Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 31, 2019 | Oct. 15, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | flooidCX Corp. | |
Entity Central Index Key | 0001609988 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Aug. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 137,603,318 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Aug. 31, 2019 | Feb. 28, 2019 |
ASSETS | ||
Cash | $ 8,533 | $ 5,517 |
Prepaid expenses and deposits | 12,386 | 18,458 |
Total current assets | 20,919 | 23,975 |
Property and equipment (Note 3) | 22,141 | 25,009 |
Total Assets | 43,060 | 48,984 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 133,315 | 121,300 |
Loans payable (Note 4) | 2,838,171 | 2,526,650 |
Due to related party (Note 5) | 688,143 | 633,060 |
Total liabilities | 3,659,629 | 3,281,010 |
Nature of Operations and Continuance of Business (Note 1) | ||
Commitment (Note 9) | ||
Subsequent Events (Note 10) | ||
Stockholders' Deficit | ||
Preferred stock, 20,000,000 shares authorized, $0.001 par value 1,000,000 shares issued and outstanding | 1,000 | 1,000 |
Common stock, 300,000,000 shares authorized, $0.001 par value 136,353,318 shares issued and outstanding, respectively | 136,603 | 136,353 |
Common stock issuable | 10,000 | 10,000 |
Additional paid-in-capital | 49,424,227 | 48,250,116 |
Accumulated other comprehensive income | 253,035 | 255,023 |
Deficit | (53,441,434) | (51,884,518) |
Total Stockholders' Deficit | (3,616,569) | (3,232,026) |
Total Liabilities and Stockholders' Deficit | $ 43,060 | $ 48,984 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2019 | Feb. 28, 2019 |
Stockholders' deficiency | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 136,603,318 | 136,353,318 |
Common stock, shares outstanding | 136,603,318 | 136,353,318 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
EXPENSES | ||||
General and administrative (Note 5) | $ 158,030 | $ 132,933 | $ 387,559 | $ 268,227 |
Research and development (Note 5) | 312,630 | 321,217 | 1,169,357 | 637,024 |
Total expenses | 470,660 | 454,150 | 1,556,916 | 905,251 |
Net loss for the year | (470,660) | (454,150) | (1,556,916) | (905,251) |
Other comprehensive loss | ||||
Foreign currency translation loss | (58,659) | (19,932) | (1,988) | (52,244) |
Comprehensive loss for the period | $ (529,319) | $ (474,082) | $ (1,558,904) | $ (957,495) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.01) | ||
Weighted average number of shares outstanding | 136,516,361 | 134,592,150 | 136,436,840 | 133,774,136 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Deficit - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Deficit [Member] |
Balance, shares at Feb. 28, 2018 | 1,000,000 | 132,883,504 | |||||
Balance, amount at Feb. 28, 2018 | $ (2,948,694) | $ 1,000 | $ 132,884 | $ 11,249 | $ 47,330,400 | $ 146,124 | $ (50,570,351) |
Shares issued pursuant to share exchange agreement, shares | 528,094 | ||||||
Share subscriptions received | 375,000 | 1,071 | 373,929 | ||||
Shares issued pursuant to share exchange agreement, amount | $ 528 | (528) | |||||
Net Income (Loss) | (451,101) | (451,101) | |||||
Foreign exchange translation loss | 33,982 | 33,982 | |||||
Shares to be issued pursuant to settlement of accounts payable, amount | 93,482 | $ 435 | 93,047 | ||||
Fair Value of stock options granted | $ 151,935 | $ 151,935 | |||||
Balance, shares at May. 31, 2018 | 1,000,000 | 133,411,598 | 1,000,000 | ||||
Balance, amount at May. 31, 2018 | $ (2,745,396) | $ 1,000 | $ 133,412 | $ 12,227 | $ 47,949,311 | $ 180,106 | $ (51,021,452) |
Balance, shares at Feb. 28, 2018 | 1,000,000 | 132,883,504 | |||||
Balance, amount at Feb. 28, 2018 | $ (2,948,694) | $ 1,000 | $ 132,884 | $ 11,249 | $ 47,330,400 | $ 146,124 | $ (50,570,351) |
Fair Value of stock options granted | $ 306,088 | ||||||
Balance, shares at Aug. 31, 2018 | 1,000,000 | 135,918,318 | |||||
Balance, amount at Aug. 31, 2018 | $ (2,777,131) | $ 1,000 | $ 135,918 | $ 10,435 | $ 48,352,750 | $ 198,368 | $ (51,475,602) |
Balance, shares at May. 31, 2018 | 1,000,000 | 133,411,598 | 1,000,000 | ||||
Balance, amount at May. 31, 2018 | $ (2,745,396) | $ 1,000 | $ 133,412 | $ 12,227 | $ 47,949,311 | $ 180,106 | $ (51,021,452) |
Net Income (Loss) | $ (454,150) | (454,150) | |||||
Shares issued for cash, shares | 2,506,720 | ||||||
Foreign exchange translation loss | $ 18,262 | 18,262 | |||||
Shares issued for cash, amount | 250,000 | $ 2,506 | $ (1,792) | $ 249,286 | |||
