0001144204-12-034570.txt : 20120613 0001144204-12-034570.hdr.sgml : 20120613 20120613093903 ACCESSION NUMBER: 0001144204-12-034570 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120613 DATE AS OF CHANGE: 20120613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CardioGenics Holdings Inc. CENTRAL INDEX KEY: 0001089029 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 880380456 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28761 FILM NUMBER: 12904323 BUSINESS ADDRESS: STREET 1: 6865 SW 18TH STREET SUITE B13 CITY: BACA RATON STATE: FL ZIP: 33433 BUSINESS PHONE: 905.673.8501 MAIL ADDRESS: STREET 1: 6295 NORTHAM DRIVE, STREET 2: UNIT 8 CITY: MISSISSAUGA, STATE: A6 ZIP: L4V 1W8 FORMER COMPANY: FORMER CONFORMED NAME: JAG MEDIA HOLDINGS INC DATE OF NAME CHANGE: 20020409 FORMER COMPANY: FORMER CONFORMED NAME: JAGNOTES COM DATE OF NAME CHANGE: 19990722 10-Q 1 v315318_10q.htm FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

þQuarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended April 30, 2012.

 

oTransition report under Section 13 or 15(d) of the Exchange Act

 

For the transition period from ____________ to___________ .

 

Commission file number 000-28761

 

CARDIOGENICS HOLDINGS INC.

(Exact name of registrant as specified in its Charter)

 

Nevada   88-0380546
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

6295 Northam Drive, Unit 8

Mississauga, Ontario L4V 1WB

(Address of Principal Executive Offices)

 

(905) 673-8501

(Registrant’s Telephone Number, Including Area Code)

 

Indicate by check mark whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

 

Yes þ No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer and “smaller reporting company” in Rule 12b-2 or the Exchange Act. (Check one):

 

Large Accelerated filer ¨ Accelerated Filer ¨
   
Non-Accelerated Filer ¨ Smaller Reporting Company þ
(Do not check if a smaller reporting company)  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

 

Yes ¨ No þ

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes þ   No ¨

 

As of June 6, 2012 the Registrant had the following number of shares of its capital stock outstanding: 31,449,239 shares of Common Stock and 1 share of Series 1 Preferred Voting Stock, par value $0.0001, representing 14 exchangeable shares of the Registrant’s subsidiary, CardioGenics ExchangeCo Inc., which are exchangeable into 24,176,927 shares of the Registrant’s Common Stock.

 

 
 

 

CARDIOGENICS HOLDINGS INC.

 

FORM 10-Q

 

For the Quarter Ended April 30, 2012

 

INDEX

 

  Page
Part I. Financial Information 3
   
Item 1: Financial Statements (Unaudited) 3
   
Condensed Consolidated Balance Sheets at April 30, 2012 (Unaudited) and October 31, 2011 3
   
Condensed Consolidated Statements of Operations (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012 4
   
Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficiency) (Unaudited) for the Six Months ended April 30, 2012 5
   
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012 6
   
Notes to Condensed Consolidated Financial Statements (Unaudited) 7
   
Item 2: Management’s Discussion and Analysis 12
   
Item 3: Quantitative and Qualitative Disclosures About Market Risk 15
   
Item 4: Controls and Procedures 15
   
Part II. Other Information 16
   
Item 1: Legal Proceedings 16
   
Item 1A: Risk Factors 17
   
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 17
   
Item 3: Defaults Upon Senior Securities 17
   
Item 4: Removed and Reserved 17
   
Item 5: Other Information 17
   
Item 6: Exhibits 17
   
Signatures 18

 

2
 

 

CardioGenics Holdings Inc.

(A Development Stage Company)

Condensed Consolidated Balance Sheets

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements (Unaudited)

 

   April 30,   October 31, 
   2012   2011 
   (Unaudited)    (Note 2) 
Assets          
           
Current Assets          
Cash and Cash Equivalents  $271,951   $669,202 
Accounts Receivable   2,908    9,002 
Deposits and Prepaid Expenses   51,998    51,541 
Refundable Taxes Receivable   26,105    35,191 
Investment Tax Credits Receivable   193,618    187,497 
    546,580    952,433 
           
Property and Equipment, net   77,107    82,308 
Patents, net   128,781    130,732 
    205,888    213,040 
Total Assets  $752,468   $1,165,473 
           
Liabilities and  Equity          
           
Current Liabilities          
Accounts Payable and Accrued Expenses  $633,379   $596,692 
Funds Held in Trust for Redemption of Class B Common Shares   4    4 
Current Portion of Capital Lease Obligation   14,599    25,711 
Due to Shareholders   262,500    ▬ 
    910,482    622,407 
           
Long Term Liabilities          
Capital Lease Obligation, net of current portion   ▬    2,630 
Total Liabilities   910,482    625,037 
           
Commitments and Contingent Liabilities          
Equity          
Preferred stock; par value $.0001 per share, 5,000,000 shares authorized, 1 issued and outstanding as at April 30, 2012 and October 31, 2011   ▬    ▬ 
Common stock; par value $.00001 per share; 65,000,000 shares authorized, 31,449,239 and 31,237,262 common shares and 24,176,927 and 24,388,904 exchangeable shares issued and outstanding as at April 30, 2012 and October 31, 2011 respectively   540    540 
           
Additional paid-in capital   41,774,001    41,774,001 
           
Deficit accumulated during development stage   (41,437,846)   (40,731,174)
           
Accumulated other comprehensive loss   (160,754)   (173,407)
           
Total CardioGenics Holdings Inc. equity   175,941    869,960 
Non-controlling interest   (333,955)   (329,524)
Total equity (deficiency)   (158,014)   540,436 
Total liabilities and  equity  $752,468   $1,165,473 

 

See notes to condensed consolidated financial statements.

 

3
 

 

 

CardioGenics Holdings Inc.

(A Development Stage Company)

Condensed Consolidated Statements of Operations (unaudited)

For the Three and Six Months Ended April 30, 2012 and 2011 and

Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012

 

 

                   Cumulative 
                   From 
                   November 
                   20, 1997 
                   (Date of 
   For the three months Ended   For the six months Ended   Inception) to 
   April 30,   April 30,   April 30, 
   2012   2011   2012   2011   2012 
                     
Revenue  $ ▬   $ ▬   $1,136   $ ▬   $10,012 
                          
Operating Expenses                         
Depreciation of Property and Equipment   4,539    4,871    9,094    9,529    210,533 
Amortization of Patent Application Costs   1,260    1,090    2,560    2,132    14,971 
Write-off of Patent Application Costs   ▬    ▬    ▬    ▬    214,625 
General and Administrative   187,325    383,837    361,488    680,649    7,950,178 
Write-off of Goodwill   ▬    ▬    ▬    ▬    12,780,214 
Research and Product Development, Net of Investment Tax Credits   192,694    234,646    348,738    393,570    4,062,496 
Cost of Settlement of Lawsuit   ▬    ▬    ▬    ▬    1,753,800 
Total operating expenses   385,818    624,444    721,880    1,085,880    26,986,817 
Operating Loss   (385,818)   (624,444)   (720,744)   (1,085,880)   (26,976,805)
                          
Other Expenses (Income)                         
Interest Expense and Bank Charges (Net)   6,014    4,296    9,485    8,900    2,146,121 
Loss on Change in Value of Derivative Liability   ▬    ▬    ▬    ▬    12,421,023 
Loss (Gain) on Foreign Exchange Transactions   2,238    91,633    (19,126)   132,163    190,139 
Total other expenses (income)   8,252    95,929    (9,641)   141,063    14,757,283 
                          
Loss from Continuing Operations   (394,070)   (720,373)   (711,103)   (1,226,943)   (41,734,088)
                          
Discontinued Operations                         
Gain  on Sale of Subsidiary   ▬    ▬    ▬    ▬    90,051 
Loss from Discontinued Operations   ▬    ▬    ▬    ▬    (127,762)
Net Loss   (394,070)   (720,373)   (711,103)   (1,226,943)   (41,771,799)
Net Loss attributable to non-controlling interest   (2,368)   (4,688)   (4,431)   (8,212)   (333,955)
Net Loss attributable to CardioGenics Holdings Inc.  $(391,702)  $(715,685)  $(706,672)  $(1,218,731)  $(41,437,844)
                          
Basic and Fully Diluted Net Loss per Common                         
Share attributable to CardioGenics Holdings Inc. Shareholders  $(0.01)  $(0.01)  $(0.01)  $(0.02)     
Weighted-average shares of Common Stock outstanding   55,626,166    54,036,505    55,626,166    53,746,365      
                          

 

See notes to condensed consolidated financial statements.

 

4
 

 

CarioGenics Holdings Inc.

