10-K
2012-03-31
false
CONFORCE INTERNATIONAL, INC.
0001445297
--03-31
0
Smaller Reporting Company
Yes
No
No
2012
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<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>1. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>DESCRIPTION OF BUSINESS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company has developed a polymer based composite flooring system for the transportation industry trademarked under the name EKO-FLOR through its 100% owned subsidiary Conforce Container Corporation. The composite flooring product has been designed to provide an environmentally friendly product to increase ocean-going container and highway trailer performance while reducing overall costs.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company was incorporated on May 18, 2004 in the state of Delaware as Now Marketing Corp. and was renamed on May 25, 2005 to Conforce International Inc. During the quarter ended December 31, 2010, the Company incorporated two 100% owned subsidiaries, Conforce Holdings, Inc. and Conforce USA, Inc. Both subsidiaries were incorporated in the State of Delaware.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>2. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>BASIS OF PREPARATION AND GOING CONCERN</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”). All amounts are reported in U.S. dollars unless otherwise stated.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Going Concern</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>These consolidated financial statements have been prepared on the basis of GAAP applicable to a 'going concern', which assume that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. For the year ended March 31, 2012 the Company had net cash outflows from operations of $3,781,294 and incurred a net loss of $3,813,192. As at March 31, 2012 the Company had an accumulated deficit of $7,320,991. The Company's ability to continue as a going concern depends on its ability to generate positive cash flow from operations, or if necessary, secure additional financing.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Management regularly reviews and considers the current and forecasted activities of the Company in order to satisfy itself as to the viability of continued operations. These ongoing reviews include consideration of current orders and future business opportunities, current development and production activities, customer and supplier exposure and forecast cash requirements and balances. Based on these evaluations, management of the Company believes that as a result of the reductions in overhead that have been initiated, combined with the available cash on hand, and projected sales, the Company will have sufficient funds to operate for the next 12 months. However, should these sales not materialize, the Company will need to consider alternate sources of funding through private equity placement, debt financing instruments, or joint venture partnerships in order to operate beyond calendar 2012. Currently, there is no such financing in place, nor are there any preliminary or final term sheets or agreements in place in support of such financing.<font style='font-style:italic;display:inline'> </font>As a result, the Company will rely heavily on its ability to meet its projected sales targets in order to meet its financial requirements for continued operations. Based on the above, Management is of the opinion that the Company remains a going concern and should be accounted for as such.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>There can be no assurances that the Company's activities will be successful or sufficient and as a result there is doubt regarding the "going concern" assumption and, accordingly, the use of accounting principles applicable to a going concern. These consolidated financial statements do not reflect adjustments that would be necessary if the "going concern" assumption was not appropriate. If the "going concern" assumption is not appropriate for these consolidated financial statements, then adjustments to the carrying values of the assets and liabilities, the reported revenues and expenses and the balance sheet classifications, which could be material, would be necessary.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Principles of Consolidation</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Consolidated financial statements include the accounts of the Company and its wholly and partially owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Use of Estimates</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Significant estimates made by management of the Company include, an estimate of applicable interest rate for related party loans payable, uncollectible accounts receivable, and valuation allowances for deferred income tax assets.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Cash and cash equivalents</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Cash and cash equivalents consist of cash on deposit and is designated as held-for-trading and carried at fair value. Changes in fair value are recognized in the period they occur through net income or loss.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Trade Accounts Receivable</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The majority of the Company’s accounts receivable are due from sizable, well established businesses. Credit is extended based on an evaluation of a customer’s financial condition and accounts receivable are typically due within 30 days and are stated at amounts due from customers net of any allowances for doubtful accounts. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to satisfy its obligation to the Company, and the condition of the general economy and industry as a whole. The Company writes-off accounts receivable when they become uncollectable, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Interest is not accrued on past due receivables. As at March 31, 2012 and 2011 the allowance for doubtful accounts was nil.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Inventories</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Raw materials, work-in-progress and finished goods are valued at the lower of cost, determined on a first-in first-out basis, and replacement value.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Property, Plant and Equipment</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Property, plant and equipment are recorded at cost less accumulated amortization and are amortized from the date of acquisition or, in respect of internally constructed assets, from the time an asset is substantially completed and ready for use. Amortization is computed using the following methods as follows:</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="100%" bgcolor="white"> <tr> <td width="2%"></td> <td width="26%"> <div align="left" style='line-height:1.25;text-indent:-18pt;display:block;margin-left:18pt;margin-right:0pt'><font style='display:inline'>Building</font></div></td> <td width="72%"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Straight line over 15 years.