Fair Value of options granted | $ 203,455 | $ 203,455 | |||||
Balance, shares at Aug. 31, 2018 | 1,000,000 | 135,918,318 | |||||
Balance, amount at Aug. 31, 2018 | $ (2,777,131) | $ 1,000 | $ 135,918 | $ 10,435 | $ 48,352,750 | $ 198,368 | $ (51,475,602) |
Share subscriptions received | |||||||
Balance, shares at Feb. 28, 2019 | 1,000,000 | 136,353,318 | |||||
Balance, amount at Feb. 28, 2019 | $ (3,232,026) | $ 1,000 | $ 136,353 | $ 10,000 | $ 48,250,116 | $ 255,023 | $ (51,884,518) |
Share subscriptions received | |||||||
Net Income (Loss) | (1,086,256) | $ (1,086,256) | |||||
Foreign exchange translation loss | 56,671 | 56,671 | |||||
Fair Value of options granted | $ 868,879 | $ 868,879 | |||||
Balance, shares at May. 31, 2019 | 1,000,000 | 136,353,318 | |||||
Balance, amount at May. 31, 2019 | $ (3,392,732) | $ 1,000 | $ 136,353 | $ 10,000 | $ 49,118,995 | $ 311,694 | $ (52,970,774) |
Balance, shares at Feb. 28, 2019 | 1,000,000 | 136,353,318 | |||||
Balance, amount at Feb. 28, 2019 | $ (3,232,026) | $ 1,000 | $ 136,353 | $ 10,000 | $ 48,250,116 | $ 255,023 | $ (51,884,518) |
Fair Value of stock options granted | $ 1,124,361 | ||||||
Balance, shares at Aug. 31, 2019 | 1,000,000 | 136,603,318 | |||||
Balance, amount at Aug. 31, 2019 | $ (3,616,569) | $ 1,000 | $ 136,603 | $ 10,000 | $ 49,424,227 | $ 253,035 | $ (53,441,434) |
Balance, shares at May. 31, 2019 | 1,000,000 | 136,353,318 | |||||
Balance, amount at May. 31, 2019 | $ (3,392,732) | $ 1,000 | $ 136,353 | $ 10,000 | $ 49,118,995 | $ 311,694 | $ (52,970,774) |
Net Income (Loss) | $ (470,660) | $ (470,660) | |||||
Shares issued for cash, shares | 250,000 | ||||||
Foreign exchange translation loss | $ (58,659) | $ (58,659) | |||||
Shares issued for cash, amount | 50,000 | $ 250 | 49,750 | ||||
Fair Value of options granted | $ 255,482 | $ 255,482 | |||||
Balance, shares at Aug. 31, 2019 | 1,000,000 | 136,603,318 | |||||
Balance, amount at Aug. 31, 2019 | $ (3,616,569) | $ 1,000 | $ 136,603 | $ 10,000 | $ 49,424,227 | $ 253,035 | $ (53,441,434) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Condensed Consolidated Statements of Cash Flows | ||
Net loss for the period | $ (1,556,916) | $ (905,251) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 4,069 | 6,915 |
Stock-based compensation | 1,124,361 | 306,088 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and deposits | 6,072 | (3,206) |
Accounts payable and accrued liabilities | 12,015 | 18,705 |
Due to related party | 55,083 | (1,637) |
Net Cash Used In Operating Activities | (355,316) | (578,386) |
Investing Activities | ||
Purchase of property and equipment | (1,447) | (4,901) |
Net Cash Used in Investing Activities | (1,447) | (4,901) |
Financing Activities | ||
Proceeds from loans payable | 335,770 | 51,992 |
Repayment of loans payable | (2,774) | |
Proceeds from issuance of common stock | 50,000 | 625,000 |
Net Cash Provided by Financing Activities | 385,770 | 674,218 |
Effect of Foreign Exchange Rate Changes on Cash | (25,991) | 2,446 |
Change in Cash | 3,016 | 93,377 |
Cash, Beginning of Period | 5,517 | 24,079 |
Cash, End of Period | 8,533 | 117,456 |
Supplemental Disclosures: | ||
Interest paid | ||
Income taxes paid |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 6 Months Ended |
Aug. 31, 2019 | |
Nature of Operations and Continuance of Business | |
Note 1 - Nature of Operations and Continuance of Business | flooidCX Corp. (formerly Gripevine, Inc. and Baixo Relocation Services, Inc.) (the Company) was incorporated in the state of Nevada on January 7, 2014. The Company is in the business of developing and building an online resolution platform. On May 17, 2019, the Company and Resolution 1, Inc. (R1) and the shareholders of R1 who collectively own 100% of R1 entered into and consummated transactions pursuant to a Share Exchange Agreement, whereby the Company agreed to issue to the R1 shareholders an aggregate of 10,000,000 shares of its common stock in exchange for 100% of the equity interests of R1 held by the R1 shareholders. As a result of the share exchange, R1 became a wholly owned subsidiary of the Company As a result of the Share Exchange Agreement, the acquisition transaction was accounted for as a common control transaction in accordance with the Financial Accounting Standards Board (FASB) (Accounting Standard Codification (ASC) 805-50, Business Combinations Common control transactions). The