revenue activities are transacted in U.S. dollars. However, the Company is exposed to foreign currency exchange rate risk inherent in conducting business globally in numerous currencies, of which the most significant to the Company’s operations for the three and nine months ended January 31, 2018 is the Canadian dollar as a majority of the Company’s expenses are in Canadian dollars. The Company’s foreign currency risk management program includes foreign currency derivatives with cash flow hedge accounting designation that utilizes foreign currency forward contracts to hedge exposures to the variability in the U.S. dollar equivalent of anticipated non-U.S. dollar-denominated cash flows. During the three and nine months ended January 31, 2018 and 2017, the Company did not enter into any cash flow hedges. The Company also periodically enters into foreign currency forward contracts, not designated as hedging instruments, to protect it from fluctuations in exchange rates. During the three and nine months ended January 31, 2018, the Company had not entered into any foreign currency forward contracts. Fair Value Measurement When available, the Company uses quoted market prices to determine fair value, and classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market–based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market–based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3. Fair value measurements are classified according to the lowest level input or value–driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Fair value measurement includes the consideration of non–performance risk. Non–performance risk refers to the risk that an obligation (either by a counterparty or the Company) will not be fulfilled. For financial assets traded in an active market (Level 1), the non–performance risk is included in the market price. For certain other financial assets and liabilities (Level 2 and 3), the Company’s fair value calculations have been adjusted accordingly. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2018 and April 30, 2017. Carrying Fair Value As at January 31, 2018 Amount Fair Value Levels Reference Cash and cash equivalents $ 3,048,418 $ 3,048,418 1 N/A Carrying Fair Value As at April 30, 2017 Amount Fair Value Levels Reference Cash and cash equivalents $ 2,071,019 $ 2,071,019 1 N/A |
Common Stock
Common Stock | 9 Months Ended |
Jan. 31, 2018 | |
Common Stock [Text Block] | Note 5 Common Stock Private Placement On January 24, 2018, the Company issued an aggregate of 427,500 shares of common stock under a non-brokered private placement at a price of $4.01 per share for total gross proceeds of $1,714,275 less issuance costs of $48,325. On October 16, 2017, the Company entered into an agreement to issue 14,000 shares of the Company’s common stock in exchange for investor relation services. On July 20, 2017, the Company issued an aggregate of 539,240 shares of common stock under a non- brokered private placement at a price of $2.20 per share for total gross proceeds of $1,186,328 less issuance costs of $19,832. On December 15, 2016, the Company issued an aggregate of 454,097 shares of common stock under a non-brokered private placement at a price of $2.05 per share for total gross proceeds of $930,899 less issuance costs of $32,206. On April 4, 2016, the Company entered into an agreement to issue 25,000 shares of the Company’s common stock in exchange for advisory services which was subsequently amended to 23,500 shares. The shares were issued in three tranches: (i) the first tranche of 10,000 shares was issued on April 22, 2016; (ii) the second tranche of 10,000 shares was issued on May 25, 2016; and (iii) the third tranche of 3,500 shares was issued on June 30, 2016. Stock Options The Company has a stock option plan (the “2010 Stock Option Plan”) under which options to purchase shares of the Company’s common stock may be granted to employees, directors and consultants. Stock options entitle the holder to purchase shares of the Company’s common stock at an exercise price determined by the board of directors (the “Board”) of the Company at the time of the grant. The options generally vest in the amount of 12.5% on the date which is six months from the date of grant and then beginning in the seventh month at 1/42 per month for 42 months, at which time the options are fully vested. The maximum number of shares of common stock authorized by the stockholders and reserved for issuance by the Board under 2010 Stock Option Plan is 986,000. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. The Company applied an estimated forfeiture rate of 15% for the three and nine months ended January 31, 2018 and 2017 in determining the expense recorded in the accompanying consolidated statement of operations. For the majority of the stock options granted, the number of shares issued on the date the stock options are exercised is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of its employees. Although these withheld shares are not issued or considered common stock repurchases under our authorized plan they are treated as common stock repurchases in our consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The weighted-average fair value of options granted during the three and nine months ended January 31, 2018 was $1.90 and $1.90, respectively (2017 - $2.03 and $2.36). The weighted-average assumptions utilized to determine such values are presented in the following table: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Risk-free interest rate 2.14% 2.10% 2.14% 1.20% Expected volatility 95.55% 95.17% 95.55% 95.19% Expected term 3.7 years 3.7 years 3.7 years 3.7 years Dividend yield 0% 0% 0% 0% The following is a summary of the status of the Company’s stock options as of January 31, 2018 and the stock option activity during the nine months ended January 31, 2018: Weighted Average Number of Exercise Price Options per Share Outstanding at April 30, 2017 396,922 $2.46 Granted 324,000 $2.89 Forfeited/Cancelled (11,645 ) $2.49 Expired (30,000 ) $2.50 Exercised (495 ) $2.46 Outstanding at January 31, 2018 678,782 $2.66 Exercisable at January 31, 2018 242,536 $2.48 Exercisable at April 30, 2017 221,739 $2.49 The following table summarizes stock options outstanding as of January 31, 2018: Number of Aggregate Number of Aggregate Options Intrinsic Options Intrinsic Exercise Price Outstanding Value Expiry Date Exercisable Value $2.03 10,000 $ 25,300 December 15, 2021 2,708 $ 6,851 $2.40 60,000 129,600 July 15, 2021 22,500 48,600 $2.41 49,500 106,425 December 14, 2020 25,765 55,395 $2.46 25,000 52,500 March 14, 2022 5,208 10,937 $2.50 210,282 433,181 July 25, 2018 to July 17, 2020 186,355 383,891 $2.89 324,000 541,080 December 14, 2022 – – January 31, 2018 678,782 $ 1,288,086 242,536 $ 505,674 April 30, 2017 396,922 $ – 221,739 $ – The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of $4.56 per share as of January 31, 2018 (April 30, 2017 – $1.93), which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-the-money options vested and exercisable as of January 31, 2018 was 242,536 (April 30, 2017 – nil). The total intrinsic value of options exercised during the nine months ended January 31, 2018 was $1,742 (January 31, 2017 – $nil). The grant date fair value of options vested during the three and nine months ended January 31, 2018 was $60,066 and $233,748, respectively (January 31, 2017 - $108,194 and $324,422). The following table summarizes non-vested stock purchase options outstanding as of January 31, 2018: Weighted Number of Average Grant Options Date Fair Value Non-vested options at April 30, 2017 175,183 $ 3.49 Granted 324,000 $ 1.90 Vested (59,103 ) $ 3.95 Forfeited/Cancelled (3,834 ) $ 2.12 Non-vested options at January 31, 2018 436,246 $ 1.94 As of January 31, 2018, there was $626,925 of total unrecognized compensation cost related to unvested share-based compensation awards. This unrecognized compensation cost is expected to be recognized over a weighted average period of 3.5 years. Employee and non-employee stock-based compensation amounts classified in the Company’s consolidated statements of operations for the three and nine months ended January 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Cost of sales $ 11,583 $ 23,388 $ 39,439 $ 77,441 Sales and marketing 17,141 27,906 58,814 147,324 Research and development 11,006 24,563 42,933 82,081 General and administrative 25,630 41,961 97,978 130,747 Total stock-option based compensation 65,360 $ 117,818 $ 239,164 $ 437,593 Warrants The following table summarizes warrants outstanding and exercisable as of January 31, 2018: Number of Weighted Average Warrants Exercise Price Expiry Dates Warrants at April 30, 2017 146,500 $ 7.50 September 4, 2017 Granted – – – Exercised – – – Expired (146,500 ) $ 7.50 September 4, 2017 Warrants at January 31, 2018 – – Employee Stock Purchase Plan Under the terms of the Employee Stock Purchase Plan (the “ESPP”) all regular salaried (non- probationary) employees can purchase up to 6% of their base salary in shares of the Company’s common stock at market price. The Company will match 50% of the shares purchased by issuing or purchasing in the market up to 3% of the respective employee’s base salary in shares. During the nine months ended January 31, 2018, the Company matched $36,210 (2017 - $26,461) in shares purchased by employees under the ESPP. During the nine months ended January 31, 2018, 12,832 shares (2017 – 35,103 shares) were purchased on the open market and 22,226 shares (2017 – no shares) were issued from treasury under the ESPP. A total of 120,000 shares have been reserved for issuance under the ESPP. As of January 31, 2018, a total of 63,977 shares were available for issuance under the ESPP. Normal Course Issuer Bid Plan Pursuant to a normal course issuer bid (“NCIB”) commencing on March 29, 2017 and expiring March 28, 2018, the Company is authorized to purchase 258,613 shares of the Company’s common stock through the facilities of the Toronto Stock Exchange (the “TSX”) and other Canadian marketplaces or U.S. marketplaces. During the period March 29, 2017 to January 31, 2018, the Company repurchased 73,500 common shares at an average price of $2.18 (CDN$2.81) for a total of $160,230. As of January 31, 2018, a total of 73,500 shares have been cancelled. Deferred Share Unit Plan Under the terms of the Deferred Share Unit Plan (the “DSUP”), each DSU is equivalent to one share of the Company’s common stock. The maximum number of common shares that may be reserved for issuance to any one participant pursuant to DSUs granted under the DSUP and any share compensation arrangement is 5% of the number of shares outstanding at the time of reservation. A DSU granted to a participant who is a director of the Company shall vest immediately on the award date. A DSU granted to a participant other than a director will generally vest as to one-third (1/3) of the number of DSUs granted on the first, second and third anniversaries of the award date. Fair value of the DSUs, which is based on the closing price of the shares of the Company’s common stock on the date of grant, is recorded as compensation expense over the vesting period. On September 12, 2017, the maximum number of shares of common stock authorized by the Company’s stockholders reserved for issuance under the DSUP was increased from 500,000 shares to 700,000 shares. During the nine months ended January 31, 2018, 119,998 (2017 90,453) DSUs were issued under the DSUP, of which 40,129 were granted to officers or employees and 79,869 were granted to non-employee directors. As of January 31, 2018, a total of 210,597 shares were available for issuance under the DSUP. The following table summarizes the Company’s outstanding DSU awards as of January 31, 2018, and changes during the period then ended: Weighted Average Grant Date Fair Number of DSUs Value Per DSU DSUs outstanding at April 30, 2017 345,392 $ 7.85 Granted 119,998 $ 2.20 DSUs outstanding at January 31, 2018 465,390 $ 6.40 The following table summarizes information regarding the non-vested DSUs outstanding as of January 31, 2018: Weighted Average Grant Date Fair Number of DSUs Value Per DSU Non-vested DSUs at April 30, 2017 46,217 $ 4.58 Granted 119,998 $ 2.21 Vested (101,963 ) $ 3.02 Non-vested DSUs at January 31, 2018 64,252 $ 2.21 As of January 31, 2018, there was $92,142 (2017 – $142,688) of total unrecognized compensation cost related to unvested DSU awards. This unrecognized compensation cost is expected to be recognized over a weighted average period of 2.03 years (2017 – 1.54 years). Employee and non-employee DSU based compensation amounts classified in the Company’s consolidated statements of operations for the three and nine months ended January 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Sales and marketing $ – $ – $ – $ – Research and development – – – – General and administrative 22,564 32,507 255,719 263,922 Total DSU based compensation $ 22,564 $ 32,507 $ 255,719 $ 263,922 |