(A Development Stage Company)

Condensed Consolidated Statements of Changes in Equity (unaudited)

For the six months ended April 30, 2012

 

 

               Deficit             
               Accumulated             
               During   Accumulated         
           Additional   the   Other       Total 
   Common Stock   Paid-in   Development   Comprehensive   Noncontrolling   Equity 
   Shares   Amount   Capital   Stage   Income (Loss)   Interest   (Deficiency) 
Balance October 31, 2011   55,626,166   $540   $41,774,001   $(40,731,174)  $(173,407)  $(329,524)  $540,436 
Net loss attributable to noncontrolling interest                            (4,431)   (4,431)
Comprehensive Income (Loss):                                   
Net Loss                  (706,672)             (706,672)
Other Comprehensive Income                                   
Currency Translation Adjustment                       12,653         12,653 
Total Comprehensive (Loss)                                 (694,019)
Balance at April 30, 2012   55,626,166   $540   $41,774,001   $(41,437,846)  $(160,754)  $(333,955)  $(158,014)

 

See notes to condensed consolidated financial statements.

 

5
 

 

CardioGenics Holdings Inc.

(A Development Stage Company)

Condensed Consolidated Statements of Cash Flows (unaudited)

Six Months Ended April 30, 2012 and 2011 and

Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012

 

 

           Cumulative from 
           November 20, 1997 
   Six Months Ended   (Date of Inception) 
   April 30   To April 30, 
   2012   2011   2012 
Cash flows from operating activities               
Net Loss for the Period  $(711,103)  $(1,226,943)  $(41,771,799)
Adjustments to reconcile net loss for the period to net cash used in operating activities               
Depreciation of Property and Equipment   9,094    9,529    210,533 
Amortization of Patent Application Costs   2,560    2,132    14,971 
Write-off of Patent Application Costs   ▬    ▬    214,625 
Write-off of Goodwill   ▬    ▬    12,780,214 
Amortization of Deferred Debt Issuance Costs   ▬    ▬    511,035 
Loss on Extinguishment of Debt   ▬    ▬    275,676 
Loss on Change in Value of Derivative Liability   ▬    ▬    12,421,023 
Interest Accrued and Foreign Exchange Loss on Debt   ▬    ▬    922,539 
Unrealized Foreign Currency Exchange Gains   ▬    ▬    25,092 
Beneficial Conversion Charge included in Interest Expense   ▬    ▬    452,109 
Re-pricing of Options for Services Rendered   ▬    163,750    163,750 
Common Stock and Warrants issued on Settlement Of Lawsuit   ▬    ▬    1,653,800 
Common Stock Issued as Employee or Officer/Director Compensation   ▬    ▬    2,508,282 
Common Stock Issued for Services Rendered   ▬    100,000    2,726,262 
Stock Options Issued for Services Rendered   ▬    ▬    192,238 
Stock Options Issued to Directors and Committee Chairman   ▬    ▬    54,582 
Changes in Operating Assets and Liabilities, Net of Acquisition               
Accounts Receivable   6,094    ▬    (2,908)
Share Subscriptions Receivable   ▬    115,000    ▬ 
Deposits and Prepaid Expenses   (457)   35,502    (51,209)
Refundable Taxes Receivable   9,086    (17,170)   (25,241)
Investment Tax Credits Receivable   (6,121)   156,482    (173,556)
Accounts Payable and Accrued Expenses   36,687    (90,830)   (134,533)
Advances   ▬    ▬    131 
Cash used in operating activities   (654,160)   (752,548)   (7,032,384)
                
Cash flows from investing activities               
Cash Acquired from Acquisition   ▬    ▬    195,885 
Purchase of Property and Equipment   (3,893)   ▬    (223,559)
Patent Application Costs   (609)   ▬    (315,179)
Cash used in investing activities   (4,502)   ▬    (342,853)
                
Cash flows from financing activities               
Repayment of Capital Lease Obligations   (13,742)   (7,205)   (29,318)
Due to Shareholders   262,500    ▬    262,500 
Due to Director   ▬    (170)   725,330 
Issue of Debentures   ▬    ▬    1,378,305 
Issue of Common Shares on Exercise of Stock options   ▬    2,750    2,781 
Issue of Common Shares on Exercise of Warrants   ▬    ▬    45,652 
Issue of Common Shares for Cash   ▬    359,412    5,624,169 
Refund of Share Subscription   ▬    (15,378)   (15,000)
Redemption of 10% Senior Convertible Debentures   ▬    ▬    (394,972)
Cash provided by financing activities   248,758    339,409    7,599,447 
                
Effect of foreign exchange on cash and cash equivalents   12,653    131,526    47,741 
Cash and Cash Equivalents               
Increase (decrease) in cash and cash equivalents during the period   (397,251)   (281,613)   271,951 
Beginning of Period   669,202    1,844,752    ▬ 
End of Period  $271,951   $1,563,139   $271,951 

  

6
 

 

1.Nature of Business

 

CardioGenics Inc. (“CardioGenics”) was incorporated on November 20, 1997 in the Province of Ontario, Canada, and carries on the business of development and commercialization of diagnostic test products to the In Vitro Diagnostics testing market. CardioGenics has several test products that are in various stages of development.

 

CardioGenics’ business is that of a development-stage company, with a limited history of operations and whose revenues, to date, have been primarily comprised of grant revenue and Scientific Research Tax Credits from government agencies. There can be no assurance that the Company will be successful in obtaining regulatory approval for the marketing of any of the existing or future products that the Company will succeed in developing.

 

On October 27, 2009, the name of the Company was changed from JAG Media Holdings, Inc. to CardioGenics Holdings Inc.

 

2.Basis of Presentation

 

In the opinion of management, the unaudited condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the condensed interim consolidated financial position of CardioGenics Holdings Inc. and its subsidiaries under generally accepted accounting principles in the United States (“US GAAP”) as of April 30, 2012, their results of operations for the three and six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012, changes in equity for the six months ended April 30, 2012 and cash flows for the six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012. CardioGenics Holdings Inc. and its subsidiaries are referred to together herein as the “Company”. Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these consolidated financial statements unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements, notes to consolidated financial statements and the other information in the audited consolidated financial statements of the Company as of October 31, 2011 and 2010 (the “Audited Financial Statements”) included in the Company’s Form 10-K/A that was previously filed with the SEC on April 13, 2012 and from which the October 31, 2011 consolidated balance sheet was derived.

 

The results of the Company’s operations for the six months ended April 30, 2012 are not necessarily indicative of the results of operations to be expected for the full year ending October 31, 2012.

 

The accompanying condensed interim consolidated financial statements have been prepared using the accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

 

7
 

 

The Company has incurred operating losses and has experienced negative cash flows from operations since inception. The Company has an accumulated deficit at April 30, 2012 of approximately $41.4 million. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has funded its activities to date almost exclusively from debt and equity financings. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company will continue to require substantial funds to continue research and development, including preclinical studies and clinical trials of its products, and to commence sales and marketing efforts, if the FDA and other regulatory approvals are obtained. In order to meet its operating cash flow requirements Management’s plans include financing activities such as private placements of its common stock and issuances of convertible debt instruments. Management is also actively pursuing industry collaboration activities including product licensing and specific project financing.

 

While the Company believes it will be successful in obtaining the necessary financing to fund its operations, meet revenue projections and manage costs, there are no assurances that such additional funding will be achieved and that it will succeed in its future operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence.

 

3.Summary of Significant Accounting Policies

 

(a)Recent Accounting Pronouncements

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under International Financial Reporting Standards (IFRS). The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company will implement the provisions of ASU 2011-11 beginning in fiscal 2014.

 

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. Under this ASU, an entity will have the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The ASU eliminates the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. Early adoption is permitted. The Company plans to implement the provisions of ASU 2011-05 by presenting a separate statement of other comprehensive income following the statement of operations beginning in fiscal 2013.

 

4.Income Taxes

 

Based on the Company’s evaluation, management has concluded that there are no significant tax positions requiring recognition in the condensed interim consolidated financial statements.

 

The Company has incurred losses in Canada since inception, which have generated net operating loss carryforwards for income tax purposes. The net operating loss carryforwards arising from Canadian sources as of April 30, 2012, approximated $6,301,000 (2011 - $8,983,000) which will expire from 2013 through 2032. All fiscal years except 2011 have been assessed as originally filed in Canadian jurisdictions.

 

As of April 30, 2012, the Company had net operating loss carryforwards from US sources of approximately $40,652,000 available to reduce future Federal taxable income which will expire from 2019 through 2032. Returns for the years 2008 through 2011 are yet to be filed.

 

For the six months ended April 30, 2012 and 2011, the Company’s effective tax rate differs from the statutory rate principally due to the net operating losses for which no benefit was recorded.

