Security Devices International, Inc.: Form 10-Q

0001062993-15-001927.txt : 20150414 0001062993-15-001927.hdr.sgml : 20150414 20150414072812 ACCESSION NUMBER: 0001062993-15-001927 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150228 FILED AS OF DATE: 20150414 DATE AS OF CHANGE: 20150414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Security Devices International Inc. CENTRAL INDEX KEY: 0001354866 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-132456 FILM NUMBER: 15767979 BUSINESS ADDRESS: STREET 1: 4830 WEST KENNEDY BLVD., SUITE 600 CITY: TAMPA STATE: FL ZIP: 33609 BUSINESS PHONE: 905-582-6402 MAIL ADDRESS: STREET 1: 4830 WEST KENNEDY BLVD., SUITE 600 CITY: TAMPA STATE: FL ZIP: 33609 10-Q 1 form10q.htm FORM 10-Q Security Devices International, Inc.: Form 10-Q - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2015

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to _______

Commission File Number: 333-132456

SECURITY DEVICES INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware	71-1050654
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

4830 West Kennedy Blvd., suite 600, Tampa
Florida, 33609
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number including area code: (905) 582-6402

N/A
Former name, former address, and former fiscal year, if changed since last report

Indicate by check mark whether the registrant (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 [X] No [ ]

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 [X] 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 definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Larger accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company [X]

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]

As of April 10, 2015, the Company had 46,899,285 issued and outstanding shares of common stock.

SECURITY DEVICES INTERNATIONAL, INC.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(Amounts expressed in US Dollars)

(Unaudited)

SECURITY DEVICES INTERNATIONAL, INC.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FEBRUARY 28, 2015

(Amounts expressed in US Dollars)
(Unaudited)

TABLE OF CONTENTS	Page
	No
Interim Consolidated Balance Sheets as at February 28, 2015 and November 30, 2014	1

Interim Consolidated Statements of Operations and Comprehensive Loss for the three months ended February 28, 2015 and February 28, 2014	2

Interim Consolidated Statements of Cash Flows for the three months ended February 28, 2015 and February 28, 2014	3

Interim Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended February 28, 2015	4

Condensed Notes to Interim Consolidated Financial Statements	5-13

SECURITY DEVICES INTERNATIONAL, INC.
Interim Consolidated Balance Sheets
As at February 28, 2015 and November 30, 2014
(Amounts expressed in US Dollars)

	February 28,		November 30,
	2015		2014
	(unaudited)		(audited)
	$		$
ASSETS

CURRENT
Cash	561,220		1,085,006
Accounts Receivable	17,847		7,393
Inventory (Note 11)	109,333		120,246
Deferred financing costs	155,000		170,674
Prepaid expenses and other receivables	35,563		29,557

Total Current Assets	878,963		1,412,876
Plant and Equipment (Note 3)	132,385		144,176

TOTAL ASSETS	1,011,348		1,557,052

LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities	115,419		161,405
Total Current Liabilities	115,419		161,405
Convertible Debentures (Note 10)	1,398,592		1,398,592

Total Liabilities	1,514,011		1,559,997
Going Concern (Note 2)
Related Party Transactions (Note 7)
Commitments and Contingencies (Note 8)
Subsequent Events (Note 12)

STOCKHOLDERS' DEFICIENCY
Capital Stock (Note 4)
Preferred stock, $0.001 par value, 5,000,000 shares authorized, Nil issued and outstanding (2014 - nil). The provisions in the Articles of Incorporation allow the directors to issue preferred stock with multiple votes per share and dividend rights, which would have priority over any dividends paid with respect to the holders of Company’s common stock. Common stock, $0.001 par value 100,000,000 shares authorized (2014: 100,000,000), 46,899,285 issued and outstanding (2014: 46,899,285)	46,899		46,899
Additional Paid-In Capital	24,024,631		24,024,631
Deficiency	(24,531,262	)	(24,042,769	)
Accumulated other comprehensive loss	(42,931	)	(31,706	)

Total Stockholders' Deficiency	(502,663	)	(2,945	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	1,011,348		1,557,052

See condensed notes to the interim consolidated financial statements.

SECURITY DEVICES INTERNATIONAL, INC.
Interim Consolidated Statements of Operations and Comprehensive loss
(Amounts expressed in US Dollars)
(Unaudited)

	For the		For the
	three month		three month
	period		period
	ended		ended
	February 28,		February 28,
	2015		2014
	$		$

SALES	36,532		4,516

COST OF SALES	(34,848	)	(2,174	)

GROSS PROFIT	1,684		2,342

EXPENSES:
Depreciation	11,791		10,142
General and administration	421,329		474,695

TOTAL OPERATING EXPENSES	433,120		484,837
LOSS FROM OPERATIONS	(431,436	)	(482,495	)

Other Expense-Interest (Note 10)	(57,057	)	-
Other Income-Interest	-		4,058
LOSS BEFORE INCOME TAXES	(488,493	)	(478,437	)
Income taxes	-		-
NET LOSS	(488,493	)	(478,437	)

Foreign exchange translation adjustment for the period	(11,225	)	-

COMPREHENSIVE LOSS	(499,718	)	(478,437	)

Loss per share – basic and diluted	(0.01	)	(0.01	)

Weighted average common shares outstanding	46,899,285		46,849,285

See condensed notes to the interim consolidated financial statements.

SECURITY DEVICES INTERNATIONAL, INC.
Interim Consolidated Statements of Cash Flows
For the Three Months Ended February 28, 2015 and February 28, 2014
(Amounts expressed in US Dollars)
(Unaudited)

	For the		For the
	three		three
	months		months
	ended		ended
	February 28,		February 28,
	2015		2014
	$		$
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss for the period	(488,493	)	(478,437	)
Items not requiring an outlay of cash:
Amortization of deferred financing costs	15,674		-
Depreciation	11,791		10,142
Changes in non-cash working capital:
Accounts receivable	(9,402	)	(803	)
Prepaid expenses and other receivables	(4,990	)	34,114
Inventory	10,913		(23,777	)
Accounts payable and accrued liabilities	(42,739	)	13,767

NET CASH USED IN OPERATING ACTIVITIES	(507,246	)	(444,994	)

CASH FLOWS FROM INVESTING ACTIVITIES	-		-

NET CASH USED IN INVESTING ACTIVITIES	-		-

CASH FLOWS FROM FINANCING ACTIVITIES	-		-

NET CASH PROVIDED BY FINANCING ACTIVITIES	-		-
Effects of foreign currency exchange rate changes	( 16,540	)	-
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD	(523,786	)	(444,994	)
Cash, beginning of period	1,085,006		1,842,149
CASH END OF PERIOD	561,220		1,397,155

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:

INCOME TAXES PAID	-		-

INTEREST PAID	84,145		-

See condensed notes to the interim consolidated financial statements.

SECURITY DEVICES INTERNATIONAL, INC.
Interim Consolidated Statement of Changes in Stockholders’ Deficit
For the three month period ended February 28, 2015.
(Amounts expressed in US Dollars)
(Unaudited)

						Accumulated
	Number of	Common	Additional			Other
	Common	Shares	Paid-in			Comprehensive
	Shares	amount	Capital	Deficiency		loss		Total
	$	$	$	$		$		$

Balance as of November 30, 2013	46,849,285	46,849	23,226,988	(21,320,357	)			1,953,480
Stock based compensation for issue of options			751,610					751,610
Exercise of options	50,000	50	12,450					12,500
Relative fair value of placement agent warrants			33,583					33,583
Net loss for the year				(2,722,412	)			(2,722,412	)
Foreign currency translation						(31,706	)	(31,706	)
Balance as of November 30, 2014	46,899,285	46,899	24,024,631	(24,042,769	)	(31,706	)	(2,945	)
Net loss for the period				(488,493	)			(488,493	)
Foreign currency translation						(11,225	)	(11,225	)
Balance as of February 28, 2015	46,899,285	46,899	24,024,631	24,531,262	)	(42,931	)	(502,663	)

See condensed notes to the interim consolidated financial statements.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

1.	BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods.

The unaudited interim consolidated financial statements should be read in conjunction with the financial statements and notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in Security Devices International Inc.’s (“SDI” or the “Company”) annual report on Form 10-K for the year ended November 30, 2014. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company at February 28, 2015 and November 30, 2014, the results of its operations for the three-month periods ended February 28, 2015 and February 28, 2014, and its cash flows for the three-month periods ended February 28, 2015 and February 28, 2014. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. The results of operations for the three-month period ended February 28, 2015 are not necessarily indicative of results to be expected for the full year.

