INCOME TAXES

3 Months Ended

Apr. 30, 2012

INCOME TAXES [Text Block]

8. INCOME TAXES

At April 30, 2012, the Company has net operating loss carry forwards of approximately $8,661,000 that expire through 2029. For financial statement purposes, a valuation allowance has been provided to offset the net deferred tax assets due to the cumulative net operating losses incurred during recent years. The valuation allowance will be reduced when and if, in the opinion of management, significant positive evidence exists which indicates that it is more likely than not that the Company will be able to realize its deferred tax assets.