 

8
 

 

5.Due to Shareholders

 

In February 2012 the Company received $262,500 for the subscription of 1,050,000 of the Company’s common stock. To date, the common stock has not been issued to the subscribers as the Company is not authorized to issue any additional common stock.

 

6.Stock Based Compensation

 

Stock-based employee compensation related to stock options for the six months ended April 30, 2012 and 2011 amounted to $-0-.

 

The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plan:

 

       Weighted 
       Average 
       Exercise 
   Options   Price 
         
Outstanding – October 31, 2010   305,000   $2.34 
Granted   ▬    ▬ 
Forfeited/Expired   ▬    ▬ 
Exercised   275,000   $0.01 
Outstanding – October 31, 2011   30,000   $0.90 
Granted   ▬    ▬ 
Forfeited/Expired   ▬    ▬ 
Exercised   ▬    ▬ 
Outstanding – April 30, 2012   30,000   $0.90 

 

Options typically vest immediately at the date of grant. As such, the Company does not have any unvested options or unrecognized compensation expense at April 30, 2012.

 

9
 

 

7.Warrants

 

Outstanding warrants are as follows:  April 30,
2012		   October 31,
2011		 
         
Warrants          
Issued to subscribers to the debenture financing of 2003 and its related extension entitling the holder to purchase 1 common share of the Company at an exercise price of $0.47 per common share up to and including July 31, 2012   2,046,808    2,046,808 
Issued to subscribers to the debenture financing of 2004 and its related extension entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012   1,021,654    1,021,654 
Issued to agents for the debenture financings of 2003 and 2004 entitling the holder to  purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012   208,417    208,417 
Issued to former employee entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012   136,220    136,220 
Issued to consultants July 31, 2009, entitling the holder to purchase 1 common share of the Company at an exercise price of $0.90 per share up to and including July 31, 2012   104,785    104,785 
Issued to consultant August 1, 2009, entitling the holder to purchase 1 common share in the company at an exercise price of $0.90 per common share up to and including July 31, 2017   287,085    287,085 
Issued to Flow Capital Advisors Inc. on settlement of lawsuit in August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.30 per common share up to and including August 23, 2016   250,000    250,000 
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including August 23, 2016   250,000    250,000 
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.75 per common share up to and including August 23, 2016   500,000    500,000 
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $1.00 per common share up to and including August 23, 2016   500,000    500,000 
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.75 per common share up to and including August 23, 2016   500,000    500,000 
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.10 per common share up to and including March 20, 2013   1,500,000    1,500,000 
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.34 per common share up to and including March 20, 2013   1,500,000    1,500,000 
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including March 20, 2013   1,000,000    1,000,000 
Total Warrants outstanding   9,804,969    9,804,969 

 

8.Issuance of Common Stock

 

During the six months ended April 30, 2012, the Company issued no common shares, except for 211,977 common shares which were exchanged for 211,977 exchangeable shares.

 

9.Net Loss per Share

 

The following table sets forth the computation of weighted-average shares outstanding for calculating basic and diluted earnings per share (EPS):

 

   Three Months Ended 
April 30,		   Six Months Ended
April 30,		 
   2012   2011   2012   2011 
                 
Weighted-average shares - basic   55,626,166    54,036,505    55,626,166    53,746,365 
Effect of dilutive securities   ▬    ▬    ▬    ▬ 
Weighted-average shares - diluted   55,626,166    54,036,505    55,626,166    53,746,365 

 

10
 

 

Basic EPS and diluted EPS for the three and six months ended April 30, 2012 and 2011 have been computed by dividing the net loss available to common stockholders for each respective period by the weighted average shares outstanding during that period. All outstanding options, warrants and shares to be issued upon the exercise of the outstanding options and warrants representing 9,834,969 and 4,131,974 incremental shares respectively have been excluded from the six months ended April 30, 2012 and 2011 computation of diluted EPS as they are antidilutive given the net losses generated.

 

10.Commitments and Contingent Liabilities

 

Lawsuits

On April 22, 2009, the Company was served with a statement of claim from a former employee claiming compensation for wrongful dismissal and ancillary causes of action including payment of monies in realization of his investment in the Company, with an aggregate claim of $514,000. The Company considers all the claims to be without any merit, has already delivered a statement of defense and intends to vigorously defend the action. If the matter eventually proceeds to trial, the Company does not expect to be found liable on any ground or for any cause of action.

 

11.Supplemental Disclosure of Cash Flow Information

 

   For the Six Months Ended 
   April 30 
   2012   2011 
         
Cash paid during the year for:          
Interest  $9,358   $5,441 
Income taxes  $ ▬   $ ▬ 

 

11
 

 

Item 2.  Management’s Discussion and Analysis

 

You should read this Management’s Discussion and Analysis (“MD&A”) in combination with the accompanying unaudited condensed interim consolidated financial statements and related notes as well as the audited consolidated financial statements and the accompanying notes to the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) included within the Company’s Annual Report on Form 10-K/A filed on April 13, 2012.

 

Our discussion and analysis of our financial condition and results of operations are based upon our unaudited condensed interim consolidated financial statements, which have been prepared in accordance with U.S. GAAP for interim financial statements filed with the Securities and Exchange Commission.

 

Critical Accounting Policies and Estimates

 

The preparation of these unaudited condensed interim consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to accounts receivable, equipment, stock-based compensation, income taxes and contingencies. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

The accounting policies and estimates used as of October 31, 2011, as outlined in our previously filed Form 10-K/A, have been applied consistently for the six months ended April 30, 2012.

 

Related Party Transactions

 

During the six months ended April 30, 2012, the Company received $262,500 for the subscription of 1,050,000 of the Company’s common stock. To date, the common stock has not been issued to the subscribers as the Company is not authorized to issue any additional common stock.

 

Off-Balance Sheet arrangements

 

We are not party to any off-balance sheet arrangements.

 

Results of operations

 

Six months ended April 30, 2012 as compared to six months ended April 30, 2011

 

   Six Months     
   Ended April 30,     
   2012   2011   $ Change 
             
Revenue  $1,136   $  ▬   $1,136 
                
Operating expenses:               
Depreciation of property and equipment   9,094    9,529    (435)
Amortization of patent application costs   2,560    2,132    428 
General and administrative expenses   361,488    680,649    (319,161)
Research and product development, net of investment tax credits   348,738    393,570    (44,832)
Total operating expenses   721,880    1,085,880    (364,000)
Operating Loss   720,744    1,085,880    (365,136)
Other expenses (income)               
Interest expense and bank charges, net   9,485    8,900    585 
Loss (gain) on foreign exchange   (19,126)   132,163    (151,289)
                
Net loss  $711,103   $1,226,943   $(515,840)

 

12
 

 

Revenues

 

During the six months ended April 30, 2012 and 2011 we generated revenues of 2012 - $1,136 and 2011 – NIL respectively from sales of paramagnetic beads. We anticipate additional revenues from said sales during the balance of the year but cannot at this time estimate the quantum of sales.

 

Operating expenses

 

Operating expenses include the costs to a) develop and patent a method for controlling the delivery of compounds to a chemical reaction; b) develop the QL Care Analyzer, a small, automated, robust and proprietary point of care testing device; and, c) custom paramagnetic beads through our proprietary method which improves their light collection. In addition, the Company is in the process of adapting test products for the Point Of Care (“POC”) disposable, single-use cartridge-format. Detailed manufacturing specifications and costing have been created and custom manufacturers have been sourced.

 

General and administrative expenses

 

General and administrative expenses consist primarily of compensation to officers, occupancy costs, professional fees, listing costs and other office expenses. The decrease in general and administrative expenses is attributable primarily to a decrease in consulting fees and a charge of 2012 – Nil and 2011 - $163,750 due to re-pricing of options.

 

Research and product development, net of investment tax credits

 

Research and development expenses consist primarily of salaries and wages paid to officers and employees engaged in those activities and supplies consumed therefor. The decrease in research and development expenses is attributable primarily to the decrease in staff engaged in R&D.

 

Three months ended April 30, 2012 as compared to three months ended April 30, 2011

 

   Three Months     
   Ended April 30,     
   2012   2011   $ Change 
             
Revenue  $  ▬   $ ▬   $ ▬ 
                
Operating expenses:               
Depreciation of property and equipment   4,539    4,871    (332)
Amortization of patent application costs   1,260    1,090    170 
General and administrative expenses   187,325    383,837    (196,512)
Research and product development, net of investment tax credits   192,694    234,646    (41,952)
Total operating expenses   385,818    624,444    (238,626)
Operating Loss   385,818    624,444    (238,626)
Other expenses (income)               
Interest expense and bank charges, net   6,014    4,296    1,718 
Loss (gain) on foreign exchange   2,238    91,633    (89,395)
                
Net loss  $394,070   $720,373   $(326,303)

 

13
 

 

Revenues

 

During the three months ended April 30, 2012 and 2011 we generated no revenues.