The Company was incorporated under the laws of the state of Delaware on March 1, 2005. On February 3, 2014 the Company incorporated a wholly owned subsidiary in Canada “Security Devices International Canada Corp”. The interim unaudited consolidated financial statements for the period ended February 28, 2015 include the accounts of Security Devices International, Inc. (the “Company” or “SDI” ), and its subsidiary Security Devices International Canada Corp. All material inter-company accounts and transactions have been eliminated.

2.	NATURE OF OPERATIONS AND GOING CONCERN

The Company is a less-lethal defense technology company, specializing in the innovative next generation solutions for security situations that do not require the use of lethal force. SDI has implemented manufacturing partnerships to assist in the deployment of their patented and patent pending family of products. These products consist of the current manufacture of Blunt Impact Projectile 40mm (BIP) line of products, and the future Wireless Electric Projectile 40mm (WEP).

These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year.

The Company has incurred a cumulative loss of $24,531,262 from inception to February 28, 2015 which includes a non-cash stock based compensation expense of $7,237,381 for issue of options and warrants. The Company has funded operations through the issuance of capital stock and convertible debentures. The Company has started to generate revenue from operations. However, it still expects to incur significant expenses before becoming profitable. The Company’s future success is dependent upon its ability to raise sufficient capital or generate adequate revenue, to cover its ongoing operating expenses, and also to continue to develop and be able to profitably market its products. These factors raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

2.	NATURE OF OPERATIONS AND GOING CONCERN -Cont’d

In addition to raising funds in the prior years, the Company raised $160,000 through the issuance of 800,000 common shares during the year ended November 30, 2011. The Company further raised an additional $878,328 by issue of Convertible Debentures during the year ended November 30, 2011 and $910,000 during the year ended November 30, 2012. In addition, the Company raised $649,750 by issuance of 2,165,834 common shares during the year ended November 30, 2012. On August 15, 2013, the Company filed an amended and restated final prospectus (the “Prospectus”) in Canada, in the provinces of Alberta, British Columbia and Ontario for listing its shares in these provinces in Canada. On August 27, 2013 the Company completed an initial public offering to raise gross proceeds of CAD $3,993,980 (US $3,794,280) through the issuance of 9,984,950 Common Shares at a price of CAD $0.40 (US $0.38) per Common Share (the “Issue Price”). During the year ended November 30, 2014, the Company issued $1,398,592 (CAD $1,549,000) face value 12% convertible debentures with a term to August 6, 2017 (the “Maturity Date”) and raised net $1,241,299. The Company’s common shares commenced trading on the TSX Venture Exchange (“TSX”) under the symbol “SDZ”.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

3.	PLANT AND EQUIPMENT

Plant and equipment are recorded at cost less accumulated depreciation. Depreciation is provided commencing in the month following acquisition using the following annual rate and method:

Computer equipment	30%	declining balance method
Furniture and Fixtures	30%	declining balance method
Leasehold Improvements		straight line over period of lease
Moulds	20%	straight line over 5 years

		February 28, 2015			November 30, 2014
			Accumulated			Accumulated
		Cost	Amortization		Cost	Amortization
		$	$		$	$
Computer equipment		37,573	33,490		37,573	33,159
Furniture and fixtures		18,027	15,423		18,027	15,212
Leasehold Improvements		23,721	13,924		23,721	13,151
Moulds		209,515	93,614		209,515	83,138
		288,836	156,451		288,836	144,660

Net carrying amount	$		132,385	$		144,176

Depreciation expense	$		11,791 (3 months)			45,586 (12 months)

4.	CAPITAL STOCK

Authorized

100,000,000* Common shares, $0.001 par value

And

5,000,000 Preferred shares, $0.001 par value

*On March 20, 2013 the Company filed with the Secretary of the State of Delaware a certificate of amendment (the “Amendment”) to the Company’s certificate of incorporation. The Amendment increased the number of authorized shares of the Company’s common stock, par value $0.001, from 50,000,000 to 100,000,000 common shares.

The Company’s Articles of Incorporation authorize its Board of Directors to issue up to 5,000,000 shares of preferred stock. The provisions in the Articles of Incorporation relating to the preferred stock allow the directors to issue preferred stock with multiple votes per share and dividend rights, which would have priority over any dividends paid with respect to the holders of SDI’s common stock.

Issued

46,899,285 Common shares (2014: 46,899,285 Common shares)

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

4.	CAPITAL STOCK-Cont’d

Changes to Issued Share Capital

Year ended November 30, 2014

On July 17, 2014, the Company issued 50,000 shares on exercise of options at $0.25 per share.

Three- months ended February 28, 2015

The Company did not issue any shares during the three month period ended February 28, 2015.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

5.	STOCK BASED COMPENSATION

Effective October 30, 2006 the Company adopted the following stock option and stock bonus plans which were replaced by the Incentive Stock Option Plan (the “2013 Plan”) that was issued in May, 2013.

Incentive Stock Option Plan. The Company’s Incentive Stock Option Plan authorizes the issuance of shares of its Common Stock to persons that exercise options granted pursuant to the Plan. Only employees may be granted options pursuant to the Incentive Stock Option Plan. The option exercise price is determined by its directors but cannot be less than the market price of its common stock on the date the option is granted. The Company has reserved 1,000,000 common shares under this plan. No options have been issued under this plan as at February 28, 2015.

Non-Qualified Stock Option Plan. SDI’s Non-Qualified Stock Option Plan authorizes the issuance of shares of its Common Stock to persons that exercise options granted pursuant to the Plans. SDI’s employees, directors, officers, consultants and advisors are eligible to be granted options pursuant to the Plans, provided however that bona fide services must be rendered by such consultants or advisors and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. By a resolution of the Board of Directors, the Company amended this plan to increase the number of common shares available under this plan from 2,250,000 to 4,500,000 effective October 10, 2007. The Company further amended its Non-Qualified Stock Option Plan to increase the number of Common Shares available under this plan to 5,000,000 and filed an S-8 registration statement on April 10, 2008.

Stock Bonus Plan. SDI’s Stock Bonus Plan allows for the issuance of shares of common stock to its employees, directors, officers, consultants and advisors. However bona fide services must be rendered by the consultants or advisors and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. The Company has reserved 150,000 common shares under this plan. No options have been issued under this plan as at February 28, 2015.

Effective May 31, 2013, the Company adopted an incentive stock option plan (the “2013 Plan”), which replaces the stock option and stock bonus plans that were in place prior to adoption of the 2013 Plan. All outstanding options to purchase Common Shares granted by the Company under the prior plans are now governed by the 2013 Plan and the prior plans (an Incentive Stock Option Plan, a Non-Qualified Stock Option Plan, and a Stock Bonus Plan) have been terminated.

Year ended November 30, 2014

On March 19, 2014, the board of directors granted options to five consultants to acquire a total of 400,000 common shares. The 400,000 options were issued at an exercise price of $0.31 (CAD$0.35) per share and vest immediately with an expiry term of three years. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

Risk free rate		2.00%
Expected dividends		0%
Forfeiture rate		0%
Volatility		151.63%
Market price of Company’s common stock on date of grant of options	$	0.16
Stock-based compensation cost	$	47,897

On May 9, 2014, the board of directors granted options to one director to acquire a total of 600,000 common shares. These options were issued at an exercise price of $0.32 (CAD $0.35) per share and vest immediately with an expiry term of five years. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

Risk free rate		2.00%
Expected dividends		0%
Forfeiture rate		0%
Volatility		205.42%
Market price of Company’s common stock on date of grant of options	$	0.24
Stock-based compensation cost	$	140,573

On July 25, 2014, the board of directors granted options to two consultants to acquire a total of 150,000 common shares. These options were issued at an exercise price of $0.32 (CAD $0.35) per share and vest immediately with an expiry date of August 5, 2017. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

Risk free rate		2.00%
Expected dividends		0%
Forfeiture rate		0%
Volatility		152.35%
Market price of Company’s common stock on date of grant of options	$	0.28
Stock-based compensation cost	$	33,952

On September 11, 2014, the board of directors granted options to directors and consultants to acquire a total of 1,875,000 common shares. These options were issued at an exercise price of $0.36 (CAD $0.40) per share and vest immediately with an expiry date of September 10, 2019. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

Risk free rate		2.00%
Expected dividends		0%
Forfeiture rate		0%
Volatility		170.42%
Market price of Company’s common stock on date of grant of options	$	0.30
Stock-based compensation cost	$	529,188

As of November 30, 2014 there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted.

Three month period ended February 28, 2015

The Company did not issue any options during the three month period ended February 28, 2015.

As of February 28, 2015 there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

6.	STOCK PURCHASE WARRANTS

Year ended November 30, 2014

Three month period ended February 28, 2015

The Company did not issue any warrants during the three month period ended February 28, 2015.