Company evaluated the guidance contained in ASC 805-50 with respect to the combinations among entities or businesses under common control and concluded that since the majority shareholders of the Company and R1 are the same, this was a common control transaction and did not result in a change in control at the ultimate parent or the controlling shareholder level. Consequently, common control transactions are not accounted for at fair value. Rather, common control transactions are generally accounted for at the carrying amount of the net assets or equity interests transferred. Any differences between the proceeds received or transferred and the carrying amounts of the net assets are considered equity transactions that would be eliminated in consolidation, and no gain or loss would be recognized in the consolidated financial statements of the ultimate parent. As a result, the financial position and the results of operations of the Company and R1 were consolidated together as if they were operating as one entity from the beginning. These 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 in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, creditors, and related parties, and the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. As at August 31, 2019, the Company has a working capital deficit of $3,638,710 and has an accumulated deficit of $53,441,434 since inception. Furthermore, during the six months ended August 31, 2019, the Company used $355,316 in operating activities. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Aug. 31, 2019 | |
Significant Accounting Policies | |
Note 2 - Significant Accounting Policies | (a) Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and the following entities: MBE Holdings Inc. Wholly-owned subsidiary Resolution 1, Inc. Wholly-owned subsidiary All inter-company balances and transactions have been eliminated. (b) Interim Financial Statements The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended February 28, 2019. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. (c) Reclassifications Certain of the prior period figures have been reclassified to conform to the current periods presentation. (d) Recent Accounting Pronouncements In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases. This new guidance was initiated as a joint project with the International Accounting Standards Board to simplify lease accounting and improve the quality of and comparability of financial information for users. This new guidance would eliminate the concept of off-balance sheet treatment for operating leases for lessees for the vast majority of lease contracts. Under ASU No. 2016-02, at inception, a lessee must classify all leases with a term of over one year as either finance or operating, with both classifications resulting in the recognition of a defined right-of-use asset and a lease liability on the balance sheet. However, recognition in the income statement will differ depending on the lease classification, with finance leases recognizing the amortization of the right-of-use asset separate from the interest on the lease liability and operating leases recognizing a single total lease expense. Lessor accounting under ASU No. 2016-02 would be substantially unchanged from the previous lease requirements under GAAP. ASU No. 2016-02 will take effect for public companies in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard on March 1, 2019, did not have any impact on the Companys consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Changes to Disclosure Requirements for Fair Value Measurements, which will improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements, and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will be evaluating the impact this standard will have on the Companys consolidated financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Aug. 31, 2019 | |
Property and Equipment | |
Note 3 - Property and Equipment | As at August 31, 2019 $ As at February 28, 2019 $ Computer equipment 38,164 37,377 Furniture and equipment 37,023 37,067 Total 75,187 74,444 Less: Accumulated depreciation (53,046 ) (49,435 ) Net carrying value 22,141 25,009 |
Loans Payable
Loans Payable | 6 Months Ended |
Aug. 31, 2019 | |
Loans Payable | |
Note 4 - Loans Payable | As at August 31, 2019, the Company owed $2,838,171 (Cdn$3,773,348) (February 28, 2019 $2,526,650 (Cdn$3,326,587)) which is non-interest bearing, unsecured, and due on demand. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Aug. 31, 2019 | |