 

Operating expenses

 

Operating expenses include the costs to a) develop and patent a method for controlling the delivery of compounds to a chemical reaction; b) develop the QL Care Analyzer, a small, automated, robust and proprietary point of care testing device; and, c) custom paramagnetic beads through our proprietary method which improves their light collection. In addition, the Company is in the process of adapting test products for the POC disposable, single-use cartridge-format. Detailed manufacturing specifications and costing have been created and custom manufacturers have been sourced.

 

General and administrative expenses

 

General and administrative expenses consist primarily of compensation to officers, occupancy costs, professional fees, listing costs and other office expenses. The decrease in general and administrative expenses is attributable primarily to a decrease in consulting fees and a charge of 2012 – Nil and 2011 - $163,750 due to re-pricing of options.

 

Research and product development, net of investment tax credits

 

Research and development expenses consist primarily of salaries and wages paid to officers and employees engaged in those activities and supplies consumed therefor. The decrease in research and development expenses is attributable primarily to the decrease in staff engaged in R&D.

 

Liquidity and Capital Resources

 

We have not generated significant revenues since inception. We incurred a net loss of approximately $711,000 and a cash flow deficiency from operating activities of $654,160 for the six months ended April 30, 2012. We have not yet established an ongoing source of revenues sufficient to cover our operating costs and allow us to continue as a going concern.  We have funded our activities to date almost exclusively from debt and equity financings.  These matters raise substantial doubt about our ability to continue as a going concern.

 

We will continue to require substantial funds to continue research and development, including preclinical studies and clinical trials of our products, to fund the ongoing operations and to commence sales and marketing efforts.  Our plans include financing activities such as private placements of our common stock and issuances of convertible debt instruments.  We are also actively pursuing industry collaboration including product licensing and specific project financing.

 

We believe we will be successful in obtaining the necessary financing to fund our operations, meet revenue projections and manage costs; however, there are no assurances that such additional funding will be achieved and that we will succeed in obtaining the funding to support our future operations.

 

Seasonality

 

We do not believe that our business is subject to seasonal trends or inflation. On an ongoing basis, we will attempt to minimize any effect of inflation on our operating results by controlling operating costs.

 

Recent Accounting Pronouncements

 

The FASB had issued certain accounting pronouncements as of April 30, 2012 that will become effective in subsequent periods; however, we do not believe that any of those pronouncements would have significantly affected our financial accounting measurements or disclosures had they been in effect during the six months ended April 30, 2012 and 2011 or that they will have a significant effect at the time they become effective.

 

14
 

 

Item 3.    Quantitative and Qualitative Disclosure About Market Risk

 

N/A.

 

Item 4. Controls and Procedures

 

(a)Evaluation of Disclosure Controls and Procedures:

 

Management is responsible for establishing and maintaining adequate disclosure controls and procedures and internal control over financial reporting (as defined in the Exchange Act) to provide reasonable assurance regarding the reliability of our financial reporting and preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Because of the inherent limitations in all control systems, internal controls over financial reporting may not prevent or detect misstatements. The design and operation of a control system must also reflect that there are resource constraints and management is necessarily required to apply its judgment in evaluating the cost-benefit relationship of possible controls.

 

Our management assessed the effectiveness of our disclosure controls and procedures and internal control over financial reporting for the quarter ended April 30, 2012 based on the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such assessment, our management concluded that during the period covered by this report, our disclosure controls and procedures and internal control over financial reporting were not effective. Management has identified the following material weaknesses in our disclosure controls and procedures and internal control over financial reporting:

 

•lack of documented policies and procedures;

 

•there is no effective separation of duties, which includes monitoring controls, between the members of management; and,

 

•lack of resources to account for complex and unusual transactions.

 

Management is currently evaluating what steps can be taken in order to address these material weaknesses.

 

(b)Changes in Internal Control over Financial Reporting:

 

During the quarter ended April 30, 2012, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

15
 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

On April 22, 2009, CardioGenics was served with a statement of claim in the Province of Ontario, Canada, from a prior contractor claiming compensation for wrongful dismissal and ancillary causes of action including payment of monies in realization of his investment in CardioGenics, with an aggregate claim of $514,000.  The Company considers all the claims to be without any merit, has already delivered a statement of defence and intends to vigorously defend the action.  If the matter eventually proceeds to trial, the Company does not expect to be found liable on any ground or for any cause of action.

 

On January 14, 2010, Flow Capital Advisors Inc. (“Flow Capital”) filed a lawsuit against JAG Media Holdings Inc. in the Circuit Court of the 17th Judicial Circuit In and For Broward County Florida (Case No. 10001713) (the “Flow Capital State Action”).  Pursuant to this lawsuit, Flow Capital alleges that JAG Media Holdings breached a Non-Circumvention Agreement it had entered into with Flow Capital, dated January 1, 2004. 

 

On January 15, 2010 Flow Capital filed a lawsuit against CardioGenics Inc., and another defendant in the United States District Court for the Southern District of Florida, Fort Lauderdale Division (Case No. 10-CV-60066-Martinez-Brown) (the “Flow Capital Federal Action”). This lawsuit alleges that CardioGenics (i) breached a Finder’s Fee Agreement in connection with the CardioGenics Acquisition; and (ii) breached a non-circumvention agreement. Flow Capital is claiming that it is entitled to the finder’s fee equal to eight percent (8%) of the JAG Media Holdings shares received by CardioGenics, or the equivalent monetary value of the stock. Plaintiff subsequently amended its complaint to add related tort claims.

 

Pursuant to applicable federal court rules, the parties to the Flow Capital Federal Action participated in a court mandated mediation session on August 17, 2011 where the parties attempted to settle their disputes. At the mediation, the parties agreed to a settlement of all claims as described below, subject to the approval of the Board of Directors of CardioGenics Holdings Inc., which approval was subsequently obtained. Pursuant to the settlement agreement, Flow Capital agreed to dismiss, with prejudice, the Flow Capital Federal Action and the Flow Capital State Action and CardioGenics agreed to issue Flow Capital 1,000,000 shares of restricted CardioGenics Holdings common stock and warrants to purchase restricted CardioGenics Holdings common stock as follows:

 

Type of Warrant   Number of Shares   Exercise Price   Vesting Date   Term  
Cash Exercise Only   250,000 $  0.30/share   immediate   5 years  
Cash Exercise Only   250,000   $  0.50/share   immediate   5 years  
Cash Exercise Only   500,000   $ 0.75/share   immediate   5 years  
Cash Exercise Only   500,000   $  1.00/share   immediate   5 years  
Cash or Cashless Exercise   500,000   $  0.75/share   August 1, 2012   5 years  

 

The restricted shares of common stock and the warrants are subject to the rights and restrictions of Rule 144 and do not have any registration rights. As part of the settlement, the parties also exchanged mutual general releases and CardioGenics Holdings agreed to pay Flow Capital, in three monthly installments, $100,000 for Flow Capital’s legal fees.

 

On August 23, 2011, the Company’s Board of Directors approved the settlement. As a result, the Company recorded a charge to the Condensed Statement of Operations at July 31, 2011 of $1,753,800 for Cost of Settlement of Lawsuit, which amount is included in Accounts Payable and Accrued Expenses at July 31, 2011.

 

On October 26, 2010 Karver International Inc. filed a lawsuit in the 11th Judicial Circuit in and for Miami-Dade County, Florida against CardioGenics Holdings Inc. and several other defendants including affiliates, officers and directors of CardioGenics Holdings, Inc. The Plaintiff generally alleges that the named defendants made certain alleged misrepresentations in connection with the purchase of shares of CardioGenics Holdings Inc. On December 20, 2010 CardioGenics Holdings Inc. and other defendants filed a motion to dismiss on the basis that the court lacks personal jurisdiction over most defendants, that an enforceable forum selection clause requires that the action be litigated in Ontario, Canada that the doctrine of forum non conveniens requires dismissal in favor of the Ontario forum, and that the complaint suffers from numerous other technical deficiencies warranting dismissal (e.g., failure to attach documents to the Complaint, failure to plead fraud with particularity, etc.). In addition, prior to the motion being heard, Karver’s attorney filed a motion to withdraw as counsel for Karver. The court granted Karver’s attorney’s motion to withdraw and Karver had until approximately April 26, 2011 to engage new counsel. On April 20, 2011, having not engaged new counsel as of that date, Karver filed with the court a Notice of Voluntary Dismissal Without Prejudice, which dismisses the lawsuit against the named defendants without prejudice to Karver’s rights to recommence the action.