7.	RELATED PARTY TRANSACTIONS

The following transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

Three months ended February 28, 2015

The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $54,900 as management fees to its two directors, in their role as officers in accordance with their consulting contracts and expensed a total of $1,500 as automobile allowance.

The Company expensed $5,000 for services provided by the CFO of the Company and $57,800 for services provided by a corporation in which the Chief Operating Officer has an interest, in accordance with the consulting contract.

The Company reimbursed $12,460 to directors and officers for travel and entertainment expenses incurred for the Company.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

7.	RELATED PARTY TRANSACTIONS-Cont’d

Three months ended February 28, 2014

The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $64,780 as management fees to its two directors and expensed a total of $1,800 as automobile allowance.

The Company expensed $6,000 for services provided by the CFO of the Company and $60,000 for services provided by a corporation in which the Chief Operating Officer has an interest. .

The Company reimbursed $32,263 to directors and officers for travel and entertainment expenses incurred for the Company.

8.	COMMITMENTS AND CONTINGENCIES

COMMITMENTS

a) Consulting agreements:

The directors of the Company executed consulting agreements with the company on the following terms:

Effective January 1, 2013, SDI executed a two year agreement with a company in which a director, Allen Ezer, has an interest. The agreement was extended for a period of two years ending December 31, 2016 at a monthly remuneration of CAD $8,925.Either party may terminate the consulting agreement by giving 90 days written notice. In the event of termination without cause due to change in control brought out by sale, lease, merger or transfer, the Company is obligated to pay severance of 12 months fees at current rate at time of change in control. Effective February 1, 2015, the Company and director agreed to reduce the monthly remuneration by 10% to CAD 8,032. This reduction will continue until the completion of the next round of financing.

Agreement with the Chief Executive Officer Greg Sullivan to pay compensation of CAD$12,000 per month, with an annual 5% increase and a car allowance of CAD$600 per month. The agreement expires on December 31, 2016. In the event of termination without cause, the Company is obligated to pay two times the then monthly compensation and by continuing the then benefits coverage for a period of 2 years. The monthly remuneration will increase with accomplishment of milestones. The agreement may be terminated with mutual consent or by the Chief Executive Officer giving three weeks’ notice. Effective February 1, 2015, the Company and director agreed to reduce the monthly remuneration by 10% to CAD 12,502. This reduction will continue until the completion of the next round of financing.

Effective October 1, 2014, SDI executed a renewal agreement with a company in which the Chief Operating Officer Dean Thrasher has an interest in, for a period which expires on December 31, 2017 for services rendered. The total consulting fees are estimated at CAD$864,000 for the three year period. In the event of termination without cause due to change in control brought out by sale, lease, merger or transfer, the Company is obligated to pay severance of 18 months fees at current rate at time of change in control. SDI paid cash and expensed $230,892 during the year ended November 30, 2014. The company may also accept common shares in lieu of cash. As of November 30, 2014, the company has not exercised its right to accept this compensation in shares. Effective February 1, 2015, the Company and director agreed to reduce the monthly remuneration by 10% to CAD 21,600. This reduction will continue until the completion of the next round of financing.

Effective January 1, 2013, SDI executed an agreement with a non-related consultant to pay compensation of CAD $7,000 per month. The consultant is to assist with sales initiatives, demos and participate in trade shows. The agreement is for a period of one year and was renewed for an additional period of one year. Either party may terminate the consulting agreement by giving 30 days written notice. Subsequent to the year, the Company extended this agreement for four months at a rate of $5,000 per month, expiring April 30, 2015. Effective January 1, 2013, SDI executed an agreement with another non-related consultant to pay compensation of $7,000 per month. The consultant is to assist with sales initiatives, demos and participate in trade shows. The agreement is for a period of one year and was renewed for an additional period of one year. Either party may terminate the consulting agreement by giving 30 days written notice. During the quarter ended February 28, 2015, the Company terminated this agreement.

Effective November 1, 2013, SDI executed an agreement with a non-related consultant to pay compensation of $5,000 per month. The consultant has agreed to provide corporate market advisory services. The agreement is for a period of a minimum of three months and will continue unless otherwise terminated by either party by giving 30 days written notice.

Effective April 2014, SDI executed an agreement with a non-related consultant to set up its social media sites and optimization of search engines for the Company, at a start- up fee for CAD$3,000 (Phase 1) and payment of CAD$1,500 per month and issued 100,000 stock options at $0.32 (CAD$0.35) when Phase 2 of the project was implemented (refer to note 6).

Effective August 2014, SDI executed an agreement with a non-related consultant to pay compensation of $5,500 per month for the first 5 months and $5,000 from sixth month to end of the term. The consultant is to assist with sales initiatives, demos and participate in trade shows. The agreement unless renewed by mutual consent expires December 31, 2015. On renewal, there will an annual increase of 4.5% effective January 1, 2016. The consultant is also entitled to a 5% cash commission for all completed direct sales to end users and a 2% cash commission for all completed indirect sales. The Company granted 50,000 stock options to the consultant on July 25, 2014 and has agreed to grant 25,000 stock options for every 5,000 rounds sold domestically to a maximum of an additional 150,000 options. Either party may terminate the consulting agreement by giving 30 days written notice.

Effective January 1, 2015, SDI executed an agreement with a non-related public relation consultant to pay compensation of $7,000 per month and an additional compensation of $250 per month for media monitoring services. The agreement shall be for an initial period of one year and thereafter will renew automatically for additional periods of one year each. Either party may cancel this agreement without cause, by giving no less than ninety days notice.

b) The Company has commitments for leasing office premises in Oakville, Ontario, Canada to April 30, 2018 at a monthly rent of $5,593 (CAD $6,399).

c) The Company has commitments for leasing office premises in Tampa, Florida, USA to June 30, 2015 at a monthly rent of $1,418.

CONTINGENCIES

In November of 2013, a former officer filed a law suit against the Company in the Ontario Superior Court of Justice (Province of Ontario) seeking, among other things, $60,000 in damages for wrongful dismissal, damages of $35,000 on account of vacation pay and damages to be determined for out of pocket expenses, breach of contract, unjust enrichment and loss of business opportunity. During the quarter ended February 28, 2015, the Company and the former officer executed a settlement agreement at CAD $15,000.

9.	EXCLUSIVE SUPPLY AGREEMENT

The Company entered into a Development, Supply and Manufacturing Agreement with the BIP Manufacturer on July 25, 2012. This Agreement provides the Company to order and purchase only from the BIP Manufacturer certain 40MM assemblies and components for use by the Company to produce less-lethal and training projectiles as described in the Agreement. The Agreement is for a term of five years with an automatic extension for an additional year if neither party has given written notice of termination prior to the end of the five year period.

The Company and a division of Abrams Airborne Manufacturing Inc. (AAMI), namely Milkor USA (MUSA), agreed to partner for a joint cross-selling / marketing initiative.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

10.	CONVERTIBLE DEBENTURES AND DEFERRED FINANCING COSTS

$1,398,592 (CAD $1,549,000) Convertible Debentures

On August 6, 2014, the Company issued $1,398,592 (CAD $1,549,000) face value 12% convertible debentures with a term to August 6, 2017 (the “Maturity Date”). At any time while the debentures are outstanding, the holder has the option to convert the outstanding principal of the debentures into common shares of the Company at a fixed conversion price of CAD $0.50 per share. At any time after February 6, 2015, the Company has the right to force the conversion of the debentures into common shares at a price of at least CAD$0.65 per common share for a period of at least 20 consecutive trading days. If the common shares do not trade on any trading day and the bid price of the common Shares is CAD $0.65 or greater, the common shares shall be deemed to have traded at a price of at least CAD $0.65 on that trading day. Additionally, the Company has the right to redeem the debentures, in whole or in part, (a) during the 12 months ending August 6, 2015, at a premium of 15% to the principal amount being redeemed plus any accrued interest, (b) during the 12 months ending August 6, 2016, at a premium of 5% to the principal amount being redeemed plus any accrued interest, (c) during the 12 months ending August 6, 2017, at a premium of 2% to the principal amount being redeemed plus any accrued interest. In connection with the financing, the Company issued warrants to placement agents to purchase 151,900 shares of common stock at an exercise price of CAD $0.50 per share. Additionally, the Company incurred $157,293 (CAD $174,209) in financing fees.

The Company has evaluated the terms and conditions of the convertible debentures and placement agent warrants under the guidance of ASC 815. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a fixed number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round anti-dilution protection features contained in the contracts. The Company was required to consider whether the hybrid contract embodied a beneficial conversion feature (“BCF”). The debentures did not result in a BCF because the conversion price was not in the money on the inception date. There were no terms or features contained in the warrant agreement that would preclude the warrants from achieving equity classification.