</font></div></td></tr> <tr> <td width="2%"></td> <td width="26%"> <div align="left" style='line-height:1.25;text-indent:-18pt;display:block;margin-left:18pt;margin-right:0pt'><font style='display:inline'>Office equipment</font></div></td> <td width="72%"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>20% per annum declining basis</font></div></td></tr> <tr> <td width="2%"></td> <td width="26%"> <div align="left" style='line-height:1.25;text-indent:-18pt;display:block;margin-left:18pt;margin-right:0pt'><font style='display:inline'>Computer Equipment</font></div></td> <td width="72%"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>30% per annum declining basis</font></div></td></tr> <tr> <td width="2%"></td> <td width="26%"> <div align="justify" style='line-height:1.25;text-indent:-18pt;display:block;margin-left:18pt;margin-right:0pt'><font style='display:inline'>Vehicles</font></div></td> <td width="72%"> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>30% per annum declining basis</font></div></td></tr> <tr> <td width="2%"></td> <td width="26%"> <div align="justify" style='line-height:1.25;text-indent:-18pt;display:block;margin-left:18pt;margin-right:0pt'><font style='display:inline'>Machinery and equipment</font></div></td> <td width="72%"> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>20% per annum declining basis</font></div></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company reviews the recoverability of the carrying amount of plant and equipment when events or circumstances indicate that the carrying amounts may not be recoverable. This evaluation is based on projections of future non-discounted net cash flows. The total of these projected net cash flows is referred to as the “net recoverable amount.” If the net recoverable amount is less than the carrying value, the asset is written down to fair value.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Intangible assets with finite useful lives</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company’s intangible assets consist of intellectual property and are considered to have a finite useful life. As a result the intangible assets are amortized on a 20% per annum declining balance basis.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Management reviews the amortization method and useful life estimate annually. The carrying amount of intangible assets are reviewed when events or circumstances indicate that the carrying amount may not be recoverable. This evaluation is based on projections of future non-discounted net cash flows. The total of these projected net cash flows is referred to as the “net recoverable amount.” If the net recoverable amount is less than carrying value, the asset is written down to fair value.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Revenue Recognition</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Service revenues are recognized when there is persuasive evidence of an arrangement, services rendered, the amount is fixed or determinable, and collection is reasonably assured. Revenue is recorded net of any applicable sales and value added taxes and customer discounts.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Product revenues are recognized when there is persuasive evidence of an arrangement, goods have been delivered, the amount is fixed or determinable, and collection is reasonably assured. Revenue is recorded net of any applicable sales and value added taxes and customer discounts.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Research and Product Development Costs</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Research costs and costs incurred in applying for patents and licenses are expensed as incurred. Product development costs are expensed as incurred until the product or process is clearly defined and the associated costs can be identified, technical feasibility is reached, there is an intention to produce or market the product, the future market is clearly defined and adequate resources exist or are expected to be available to complete the project. To date, no product development costs have been capitalized.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Stock-Based Compensation</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company had agreements in place with certain senior management to compensate them through the direct issuance of common shares or payments to certain service providers for services performed. For the year ended March 31, 2012, 33,333 (2011 - 1,344,574) common shares have been issued or accrued by the current shareholders to management in satisfaction of these agreements. These stock based payments have been expensed by the Company over the period in which service has been rendered.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>In addition, the Company granted stock options to certain senior management for services performed. For the year ended March 31, 2012 a total of 360,000 (2011 - nil) stock options had been granted with a term of three years and, an exercise price of $0.50 per option.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Income Taxes</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Income taxes are recorded using the liability method. Deferred income tax amounts arise due to temporary differences between the accounting and income tax basis of the Company’s assets and liabilities and the unused tax losses of the Company. Deferred income tax assets and liabilities are measured using substantively enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates and laws is recognized in the period that includes the date of substantive enactment. Deferred income tax assets are recognized to the extent that realization of such benefits is considered to be more likely than not.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Foreign Currency Translation</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Transactions denominated in currencies other than the Canadian functional currency are translated into Canadian dollars at the average rate of exchange for the period.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>For reporting purposes, assets and liabilities are translated into US dollars at the period-end exchange rates, and the results of the Company’s operations are translated at the average rate of exchange for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income.</font></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Financial Instruments</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'><font style='display:inline'>T</font>he assessment of fair value for the Company’s financial instruments was based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Carrying amounts of some of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to the Company for loans with similar terms, the carrying value of term loans due to banks and loans payable approximate fair value.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Net Loss Per Share</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Net loss per common share is presented in accordance with Accounting Standards Codification (“ASC”) 260,<font style='font-style:italic;display:inline'> Earnings Per share </font>(“ASC 260”). Basic loss per common share is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is equal to the basic loss per common share as there are no potentially dilutive securities outstanding.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>3. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>NEW ACCOUNTING STANDARDS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which eliminates the option of reporting other comprehensive income and its components in the statement of changes in equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. Upon adoption of ASU 2011-05, comprehensive income will either be reported in a single continuous financial statement or in two separate but consecutive financial statements. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011. Since ASU 2011-05 only relates to presentation of comprehensive income, the Company does not believe the adoption of ASU 2011-05 will have any impact on its financial position, results of operations or cash flows.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'><font style='background-color:#ffffff;display:inline'>In September, 2011, the FASB issued ASU 2011-08, “Intangibles — Goodwill and Other (Topic 350), Testing Goodwill for Impairment.” ASU 2011-08 simplifies how a company is required to test goodwill for impairment. Companies will now have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after considering the totality of events and circumstances an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the two-step impairment test is unnecessary. The amendment was effective for the Company beginning January 1, 2012, with early adoption permitted. Currently the Company does not have any goodwill.</font></font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>4. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>ACCOUNTS RECEIVABLE</font></div></td></tr></table> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Accounts receivable for the year ended March 31:</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>2012</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>2011</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Trade accounts receivable</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>25,167</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>383,430</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Harmonized sales tax</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>69,628</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>178,245</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:2px'>Subscription receipts</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>-</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>49,700</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>94,795</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>611,375</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Within the trade accounts receivable balances for 2012, 100% (2011 - 84%) of the balance is due from a single customer.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>5. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>PROPERTY, PLANT AND EQUIPMENT</font></div></td></tr></table> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012 the net book value of the plant and equipment is as follows:</font></div> <div style='text-indent:0pt;margin-left:0pt;margin-right:0pt'> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="44%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Cost</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Accumulated</div> <div style='text-align:center'>Amortization</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Net book</div> <div style='text-align:center'>value</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="44%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%">Land</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>120,000</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>-</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>120,000</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%">Building</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>295,629</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>28,000</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>267,629</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%">Office equipment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>66,471</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>14,031</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>52,440</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%">Computer Equipment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>16,098</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>5,930</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>10,168</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%" style='padding-bottom:2px'>Machinery and equipment</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>2,795,005</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>666,691</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>2,128,314</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>3,293,203</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>714,652</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>2,578,551</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> </div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2011 the net book value of the plant and equipment was as follows:</font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="44%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Cost</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Accumulated</div> <div style='text-align:center'>Amortization</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Net book</div> <div style='text-align:center'>value</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="44%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%">Land</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>120,000</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>-</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>120,000</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%">Building</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>290,717</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>8,800</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>281,917</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%">Office equipment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>11,553</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>2,472</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>9,081</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%">Machinery and equipment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>787,192</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>365,060</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>422,132</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%" style='padding-bottom:2px'>Equipment acquired but not in use</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>676,407</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>-</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>676,407</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>1,885,869</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>367,332</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>1,509,537</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the year ended March 31, 2011, the Company acquired production equipment that was being installed and not in production as at the end of the year.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>6. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>INTANGIBLE ASSETS</font></div></td></tr></table> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012, the net book value of intangible assets is as follows:</font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="44%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Cost</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Accumulated</div> <div style='text-align:center'>Amortization</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Net book</div> <div style='text-align:center'>value</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="44%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%" style='padding-bottom:2px'>Trade marks</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>52,745</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>31,000</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>21,745</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>52,745</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>31,000</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>21,745</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2011 the net book value of intangible assets was as follows:</font></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="44%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Cost</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Accumulated</div> <div style='text-align:center'>Amortization</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'> <div style='text-align:center'>Net book</div> <div style='text-align:center'>value</div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="44%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="44%" style='padding-bottom:2px'>Trade marks</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>33,769</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>16,480</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>17,289</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="44%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>33,769</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>16,480</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='text-align:right;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>17,289</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>7. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>TERM LOAN</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>In November 2008, the company entered into a loan agreement in the amount of CAD $ 250,000 under the <font style='font-style:italic;display:inline'>Canada Small Business Financing Act</font> for the purchase of machinery and equipment to be used in the manufacturing of the composite flooring. The loan is secured with a first charge on the equipment purchased and a CAD $62,500 personal guarantee provided by the CEO.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The term of the loan is ten years with interest at a floating rate of prime + 3%. The minimum blended loan and re- payments for the next 5 years and thereafter, assuming, the floating interest rate remains constant at 6.00%, are as follows:</font></div> <div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Repayment of the term loan for the twelve month period ended March 31:</font></div> </div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%">2013</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>24,836</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%">2014</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>26,368</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%">2015</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>27,994</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%">2016</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>29.721</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%">2017</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>31,554</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%" style='padding-bottom:2px'>Thereafter</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>38,178</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%">Total amounts payable</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>178,651</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%" style='padding-bottom:2px'>Less current portion</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>24,836</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>153,815</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>8. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>LOAN</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the prior year the Company received, from the City of Peru and Miami County, a financial incentive to locate its production facility in Peru, Indiana. This incentive is in the form of an interest free, forgivable loan in the amount of $500,000 and certain property tax abatements. Under the terms of the incentive, the Company was required to receive additional equity capital of not less than $5.0 million for the establishment of the Peru production facility, acquire the land and buildings for the manufacturing facility, purchase or deliver equipment to be used in the manufacturing facility and agree to hire a minimum of 55 full time employees within 12 months of the start of production and 110 employees within 24 months of the start of production. </font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The minimum employee levels have not been achieved, resulting in the Company potentially becoming ineligible for certain anticipated property tax abatements on improvements to the real estate or on equipment used in the production facility to which it may have otherwise been entitled. Consequently, an estimate of the property tax abatements has been accrued for the year ended March 31, 2012.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>If the Company abandons the production facility within the first 5 years of operation, the Company will be required to repay a proportional amount of the forgivable loan. If the facility is not abandoned during the first 5 years the loan is completely forgiven. The Company continues to operate the facility and accordingly $75,000 for the year ended March 31, 2012 has been recorded as a gain on the forgivable loan and $100,000 is recorded as a current liability.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>9. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>RELATED PARTY LOAN PAYABLE AND RELATED PARTY TRANSACTIONS</font></div></td></tr></table> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>March 31, 2012</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:center;padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>March 31, 2011</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Due to related parties</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>1,868,330</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>1,924,016</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'>Less discount to fair value</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>(713,503</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'>)</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>(813,262</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'>)</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>1,154,827</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>1,110,754</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The amounts due to shareholder and amounts due to related parties are unsecured, non-interest bearing with no specific terms of repayment. The amounts due to related parties arise from cash advances made by related parties to the Company for operating capital and the purchase of machinery and equipment, primarily relating to the development of the composite flooring product.