Related Party Transactions | |
Note 5 - Related Party Transactions | a) As at August 31, 2019, the Company owed $688,143 (Cdn$914,866) (February 28, 2019 $636,060 (Cdn$833,486)) to the President of the Company which is unsecured, non-interest bearing, and due on demand. (b) During the six months ended August 31, 2019, the Company incurred $90,151 (2018 $92,500) in research and development fees to the President of the Company. (c) During the six months ended August 31, 2019, the Company incurred $18,820 (2018 $19,431) in research and development fees to the Chief Operating Officer of the Company. (d) During the six months ended August 31, 2019, the Company incurred $6,386 (2018 - $30,460) in administrative fees included in general and administrative to the office manager who is also the spouse of the President of the Company. (e) During the six months ended August 31, 2019, the Company recognized stock-based compensation of $1,011,226 (2018 - $104,024) to the President, spouse of the President, and Chief Operating Officer of the Company. |
Common Stock
Common Stock | 6 Months Ended |
Aug. 31, 2019 | |
Common Stock | |
Note 6 - Common Stock | On July 2, 2019, the Company issued 250,000 shares of common stock at $0.20 per share for proceeds of $50,000 |
Share Purchase Warrants
Share Purchase Warrants | 6 Months Ended |
Aug. 31, 2019 | |
Share Purchase Warrants | |
Note 7 - Share Purchase Warrants | Number of warrants Weighted average exercise price $ Balance, February 28, 2019 and August 31, 2019 18,275,000 0.40 As at August 31, 2019, the following share purchase warrants were outstanding: Number of warrants outstanding Exercise price $ Expiry date 18,275,000 0.40 December 1, 2019 |
Stock Options
Stock Options | 6 Months Ended |
Aug. 31, 2019 | |
Stock Options | |
Note 8 - Stock Options | The following table summarizes the continuity of stock options: Number of options Weighted average exercise price $ Aggregate intrinsic value $ Balance, February 28, 2019 5,706,500 0.20 Granted 11,050,000 0.20 Balance, August 31, 2019 16,756,500 0.20 Additional information regarding stock options outstanding as at August 31, 2019 is as follows: Outstanding and exercisable Range of exercise prices $ Number of shares Weighted average remaining contractual life (years) Weighted average exercise price $ 0.20 16,756,500 5.5 0.20 The fair value of stock options granted was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: Six months ended August 31, 2019 Six months ended August 31, 2018 Risk-free interest rate 2.12 % 1.49 % Expected life (in years) 5 5 Expected volatility 245 % 290 % The fair value of stock options recognized during the six months ended August 31, 2019 was $1,124,361 (2018 - $306,088), which was recorded as additional paid-in capital and charged to operations. The weighted average fair value of stock options granted during the six months ended August 31, 2019 was $0.20 (2018 $0.20) per option. |
Commitments
Commitments | 6 Months Ended |
Aug. 31, 2019 | |
Commitments | |
Note 9 - Commitments | The minimum lease payments over the remaining terms of the premises leases are as follows: Fiscal Year $ 2020 26,114 |
Subsequents Events
Subsequents Events | 6 Months Ended |
Aug. 31, 2019 | |
Subsequents Events | |
Note 10 - Subsequents Events | On September 26, 2019, the Company issued 1,000,000 common shares for proceeds of $50,000 pursuant to a private placement. On October 11, 2019, the Company entered into an agreement with a company who is to provide financial advisory and investment banking services to the Company for $5,000 per month for a period of six months. The monthly fee is payable in cash of in shares of the Company’s common stock, as determined by the Company. If paid in shares, they are to be valued using the volume-weighted average price of the shares for the five trading days immediately preceding each month fee payment due date. The Company is to issue 2,500,000 shares of common stock upon execution of the agreement and a further 2,500,000 shares of common stock upon an uplisting of the Company’s common stock to a national stock exchange. In addition, for any financing introduced by the financial advisor, the Company is to pay an 8% commission of the amount of capital raised, a fee of 1% of the amount of capital raised for unallocated expenses, and issue warrants to purchase shares of common stock equal to 8% of the number of shares of common stock issued in the financing. The warrants will be exercisable at a price equal to the price of the common stock issued to the investors in the financing and expire five years from the date of issuance. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 31, 2019 | |