Segmented Information
Segmented Information | 9 Months Ended |
Jan. 31, 2018 | |
Segmented Information [Text Block] | Note 6 Segmented Information The Company’s chief operating decision maker reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by geographic region for purposes of making operating decisions and assessing financial performance. Accordingly, the Company has concluded that it has one reportable operating segment. Revenues are based on the country in which the customer is located. The following is a summary of total revenues by geographic area for the three and nine months ended January 31, 2018 and 2017: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 North America $ 1,648,430 $ 1,469,552 $ 5,158,026 $ 4,904,939 EMEA 1,127,537 704,788 3,304,887 2,394,724 Asia Pacific 216,479 172,140 744,693 642,262 Latin America 91,457 208,879 399,668 390,541 $ 3,083,903 $ 2,555,359 $ 9,607,274 $ 8,332,466 All of the Company’s long-lived assets, which include equipment, intangible assets, goodwill and other assets, are located in Canada and the United States as follows: As at January 31, 2018 April 30, 2017 Canada $ 7,429,394 $ 6,731,644 United States 50,825 34,761 $ 7,480,219 $ 6,766,405 Revenue from significant customers for the three and nine months ended January 31, 2018 and 2017 is summarized as follows: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Customer A 17% 10% 6% 8% Accounts receivable balance for Customer A was $620,000 as at January 31, 2018 (April 30, 2017 - $280,617). |
Commitments
Commitments | 9 Months Ended |
Jan. 31, 2018 | |
Commitments [Text Block] | Note 7 Commitments Total payable over the term of the agreements for the years ended April 30 are as follows: Office Leases – Office Leases – Total Office Related Party Unrelated Party Leases 2018 29,256 144,676 173,932 2019 117,022 579,893 696,915 2020 5,506 284,746 290,252 2021 − 6,092 6,092 $ 151,784 $ 1,015,407 $ 1,167,191 |
Contingencies
Contingencies | 9 Months Ended |
Jan. 31, 2018 | |
Contingencies [Text Block] | Note 8 Contingencies The Company is party to legal claims from time to time which arise in the normal course of business. These claims are not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
Earnings (loss) per common shar
Earnings (loss) per common share (EPS) | 9 Months Ended |
Jan. 31, 2018 | |
Earnings (loss) per common share (EPS) [Text Block] | Note 9 Earnings (loss) per common share (“EPS”) Computation of basic and diluted EPS: Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Net loss $ (778,343 ) $ (682,140 ) $ (1,772,042 ) $ (1,610,071 ) Weighted average common shares outstanding – basic and diluted 5,539,352 4,789,675 5,354,690 4,631,472 Basic and diluted EPS $ (0.14 ) $ (0.14 ) $ (0.33 ) $ (0.35 ) For the nine months ended January 31, 2018 and 2017, common share equivalents, consisting of common shares issuable, on exercise or settlement, as applicable, of options, warrants and deferred share units (“DSUs”) of 1,144,172 and 867,309, respectively, were not included in the computation of diluted EPS because the effect was anti-dilutive. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2018 | |
Basis of Presentation [Policy Text Block] | a) Basis of Presentation These interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, CounterPath Technologies Inc. (“CounterPath Technologies”), a company existing under the laws of the province of British Columbia, Canada, and BridgePort Networks, Inc. (“BridgePort”), incorporated under the laws of the state of Delaware. All inter- company transactions and balances have been eliminated. The Company has experienced volatile revenues as a result of a number of factors including its buildout of a cloud based subscription platform concurrent with the change of its licensing model to subscription based licensing and has not reached profitable operations which raises substantial doubt about its ability to continue operating as a going concern within one year of the date of the financial statements. The Company has historically been able to manage liquidity requirements through cost management and cost reduction measures, supplemented with raising additional financing. To alleviate this situation, the Company has plans in place to improve its financial position and liquidity, while executing on its growth strategy, by managing and or reducing costs that are not expected to have an adverse impact on the ability to generate cash flows. In addition, the Company has historically been able to raise additional financing to assist with the Company’s transition. As of the date of these financial statements, with planned cost management and reduction measures, the Company has sufficient liquidity to meet the ongoing cash requirements of the Company for one year after the issuance date of the financial statements. Therefore, although substantial doubt has been raised, this has been alleviated by management’s plans. |