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The loans have been advanced in different increments depending on the needs of the Company and repayment was originally expected to occur in 2012. As a condition of the issuance of common shares as a result of a private placement in October 2010, the Company agreed to defer repayment of the related party loans for a period of 10 years from the date of the original issuance, but no later than April 2017. As a result of this deferral, the fair value of the loans has been recalculated resulting in an additional discount of $635,598 at the time of deferral. The imputed interest rates have been assumed to remain as previously estimated, being prime on the date of the loan plus 4%. This results in imputed interest rates ranging from 6.25% to 8,75%. The discount to the face value of the related party loans is charged to contributed surplus. Imputed interest for the year ended March 31, 2012 was $75,519 (2011: $64,016).</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the year the Company acquired certain equipment from a related party at a cost of approximately $14,500. In addition, a related party was reimbursed for the cost of labor used by the Company in its operations. The amounts are considered market value.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012 there were no amounts due or payable to related parties, other than the related party loans previously detailed.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Effective, July 1, 2010, the Company sold its 50.1% interest in Conforce 1 to Marino Kulas, the CEO of Conforce International for the sum of USD 417,989 (CAD $445,000). As consideration, the face value of the related party loans payable was reduced accordingly. The gain on the sale of the Company’s stake in Conforce 1 is calculated as follows:</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%">Fair value of consideration received </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>417,989</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%">Carrying value of non-controlling interest </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>247,363</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" style='padding-bottom:2px'> <div style='text-align:left;line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Less carrying value of net book value of assets of discontinued operations </font></div></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>(514,677</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" style='padding-bottom:4px'>Gain on sale of discontinued operations </td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='text-decoration:none'><font style='border-bottom:1pt double;display:inline;text-decoration:none'>150,675</font></font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As a result of this transaction, the loan between Conforce 1 and CCC was fair valued. Based on the same assumptions applied to the related party loans, the fair value of the amount due was $1,144,460 at the time of disposal.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>10. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>SHARE CAPITAL</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='font-style:italic;display:inline'>Preferred Shares</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>At March 31, 2012, the Company had authorized 5,000,000 preferred shares with a par value of $.0001 per share which may be issued in designated series from time to time by one or more resolutions adopted by the Board of Directors.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012 and March 31, 2011 no preferred shares were issued and outstanding.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='font-style:italic;display:inline'>Common Stock</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>At March 31, 2012 and March 31, 2011, the Company had authorized 250,000,000 shares of Common Stock at a par value of USD 0.0001 per share. </font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the quarter ended December 31, 2010, the Company issued 13,333,334 common shares for gross proceeds of $2,000,000. A commission was paid in the amount of $120,005 for net proceeds of $1,879,995. The net proceeds were utilized for the purchase of a manufacturing facility in Peru, Indiana and deposits on equipment necessary for establishing a production facility for the EKO-FLOR product.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the quarter ended March 31, 2011, the Company issued 26,785,715 common shares at $0.28 per share for gross proceeds of $7.5 million. A commission of $750,000 and legal fees of $5,000 were paid by the Company in connection therewith resulting in net proceeds of $6,745,000. In addition 2,678,512 broker warrants were issued with an exercise price of $0.28 per share. The warrants expire on August 22, 2012.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012, there were 160,120,049 (2011: 160,120,049) common shares issued and outstanding.</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="22%" colspan="6" style='border-bottom:black 2px solid;text-align:center'>Common Stock</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Shares</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>Amount</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%"><font style='font-weight:bold'>Balance as at March 31, 2010</font></td> <td valign="bottom" width="1%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='font-weight:bold'>120,001,000<font style='letter-spacing:9pt;font-weight:bold'> </font></font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='font-weight:bold'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='font-weight:bold'>9,157</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Vice President Product Development</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='text-indent:9pt'>-employment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>366,667</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>66,102</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='text-indent:9pt'>-certification testing</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>200,000</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>83,671</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Vice President Business Development</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='text-indent:9pt'>-employment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>600,000</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>89,747</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Service provider in settlement of outstanding invoices</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>177,907</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>16,918</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Shares provided by a founding shareholder - changed to </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Contributed surplus</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(1,344,574</td> <td valign="bottom" width="1%" style='text-align:left'>)</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(256,438</td> <td valign="bottom" width="1%" style='text-align:left'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Issuance of common shares</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>13,333,334</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>2,000,000</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:2px;text-indent:9pt'>Less issuance costs</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>(120,005</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'>Net