The following table reflects the allocation of the purchase on the financing date:

Convertible Debentures - Face Value	$	1,398,342
Proceeds	$	(1,279,773	)
Deferred financing costs		(190,876	)
Paid in capital (warrants)		33,583
Prepaid expenses		16,681
Accrued expenses		21,793
Convertible debentures		1,398,592

The warrants were valued at $33,583 and were recorded as a component of deferred financing costs. Interest expense related to the debentures amounted to $57,057 for the three month period ended February 28, 2015. Of the $57,057, $41,383 related to accrued interest and the remaining $15,674 related to the amortization of deferred financing costs.

SECURITY DEVICES INTERNATIONAL, INC.
Notes to Interim Consolidated Financial Statements
February 28, 2015
(Amounts expressed in US Dollars)
(Unaudited)

11.

INVENTORY

Inventory as of February 28, 2015 consist of finished goods of Blunt Impact Projectiles 40mm for $109,333 (November 30, 2014: $120,246) which are held at the BIP manufacturer.

PART II

Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATION

THREE MONTHS ENDED FEBRUARY 28, 2015

The following discussion and analysis of the financial condition and results of Security Devices International, Inc. (also referred to as "we", "us", "our", "SDI", or the "Company"), should be read in conjunction with the Company's financial statements (and related notes) as at November 30, 2014.

The following discussion contains forward-looking statements, which are subject to risks and uncertainties and other factors that may cause SDI’s results to differ materially from expectations. When reviewing the Company's forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. These include risk relating to market fluctuations, performance, , strength of the North American and other world economies and foreign exchange fluctuations. These forward-looking statements speak only as of the date hereof. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update these forward-looking statements. The Company does have an ongoing obligation to disclose material information as it becomes available. The discussion also includes cautionary statements about these matters. You should read the cautionary statements made below as being applicable to all forward-looking statements wherever they appear in this document.

Business

History

Security Devices International Inc. (the “Company” or the “Corporation”) was incorporated on March 1, 2005. The Company began as a research and development company focused on the development of 40mm less-lethal ammunition. The term 40mm refers to the diameter of the bullet (sometimes also referred to as a round or a projectile) and bullets of this size are required for standard issue military riot guns. 40mm bullets are also the emerging standard among riot guns used by police forces and correctional services, although many police forces are currently using 37mm riot guns. 40mm rounds are quickly becoming the industry standard in both military and law enforcement circles.

The Company began with development of a wireless electric projectile (a “WEP”), named the Lektrox. The Company hired a ballistics engineering firm to collaborate in the development of the WEP. The WEP uses mini-harpoons to fix the bullet to the target's clothing or body. The bullet contains an electrical system that releases a charge that imitates the electro-neural impulses used by the human body. Sending out a control signal to the muscles, this high-voltage low-current pulse overrides the target's nervous system inducing a muscle spasm that causes the target to fall to the ground helpless.

Commencing in December 2008, the Joint Non-Lethal Weapons Directorate (“JNLWD”) of the US Department of Defense, an organization responsible for the development and coordination of non-lethal weapons activities within the United States, tested the WEP through its evaluation facility at Penn State University. The testing evaluated the effectiveness and safety of the electrical output compared to the Government’s standard total body effects model. Testing was completed in November 2009 and a report was prepared by Penn State University and submitted to the JNLWD in January 2010. An executive summary was released to the Company indicating a positive outcome. Research and development continued on the WEP until mid-2010.

To reduce kinetic energy levels, the head of the WEP contains a cushioning mechanism composed of a collapsible material that enlarges the contact surface and absorbs part of the impact. In June 2010, the Company began development of a 40mm blunt impact projectile (the “BIP”), which used the cushioning mechanism of the WEP but did not contain the electrical mechanism of the WEP. The BIP used the pain of impact to obtain compliance from the target.

In the fall of 2010 the Company underwent a change in the board of directors and management. Two new directors were appointed and the board of directors appointed a Chief Operating Officer. The Company contracted with Level 4 Capital Corp. to assist with restructuring of the Company, contract negotiations and operational issues.

Early in 2011 the Company decided to focus its attention on the BIP and to discontinue further development work on the WEP. The Company concluded that the cost and time required to complete development and testing of the BIP were significantly less than that required to complete development and testing of the WEP. The BIP is also less expensive to produce than the WEP, and can be sold for a lower price. The Company plans to use revenue received from BIP sales to complete the development and production line for the WEP.

In 2011, the Company moved its engineering, intellectual property and production facilities to the operator (the “BIP Manufacturer”) of an injection molding facility outside of Boston, Massachusetts. The BIP Manufacturer has a history of manufacturing 40mm components for the military sector, and provides molding services to the medical, aerospace, petrochemical, commercial, electronics, and defense industries.

The Company attended several military tradeshows through 2011 and signed a teaming agreement with Chemring Ordnance Inc. (“Chemring”), of Perry, Florida in December 2011. The agreement gives Chemring the non-exclusive right to market and sell the BIP worldwide for a five- year term. Chemring is responsible for its costs of marketing the BIPs and BIPs sold through this arrangement will bear the Chemring brand. The Company has retained the right to market the BIP directly to military, law enforcement and government agencies outside of Chemring’s sales channels.

Research and development for the BIP was completed in the summer of 2012, although numerous improvements have been made to the BIP including improved ballistic flight and stability. The latest and final version on the BIP was introduced during the first quarter of 2014.

In October 2012, the Company obtained an ammunition certification from Chemring which meant that the BIP satisfied the standards set by Chemring for products which it would distribute.

In November 2012, the Company obtained a United States Department of Transportation number (DOT#) required in order for the Company to ship BIP rounds.

In June 2012, the Company contracted CRT Less Lethal Inc. (“CRT”) to test the BIP. CRT is a Seattle- based company founded in 2003 with expertise in the analysis, evaluation and human effects testing of less-lethal munitions. The testing protocol included accuracy, precision, consistency, muzzle and target energy, impact energy density and effective range of the BIP. Human volunteers were used during the test firing, revealing full effects to the lower body from the blunt trauma of the BIP. Extensive wound profiling from the tests were finalized in a detailed report from CRT. Based on data obtained from the three-stage evaluation, the BIP passed the CRT testing protocol for accuracy, consistency, relative safety and effectiveness.

In July 2012, the Company signed a five-year development, supply and manufacturing agreement with the BIP Manufacturer. An engineering team is available to the Company through the BIP Manufacturer for development of all of the core components of the BIP and any product changes that are necessary.

During 2012, the Company attended several law enforcement tradeshows and conducted live fire demonstrations with government agencies in Canada, and the US. Live fire demonstrations allow the Company to demonstrate the short and long distance firing capabilities, accuracy and relative safety of the BIP.

In 2012, the Company began the development of five new less-lethal ammunition rounds. These new rounds will be a modified version of the BIP, four of which will carry a payload, including; BIP MP (temporary powder-based marking agent), BIP ML (semi-permanent liquid marking agent), BIP OC (Oleoresin Capsicum - a pepper spray powder), BIP MO (malodorant liquid), and the BIP TR (training round). As of the first quarter of 2015, the Company has now moved into extensive, independent testing with the payload rounds.

In 2013, the Company moved its full manufacturing operations to a supply manufacture and engineering company in the Boston, MA area. This allowed the Company to become fully autonomous from its previous partner, Chemring Ordnance of Florida, USA. SDI decreased its manufacturing costs in this process and is in full control of its manufacturing and logistics processes as a result.

The Company undertook an Initial Public Offering (IPO) in January 2013, and became a public reporting issuer on the TSX-Venture Exchange in September 2013.

SDI continued to sign distributors, agents and referral agents to market and sell SDI’s innovative non-lethal ammunition, globally. At year-end, SDI had signed a total of 9 distributors or agents, covering the following Countries: Canada, Israel, Saudi Arabia, Jordan, Oman, Kuwait, Bahrain, Turkey, Portugal, Spain, France, California, India, South America, and select African countries.

In June 2013, SDI, through its teaming agreement, Chemring Ordnance supplied the Israel Defense Forces with 900 BIP rounds for testing and evaluation. SDI also received a purchase order from the United States Border Patrol for 110 rounds to be used for testing and evaluation.

Montreal Police also purchased rounds for testing and evaluation from SDI.

In the fourth quarter of 2013, SDI sold rounds to Orange County Florida Sheriff’s department for use by their SWAT team as well as Campbell County, Virginia for SWAT use, and Indian River Sheriff’s Department in Florida for use in their Correctional Services facility.

In November 2013, SDI’s BIP rounds were showcased at the International SWAT Competition in Florida. The event hosted 57 SWAT teams from around the world that competed in a week long competition. SDI’s BIP rounds were used by the competing teams in the less-lethal competition, giving SDI international exposure for their rounds.