Interim Reporting [Policy Text Block] | b) Interim Reporting The information presented in the accompanying interim consolidated financial statements is without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States of America. Except where noted, these interim financial statements follow the same accounting policies and methods of their application as the Company’s April 30, 2017 annual audited consolidated financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’s April 30, 2017 annual audited consolidated financial statements. Operating results for the nine months ended January 31, 2018 are not necessarily indicative of the results that can be expected for the year ending April 30, 2018. |
New Accounting Pronouncements [Policy Text Block] | c) New Accounting Pronouncements In May 2014, FASB issued ASU 2014-09, Revenue From Contracts With Customers In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the guidance in the new revenue standard on assessing whether an entity is a principal or an agent in a revenue transaction. This conclusion impacts whether an entity reports revenue on a gross or net basis. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the guidance in the new revenue standard regarding an entity’s identification of its performance obligations in a contract, as well as an entity’s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition: Customer Payments and Incentives, which clarifies the guidance in recognizing costs for consideration given by a vendor to a customer as a component of cost of sales. We are currently evaluating the impact of this standard on our Consolidated Financial Statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers: Narrow- Scope Improvements and Practical Expedients which amends the guidance in the new revenue standard on collectability, noncash consideration, presentation of sales tax, and transition. The amendments are intended to address implementation issues and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. While we are currently evaluating the method of adoption and the impact of the new revenue standard, as amended, on our Consolidated Financial Statements and related disclosures, we believe the adoption of the new standard may have a significant impact on the accounting for certain transactions with multiple elements or “bundled” arrangements because the requirement to have VSOE for undelivered elements under current accounting standards is eliminated under the new standard. Accordingly, we may be required to recognize as revenue a portion of the sales price upon delivery of the software, as compared to the current requirement of recognizing the entire sales price ratably over an estimated offering period. We continue to evaluate the impact of the new revenue standard on our Consolidated Financial Statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments: Measurement of Credit Losses on Financial Instruments which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for a company’s ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected will a valuation provision. The amendments will be effective for fiscal years beginning after December 15, 2019. We are evaluating the impact of this amendment on our consolidated financial statements and related disclosures. In February 2016, FASB issued ASU 2016-02, Leases |
Derivative Instruments [Policy Text Block] | d) Derivative Instruments The Company accounts for derivative instruments, consisting of foreign currency forward contracts, pursuant to the provisions of ASC 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires the Company to measure derivative instruments at fair value and record them in the balance sheet as either an asset or liability and expands financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, results of operations and cash flows. The Company does not use derivative instruments for trading purposes. ASC 815 also requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The Company also routinely enters into foreign currency forward contracts, not designated as hedging instruments, to protect the Company from fluctuations in exchange rates. Gains or losses arising out of marked to market fair value valuation of forward contracts, not designated as hedges, are recognized in net income. The Company records foreign currency forward contracts on its Consolidated Balance Sheets as derivative instruments assets or liabilities depending on whether the net fair value of such contracts is a net asset or net liability, respectively (see Note 4 “Derivative Financial Instruments and Risk Management,” of the Notes to the Consolidated Financial Statements). The Company did not enter any foreign currency derivatives designated as cash flow hedges in the three and nine months ended January 31, 2018. |
Goodwill [Policy Text Block] | e) Goodwill Goodwill represents the excess purchase price over the estimated fair value of net assets acquired as of the acquisition date. ASC Topic 350 (“ASC 350”) requires goodwill to be tested for impairment annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company's business enterprise below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit, which is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. Management has determined that the Company currently has a single reporting unit which is CounterPath Corporation. If the recorded value of the assets, including goodwill, and liabilities (“net book value”) of the reporting unit exceeds its fair value, an impairment loss may be required. Goodwill of $6,339,717 (CDN$6,704,947) and $2,083,960 (CDN$2,083,752) was initially recorded as the Company was deemed to be the acquirer of NewHeights Software Corporation (“NewHeights”) on August 2, 2007 and FirstHand Technologies Inc. (“FirstHand”) on February 1, 2008, respectively. Translated to U.S. dollars using the period end rate, the goodwill balance at January 31, 2018 was $5,450,605 (CDN$6,704,947) (April 30, 2017 - $4,914,029) in respect of NewHeights and $1,693,655 (CDN$2,083,414) (April 30, 2017 - $1,526,926) in respect of FirstHand. Management will perform its annual impairment test in its fiscal fourth quarter. No impairment charges were recorded for the nine months ended January 31, 2018 and 2017. |
Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] | f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are presented net of an allowance for doubtful accounts. January 31, April 30, 2018 2017 Balance of allowance for doubtful accounts, beginning of period/year $ 80,232 $ 547,173 Bad debt provision 171,693 346,689 Write-off of receivables (1,930 ) (813,630 ) Balance of allowance for doubtful accounts, end of period/year $ 249,995 $ 80,232 The Company determines the allowance for doubtful accounts by considering a number of factors, including the length of time the accounts receivable are beyond the contractual payment terms, previous loss history, and the customer’s current ability to pay its obligation. When the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, the Company records a charge to the allowance to reduce the customer’s related accounts. |
Revenue Recognition [Policy Text Block] | g) Revenue Recognition The Company’s revenue is generated from the sale of software license, subscription fees related to the cloud offering, support and maintenance services and professional services. The Company recognizes revenue in accordance with ASC 985-605 “Software Revenue Recognition”. Software license revenue is recognized for sales of perpetual licenses. Subscription, support and maintenance revenue is generated from recurring fees purchased through the Company’s cloud based offerings, where the customer has no right to take possession of the underlying software at any time and is recognized ratably as the service is delivered. Professional and other services include software customization, implementation, training, and dedicated engineering which are recognized as the related service has been performed. |
Earnings Per Share [Policy Text Block] | h) Earnings Per Share The Company computes net loss per share in accordance with ASC Topics 260 and ASC 260-10. ASC Topics 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS gives effect to all dilutive potential common shares outstanding during the year including stock options and warrants using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. For the nine months ended January 31, 2018 and 2017, common share equivalents, consisting of common shares issuable, on exercise or settlement, as applicable, of options, warrants and deferred share units (“DSUs”) of 1,144,172 and 867,309, respectively, were not included in the computation of diluted EPS because the effect was anti-dilutive. |
Significant Accounting Polici19
Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | January 31, April 30, 2018 2017 Balance of allowance for doubtful accounts, beginning of period/year $ 80,232 $ 547,173 Bad debt provision 171,693 346,689 Write-off of receivables (1,930 ) (813,630 ) Balance of allowance for doubtful accounts, end of period/year $ 249,995 $ 80,232 |
Derivative Financial Instrume20
Derivative Financial Instruments and Risk Management (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Carrying Fair Value As at January 31, 2018 Amount Fair Value Levels Reference Cash and cash equivalents $ 3,048,418 $ 3,048,418 1 N/A | Carrying Fair Value As at April 30, 2017 Amount Fair Value Levels Reference Cash and cash equivalents $ 2,071,019 $ 2,071,019 1 N/A |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Risk-free interest rate 2.14% 2.10% 2.14% 1.20% Expected volatility 95.55% 95.17% 95.55% 95.19% Expected term 3.7 years 3.7 years 3.7 years 3.7 years Dividend yield 0% 0% 0% 0% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Price Options per Share Outstanding at April 30, 2017 396,922 $2.46 Granted 324,000 $2.89 Forfeited/Cancelled (11,645 ) $2.49 Expired (30,000 ) $2.50 Exercised (495 ) $2.46 Outstanding at January 31, 2018 678,782 $2.66 Exercisable at January 31, 2018 242,536 $2.48 Exercisable at April 30, 2017 221,739 $2.49 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Number of Aggregate Number of Aggregate Options Intrinsic Options Intrinsic Exercise Price Outstanding Value Expiry Date Exercisable Value $2.03 10,000 $ 25,300 December 15, 2021 2,708 $ 6,851 $2.40 60,000 129,600 July 15, 2021 22,500 48,600 $2.41 49,500 106,425 December 14, 2020 25,765 55,395 $2.46 25,000 52,500 March 14, 2022 5,208 10,937 $2.50 210,282 433,181 July 25, 2018 to July 17, 2020 186,355 383,891 $2.89 324,000 541,080 December 14, 2022 – – January 31, 2018 678,782 $ 1,288,086 242,536 $ 505,674 April 30, 2017 396,922 $ – 221,739 $ – |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Number of Average Grant Options Date Fair Value Non-vested options at April 30, 2017 175,183 $ 3.49 Granted 324,000 $ 1.90 Vested (59,103 ) $ 3.95 Forfeited/Cancelled (3,834 ) $ 2.12 Non-vested options at January 31, 2018 436,246 $ 1.94 |
Schedule of Employee and Non-Employee Service Share-based Compensation Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Cost of sales $ 11,583 $ 23,388 $ 39,439 $ 77,441 Sales and marketing 17,141 27,906 58,814 147,324 Research and development 11,006 24,563 42,933 82,081 General and administrative 25,630 41,961 97,978 130,747 Total stock-option based compensation 65,360 $ 117,818 $ 239,164 $ 437,593 |
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Number of Weighted Average Warrants Exercise Price Expiry Dates Warrants at April 30, 2017 146,500 $ 7.50 September 4, 2017 Granted – – – Exercised – – – Expired (146,500 ) $ 7.50 September 4, 2017 Warrants at January 31, 2018 – – |
Schedule of Stockholders Equity Deferred Share Unit Plan [Table Text Block] | Weighted Average Grant Date Fair Number of DSUs Value Per DSU DSUs outstanding at April 30, 2017 345,392 $ 7.85 Granted 119,998 $ 2.20 DSUs outstanding at January 31, 2018 465,390 $ 6.40 |
Schedule of Stockholders Equity Non Vested Deferred Share Units [Table Text Block] | Weighted Average Grant Date Fair Number of DSUs Value Per DSU Non-vested DSUs at April 30, 2017 46,217 $ 4.58 Granted 119,998 $ 2.21 Vested (101,963 ) $ 3.02 Non-vested DSUs at January 31, 2018 64,252 $ 2.21 |