 

16
 

 

Item 1A. Risk Factors

 

Not Applicable

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. (Removed and Reserved)

 

None

 

Item 5. Other Information

 

None

 

Item 6. Exhibits

 

31.1   Section 302 Certification of Chief Executive Officer
     
31.2   Section 302 Certification of Chief Financial Officer
     
32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer
     
101   The following materials from CardioGenics Holdings Inc.'s Form 10-Q for the quarter ended April 30, 2012 in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets at April 30, 2012 (Unaudited) and October 31, 2011, (ii) Condensed Consolidated Statements of Operations (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficiency) (Unaudited) for the Six Months ended April 30, 2012, (iv) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012, and (v) Notes to Condensed Consolidated Financial Statements (Unaudited)*
_______________________________________________________

*Pursuant to Rule 406T of SEC Regulation S-T, the Interactive Data Files submitted electronically as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of the Securities Act of 1933, as amended, are deemed not filed for purposes of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

17
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  CARDIOGENICS HOLDINGS INC.  
     
Date: June 12, 2012 By: /s/ Yahia Gawad  
    Name:  Yahia Gawad  
    Title:  Chief Executive Officer  
       
Date: June 12, 2012 By: /s/ James Essex  
    Name:  James Essex  
    Title:  Chief Financial Officer  

 

18
 

 

EXHIBIT INDEX

 

31.1   Section 302 Certification of Chief Executive Officer
     
31.2   Section 302 Certification of Chief Financial Officer
     
32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer
     
101   The following materials from CardioGenics Holdings Inc.'s Form 10-Q for the quarter ended April 30, 2012 in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets at April 30, 2012 (Unaudited) and October 31, 2011, (ii) Condensed Consolidated Statements of Operations (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficiency) (Unaudited) for the Six Months ended April 30, 2012, (iv) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended April 30, 2012 and 2011 and Cumulative from November 20, 1997 (Date of Inception) to April 30, 2012, and (v) Notes to Condensed Consolidated Financial Statements (Unaudited)*
_______________________________________________________

*Pursuant to Rule 406T of SEC Regulation S-T, the Interactive Data Files submitted electronically as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of the Securities Act of 1933, as amended, are deemed not filed for purposes of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

19

 

 

 EX-31.1 2 v315318_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION

 

I, Yahia Gawad, certify that:

 

1.           I have reviewed this Quarterly Report on Form 10-Q for the period ended April 30, 2012 of CardioGenics Holdings Inc.;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.           The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 12, 2012

 

  /s/ Yahia Gawad  
  Yahia Gawad  
  Chief Executive Officer  

 

 

 

 EX-31.2 3 v315318_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

 

SECTION 302 CERTIFICATION

 

I, James Essex, certify that:

 

1.           I have reviewed this Quarterly Report on Form 10-Q for the period ended April 30, 2012 of CardioGenics Holdings Inc.;

 

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 12, 2012

  /s/ James Essex  
  James Essex  
  Chief Financial Officer  

 

 

 

 EX-32.1 4 v315318_ex32-1.htm EXHIBIT 32.1

 EXHIBIT 32.1

 

 Section 906 Certification by the Chief Executive Officer and Chief Financial Officer

 

Each of Yahia Gawad, Chief Executive Officer, and James Essex, Chief Financial Officer, of CardioGenics Holdings Inc., a Nevada corporation (the “Company”) hereby certifies pursuant to 18 U.S.C. ss. 1350, as added by ss. 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge:

 

(1) The Company’s periodic report on Form 10-Q for the period ended April 30, 2012 (“Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

/s/ Yahia Gawad   /s/ James Essex
     
Name: Yahia Gawad   Name: James Essex
Title:  Chief Executive Officer   Title: Chief Financial Officer
     
Date: June 12, 2012    

 

 