The requests for demonstrations of SDI’s products were strong from the Law Enforcement sector in 2013 and SDI staff conducted dozens of multi-agency live fire demonstrations, in 4 countries.

SDI attended and demonstrated to a military agency in an African country. The capability of the BIP round and the Company is currently in the follow up stage with this Agency.

SDI attended and demonstrated to a large Police Force in India. The capability of the BIP round and the Company is currently in the follow up stage with this Agency.

During the six month period, several federal, provincial, state, and municipal government agencies ordered small batches of operational rounds, as well as varied rounds for testing and evaluation, across North America. Some of the agencies were re-orders from previous sales.

SDI began another globally recognized testing protocol with a military agency called HECOE (the Human Effects Centre of Excellence). This world-renowned agency is located in the Air Force Research Laboratory (AFRL), in partnership with the US Joint Non-lethal Weapons Directorate (JNLWD). This group conducts research to assist Non-lethal Weapon (NLW) Program Managers across the U.S. Department of Defense (DoD) in assessing effectiveness and risks of NLWs. This information is used to develop dose response curves for the particular systems under review, identify data gaps and determine additional research requirements, and provide this information to those within the DoD who make policy and acquisition decisions. In September 2014, SDI received a report from The Human Effects Centre of Excellence which had conducted extensive testing on SDI’s Blunt Impact Projectile (BIP) rounds. The results concluded that the BIP is an effective and safe round and approves the use of the BIP by the US Military. The overall results were excellent and confirm the results of previous testing that shows SDI as a leader in safety and effectiveness in the 40MM non-lethal market.

In May, 2014, SDI’s BIP rounds were used at the Mock Prison Riot in West Virginia. Law enforcement and correctional services officers provided feedback on new technologies (such as SDI’s products) to assist in the effectiveness of their jobs. There were tactical teams that measured their skill sets against other teams from around the world at the demonstrations. SDI rounds outperformed several of their competitors.

On April 30,, 2014, SDI appointed Keith Morrison to the board of directors as non-executive Chairman. Mr. Morrison is the CEO of North American Nickel Inc., a publically traded Canadian Exploration Company. He is currently on the Board of Directors of Marengo Mining, a TSX listed company with a Copper Deposit in Papua New Guinea. He was a co-founder and CEO of Quantec Geoscience from 1986 until 2008, that developed industry leading ground geophysical subsurface imaging technologies and has completed more than 3000 resource projects around the world. Keith has an undergraduate degree in Engineering Geophysics from Queen’s University and has completed the ICD Director’s Education Program at the University Of Toronto Rotman School Of Business. Mr. Morrison’s extensive business experience and corporate governance focus, will assist SDI in the next phase of the Company’s growth.

On August 6, 2014, the Company completed the issuance of 1,549 convertible unsecured debentures at $1,000 per debenture for gross proceeds of $1,549,000 (the “Private Placement”).

The Debentures mature on August 6, 2017 and bear interest at the rate of 12% per annum calculated and payable semi-annually. Each Debenture is convertible at the election of the holder into common shares of the Company (the “Common Shares”) at a price of $0.50 per Common Share, exercisable at any time prior to the maturity of the Debentures.

At any time after February 6, 2015, the Company has the right to force the conversion of the Debentures into Common Shares if the Common Shares trade at a price of at least $0.65 per Common Share for a period of at least 20 consecutive trading days. If the Common Shares do not trade on any trading day and the bid price of the Common Shares is $0.65 or greater, the Common Shares shall be deemed to have traded at a price of at least $0.65 on that trading day.

The Company has the right to redeem the Debentures, in whole or in part, (a) during the 12 months ending August 6, 2015, at a premium of 15% to the principal amount being redeemed plus any accrued interest, (b) during the 12 months ending August 6, 2016, at a premium of 5% to the principal amount being redeemed plus any accrued interest, (c) during the 12 months ending August 6, 2017, at a premium of 2% to the principal amount being redeemed plus any accrued interest.

The Debentures, and any Common Shares issued under the Debentures, are subject to a hold period which expired on February 6, 2015.

Proceeds from the private placement were used for the expansion of the Company’s sales force network, the purchase of inventory and working capital purposes.

The private placement was conducted on a brokered private placement basis. Fin-XO Securities Inc. (the “Agent”) acted as agent. The Agent received (a) a cash commission of $105,930, (b) non-transferrable warrants to purchase 151,900 Common Shares at a price of $0.50 per share ending August 5, 2016, (c) a corporate finance fee of $8,475, and (d) reimbursement of the expenses of the Agent.

During the year ended November 30, 2014, the Company named Karim Kanji to the board of directors as an independent member. Mr. Kanji is a senior, global executive with a proven track record in positioning companies for growth, profitability and acquisition. Karim has shown an exceptional ability to build, groom, mentor and mobilize leadership in order to capture and sustain growth. His experience has been focused on engineering based technology companies with a broad knowledge in the industrial, energy, transportation and healthcare sectors.

Karim’s wide-ranging competencies include macro corporate strategies, operational planning, M&A tactics, paths for growth, product development, cost reduction, cash management, and commercial / legal compliance. Mr. Kanji’s tenures include; President and CEO Lumen Dynamics (managed a successful sale of the company in November 2013), President Clinicare/Chartcare IT Services (negotiated the company’s divestiture in year-two of his contract), Executive Officer at SEALS Ltd. a subsidiary of ICTS Europe Group (completed acquisition and post closing activities - 2011), Vice President and Vice President of Mergers & Acquisitions at Siemens Canada (total revenue responsibility >$500 million), General Manager and Finance Director Siemens Canada (with regional sales of $350 million), and has served on several boards of both public and private entities. Karim holds several degrees including his eMBA, MBA, CPA, CMA, and his masters in law from Osgoode Hall. Mr. Kanji’s wealth of practical experience will assist SDI well, in the next phase of the Company’s growth. Karim will assume the role as the Chairman of the Audit committee, given his strong financial background.

In October 2014, Security Devices International Inc. (“the Company”) announced that the Company and a division of Abrams Airborne Manufacturing Inc. (AAMI), namely Milkor USA (MUSA), have agreed to partner for a joint cross-selling / marketing initiative.

This arrangement allows both companies to leverage existing and future sales channels by offering a comprehensive, full-package of Milkor USA’s 40mm Multi-Shot Grenade Launchers in conjunction with SDI’s 40mm Less-Lethal ammunition product-line to end-users, globally. This mutually beneficial opportunity allows both Milkor USA and SDI to provide target markets with complimentary, top quality products. By pairing and cross-marketing each other’s unique and proven hardware, each can now offer end-users the ability to carry out their responsibilities with premium brands, a one-stop shop and best-in-class solutions. Milkor USA is the world’s premier provider of 40mm Multi-Shot Grenade Launchers (MSGL) and is focused on being the global choice for high quality, safe and effective weapons systems. MUSA has proven its ability to place its launcher’s into the hands of each major branch of the U.S. Military, as well as offering their MSGLs internationally to NATO allies’ military and police forces.

In January 2010, MUSA won the Indefinite Delivery/Indefinite Quantity (IDIQ) contract with the United States Marine Corps. This 5-year contract was valued for up to 40 million dollars. The newly dubbed M32A1 Multi-Shot Grenade Launcher is the product of this contract, with its price and configuration controlled, via contract, by the USMC. The contract is due to expire in January 2015. Abrams Airborne Manufacturing, Inc. is an aerospace, defense, medical and commercial manufacturer based in Tucson, Arizona. The company has been in business since April of 1965 and is renowned for its capabilities relating to high quality manufacturing.

SDI has sold their BIP products into nine new agencies during the fiscal year of 2014 including Sheriff Departments, Correctional Services, and SWAT teams in; Saskatoon, SK, Watertown, SD, Abbotsford, BC, Sacramento, CA, Kingston, ON, Rustburg, VA, Orlando, FL, Montreal, QC, and Bedford, VA. These agencies are additions to SDI’s customer base that have adopted its 40mm less-lethal rounds.

SDI also performed targeted live fire demos throughout North America with positive results to several agencies.

SDI saw continued sales in the first quarter of 2015, including re-orders from the Correctional Service of Canada and the Montreal Police as well as new orders from The Los Angeles County Sheriff’s Department, Royal Canadian Mounted Police, Collier County Sheriff Department (Florida), Kings County Sheriff’s Department (California), Sioux Falls Police Department (South Dakota) and Pennington County Sheriff’s Department (South Dakota).

The Management team of SDI attended the SHOT show in January where SDI’s products were displayed in 3 separate booths by SDI’s industry associates. The feedback and response to SDI’s innovative product line was very favorable and clearly the most modern technology available in the less lethal space for 40MM rounds.