Significant Accounting Policies | |
Basis of Presentation | These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and the following entities: MBE Holdings Inc. Wholly-owned subsidiary Resolution 1, Inc. Wholly-owned subsidiary All inter-company balances and transactions have been eliminated. |
Interim Financial Statements | The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended February 28, 2019. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. |
Reclassifications | Certain of the prior period figures have been reclassified to conform to the current periods presentation. |
Recent Accounting Pronouncements | In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, Leases. This new guidance was initiated as a joint project with the International Accounting Standards Board to simplify lease accounting and improve the quality of and comparability of financial information for users. This new guidance would eliminate the concept of off-balance sheet treatment for operating leases for lessees for the vast majority of lease contracts. Under ASU No. 2016-02, at inception, a lessee must classify all leases with a term of over one year as either finance or operating, with both classifications resulting in the recognition of a defined right-of-use asset and a lease liability on the balance sheet. However, recognition in the income statement will differ depending on the lease classification, with finance leases recognizing the amortization of the right-of-use asset separate from the interest on the lease liability and operating leases recognizing a single total lease expense. Lessor accounting under ASU No. 2016-02 would be substantially unchanged from the previous lease requirements under GAAP. ASU No. 2016-02 will take effect for public companies in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard on March 1, 2019, did not have any impact on the Companys consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Changes to Disclosure Requirements for Fair Value Measurements, which will improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements, and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will be evaluating the impact this standard will have on the Companys consolidated financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Aug. 31, 2019 | |
Property and Equipment (Tables) | |
Schedule Of Property and Equipment | As at August 31, 2019 $ As at February 28, 2019 $ Computer equipment 38,164 37,377 Furniture and equipment 37,023 37,067 Total 75,187 74,444 Less: Accumulated depreciation (53,046 ) (49,435 ) Net carrying value 22,141 25,009 |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 6 Months Ended |
Aug. 31, 2019 | |
Share Purchase Warrants (Tables) | |
Schedule of Share Purchase Warrants | Number of warrants Weighted average exercise price $ Balance, February 28, 2019 and August 31, 2019 18,275,000 0.40 As at August 31, 2019, the following share purchase warrants were outstanding: Number of warrants outstanding Exercise price $ Expiry date 18,275,000 0.40 December 1, 2019 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Aug. 31, 2019 | |
Stock Options (Tables) | |
Schedule of continuity of stock options | Number of options Weighted average exercise price $ Aggregate intrinsic value $ Balance, February 28, 2019 5,706,500 0.20 Granted 11,050,000 0.20 Balance, August 31, 2019 16,756,500 0.20 |
Schedule of stock options outstanding | Outstanding and exercisable Range of exercise prices $ Number of shares Weighted average remaining contractual life (years) Weighted average exercise price $ 0.20 16,756,500 5.5 0.20 |
Schedule of fair value of stock options | Six months ended August 31, 2019 Six months ended August 31, 2018 Risk-free interest rate 2.12 % 1.49 % Expected life (in years) 5 5 Expected volatility 245 % 290 % |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Aug. 31, 2019 | |
Commitments (Tables) | |
Schedule of minimum lease payments | Fiscal Year $ 2020 26,114 |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - USD ($) | 6 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | May 17, 2019 | Feb. 28, 2019 | |