 EX-101.INS 5 cgnh-20120430.xml XBRL INSTANCE DOCUMENT 0 31449239 1563139 0 -160754 14599 910482 2908 752468 540 -333955 4 5000000 546580 41437846 262500 1 271951 205888 0.00001 41774001 633379 752468 1 0 175941 0.0001 77107 65000000 910482 26105 193618 -158014 128781 51998 -333955 -160754 55626166 540 41774001 -41437846 31449239 31449239 24176927 24176927 1844752 2630 -173407 25711 622407 9002 1165473 540 -329524 4 5000000 952433 40731174 0 1 669202 213040 0.00001 41774001 596692 1165473 1 0 869960 0.0001 82308 65000000 625037 35191 187497 540436 130732 51541 -329524 -173407 55626166 540 41774001 -40731174 31237262 31237262 24388904 24388904 17170 0 2750 -15378 0 -8212 163750 0 0 0 -1226943 0 7205 -752548 0 0 -90830 0 0 0 -1218731 -141063 393570 -170 0 0 9529 -115000 0 0 0 0 2132 0 0 -1085880 -132163 0 359412 -281613 -35502 131526 -8900 1085880 680649 339409 0 0 -156482 -1226943 -0.02 53746365 0 0 0 100000 0 Q2 CGNH CARDIOGENICS HOLDINGS INC. false Smaller Reporting Company 2012 10-Q 2012-04-30 0001089029 --10-31 -9086 262500 0 0 0 -4431 0 -4502 -6094 12653 1136 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>10.</b></td> <td style="TEXT-ALIGN: justify"><b>Commitments and Contingent Liabilities</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -45.35pt; MARGIN: 0pt 0px 0pt 45.35pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> <b>Lawsuits</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> On April 22, 2009, the Company was served with a statement of claim from a former employee claiming compensation for wrongful dismissal and ancillary causes of action including payment of monies in realization of his investment in the Company, with an aggregate claim of $514,000. The Company considers all the claims to be without any merit, has already delivered a statement of defense and intends to vigorously defend the action. If the matter eventually proceeds to trial, the Company does not expect to be found liable on any ground or for any cause of action.</p> </div> -711103 0 13742 -654160 -694019 0 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>9.</b></td> <td style="TEXT-ALIGN: justify"><b>Net Loss per Share</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.75in; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The following table sets forth the computation of weighted-average shares outstanding for calculating basic and diluted earnings per share (EPS):</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap"> Three&#xA0;Months&#xA0;Ended&#xA0;<br /> April&#xA0;30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Six&#xA0;Months&#xA0;Ended<br /> April&#xA0;30,</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 48%">Weighted-average shares - basic</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">55,626,166</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">54,036,505</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">55,626,166</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">53,746,365</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Effect of dilutive securities</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Weighted-average shares - diluted</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 55,626,166</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 54,036,505</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 55,626,166</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 53,746,365</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Basic EPS and diluted EPS for the three and six months ended April 30, 2012 and 2011 have been computed by dividing the net loss available to common stockholders for each respective period by the weighted average shares outstanding during that period. All outstanding options, warrants and shares to be issued upon the exercise of the outstanding options and warrants representing 9,834,969 and 4,131,974 incremental shares respectively have been excluded from the six months ended April 30, 2012 and 2011 computation of diluted EPS as they are antidilutive given the net losses generated.</p> </div> 0 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><b>2.</b></td> <td style="TEXT-ALIGN: justify"><b>Basis of Presentation</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> In the opinion of management, the unaudited condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the condensed interim consolidated financial position of CardioGenics Holdings Inc. and its subsidiaries under generally accepted accounting principles in the United States (&#x201C;US GAAP&#x201D;) as of April 30, 2012, their results of operations for the three and six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012, changes in equity for the six months ended April 30, 2012 and cash flows for the six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012. CardioGenics Holdings Inc. and its subsidiaries are referred to together herein as the &#x201C;Company&#x201D;. Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these consolidated financial statements unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements, notes to consolidated financial statements and the other information in the audited consolidated financial statements of the Company as of October 31, 2011 and 2010 (the &#x201C;Audited Financial Statements&#x201D;) included in the Company&#x2019;s Form 10-K/A that was previously filed with the SEC on April 13, 2012 and from which the October 31, 2011 consolidated balance sheet was derived.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The results of the Company&#x2019;s operations for the six months ended April 30, 2012 are not necessarily indicative of the results of operations to be expected for the full year ending October 31, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The accompanying condensed interim consolidated financial statements have been prepared using the accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company has incurred operating losses and has experienced negative cash flows from operations since inception. The Company has an accumulated deficit at April 30, 2012 of approximately $41.4 million. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has funded its activities to date almost exclusively from debt and equity financings. These conditions raise substantial doubt about the Company&#x2019;s ability to continue as a going concern.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company will continue to require substantial funds to continue research and development, including preclinical studies and clinical trials of its products, and to commence sales and marketing efforts, if the FDA and other regulatory approvals are obtained. In order to meet its operating cash flow requirements Management&#x2019;s plans include financing activities such as private placements of its common stock and issuances of convertible debt instruments. Management is also actively pursuing industry collaboration activities including product licensing and specific project financing.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> While the Company believes it will be successful in obtaining the necessary financing to fund its operations, meet revenue projections and manage costs, there are no assurances that such additional funding will be achieved and that it will succeed in its future operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence.</p> </div> 36687 0 0 0 -706672 9641 348738 0 0 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><b>3.</b></td> <td style="TEXT-ALIGN: justify"><b>Summary of Significant Accounting Policies</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt -0.25in; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.28in"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.28in"><b>(a)</b></td> <td style="TEXT-ALIGN: justify"><b>Recent Accounting Pronouncements</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under International Financial Reporting Standards (IFRS). The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company will implement the provisions of ASU 2011-11 beginning in fiscal 2014.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. Under this ASU, an entity will have the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The ASU eliminates the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. Early adoption is permitted. The Company plans to implement the provisions of ASU 2011-05 by presenting a separate statement of other comprehensive income following the statement of operations beginning in fiscal 2013.</p> </div> 0 9094 0 0 0 3893 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"><b>1.</b></td> <td style="TEXT-ALIGN: justify"><b>Nature of Business</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> CardioGenics Inc. (&#x201C;CardioGenics&#x201D;) was incorporated on November 20, 1997 in the Province of Ontario, Canada, and carries on the business of development and commercialization of diagnostic test products to the In Vitro Diagnostics testing market. CardioGenics has several test products that are in various stages of development.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> CardioGenics&#x2019; business is that of a development-stage company, with a limited history of operations and whose revenues, to date, have been primarily comprised of grant revenue and Scientific Research Tax Credits from government agencies. There can be no assurance that the Company will be successful in obtaining regulatory approval for the marketing of any of the existing or future products that the Company will succeed in developing.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> On October 27, 2009, the name of the Company was changed from JAG Media Holdings, Inc. to CardioGenics Holdings Inc.</p> </div> 0 2560 0 609 -720744 19126 0 0 -397251 457 12653 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 24pt"><b>4.</b></td> <td style="TEXT-ALIGN: justify"><b>Income Taxes</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Based on the Company&#x2019;s evaluation, management has concluded that there are no significant tax positions requiring recognition in the condensed interim consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The Company has incurred losses in Canada since inception, which have generated net operating loss carryforwards for income tax purposes. The net operating loss carryforwards arising from Canadian sources as of April 30, 2012, approximated $6,301,000 (2011 - $8,983,000) which will expire from 2013 through 2032. All fiscal years except 2011 have been assessed as originally filed in Canadian jurisdictions.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> As of April 30, 2012, the Company had net operating loss carryforwards from US sources of approximately $40,652,000 available to reduce future Federal taxable income which will expire from 2019 through 2032. Returns for the years 2008 through 2011 are yet to be filed.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> For the six months ended April 30, 2012 and 2011, the Company&#x2019;s effective tax rate differs from the statutory rate principally due to the net operating losses for which no benefit was recorded.</p> </div> <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>11.</b></td> <td style="TEXT-ALIGN: justify"><b>Supplemental Disclosure of Cash Flow Information</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td nowrap="nowrap">&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="6" nowrap="nowrap">For the Six Months Ended</td> <td>&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">April 30</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Cash paid during the year for:</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.12in; WIDTH: 64%"> Interest</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">9,358</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">5,441</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-LEFT: 0.12in">Income taxes</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> </table> </div> -9485 721880 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>6.</b></td> <td style="TEXT-ALIGN: justify"><b>Stock Based Compensation</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 63pt; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Stock-based employee compensation related to stock options for the six months ended April 30, 2012 and 2011 amounted to $-0-.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plan:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Weighted</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Average</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> Exercise</td> <td style="FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" colspan="2">Options</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" colspan="2">Price</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: right" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 64%">Outstanding &#x2013; October 31, 2010</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">305,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">2.34</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Forfeited/Expired</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Exercised</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 275,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">0.01</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Outstanding &#x2013; October 31, 2011</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">30,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.90</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Granted</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Forfeited/Expired</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#x25AC;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Exercised</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">&#x25AC;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 2.5pt">Outstanding &#x2013; April 30, 2012</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 30,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">$</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt">0.90</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.75in; FONT: 10pt Times New Roman, Times, Serif"> Options typically vest immediately at the date of grant. As such, the Company does not have any unvested options or unrecognized compensation expense at April 30, 2012.</p> </div> <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>5.</b></td> <td style="TEXT-ALIGN: justify"><b>Due to Shareholders</b></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.75in"></td> <td style="TEXT-ALIGN: justify">In February 2012 the Company received $262,500 for the subscription of 1,050,000 of the Company&#x2019;s common stock. To date, the common stock has not been issued to the subscribers as the Company is not authorized to issue any additional common stock.</td> </tr> </table> </div> 361488 248758 0 0 6121 -711103 -0.01 55626166 <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"><b>8.</b></td> <td style="TEXT-ALIGN: justify"><b>Issuance of Common Stock</b></td> </tr> </table> <p style="MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif"> <b>&#xA0;</b></p> <p style="MARGIN: 0pt 0px 0pt 48pt; FONT: 10pt Times New Roman, Times, Serif"> During the six months ended April 30, 2012, the Company issued no common shares, except for 211,977 common shares which were exchanged for 211,977 exchangeable shares.</p> </div> <div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"><b>7.</b></td> <td style="TEXT-ALIGN: justify"><b>Warrants</b></td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Outstanding warrants are as follows:</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">April 30,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">October 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; FONT-WEIGHT: bold">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: center" colspan="2">&#xA0;</td> <td>&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; FONT-WEIGHT: bold">Warrants</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -12pt; PADDING-LEFT: 0.25in; WIDTH: 74%"> Issued to subscribers to the debenture financing of 2003 and its related extension entitling the holder to purchase 1 common share of the Company at an exercise price of $0.47 per common share up to and including July 31, 2012</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">2,046,808</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">2,046,808</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; PADDING-LEFT: 0.25in"> Issued to subscribers to the debenture financing of 2004 and its related extension entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,021,654</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,021,654</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; PADDING-LEFT: 0.25in"> Issued to agents for the debenture financings of 2003 and 2004 entitling the holder to&#xA0; purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">208,417</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">208,417</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; PADDING-LEFT: 0.25in"> Issued to former employee entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">136,220</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">136,220</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; PADDING-LEFT: 0.25in"> Issued to consultants July 31, 2009, entitling the holder to purchase 1 common share of the Company at an exercise price of $0.90 per share up to and including July 31, 2012</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,785</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">104,785</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; PADDING-LEFT: 0.25in"> Issued to consultant August 1, 2009, entitling the holder to purchase 1 common share in the company at an exercise price of $0.90 per common share up to and including July 31, 2017</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">287,085</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">287,085</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -12pt; PADDING-LEFT: 18.6pt"> Issued to Flow Capital Advisors Inc. on settlement of lawsuit in August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.30 per common share up to and including August 23, 2016</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">250,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">250,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9.6pt; PADDING-LEFT: 18.6pt"> Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including August 23, 2016</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">250,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td 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common share in the Company at an exercise price of $1.00 per common share up to and including August 23, 2016</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9.6pt; PADDING-LEFT: 18.6pt"> Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.75 per common share up to and including August 23, 2016</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -12pt; PADDING-LEFT: 18.6pt"> Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.10 per common share up to and including March 20, 2013</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: -9.6pt; PADDING-LEFT: 18.6pt"> Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.34 per common share up to and including March 20, 2013</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">1,500,000</td> <td style="TEXT-ALIGN: left">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; TEXT-INDENT: -9.6pt; PADDING-LEFT: 18.6pt"> Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including March 20, 2013</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td 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Summary of Significant Accounting Policies
 6 Months Ended
Apr. 30, 2012
Summary of Significant Accounting Policies
3. Summary of Significant Accounting Policies

 

(a) Recent Accounting Pronouncements

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under International Financial Reporting Standards (IFRS). The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company will implement the provisions of ASU 2011-11 beginning in fiscal 2014.

 

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. Under this ASU, an entity will have the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. The ASU eliminates the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. An entity should apply the ASU retrospectively. Early adoption is permitted. The Company plans to implement the provisions of ASU 2011-05 by presenting a separate statement of other comprehensive income following the statement of operations beginning in fiscal 2013.
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Basis of Presentation
 6 Months Ended
Apr. 30, 2012
Basis of Presentation
2. Basis of Presentation

 

In the opinion of management, the unaudited condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the condensed interim consolidated financial position of CardioGenics Holdings Inc. and its subsidiaries under generally accepted accounting principles in the United States (“US GAAP”) as of April 30, 2012, their results of operations for the three and six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012, changes in equity for the six months ended April 30, 2012 and cash flows for the six months ended April 30, 2012 and 2011, and the period from November 20, 1997 (date of inception) to April 30, 2012. CardioGenics Holdings Inc. and its subsidiaries are referred to together herein as the “Company”. Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these consolidated financial statements unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements, notes to consolidated financial statements and the other information in the audited consolidated financial statements of the Company as of October 31, 2011 and 2010 (the “Audited Financial Statements”) included in the Company’s Form 10-K/A that was previously filed with the SEC on April 13, 2012 and from which the October 31, 2011 consolidated balance sheet was derived.