SDI was invited to attend a less-lethal chemical munitions course in California and introduce SDI’s unique Malodorant, OC and tear gas rounds. The result was a high level of interest from attending Government Agencies and follow-up is being conducted by SDI’s sales team.

SDI’s public relations program is in effect and SDI has been interviewed for and presented in numerous newspapers and industry magazines during the quarter ended February 28, 2015, including Gun magazine, Law Enforcement Technology magazine, St. Louis Dispatch newspaper, Stockton record and Police one magazine line.

Products

SDI’s business is the development, manufacture and sale of less-lethal ammunition. This ammunition is used by the military, correctional services, and police agencies for crowd control.

The Company has developed the BIP, a blunt impact projectile which uses pain compliance to control a target. The Company is developing five versions of the standard BIP, four of which contain a payload and one of which is a cheaper cost, training round. A payload is an internal capsule within the BIP, which holds a liquid or powder substance.

In addition, the Company has undertaken substantial work for future development of the WEP, a wireless electric projective which releases an electrical pulse that induces a muscle spasm and causes the target to fall to the ground helpless.

Intellectual Property:

Four patent applications, one for the electrical mechanism and the other three for the mechanical mechanism of the WEP40, have been filed by the Company with the U.S. Patent Office. The Company has been issued four patents.

(a) Less-lethal Projectile: This issued patent relates to the Company’s distinctive collapsible ammunition head technology that absorbs kinetic energy of the projectile upon impact. The Corporation’s collapsible head is used in both the BIP and the WEP.

(b) Electronic Circuitry for Incapacitating a Living Target: This issued patent relates to the electronic circuitry incapacitation system which forms part of the WEP. The patent describes an electronic circuit which provides an electrical incapacitation current to a living target.

(c) Less-lethal Wireless Stun Projectile System for Immobilizing a Target by Neuro-Muscular Disruption: This issued patent describes the process by which the WEP operates with its attachment system to halt a target through a neuro-muscular-disruption system.

(d) Autonomous Operation of a Less-lethal Projectile: This pending patent describes a motion sensing system within the WEP. The sensor will monitor movement of the target and enable the electrical output until the target is subdued. The electrical pulse is programmed for an exact time-frame to specifications of the user.

The Company has filed the following applications in 2014:

1) United States Provisional Patent Application No. 61/926,728, filed on January 13, 2014, entitled PAYLOAD CARRYING ARRANGEMENT FOR A NON-LETHAL PROJECTILE

2) PCT Patent Application No. PCT/US2014/44892, filed on June 30, 2014, entitled PAYLOAD CARRYING ARRANGEMENT FOR A NON-LETHAL PROJECTILE, and claiming priority from USPAN 61/926,728

Less-Lethal Sector

Military, correctional services and law enforcement agencies are seeking alternatives to traditional lethal ammunition. From a military standpoint, the involvement of armed forces in populated areas has created a need for less-lethal ammunition. Correctional services agencies require a close range projectile for usage inside their holding facilities and penitentiaries, and police forces require less-lethal ammunition for riot control and critical incident de-escalation, motivated in part by a desire to avoid expensive litigation.

Chemical irritants (such as tear gas) have been sporadically used by military and have been adopted by police forces around the world for use in riot control.

Throughout the 1970’s and 1980’s the military and police forces began to use kinetic energy impact projectiles. These projectiles included wood, rubber and bean-bag material as ammunition. Many of these projectiles are still being used by military and police forces around the world. There has been very little technology progression within this space over the last half a century.

The rubber bullet was developed by the Ministry of Defense for the British Army in Northern Ireland at the request of army officers who wanted a weapon for use in civil disturbances with a range beyond a stone-throwing distance. In management’s opinion, rubber bullets are inaccurate and have unpredictable ricochets. In addition, management believes that they have caused numerous severe injuries and several deaths.

The nature of a military’s role has changed significantly to the extent that the military becomes actively engaged in the policing of civilian populations. This is where the military in effect, intersects with local police forces to support and uphold national and regional law. Today, military units are involved in ongoing conflicts that bring them into direct contact with civilian populations in Iraq, Afghanistan and various countries in the Middle East. Soldiers who are deployed in humanitarian roles are often subject to rules of engagement, which disallow the use of deadly force unless soldiers encounter a lethal threat. The military requires less-lethal deterrent ammunition for use in crowd and riot control, perimeter security and pilfering situations. In management’s opinion, less-lethal ammunition means a greater opportunity to preserve life.

Police and military forces require easily applied options for riot control without the consequences of lethal force. In addition to the litigation, administrative and financial resources required to defend the use of lethal force, there is a moral consideration as well. Police and military forces must balance the risk of injury or death to their own personnel against the risk of injury to civilians, including bystanders. Riot control involves difficult and challenging decisions that often must be made within seconds.

Both police and military personnel are demanding access to options that fall somewhere between physically charging into a crowd with batons and firing munitions designed to kill targets. If these personnel are equipped and trained with less-lethal munitions, they are better equipped to diffuse a riot and regain control. By providing soldiers and police with a midlevel force response, appropriate to the level of threat, the chance of an escalation can be reduced. In addition, if this less-lethal response can be employed at a standoff distance, the troops or officers can maintain a buffer zone between themselves and the crowd. The capability to target a specific individual, as opposed to spraying an entire crowd, reduces the risk of injury to innocent bystanders and political backlash.

Conflicts in Iraq and Afghanistan, events such as the August 2011 UK riots, and the June 2012 Quebec student street violence have led governments, police and defense decision-makers to seek cost effective less-lethal weapons. These decision-makers understand that social media will limit the use of lethal weapons and a new generation of less-lethal weapons is required.

Correctional Services facilities have suffered with the ability to control a subject without using excessive force. The Company’s product allows for a correctional officer to deploy a projectile at close range without harming the subject and still maintain protocol within their agency. In management’s opinion, the projectile suffices pain compliance on the subject, with properly followed safety precautions.

General

•	As of April 14, 2015, SDI had consultants and no full-time employees.
•	SDI’s offices are located at 1101 Pennsylvania Ave., NW, 6th Floor Washington, DC 20004, 4830 West Kennedy Blvd., suite 600, Tampa, Florida, 33609 and 125 Lakeshore Road East, Unit 300, Oakville, Ontario L6J 1H3 Canada. SDI’s rents its Ontario office at a cost of CAN $6,399 per month pursuant to a lease which expires on April 30, 2018. SDI rents its Tampa, Florida, USA office at a cost of $1,418 per month pursuant to a lease which expires on June 30, 2015.
•	SDI’s website is www.securitydii.com.

Going Concern

Significant Quarterly Information

The following represents selected information of the Company for the most recently completed financial quarter ended February 28, 2015

	Three- month		Three- month
	period		period
	February 28,		February 28 ,
	2015		2014
	(unaudited)		(unaudited)
	$		$

Net loss for the three month period	488,493		478,437
Basic and diluted loss per share	(0.01	)	(0.01	)
Total assets	1,011,348		1,595,339

Total liabilities	1,514,011		120,296
Cash dividends per share	-		-

Results of Operations

SDI was incorporated on March 1, 2005 and for the period from inception to February 28, 2015 has not realized significant revenues. The company has started to generate revenue from operations. However, it still expects to incur significant expenses before becoming profitable.

Financial highlights (unaudited) for the period ending February 28, 2015 with comparatives are as follows:

Operating Results		For the three months ended			For the three months ended
		February 28,			February 28 ,
		2015			2014

Sales		36,532			4,516
Cost of sales		(34,848	)		(2,174	)
Gross Profit		1,684			2,342
Operating Expenses	$	433,120		$	484,837
Other expenses -Interest	$	57,057			-
Net Loss for Period	$	488,493		$	478,437

(Loss) per Share		($0.01	)		($0.01	)

The Company’s selected information for the quarter ended February 28, 2015 (unaudited) and November 30, 2014 (audited) are as follows:

	February 28,		November
	2015		30, 2014
Total current assets	878,963		1,412,876
Total assets	1,011,348		1,557,052
Total current liabilities	115,419		161,405
Total liabilities	1,514,011		1,559,997
Stockholders’ deficiency	(502,663	)	(2,945	)

Net loss for the three months ended February 28, 2015 was $488,493 ($0.01per share) as compared to $478,437 ($0.01per share) for the three month period ended February 28, 2014.

Cash Flows

Net cash used in operations for the three months ended February 28, 2015, was $507,246 as compared to $444,994 used for the three months ended February 28, 2014. The major components of change relate to:

The Company’s inventory costs decreased by $10,913 in 2015 as compared to increase of $23,777 in 2014. This decrease represents the investment in inventory available for sale in next period.