Schedule of Allocation of Share Based Compensation Costs for Deferred Share Units [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Sales and marketing $ – $ – $ – $ – Research and development – – – – General and administrative 22,564 32,507 255,719 263,922 Total DSU based compensation $ 22,564 $ 32,507 $ 255,719 $ 263,922 |
Segmented Information (Tables)
Segmented Information (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 North America $ 1,648,430 $ 1,469,552 $ 5,158,026 $ 4,904,939 EMEA 1,127,537 704,788 3,304,887 2,394,724 Asia Pacific 216,479 172,140 744,693 642,262 Latin America 91,457 208,879 399,668 390,541 $ 3,083,903 $ 2,555,359 $ 9,607,274 $ 8,332,466 |
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | As at January 31, 2018 April 30, 2017 Canada $ 7,429,394 $ 6,731,644 United States 50,825 34,761 $ 7,480,219 $ 6,766,405 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Customer A 17% 10% 6% 8% |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Schedule of Agreements by Year [Table Text Block] | Office Leases – Office Leases – Total Office Related Party Unrelated Party Leases 2018 29,256 144,676 173,932 2019 117,022 579,893 696,915 2020 5,506 284,746 290,252 2021 − 6,092 6,092 $ 151,784 $ 1,015,407 $ 1,167,191 |
Earnings (loss) per common sh24
Earnings (loss) per common share (EPS) (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Net loss $ (778,343 ) $ (682,140 ) $ (1,772,042 ) $ (1,610,071 ) Weighted average common shares outstanding – basic and diluted 5,539,352 4,789,675 5,354,690 4,631,472 Basic and diluted EPS $ (0.14 ) $ (0.14 ) $ (0.33 ) $ (0.35 ) |
Significant Accounting Polici25
Significant Accounting Policies (Narrative) (Details) | 9 Months Ended | |
Jan. 31, 2018USD ($) | Jan. 31, 2018CAD ($) | |
Significant Accounting Policies 1 | $ 6,339,717 | |
Significant Accounting Policies 2 | $ 6,704,947 | |
Significant Accounting Policies 3 | 2,083,960 | |
Significant Accounting Policies 4 | 2,083,752 | |
Significant Accounting Policies 5 | 5,450,605 | |
Significant Accounting Policies 6 | 6,704,947 | |
Significant Accounting Policies 7 | 4,914,029 | |
Significant Accounting Policies 8 | 1,693,655 | |
Significant Accounting Policies 9 | $ 2,083,414 | |
Significant Accounting Policies 10 | $ 1,526,926 | |
Significant Accounting Policies 11 | 1,144,172 | 1,144,172 |
Significant Accounting Policies 12 | 867,309 | 867,309 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2018USD ($)$ / sharesshares | |
Related Party Transactions 1 | $ 21,911 |
Related Party Transactions 2 | 65,277 |
Related Party Transactions 3 | 19,750 |
Related Party Transactions 4 | $ 59,250 |
Related Party Transactions 5 | 8,007,004 |
Related Party Transactions 6 | 8,007,004 |
Related Party Transactions 7 | $ 8,258 |
Related Party Transactions 8 | 24,820 |
Related Party Transactions 9 | 7,671 |
Related Party Transactions 10 | $ 23,013 |
Related Party Transactions 11 | shares | 427,500 |
Related Party Transactions 12 | $ / shares | $ 4.01 |
Related Party Transactions 13 | $ 1,714,275 |
Related Party Transactions 14 | $ 14,956 |
Related Party Transactions 15 | shares | 125,000 |
Related Party Transactions 16 | shares | 125,000 |
Related Party Transactions 17 | shares | 539,240 |
Related Party Transactions 18 | $ / shares | $ 2.20 |
Related Party Transactions 19 | $ 1,186,328 |
Related Party Transactions 20 | $ 19,832 |
Related Party Transactions 21 | shares | 144,357 |
Related Party Transactions 22 | shares | 180,446 |
Related Party Transactions 23 | shares | 11,368 |
Related Party Transactions 24 | shares | 4,511 |
Related Party Transactions 25 | shares | 4,545 |
Related Party Transactions 26 | shares | 454,097 |
Related Party Transactions 27 | $ / shares | $ 2.05 |
Related Party Transactions 28 | $ 930,899 |
Related Party Transactions 29 | $ 32,207 |
Related Party Transactions 30 | shares | 198,000 |
Related Party Transactions 31 | shares | 12,195 |
Derivative Financial Instrume27
Derivative Financial Instruments and Risk Management (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2018 | |
Derivative Financial Instruments And Risk Management 1 | 3 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - 9 months ended Jan. 31, 2018 | USD ($)moyr$ / sharesshares | CAD ($)moyrshares |
Common Stock 1 | shares | 427,500 | 427,500 |
Common Stock 2 | $ / shares | $ 4.01 | |
Common Stock 3 | $ 1,714,275 | |
Common Stock 4 | $ 48,325 | |
Common Stock 5 | shares | 14,000 | 14,000 |
Common Stock 6 | shares | 539,240 | 539,240 |
Common Stock 7 | $ / shares | $ 2.20 | |
Common Stock 8 | $ 1,186,328 | |
Common Stock 9 | $ 19,832 | |
Common Stock 10 | shares | 454,097 | 454,097 |
Common Stock 11 | $ / shares | $ 2.05 | |
Common Stock 12 | $ 930,899 | |
Common Stock 13 | $ 32,206 | |
Common Stock 14 | shares | 25,000 | 25,000 |
Common Stock 15 | shares | 23,500 | 23,500 |
Common Stock 16 | shares | 10,000 | 10,000 |
Common Stock 17 | shares | 10,000 | 10,000 |
Common Stock 18 | shares | 3,500 | 3,500 |
Common Stock 19 | 12.50% | 12.50% |
Common Stock 20 | mo | 42 | 42 |
Common Stock 21 | 986,000 | 986,000 |
Common Stock 22 | 15.00% | 15.00% |
Common Stock 23 | $ 1.90 | |
Common Stock 24 | 1.90 | |
Common Stock 25 | 2.03 | |
Common Stock 26 | $ 2.36 | |
Common Stock 27 | $ / shares | $ 4.56 | |
Common Stock 28 | $ 1.93 | |
Common Stock 29 | 242,536 | 242,536 |
Common Stock 30 | 0 | 0 |
Common Stock 31 | $ 1,742 | |
Common Stock 32 | 0 | |
Common Stock 33 | 60,066 | |
Common Stock 34 | 233,748 | |
Common Stock 35 | 108,194 | |
Common Stock 36 | 324,422 | |
Common Stock 37 | $ 626,925 | |
Common Stock 38 | yr | 3.5 | 3.5 |
Common Stock 39 | 6.00% | 6.00% |
Common Stock 40 | 50.00% | 50.00% |
Common Stock 41 | 3.00% | 3.00% |
Common Stock 42 | $ 36,210 | |
Common Stock 43 | $ 26,461 | |
Common Stock 44 | shares | 12,832 | 12,832 |
Common Stock 45 | shares | 35,103 | 35,103 |
Common Stock 46 | shares | 22,226 | 22,226 |
Common Stock 47 | shares | 120,000 | 120,000 |
Common Stock 48 | shares | 63,977 | 63,977 |
Common Stock 49 | shares | 258,613 | 258,613 |
Common Stock 50 | shares | 73,500 | 73,500 |
Common Stock 51 | $ 2.18 | |
Common Stock 52 | $ 2.81 | |