proceeds</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>1,879,995</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Issuance of common shares</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>26,785,715</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>7,500,000</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='text-indent:9pt'>Less issuance costs</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(754,998</td> <td valign="bottom" width="1%" style='text-align:left'>)</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:2px;text-indent:9pt'>Less broker warrants</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>(911,338</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'>Net proceeds</td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'>5,833,664</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%"><font style='font-weight:bold'>Balance March 31, 2011</font></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='font-weight:bold'>160,120.049</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='font-weight:bold'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='font-weight:bold'>7,722,816</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Vice President Product Development</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='text-indent:9pt'>-employment</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>33,333</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>6,304</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Shares provided by a founding shareholder - changed to </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Contributed surplus</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(33,333</td> <td valign="bottom" width="1%" style='text-align:left'>)</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(6,304</td> <td valign="bottom" width="1%" style='text-align:left'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:4px'><font style='font-weight:bold'>Balance March 31, 2012</font></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='font-weight:bold'>160,120,049</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='font-weight:bold'>7,722,816</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='font-style:italic;display:inline'>Warrants</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>In conjunction with the private placement of common shares the Company granted 2,678,512 share purchase warrants with an exercise price of $0.28 and a term of 18 months. The warrants were valued using a Black-Scholes valuation model with a share price at date of grant of $0.45, expected life of 18 months, volatility of 164% and a risk free interest rate of 0.55%. The fair value of the warrants is $911,338. As at March 31, 2012 the share purchase warrants are expected to expire on August 22, 2012.</font></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='font-style:italic;display:inline'>Options</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the year ended March 31, 2012, the Company granted a total of 360,000 options to employees dispersed in equal increments over three years with an exercise price of $0.50 cents per share. The options vest over a period of three years with one third vesting on each anniversary date following the date of issue. The options were valued at $130,140 using a Black-Scholes valuation model with a share price at the date of grant of $0.40, an expected life of 3 years, volatility of 144% and a risk free rate of 0.62%.</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Number of </font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>options</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Weighted</font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>average </font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>exercise</font></div> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>price</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Outstanding, April 1, 2011</font></div></td> <td valign="bottom" width="1%" align="left"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Granted during the year</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>360,000</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>0.50</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Forfeited, exercised, expired during the year</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Outstanding at March 31, 2012</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>360,000</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>0.50</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Exercisable – December 31</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Weighted average life of options outstanding – years</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>2.27</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr></table></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>During the year ended March 31, 2012, stock based compensation expensed for stock options was $48,870.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>11. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>LOSS PER SHARE</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Loss per share is calculated on the basis of net loss divided by the weighted average number of common shares outstanding for the year. The impact of warrants and options is anti-dilutive as the Company incurred losses during 2012 and 2011. The following table represents the maximum number of shares that would be outstanding if all dilutive instruments were exercised and converted as at March 31, 2012.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>2012</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>2011</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Common shares outstanding</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>160,120,049</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>160,120,049</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Warrants outstanding</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>267,851</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>2,678,512</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Options outstanding</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>360,000</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>160,747,900</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>162,798,561</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>12. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>COMMITMENTS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Lease commitments</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company leases office space under a five year lease that runs through April 2012. Monthly lease payments are approximately $4,132. This lease has been extended to July 31, 2012.</font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company has entered into a short term leasing agreement for a private automobile for use by Company employees for travel to visit the US based manufacturing facility. The monthly lease payments are approximately $420.</font></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Future lease commitments for the fiscal years ending:</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>2012</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>$</font></div></td> <td valign="bottom" width="9%" align="right"> <div align="right" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>18,176</font></div></td> <td valign="bottom" width="1%" align="left"> </td></tr></table></div>