State of incorporation | Nevada | |||
Date of incorporation | Jan. 7, 2014 | |||
Deficit | $ (53,441,434) | $ (51,884,518) | ||
Net Cash Used In Operating Activities | (355,316) | $ (578,386) | ||
working capital deficit | $ (638,710) | |||
R1 [Member] | ||||
Entity interest | 100.00% | |||
Aggregate exchange common stock shares | 10,000,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Aug. 31, 2019 | Feb. 28, 2019 |
Property and Equipment (Details) | ||
Computer equipment | $ 38,164 | $ 37,377 |
Furniture and equipment | 37,023 | 37,067 |
Total | 75,187 | 74,444 |
Less: Accumulated depreciation | (53,046) | (49,435) |
Net carrying value | $ 22,141 | $ 25,009 |
Loans Payable (Details Narrativ
Loans Payable (Details Narrative) - USD ($) | Aug. 31, 2019 | Feb. 28, 2019 |
Loans Payable (Details Narrative) | ||
Loan payable | $ 2,838,171 | $ 2,526,650 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Feb. 28, 2019 | |
Research and development fees | $ 312,630 | $ 321,217 | $ 1,169,357 | $ 637,024 | |
Stock-based compensation | 1,124,361 | 306,088 | |||
President [Member] | |||||
Due to related parties | $ 688,143 | 688,143 | $ 636,060 | ||
Research and development fees | 90,151 | 92,500 | |||
Chief Operating Officer [Member] | |||||
Research and development fees | 18,820 | 19,431 | |||
Manager [Member] | |||||
Administrative fees | 6,386 | 30,460 | |||
President and Chief Operating Officer [Member] | |||||
Stock-based compensation | $ 1,011,226 | $ 104,024 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Jul. 02, 2019 | Aug. 31, 2019 | Aug. 31, 2018 | Feb. 28, 2019 |
Common Stock | ||||
Common stock issued | 250,000 | 136,603,318 | 136,353,318 | |
Proceeds from common stock | $ 50,000 | $ 50,000 | $ 625,000 | |
common stock price per share | $ .20 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details) - Warrant [Member] - USD ($) | Aug. 31, 2019 | Feb. 28, 2019 |
Number of warrants | $ 18,275,000 | $ 18,275,000 |
Weighted average exercise price | $ 0.40 | $ 0.40 |
Share Purchase Warrants (Deta_2
Share Purchase Warrants (Details 1) - Warrant [Member] - USD ($) | 6 Months Ended | |
Aug. 31, 2019 | Feb. 28, 2019 | |
Number of warrants outstanding | $ 18,275,000 | $ 18,275,000 |
Weighted average exercise price | $ 0.40 | $ 0.40 |
Expiry date | December 1, 2019 |
Stock Options (Details )
Stock Options (Details ) | 6 Months Ended |
Aug. 31, 2019USD ($)$ / sharesshares | |
Number of options | |
Beginning balance, shares | shares | 5,706,500 |
Granted | shares | 11,050,000 |
Ending balance, shares | shares | 16,756,500 |
Weighted average exercise price | |
Beginning balance | $ / shares | $ 0.20 |
Granted | $ / shares | 0.20 |
Ending balance | $ / shares | $ 0.20 |
Aggregate intrinsic value | |
Aggregate intrinsic value | $ |
Stock Options (Details 1)
Stock Options (Details 1) | 6 Months Ended |
Aug. 31, 2019$ / sharesshares | |
Stock Options (Details 1) | |
Range of exercise prices | $ 0.20 |
Outstanding, ending | shares | 16,756,500 |
Weighted average remaining contractual life (years) | 5 years 6 months |
Weighted average exercise prices | $ 0.20 |
Stock Options (Details 2 )
Stock Options (Details 2 ) | 6 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Stock Options (Details 2 ) | ||
Risk-free interest rate | 2.12% | 1.49% |
Expected life (in years) | 5 years | 5 years |
Expected volatility | 245.00% | 290.00% |
Stock Options (Details Narrativ
Stock Options (Details Narrative ) - USD ($) | 3 Months Ended | 6 Months Ended | |
May 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Stock Options (Details Narrative ) | |||
Fair value of stock options granted | $ 151,935 | $ 1,124,361 | $ 306,088 |
Weighted average exercise price | $ 0.20 | $ 0.20 |
Commitments (Details)
Commitments (Details) | Aug. 31, 2019USD ($) |
Fiscal Year | |
2020 | $ 26,114 |
Subsequents Event (Details Narr
Subsequents Event (Details Narrative) - USD ($) | Oct. 11, 2019 | Jul. 02, 2019 | Sep. 26, 2019 | Aug. 31, 2019 | Aug. 31, 2018 | Feb. 28, 2019 |
Proceeds from common stock | $ 50,000 | $ 50,000 | $ 625,000 | |||
Common stock issued | 250,000 | 136,603,318 | 136,353,318 | |||
Subsequent Event [Member] | Private Placement [Member] | ||||||
Proceeds from common stock | $ 50,000 | |||||
Common stock issued | 2,500,000 | 1,000,000 | ||||
Investment banking services provided | $ 5,000 | |||||
Commission | 8.00% | |||||
Fees | 1.00% |