 

The results of the Company’s operations for the six months ended April 30, 2012 are not necessarily indicative of the results of operations to be expected for the full year ending October 31, 2012.

 

The accompanying condensed interim consolidated financial statements have been prepared using the accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

  

The Company has incurred operating losses and has experienced negative cash flows from operations since inception. The Company has an accumulated deficit at April 30, 2012 of approximately $41.4 million. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has funded its activities to date almost exclusively from debt and equity financings. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company will continue to require substantial funds to continue research and development, including preclinical studies and clinical trials of its products, and to commence sales and marketing efforts, if the FDA and other regulatory approvals are obtained. In order to meet its operating cash flow requirements Management’s plans include financing activities such as private placements of its common stock and issuances of convertible debt instruments. Management is also actively pursuing industry collaboration activities including product licensing and specific project financing.

 

While the Company believes it will be successful in obtaining the necessary financing to fund its operations, meet revenue projections and manage costs, there are no assurances that such additional funding will be achieved and that it will succeed in its future operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence.
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Apr. 30, 2012
Oct. 31, 2011
Current Assets    
Cash and Cash Equivalents $ 271,951 $ 669,202
Accounts Receivable 2,908 9,002
Deposits and Prepaid Expenses 51,998 51,541
Refundable Taxes Receivable 26,105 35,191
Investment Tax Credits Receivable 193,618 187,497
Assets, Current, Total 546,580 952,433
Property and Equipment, net 77,107 82,308
Patents, net 128,781 130,732
Assets, Noncurrent, Total 205,888 213,040
Total Assets 752,468 1,165,473
Current Liabilities    
Accounts Payable and Accrued Expenses 633,379 596,692
Funds Held in Trust for Redemption of Class B Common Shares 4 4
Current Portion of Capital Lease Obligation 14,599 25,711
Due to Shareholders 262,500 0
Liabilities, Current, Total 910,482 622,407
Long Term Liabilities    
Capital Lease Obligation, net of current portion 0 2,630
Total Liabilities 910,482 625,037
Commitments and Contingent Liabilities      
Equity    
Preferred stock; par value $.0001 per share, 5,000,000 shares authorized, 1 issued and outstanding as at April 30, 2012 and October 31, 2011 0 0
Common stock; par value $.00001 per share; 65,000,000 shares authorized, 31,449,239 and 31,237,262 common shares and 24,176,927 and 24,388,904 exchangeable shares issued and outstanding as at April 30, 2012 and October 31, 2011 respectively 540 540
Additional paid-in capital 41,774,001 41,774,001
Deficit accumulated during development stage (41,437,846) (40,731,174)
Accumulated other comprehensive loss (160,754) (173,407)
Total CardioGenics Holdings Inc. equity 175,941 869,960
Non-controlling interest (333,955) (329,524)
Total equity (deficiency) (158,014) 540,436
Total liabilities and equity $ 752,468 $ 1,165,473
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 173 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Cash flows from operating activities      
Net Loss for the Period $ (711,103) $ (1,226,943) $ (41,771,799)
Adjustments to reconcile net loss for the period to net cash used in operating activities      
Depreciation of Property and Equipment 9,094 9,529 210,533
Amortization of Patent Application Costs 2,560 2,132 14,971
Write-off of Patent Application Costs 0 0 214,625
Write-off of Goodwill 0 0 12,780,214
Amortization of Deferred Debt Issuance Costs 0 0 511,035
Loss on Extinguishment of Debt 0 0 275,676
Loss on Change in Value of Derivative Liability 0 0 12,421,023
Interest Accrued and Foreign Exchange Loss on Debt 0 0 922,539
Unrealized Foreign Currency Exchange Gains 0 0 25,092
Beneficial Conversion Charge included in Interest Expense 0 0 452,109
Re-pricing of Options for Services Rendered 0 163,750 163,750
Common Stock Issued as Employee or Officer/Director Compensation 0 0 2,508,282
Changes in Operating Assets and Liabilities, Net of Acquisition      
Accounts Receivable 6,094 0 (2,908)
Share Subscriptions Receivable 0 115,000 0
Deposits and Prepaid Expenses (457) 35,502 (51,209)
Refundable Taxes Receivable 9,086 (17,170) (25,241)
Investment Tax Credits Receivable (6,121) 156,482 (173,556)
Accounts Payable and Accrued Expenses 36,687 (90,830) (134,533)
Advances 0 0 131
Cash used in operating activities (654,160) (752,548) (7,032,384)
Cash flows from investing activities      
Cash Acquired from Acquisition 0 0 195,885
Purchase of Property and Equipment (3,893) 0 (223,559)
Patent Application Costs (609) 0 (315,179)
Cash used in investing activities (4,502) 0 (342,853)
Cash flows from financing activities      
Repayment of Capital Lease Obligations (13,742) (7,205) (29,318)
Due to Shareholders 262,500 0 262,500
Due to Director 0 (170) 725,330
Issue of Debentures 0 0 1,378,305
Issue of Common Shares on Exercise of Stock options 0 2,750 2,781
Issue of Common Shares on Exercise of Warrants 0 0 45,652
Issue of Common Shares for Cash 0 359,412 5,624,169
Refund of Share Subscription 0 (15,378) (15,000)
Redemption of 10% Senior Convertible Debentures 0 0 (394,972)
Cash provided by financing activities 248,758 339,409 7,599,447
Effect of foreign exchange on cash and cash equivalents 12,653 131,526 47,741
Cash and Cash Equivalents      
Increase (decrease) in cash and cash equivalents during the period (397,251) (281,613) 271,951
Beginning of Period 669,202 1,844,752 0
End of Period 271,951 1,563,139 271,951
Settlement of lawsuit
      
Adjustments to reconcile net loss for the period to net cash used in operating activities      
Common Stock and Warrants issued 0 0 1,653,800
Services rendered
      
Adjustments to reconcile net loss for the period to net cash used in operating activities      
Common Stock and Warrants issued 0 100,000 2,726,262
Stock Options Issued 0 0 192,238
Directors and committee chairman
      
Adjustments to reconcile net loss for the period to net cash used in operating activities      
Stock Options Issued $ 0 $ 0 $ 54,582
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Nature of Business
 6 Months Ended
Apr. 30, 2012
Nature of Business
1. Nature of Business

 

CardioGenics Inc. (“CardioGenics”) was incorporated on November 20, 1997 in the Province of Ontario, Canada, and carries on the business of development and commercialization of diagnostic test products to the In Vitro Diagnostics testing market. CardioGenics has several test products that are in various stages of development.

 

CardioGenics’ business is that of a development-stage company, with a limited history of operations and whose revenues, to date, have been primarily comprised of grant revenue and Scientific Research Tax Credits from government agencies. There can be no assurance that the Company will be successful in obtaining regulatory approval for the marketing of any of the existing or future products that the Company will succeed in developing.

 

On October 27, 2009, the name of the Company was changed from JAG Media Holdings, Inc. to CardioGenics Holdings Inc.
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Apr. 30, 2012
Oct. 31, 2011
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, issued 1 1
Preferred stock, outstanding 1 1
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized 65,000,000 65,000,000
Common Stock
    
Common stock, common shares issued 31,449,239 31,237,262
Common stock, common shares outstanding 31,449,239 31,237,262
Exchangeable Shares
    
Common stock, common shares issued 24,176,927 24,388,904
Common stock, common shares outstanding 24,176,927 24,388,904
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Supplemental Disclosure of Cash Flow Information
 6 Months Ended
Apr. 30, 2012
Supplemental Disclosure of Cash Flow Information
11. Supplemental Disclosure of Cash Flow Information

 