Common Stock 53 | $ 160,230 | |
Common Stock 54 | shares | 73,500 | 73,500 |
Common Stock 55 | 5.00% | 5.00% |
Common Stock 56 | shares | 500,000 | 500,000 |
Common Stock 57 | shares | 700,000 | 700,000 |
Common Stock 58 | 119,998 | 119,998 |
Common Stock 59 | 90,453 | 90,453 |
Common Stock 60 | 40,129 | 40,129 |
Common Stock 61 | 79,869 | 79,869 |
Common Stock 62 | shares | 210,597 | 210,597 |
Common Stock 63 | $ 92,142 | |
Common Stock 64 | $ 142,688 | |
Common Stock 65 | yr | 2.03 | 2.03 |
Common Stock 66 | yr | 1.54 | 1.54 |
Segmented Information (Narrativ
Segmented Information (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Segmented Information 1 | $ 620,000 |
Segmented Information 2 | $ 280,617 |
Earnings (loss) per common sh30
Earnings (loss) per common share (EPS) (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2018 | |
Earnings (loss) Per Common Share (eps) 1 | 1,144,172 |
Earnings (loss) Per Common Share (eps) 2 | 867,309 |
Schedule of Accounts, Notes, Lo
Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Balance of allowance for doubtful accounts, beginning of period/year | $ 80,232 | $ 547,173 |
Bad debt provision | 171,693 | 346,689 |
Write-off of receivables | (1,930) | (813,630) |
Balance of allowance for doubtful accounts, end of period/year | $ 249,995 | $ 80,232 |
Fair Value, Assets Measured on
Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 |
Cash and cash equivalents - Carrying Amount | $ 3,048,418 | $ 2,071,019 | $ 2,521,698 | $ 2,159,738 |
Cash and cash equivalents - Fair Value | $ 3,048,418 | $ 2,071,019 |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Risk-free interest rate | 2.14% | 2.10% | 2.14% | 1.20% |
Expected volatility | 95.55% | 95.17% | 95.55% | 95.19% |
Expected term | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 8 months 12 days |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Number of Options Outstanding at the beginning of period | shares | 396,922 |
Weighted Average Exercise Price per Share of Options Oustanding at the beginning of period | $ / shares | $ 2.46 |
Number of Options Granted | shares | 324,000 |
Weighted Average Exercise Price per Share of Options Granted | $ / shares | $ 2.89 |
Number of Options Foreited/Cancelled | shares | (11,645) |
Weighted Average Exercise Price per Share of Options Forfeited/Cancelled | $ / shares | $ 2.49 |
Number of Options Expired | shares | (30,000) |
Weighted Average Exercise Price per Share of Options Expired | $ / shares | $ 2.50 |
Number of Options Exercised | shares | (495) |
Weighted Average Exercise Price per Share of Options Exercised | $ / shares | $ 2.46 |
Number of Options Outstanding at the end of period | shares | 678,782 |
Weighted Average Exercise Price per Share of Options Outstanding at end of period | $ / shares | $ 2.66 |
Number of Options Exercisable at the end of period | shares | 242,536 |
Weighted Average Exercise Price per Share of Options Exercisable at end of period | $ / shares | $ 2.48 |
Number of Options Exercisable at the beginning of period | shares | 221,739 |
Weighted Average Exercise Price per Share of Options Exercisable at beginning of period | $ / shares | $ 2.49 |
Disclosure of Share-based Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Exercise Price | $ 2.66 | $ 2.46 |
Number of Options Outstanding | 678,782 | 396,922 |
Aggregate Intrinsic Value of Options Outstanding | $ 1,288,086 | $ 0 |
Number of Options Exercisable | 242,536 | 221,739 |
Aggregate Intrinsic Value of Options Exercisable | $ 505,674 | $ 0 |
Exercise Price Range 1 [Member] | ||
Exercise Price | $ 2.03 | |
Number of Options Outstanding | 10,000 | |
Aggregate Intrinsic Value of Options Outstanding | $ 25,300 | |
Number of Options Exercisable | 2,708 | |
Aggregate Intrinsic Value of Options Exercisable | $ 6,851 | |
Exercise Price Range 2 [Member] | ||
Exercise Price | $ 2.40 | |
Number of Options Outstanding | 60,000 | |
Aggregate Intrinsic Value of Options Outstanding | $ 129,600 | |
Number of Options Exercisable | 22,500 | |
Aggregate Intrinsic Value of Options Exercisable | $ 48,600 | |
Exercise Price Range 3 [Member] | ||
Exercise Price | $ 2.41 | |
Number of Options Outstanding | 49,500 | |
Aggregate Intrinsic Value of Options Outstanding | $ 106,425 | |
Number of Options Exercisable | 25,765 | |
Aggregate Intrinsic Value of Options Exercisable | $ 55,395 | |
Exercise Price Range 4 [Member] | ||
Exercise Price | $ 2.46 | |
Number of Options Outstanding | 25,000 | |
Aggregate Intrinsic Value of Options Outstanding | $ 52,500 | |
Number of Options Exercisable | 5,208 | |
Aggregate Intrinsic Value of Options Exercisable | $ 10,937 | |
Exercise Price Range 5 [Member] | ||
Exercise Price | $ 2.50 | |
Number of Options Outstanding | 210,282 | |
Aggregate Intrinsic Value of Options Outstanding | $ 433,181 | |
Number of Options Exercisable | 186,355 | |
Aggregate Intrinsic Value of Options Exercisable | $ 383,891 | |
Exercise Price Range 6 [Member] | ||
Exercise Price | $ 2.89 | |
Number of Options Outstanding | 324,000 | |
Aggregate Intrinsic Value of Options Outstanding | $ 541,080 | |
Number of Options Exercisable | 0 | |
Aggregate Intrinsic Value of Options Exercisable | $ 0 |
Schedule of Nonvested Performan
Schedule of Nonvested Performance-based Units Activity (Details) | 9 Months Ended |
Jan. 31, 2018USD ($)shares | |
Non-Vested Options Outstanding, beginning of period | shares | 175,183 |
Weighted Average Grant Date Fair Value of Non-Vested Options Outstanding, beginning of period | $ | $ 3.49 |
Non-Vested Options Granted During Period | shares | 324,000 |
Weighted Average Grant Date Fair Value of Options Granted During Period | $ | $ 1.90 |
Options Vested During Period Number | shares | (59,103) |
Weighted Average Grant Date Fair Value of Options Vested During Period | $ | $ 3.95 |
Non-Vested Options Forfeited or Cancelled During Period | shares | (3,834) |
Weighted Average Grant Date Fair Value of Non-Vested Options Forfeited Or Cancelled During Period | $ | $ 2.12 |
Non-Vested Options Outstanding, end of period | shares | 436,246 |