Net cash flow from investing activities was $nil during the three month period ended February 28, 2015 as compared to $ nil for the same period for prior year.

Net Cash flow from financing activities was $nil in 2015 as compared to an inflow of $nil in 2014.

There was an overall decrease in cash of $523,786 in 2015 as compared to a decrease in cash of $444,994 during 2014.

Liquidity and Capital Resources

As at February 28, 2015, cash was $561,220, as compared to $1,085,006 at November 30, 2014. This decrease is mainly attributable to the combination of factors mentioned above under heading “Cash Flows”.

At February 28, 2015, the Company had a working capital of $763,544. The major components are as follows; cash and cash equivalent $561,220; prepaid expenses and other receivables $35,563; Inventory for $109,333; accounts receivable for $17,847 and accounts payable and accrued liabilities of $115,419.

At November 30, 2014, the Company had a working capital of $1,306,347. The major components are as follows; cash and cash equivalent $1,085,006; prepaid expenses and other receivables $29,557; accounts receivable for $7,393 and accounts payable and accrued liabilities of $161,405.

There are no assurances that the Company can continue to raise equity financing to fund its operations. SDI does not have any commitments or arrangements from any persons to provide SDI with any additional capital it may need. Without additional capital SDI will not be able to fund its anticipated capital requirements outlined above.

Off-balance sheet arrangements

The Company has no significant off-balance sheet arrangements at this time.

Transactions with related parties

The following transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

Three months ended February 28, 2015

The directors were compensated as per their consulting agreements with the Company. The Company expensed a total of $54,900 as management fees to its two directors in their role as officers, in accordance with their consulting contracts and expensed a total of $1,500 as automobile allowance.

The Company reimbursed $12,460 to directors and officers for travel and entertainment expenses incurred for the Company.

Three months ended February 28, 2014

The Company expensed $6,000 for services provided by the CFO of the Company and $60,000 for services provided by a corporation in which the Chief Operating Officer has an interest.

The Company reimbursed $32,263 to directors and officers for travel and entertainment expenses incurred for the Company.

Commitments

a) Consulting agreements:

The directors of the Company executed consulting agreements with the company on the following terms:

b) The Company has commitments for leasing office premises in Oakville, Ontario, Canada to April 30, 2018 at a monthly rent of $5,593 (CAD $6,399).

c) The Company has commitments for leasing office premises in Tampa, Florida, USA to June 30, 2015 at a monthly rent of $1,418.

CONTINGENCIES

Revenue Recognition

The Company’s revenue recognition policies follow common practice in the manufacturing industry. The Company records revenue when it is realized, or realizable and earned. The Company considers revenue to be realized, or realizable and earned, when the following revenue recognition requirements are met: persuasive evidence of an arrangement exists; the products or services have been accepted by the customer via delivery or installation acceptance; the sales price is fixed or determinable; and collectability is probable. For product sales, the Company determines that the earnings process is complete when title, risk of loss and the right to use product has transferred to the customer.

Outstanding share data

As of April 10, 2015, the Company had 46,899,285 issued and outstanding shares of common stock.

Risk Factors

Additional Financing

The Corporation does not have adequate revenue to fund all of its operational needs and may require additional financing to continue its operations if it is unable to generate substantial revenue growth. There can be no assurance that such financing will be available at all or on favorable terms. Failure to generate substantial revenue growth may result in the Corporation looking to obtain such additional financing could result in delay or indefinite postponement of the Corporation’s deployment of its products, resulting in the possible dilution. Any such financing will dilute the ownership interest of the Corporation’s shareholders at the time of the financing, and may dilute the value of their shareholdings.

General Venture Company Risks

The Common Shares must be considered highly speculative due to the nature of the Corporation’s business, the early stage of its deployment, its current financial position and ongoing requirements for capital. An investment in the Common Shares should only be considered by those persons who can afford a total loss of investment, and is not suited to those investors who may need to dispose of their investment in a timely fashion. Investors should consult with their own professional advisors to assess the legal, financial and other aspects of an investment in Common Shares.

Uncertainty of Revenue Growth

There can be no assurance that the Corporation can generate substantial revenue growth, or that any revenue growth that is achieved can be sustained. Revenue growth that the Corporation has achieved or may achieve may not be indicative of future operating results. In addition, the Corporation may increase further its operating expenses in order to fund increase its sales and marketing efforts and increase its administrative resources in anticipation of future growth. To the extent that increases in such expenses precede or are not subsequently followed by increased revenues, the Corporation’s business, operating results and financial condition will be materially adversely affected.

Dependence on Management and Key Personnel

The Corporation is dependent on certain members of its management. The loss of the services of one or more of them could adversely affect the Corporation. The Corporation’s ability to maintain its competitive position is dependent upon its ability to attract and retain highly qualified managerial, specialized technical, manufacturing, sales and marketing personnel. There can be no assurance that the Corporation will be able to continue to recruit and retain such personnel. The inability of the Corporation to recruit and retain such personnel would adversely affect the Corporation’s operations and product development.

Dependence on Key Suppliers

The Corporation may be able to purchase certain key components of its products from a limited number of suppliers. Failure of a supplier to provide sufficient quantities on favorable terms or on a timely basis could result in possible lost sales.

Product Liability

The Corporation may be subject to proceedings or claims that may arise in the ordinary conduct of the business, which could include product and service warranty claims, which could be substantial. If its products fail to perform as warranted and it fails to quickly resolve product quality or performance issues in a timely manner, sales may be lost and it may be forced to pay damages. Any failure to meet customer requirements could materially affect its business, results of operations and financial condition. The occurrence of product defects and the inability to correct errors could result in the delay or loss of market acceptance of its products, material warranty expense, diversion of technological and other resources from its product development efforts, and the loss of credibility with customers, manufacturer’s representatives, distributors, value added resellers, systems integrators, original equipment manufacturers and end-users, any of which could have a material adverse effect on the Corporation’s business, operating results and financial conditions.

The Corporation currently has general liability insurance that includes product liability coverage. There is no assurance this insurance policy will cover all potential claims which may have a material adverse effect on the business or financial condition of the Corporation. A product recall could have a material adverse effect on the business or financial condition of the Corporation.

Strategic Alliances

The Corporation relies upon, and expects to rely upon, strategic alliances with original equipment manufacturers for the manufacturing and distribution of its products. There can be no assurance that such strategic alliances can be achieved or will achieve their goals.

Marketing and Distribution Capabilities

In order to commercialize its technology, the Corporation must either acquire or develop an internal marketing and sales force with technical expertise and with supporting distribution capabilities or arrange for third parties to perform these services. In order to market any of its products, the Corporation must either acquire or develop a sales and distribution infrastructure. The acquisition or development of a sales and distribution infrastructure would require substantial resources, which may divert the attention of its Management and key personnel, and defer its product development and deployment efforts. To the extent that the Corporation enters into marketing and sales arrangements with other companies, its revenues will depend on the efforts of others. These efforts may not be successful. If the Corporation fails to develop substantial sales, marketing and distribution channels, or to enter into arrangements with third parties for those purposes, it will experience delays in product sales and incur increased costs.

Rapid Technological Development

The markets for the Corporation’s products and services are characterized by rapidly changing technology and evolving industry standards, which could result in product obsolescence or short product life cycles. Accordingly, the Corporation’s success is dependent upon its ability to anticipate technological changes in the industries it serves and to successfully identify, obtain, develop and market new products that satisfy evolving industry requirements. There can be no assurance that the Corporation will successfully develop new products or enhance and improve its existing products or that any new products and enhanced and improved existing products will achieve market acceptance. Further, there can be no assurance that competitors will not market products that have perceived advantages over the Corporation’s products or which render the products currently sold by the Corporation obsolete or less marketable. Regardless of the Industry as a whole, the less lethal sector moves somewhat slower in the adaptation and integration of new products.

The Corporation must commit significant resources to developing new products before knowing whether its investments will result in products the market will accept. To remain competitive, the Corporation may be required to invest significantly greater resources then currently anticipated in research and development and product enhancement efforts, and result in increased operating expenses.

Competition

The Corporation’s industry is highly competitive and composed of many domestic and foreign companies. The Corporation has experienced and expects to continue to experience, substantial competition from numerous competitors whom it expects to continue to improve their products and technologies. Competitors may announce and introduce new products, services or enhancements that better meet the needs of end-users or changing industry standards, or achieve greater market acceptance due to pricing, sales channels or other factors. Competitors may be able to respond more quickly than the Corporation to changes in end-user requirements and devote greater resources to the enhancement, promotion and sale of their products.