    For the Six Months Ended  
    April 30  
    2012     2011  
             
Cash paid during the year for:                
Interest   $ 9,358     $ 5,441  
Income taxes   $  ▬     $  ▬  
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 6 Months Ended
Apr. 30, 2012
Jun. 06, 2012
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Apr. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Trading Symbol CGNH  
Entity Registrant Name CARDIOGENICS HOLDINGS INC.  
Entity Central Index Key 0001089029  
Current Fiscal Year End Date --10-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   31,449,239
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (USD $)
 3 Months Ended 6 Months Ended 173 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Revenue $ 0 $ 0 $ 1,136 $ 0 $ 10,012
Operating Expenses          
Depreciation of Property and Equipment 4,539 4,871 9,094 9,529 210,533
Amortization of Patent Application Costs 1,260 1,090 2,560 2,132 14,971
Write-off of Patent Application Costs 0 0 0 0 214,625
General and Administrative 187,325 383,837 361,488 680,649 7,950,178
Write-off of Goodwill 0 0 0 0 12,780,214
Research and Product Development, Net of Investment Tax Credits 192,694 234,646 348,738 393,570 4,062,496
Cost of Settlement of Lawsuit 0 0 0 0 1,753,800
Total operating expenses 385,818 624,444 721,880 1,085,880 26,986,817
Operating Loss (385,818) (624,444) (720,744) (1,085,880) (26,976,805)
Other Expenses (Income)          
Interest Expense and Bank Charges (Net) 6,014 4,296 9,485 8,900 2,146,121
Loss on Change in Value of Derivative Liability 0 0 0 0 12,421,023
Loss (Gain) on Foreign Exchange Transactions 2,238 91,633 (19,126) 132,163 190,139
Total other expenses (income) 8,252 95,929 (9,641) 141,063 14,757,283
Loss from Continuing Operations (394,070) (720,373) (711,103) (1,226,943) (41,734,088)
Discontinued Operations          
Gain on Sale of Subsidiary 0 0 0 0 90,051
Loss from Discontinued Operations 0 0 0 0 (127,762)
Net Loss (394,070) (720,373) (711,103) (1,226,943) (41,771,799)
Net Loss attributable to non-controlling interest (2,368) (4,688) (4,431) (8,212) (333,955)
Net Loss attributable to CardioGenics Holdings Inc. $ (391,702) $ (715,685) $ (706,672) $ (1,218,731) $ (41,437,844)
Basic and Fully Diluted Net Loss per Common Share attributable to CardioGenics Holdings Inc. Shareholders $ (0.01) $ (0.01) $ (0.01) $ (0.02)  
Weighted-average shares of Common Stock outstanding 55,626,166 54,036,505 55,626,166 53,746,365  
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Stock Based Compensation
 6 Months Ended
Apr. 30, 2012
Stock Based Compensation
6. Stock Based Compensation

 

Stock-based employee compensation related to stock options for the six months ended April 30, 2012 and 2011 amounted to $-0-.

 

The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plan:

 

          Weighted  
          Average  
          Exercise  
    Options     Price  
             
Outstanding – October 31, 2010     305,000     $ 2.34  
Granted     ▬       ▬  
Forfeited/Expired     ▬       ▬  
Exercised     275,000     $ 0.01  
Outstanding – October 31, 2011     30,000     $ 0.90  
Granted     ▬       ▬  
Forfeited/Expired     ▬       ▬  
Exercised     ▬       ▬  
Outstanding – April 30, 2012     30,000     $ 0.90  

 

Options typically vest immediately at the date of grant. As such, the Company does not have any unvested options or unrecognized compensation expense at April 30, 2012.
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Due to Shareholders
 6 Months Ended
Apr. 30, 2012
Due to Shareholders
5. Due to Shareholders

 

In February 2012 the Company received $262,500 for the subscription of 1,050,000 of the Company’s common stock. To date, the common stock has not been issued to the subscribers as the Company is not authorized to issue any additional common stock.

XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss per Share
 6 Months Ended
Apr. 30, 2012
Net Loss per Share
9. Net Loss per Share

 

The following table sets forth the computation of weighted-average shares outstanding for calculating basic and diluted earnings per share (EPS):

 

    Three Months Ended 
April 30,		     Six Months Ended
April 30,		  
    2012     2011     2012     2011  
                         
Weighted-average shares - basic     55,626,166       54,036,505       55,626,166       53,746,365  
Effect of dilutive securities     ▬       ▬       ▬       ▬  
Weighted-average shares - diluted     55,626,166       54,036,505       55,626,166       53,746,365  

 

 

Basic EPS and diluted EPS for the three and six months ended April 30, 2012 and 2011 have been computed by dividing the net loss available to common stockholders for each respective period by the weighted average shares outstanding during that period. All outstanding options, warrants and shares to be issued upon the exercise of the outstanding options and warrants representing 9,834,969 and 4,131,974 incremental shares respectively have been excluded from the six months ended April 30, 2012 and 2011 computation of diluted EPS as they are antidilutive given the net losses generated.
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Warrants
 6 Months Ended
Apr. 30, 2012
Warrants
7. Warrants

 

Outstanding warrants are as follows:   April 30,
2012		     October 31,
2011		  
             
Warrants                
Issued to subscribers to the debenture financing of 2003 and its related extension entitling the holder to purchase 1 common share of the Company at an exercise price of $0.47 per common share up to and including July 31, 2012     2,046,808       2,046,808  
Issued to subscribers to the debenture financing of 2004 and its related extension entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012     1,021,654       1,021,654  
Issued to agents for the debenture financings of 2003 and 2004 entitling the holder to  purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012     208,417       208,417  
Issued to former employee entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012     136,220       136,220  
Issued to consultants July 31, 2009, entitling the holder to purchase 1 common share of the Company at an exercise price of $0.90 per share up to and including July 31, 2012     104,785       104,785  
Issued to consultant August 1, 2009, entitling the holder to purchase 1 common share in the company at an exercise price of $0.90 per common share up to and including July 31, 2017     287,085       287,085  
Issued to Flow Capital Advisors Inc. on settlement of lawsuit in August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.30 per common share up to and including August 23, 2016     250,000       250,000  
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including August 23, 2016     250,000       250,000  
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.75 per common share up to and including August 23, 2016     500,000       500,000  
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $1.00 per common share up to and including August 23, 2016     500,000       500,000  
Issued to Flow Capital Advisors Inc. on settlement of lawsuit August 2011, entitling the holder to purchase 1 common share in the Company at an exercise price of $0.75 per common share up to and including August 23, 2016     500,000       500,000  
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.10 per common share up to and including March 20, 2013     1,500,000       1,500,000  
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.34 per common share up to and including March 20, 2013     1,500,000       1,500,000  
Issued to consultants in September 2011 entitling the holders to purchase 1 common share in the Company at an exercise price of $0.50 per common share up to and including March 20, 2013     1,000,000       1,000,000  
Total Warrants outstanding     9,804,969       9,804,969  
XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Issuance of Common Stock
 6 Months Ended
Apr. 30, 2012
Issuance of Common Stock
8. Issuance of Common Stock

 

During the six months ended April 30, 2012, the Company issued no common shares, except for 211,977 common shares which were exchanged for 211,977 exchangeable shares.
XML 29 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingent Liabilities
 6 Months Ended
Apr. 30, 2012
Commitments and Contingent Liabilities
10. Commitments and Contingent Liabilities

 

Lawsuits

On April 22, 2009, the Company was served with a statement of claim from a former employee claiming compensation for wrongful dismissal and ancillary causes of action including payment of monies in realization of his investment in the Company, with an aggregate claim of $514,000. The Company considers all the claims to be without any merit, has already delivered a statement of defense and intends to vigorously defend the action. If the matter eventually proceeds to trial, the Company does not expect to be found liable on any ground or for any cause of action.
XML 30 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Changes in Equity (USD $)
Total
Common Stock
Additional Paid-in Capital
Deficit Accumulated During the Development Stage
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest
Beginning Balance at Oct. 31, 2011 $ 540,436 $ 540 $ 41,774,001 $ (40,731,174) $ (173,407) $ (329,524)
Beginning Balance (in shares) at Oct. 31, 2011   55,626,166        
Net loss attributable to noncontrolling interest (4,431)         (4,431)
Comprehensive Income (Loss):            
Net Loss (706,672)     (706,672)    
Other Comprehensive Income            
Currency Translation Adjustment 12,653       12,653  
Total Comprehensive (Loss) (694,019)          
Ending Balance at Apr. 30, 2012 $ (158,014) $ 540 $ 41,774,001 $ (41,437,846) $ (160,754) $ (333,955)
Ending Balance (in shares) at Apr. 30, 2012   55,626,166        
XML 31 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 6 Months Ended
Apr. 30, 2012
Income Taxes
4. Income Taxes

 

Based on the Company’s evaluation, management has concluded that there are no significant tax positions requiring recognition in the condensed interim consolidated financial statements.

 

The Company has incurred losses in Canada since inception, which have generated net operating loss carryforwards for income tax purposes. The net operating loss carryforwards arising from Canadian sources as of April 30, 2012, approximated $6,301,000 (2011 - $8,983,000) which will expire from 2013 through 2032. All fiscal years except 2011 have been assessed as originally filed in Canadian jurisdictions.

 

As of April 30, 2012, the Company had net operating loss carryforwards from US sources of approximately $40,652,000 available to reduce future Federal taxable income which will expire from 2019 through 2032. Returns for the years 2008 through 2011 are yet to be filed.

 

For the six months ended April 30, 2012 and 2011, the Company’s effective tax rate differs from the statutory rate principally due to the net operating losses for which no benefit was recorded.
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