<!--egx--> <div> <table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>13. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>INCOME TAXES</font></div></td></tr></table></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The reconciliation of income tax expense for the years ended March 31 computed as a combined federal and provincial statutory rate to income tax expense is as follows: </font></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>2012</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>2011</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Income tax at statutory rates (2012 - 36%, 2011 - 29%)</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>(1,370,903</font></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>)</font></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>(639,228</font></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>)</font></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Permanent differences between income for tax purposes and accounting</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>29,417</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>124,767</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Differences in deductions for accounting purposes and tax due to allowable timing of deductions</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>126,973</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>32,843</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Change in effective tax rates</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>8,784</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Increase in valuation allowance</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,214,513</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>472,834</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The significant components of the deferred tax accounts recognized for financial reporting purposes are as follows:</font></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px;border-top:#000000 0.75pt solid'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;border-top:#000000 0.75pt solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>2012</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px;border-top:#000000 0.75pt solid'></td> <td valign="bottom" width="1%" style='padding-bottom:2px;border-top:#000000 0.75pt solid'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;border-top:#000000 0.75pt solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>2011</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px;border-top:#000000 0.75pt solid'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Non-capital loss carry forwards</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,959,657</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>745,144</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Less valuation allowance</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>1,959,657</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>745,144</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" align="left" style='padding-bottom:4px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Net future income tax assets</font></div></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td> <td valign="bottom" width="1%" align="right" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'></td></tr></table></div></div> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>As at March 31, 2012 the Company had net operating loss carry forwards of approximately $5.5 million, which expire in varying amounts between 2018 and 2021. The Company’s net deferred tax asset has been offset by a valuation allowance of the same amount. The valuation allowance has been recorded due to the uncertainty of realization of the deferred tax asset.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>14. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>FINANCIAL INSTRUMENTS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>The Company accounts for certain assets and liabilities at fair value. In determining fair value, the Company considers its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of nonperformance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while non-observable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy:</font></div> <div align="left" style='text-indent:18pt;margin-left:18pt'> <table cellspacing="0" cellpadding="0" width="90%" style='text-indent:9pt'> <tr style='text-indent:9pt'> <td valign="middle" width="8%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset;border-top:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Level 1 —</font></div></td> <td valign="middle" width="66%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset;border-top:black 0.75pt outset;border-right:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Quoted prices for identical instruments in active markets.</font></div> </td></tr> <tr> <td valign="middle" width="8%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Level 2 —</font></div></td> <td valign="middle" width="66%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset;border-right:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.</font></div></td></tr> <tr> <td valign="middle" width="8%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Level 3 —</font></div></td> <td valign="middle" width="66%" align="left" style='border-bottom:black 2px outset;border-left:black 0.75pt outset;border-right:black 0.75pt outset'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Model-derived valuations in which one or more significant inputs or significant value-drivers are non-observable.</font></div></td></tr></table></div> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of March 31, 2012 and 2011:</font></div> <div style='text-indent:0pt;margin-left:0pt;margin-right:0pt'> <div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="32%" align="left" style='border-bottom:black 2px solid'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Fair values mesured at March 31, 2012 using:</font></div></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="32%" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Total</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 1</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 2</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 3</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="32%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Financial Liabilities:</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="32%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Related party loan payable</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,154,827</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,154,827</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr></table></div> <div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="32%" align="left" style='border-bottom:black 2px solid'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Fair values mesured at March 31, 2011 using:</font></div></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="32%" style='border-bottom:black 2px solid'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Total</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 1</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 2</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Level 3</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="32%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>Financial Liabilities:</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="32%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Related party loan payable</font></div></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,110,754</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>-</font></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%" align="right"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,110,754</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr></table></div></div></div></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>15. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>BUSINESS SEGMENTS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Since the sale of Conforce 1 in July of 2010, the Company operates as a single business unit focused on two primary markets: Container Flooring and Trailer Flooring. CCC, a wholly-owned subsidiary of the Company, is responsible for the research and development of EKO-FLOR products. CUI, a wholly-owned subsidiary of the Company, has sales and manufacturing operations in the U.S.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>16. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>ECONOMIC DEPENDENCE</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>For the year ended March 31, 2012, 100% of the EKO-FLOR composite flooring revenue was generated from a single customer. For 2011, 82% of revenues were generated from 2 customers.</font></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>17. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline;font-weight:bold'>DISCONTINUED OPERATIONS</font></div></td></tr></table> <div align="justify" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Discontinued operations had no impact for the year ended March 31, 2012. An analysis of the financial results of the discontinued operations for the year ended March 31, 2011 is as follows:</font></div> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="68%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid'> <div align="center" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>2011</font></div></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="68%" align="left"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Revenues</font></div></td> <td valign="bottom" width="1%" align="left"></td> <td valign="bottom" width="1%" style='text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>292,505</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Cost of revenues</font></div></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>145,510</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Gross profit</font></div></td> <td valign="bottom" width="1%" align="left"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>146,995</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Expenses</font></div></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>145,511</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" align="left"> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Income before tax of discontinued operations</font></div></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'><font style='display:inline'>1,484</font></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="68%" align="left" style='padding-bottom:2px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Income tax expense</font></div></td> <td valign="bottom" width="1%" align="left" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'><font style='display:inline'>3,125</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="68%" align="left" style='padding-bottom:4px'> <div align="left" style='line-height:1.25;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt'><font style='display:inline'>Income (loss) from discontinued operations</font></div></td> <td valign="bottom" width="1%" align="left" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'><font style='display:inline'>$</font></td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'><font style='display:inline'>(1,641</font></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'><font style='display:inline'>)</font></td></tr></table></div>
<!--egx--><table cellspacing="0" cellpadding="0" width="100%"> <tr valign="top" style='line-height:1.25'> <td align="right" style='width:36pt'> <div><font style='display:inline;font-weight:bold'>18. </font></div></td> <td> <div align="justify" style='text-indent:0pt;margin-left:0pt;margin-right:0pt'><font style='display:inline'><font style='display:inline;font-weight:bold'>CHANGES IN NON-CASH WORKING CAPITAL</font></font></div></td></tr></table> <div align="center"> <table cellspacing="0" cellpadding="0" width="80%" bgcolor="white"> <tr> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>2012</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="10%" colspan="2" style='border-bottom:black 2px solid;text-align:center'>2011</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr> <td valign="bottom" width="56%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="10%" colspan="2"></td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Accounts receivable</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>516,580</td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'>$</td> <td valign="bottom" width="9%" style='text-align:right'>(499,334</td> <td valign="bottom" width="1%" style='text-align:left'>)</td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Inventory</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(598,710</td> <td valign="bottom" width="1%" style='text-align:left'>)</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>27,257</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%">Prepaid expenses</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(113,432</td> <td valign="bottom" width="1%" style='text-align:left'>)</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>16,720</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%">Accounts payable and accrued liabilities</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>(142,270</td> <td valign="bottom" width="1%" style='text-align:left'>)</td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%" style='text-align:left'></td> <td valign="bottom" width="9%" style='text-align:right'>257,411</td> <td valign="bottom" width="1%" style='text-align:left'></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" width="56%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td> <td valign="bottom" width="1%" style='padding-bottom:2px'></td> <td valign="bottom" width="1%" style='border-bottom:black 2px solid;text-align:left'></td> <td valign="bottom" width="9%" style='border-bottom:black 2px solid;text-align:right'></td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:2px'></td></tr> <tr bgcolor="white"> <td valign="bottom" width="56%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>(337,832</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'>)</td> <td valign="bottom" width="1%" style='padding-bottom:4px'></td> <td valign="bottom" width="1%" style='border-bottom:black 4px double;text-align:left'>$</td> <td valign="bottom" width="9%" style='border-bottom:black 4px double;text-align:right'>(197,946</td> <td valign="bottom" width="1%" style='text-align:left;padding-bottom:4px'>)</td></tr></table></div>
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