Weighted Average Grant Date Fair Value of Non-Vested Options Outstanding, end of period | $ | $ 1.94 |
Schedule of Employee and Non-Em
Schedule of Employee and Non-Employee Service Share-based Compensation Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Allocated Share-based Compensation Expense | $ 65,360 | $ 117,818 | $ 239,164 | $ 437,593 |
Cost of sales [Member] | ||||
Allocated Share-based Compensation Expense | 11,583 | 23,388 | 39,439 | 77,441 |
Sales and marketing [Member] | ||||
Allocated Share-based Compensation Expense | 17,141 | 27,906 | 58,814 | 147,324 |
Research and development [Member] | ||||
Allocated Share-based Compensation Expense | 11,006 | 24,563 | 42,933 | 82,081 |
General and administrative [Member] | ||||
Allocated Share-based Compensation Expense | $ 25,630 | $ 41,961 | $ 97,978 | $ 130,747 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Class of Warrant or Right, Outstanding, Beginning of Period | shares | 146,500 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ / shares | $ 7.50 |
Class of Warrant or Right, Grants in Period, Net of Forfeitures | shares | 0 |
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0 |
Class of Warrant or Right, Exercises in Period | shares | 0 |
Class of Warrant or Right, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 0 |
Class of Warrant or Right, Expirations in Period | shares | (146,500) |
Class of Warrant or Right, Expirations in Period, Weighted Average Exercise Price | $ / shares | $ 7.50 |
Class of Warrant or Right, Outstanding, End of Period | shares | 0 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, End of Period | $ / shares | $ 0 |
Schedule of Stockholders Equity
Schedule of Stockholders Equity Deferred Share Unit Plan (Details) | 9 Months Ended |
Jan. 31, 2018USD ($)shares | |
Deferred Share Units Outstanding, beginning of period | shares | 345,392 |
Deferred Share Units Outstanding Weighted Average Grant Date Fair Value, beginning of period | $ 7.85 |
Deferred Share Units Granted During Period | shares | 119,998 |
Deferred Share Units Granted During Period Weighted Average Grant Date Fair Value | $ 2.20 |
Deferred Share Units Outstanding, end of period | 465,390 |
Deferred Share Units Outstanding Weighted Average Grant Date Fair Value, end of period | $ 6.40 |
Schedule of Stockholders Equi40
Schedule of Stockholders Equity Non Vested Deferred Share Units (Details) | 9 Months Ended |
Jan. 31, 2018USD ($)shares | |
Non-Vested Deferred Share Units Outstanding, beginning of period | shares | 46,217 |
Common Stock Schedule Of Stockholders Equity Non Vested Deferred Share Units 4 | 2.21 |
Non-Vested Deferred Share Units Outstanding Weighted Average Grant Date Fair Value, beginning of period | $ | $ 4.58 |
Deferred Share Units Granted During Period | shares | 119,998 |
Deferred Share Units Granted During Period Weighted Average Grant Date Fair Value | $ | $ 2.20 |
Deferred Share Units Vested During Period | shares | (101,963) |
Deferred Share Units Vested During Period Weighted Average Grant Date Fair Value | $ | $ 3.02 |
Non-Vested Deferred Share Units Outstanding, end of period | shares | 64,252 |
Non-Vested Deferred Share Units Outstanding Weighted Average Grant Date Fair Value, end of period | $ | $ 2.21 |
Schedule of Allocation of Share
Schedule of Allocation of Share Based Compensation Costs for Deferred Share Units (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Deferred Compensation, Allocated Share-based Compensation Expense | $ 22,564 | $ 32,507 | $ 255,719 | $ 263,922 |
Cost of sales [Member] | ||||
Deferred Compensation, Allocated Share-based Compensation Expense | 0 | 0 | 0 | 0 |
Research and development [Member] | ||||
Deferred Compensation, Allocated Share-based Compensation Expense | 0 | 0 | 0 | 0 |
General and administrative [Member] | ||||
Deferred Compensation, Allocated Share-based Compensation Expense | $ 22,564 | $ 32,507 | $ 255,719 | $ 263,922 |
Schedule of Revenue from Extern
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues | $ 3,083,903 | $ 2,555,359 | $ 9,607,274 | $ 8,332,466 |
North America [Member] | ||||
Revenues | 1,648,430 | 1,469,552 | 5,158,026 | 4,904,939 |
EMEA [Member] | ||||
Revenues | 1,127,537 | 704,788 | 3,304,887 | 2,394,724 |
Asia Pacific [Member] | ||||
Revenues | 216,479 | 172,140 | 744,693 | 642,262 |
Latin America [Member] | ||||
Revenues | $ 91,457 | $ 208,879 | $ 399,668 | $ 390,541 |
Schedule of Long Lived Assets b
Schedule of Long Lived Assets by Geographical Areas (Details) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Long-lived assets | $ 7,480,219 | $ 6,766,405 |
Canada | ||
Long-lived assets | 7,429,394 | 6,731,644 |
United States | ||
Long-lived assets | $ 50,825 | $ 34,761 |
Schedule of Revenue by Major Cu
Schedule of Revenue by Major Customers by Reporting Segments (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Customer A [Member] | ||||
Concentration Risk, Percentage | 17.00% | 10.00% | 6.00% | 8.00% |
Schedule of Agreements by Year
Schedule of Agreements by Year (Details) | Jan. 31, 2018USD ($) |
Office Leases - Related party [Member] | |
Commitment, Due in Current Year | $ 29,256 |
Commitment, Due in Second Year | 117,022 |
Commitment, Due in Third Year | 5,506 |
Commitment, Due in Fourth Year | 0 |
Commitment Total | 151,784 |
Office Leases - Unrelated Party [Member] | |
Commitment, Due in Current Year | 144,676 |
Commitment, Due in Second Year | 579,893 |
Commitment, Due in Third Year | 284,746 |
Commitment, Due in Fourth Year | 6,092 |
Commitment Total | 1,015,407 |
Total Office Leases [Member] | |
Commitment, Due in Current Year | 173,932 |
Commitment, Due in Second Year | 696,915 |
Commitment, Due in Third Year | 290,252 |
Commitment, Due in Fourth Year | 6,092 |
Commitment Total | $ 0 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Net income (loss) | $ (778,343) | $ (682,140) | $ (1,772,042) | $ (1,610,071) |
Weighted average common shares outstanding basic and diluted | 5,539,352 | 4,789,675 | 5,354,690 | 4,631,472 |
Basic and diluted EPS | $ (0.14) | $ (0.14) | $ (0.33) | $ (0.35) |