Regulation

The Corporation is subject to numerous federal, provincial, state and local environmental, health and safety legislation and measures relating to the manufacture of ammunition. There can be no assurance that the Corporation will not experience difficulties with its efforts to comply with applicable regulations as they change in the future or that its continued compliance efforts (or failure to comply with applicable requirements) will not have a material adverse effect on the Corporation’s results of operations, business, prospects and financial condition. The Corporation’s continued compliance with present and changing future laws could restrict the Corporation’s ability to modify or expand its facilities or continue production and could require the Corporation to acquire costly equipment or to incur other significant expense.

Intellectual Property

The Corporation’s ability to compete effectively will depend, in part, on its ability to maintain the proprietary nature of its technology and manufacturing processes. Although the Corporation considers certain of its product designs as well as manufacturing processes involving certain of its products to be proprietary, patents or copyrights do not protect all design and manufacturing processes. The Corporation has adopted procedures to protect its intellectual property and maintain secrecy of its confidential business information and trade secrets. However, there can be no assurance that such procedures will afford complete protection of such intellectual property, confidential business information and trade secrets. There can be no assurance that the Corporation’s competitors will not independently develop technologies that are substantially equivalent or superior to the Corporation’s technology.

To protect the Corporation’s intellectual property, it may become involved in litigation, which could result in substantial expenses, divert the attention of its management, cause significant delays and materially disrupt the conduct of its business.

Infringement of Intellectual Property Rights

While the Corporation believes that its products and other intellectual property do not infringe upon the proprietary rights of third parties, its commercial success depends, in part, upon the Corporation not infringing intellectual property rights of others. A number of the Corporation’s competitors and other third parties have been issued or may have filed patent applications or may obtain additional patents and proprietary rights for technologies similar to those utilized by the Corporation. Some of these patents may grant very broad protection to the owners of the patents. The Corporation has not undertaken a review to determine whether any existing third party patents or the issuance of any third party patents would require the Corporation to alter its technology, obtain licenses or cease certain activities. The Corporation may become subject to claims by third parties that its technology infringes their intellectual property rights due to the growth of products in its target markets, the overlap in functionality of those products and the prevalence of products. The Corporation may become subject to these claims either directly or through indemnities against these claims that it provides to end-users, manufacturer’s representatives, distributors, value added resellers, system integrators and original equipment manufacturers.

Litigation may be necessary to determine the scope, enforceability and validity of third party proprietary rights or to establish the Corporation’s proprietary rights. Some of its competitors have, or are affiliated with companies having, substantially greater resources than the Corporation and these competitors may be able to sustain the costs of complex intellectual property litigation to a greater degree and for a longer period of time than the Corporation. Regardless of their merit, any such claims could be time consuming to evaluate and defend, result in costly litigation, cause product shipment delays or stoppages, divert management’s attention and focus away from the business, subject the Corporation to significant liabilities and equitable remedies, including injunctions, require the Corporation to enter into costly royalty or licensing agreements and require the Corporation to modify or stop using infringing technology.

The Corporation may be prohibited from developing or commercializing certain technologies and products unless it obtains a license from a third party. There can be no assurance that it will be able to obtain any such license on commercially favorable terms or at all. If it does not obtain such a license, it could be required to cease the sale of certain of its products.

Health and Safety

Health and safety issues related to its products may arise that could lead to litigation or other action against the Corporation or to regulation of certain of its product components. The Corporation may be required to modify its technology and may not be able to do so. It may also be required to pay damages that may reduce its profitability and adversely affect its financial condition. Even if these concerns prove to be baseless, the resulting negative publicity could affect the Corporation’s ability to market certain of its products and, in turn, could harm its business and results from operations.

Stress in the global financial system may adversely affect the Corporation’s operations in ways that may be hard to predict or to defend against

Recent events have demonstrated that businesses and industries throughout the world are very tightly connected to each other. Thus, events seemingly unrelated to the Corporation, or to its industry, may adversely affect its finances or operations in ways that are hard to predict or defend against. For example, credit contraction in financial markets may hurt the Corporation’s ability to access credit when it is needed or rapid changes in foreign exchange rates may adversely affect financial results. Finally, a reduction in credit, combined with reduced economic activity, may adversely affect businesses and industries that collectively constitute a significant portion of the Corporation’s customer base. As a result, these customers may need to reduce their purchases of the Corporation’s products, or there may be greater difficulty in receiving payment for the products that these customers purchase from the Corporation. Any of these events, or any other events caused by turmoil in world financial markets, may have a material adverse effect on the business, operating results, and financial condition.

Insurance and Uninsured Risks

The Corporation’s business is subject to a number of risks and hazards including industrial accidents, labor disputes and changes in the regulatory environment. Such occurrences could result in damage to equipment, personal injury or death, monetary losses and possible legal liability. Although the Corporation maintains liability insurance in amounts which it considers adequate, the nature of these risks is such that liabilities might exceed policy limits, the liabilities and hazards might not be insurable, or the Corporation may elect not to insure against such liabilities due to high premium costs or other reasons, in which event the Corporation could incur significant costs that could have a materially adverse effect upon its financial position.

Conflicts of Interest

Certain directors and officers of the Corporation are or may become associated with other companies in the same or related industries which may give rise to conflicts of interest. Directors who have a material interest in any person who is a party to a material contract or a proposed material contract with the Corporation are required, subject to certain exceptions, to disclose that interest and generally abstain from voting on any resolution to approve the contract. In addition, the directors and the officers are required to act honestly and in good faith with a view to the best interests of the Corporation. The directors and officers of the Corporation have either other full-time employment or other business or time restrictions placed on them and accordingly, the Corporation will not be the only business enterprise of these directors and officers.

Dividend Policy

The Corporation has not paid dividends in the past and has no plans to pay dividends for the foreseeable future. The future dividend policy of the Corporation will be determined by its directors.

Lack of Active Market

There can be no assurance that an active market for the Common Shares will continue and any increased demand to buy or sell the Common Shares can create volatility in price and volume.

Market Price of Common Shares

There can be no assurance that an active market for the Common Shares will be sustained. Securities of small and midcap companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include global economic developments and market perceptions of the attractiveness of certain industries. The price per Common Share is also likely to be affected by change in the Corporation’s financial condition or results of operations as reflected in its quarterly filings. Other factors unrelated to the performance of the Corporation that may have an effect on the price of Common Shares include the following: the extent of analytical coverage available to subscribers concerning the business of the Corporation may be limited if investment banks with research capabilities do not follow the Corporation’s securities; lessening in trading volume and general market interest in the Corporation’s securities may affect a subscriber’s ability to trade significant numbers of Common Shares, the size of the Corporation’s public float may limit the ability of some institutions to invest in the Corporation’s securities; a substantial decline in the price of the Common Shares that persists for a significant period of time could cause the Corporation’s securities to be delisted from the exchange, further reducing market liquidity. If an active market for the Common Shares does not continue, the liquidity of a subscriber’s investment may be limited and the price of the Common Shares may decline. If such a market does not develop, subscribers may lose their entire investment in the Common Shares.

Political Regulatory Risks

Any changes in government policy may result in changes to laws affecting the sale of the Corporation’s products. This may affect the Corporation’s ability to ship product in the future. The possibility that future governments may adopt substantially different policies, may also effect the Corporation’s operations. Local governments in all countries the Corporation deals with issue end user certificates to purchase or receive live ammunition from the Corporation. It is the decision of these countries in the Middle East, the United States, Canada, Europe, and the Baltics whether or not they will take possession or purchase such munitions.

Dividends

The Corporation has not, since the date of its incorporation, declared or paid any dividends on its Common Shares and does not currently intend to pay dividends. Earnings, if any, will be retained to finance further growth and development of the business of the Corporation.

Legal proceedings

Item 4.

Controls and Procedures.

(a) SDI maintains a system of controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (“1934 Act”), is recorded, processed, summarized and reported, within time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed by SDI in the reports that it files or submits under the 1934 Act, is accumulated and communicated to SDI’s management, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of February 28, 2015, SDI’s Principal Executive Officer and Principal Financial Officer evaluated the effectiveness of the design and operation of SDI’s disclosure controls and procedures. Based on that evaluation, SDI’s Principal Executive Officer and Principal Financial Officer concluded that SDI’s disclosure controls and procedures were not effective due to the following material weakness:

Inherent in any small business is the pervasive problem involving segregation of duties. Since SDI has a small accounting department, segregation of duties cannot be completely accomplished at this stage in its corporate lifecycle.

In order to correct the foregoing material weakness, we have taken and are taking the following remediation measures that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting:

•	We have several Directors with business experience and spending time with the business.
•	We have established an audit committee of our board of directors. The audit committee will provide oversight of our accounting and financial reporting;
•	We have a Chief Financial Officer who has knowledge of, and experience regarding, U.S. GAAP and SEC reporting requirements.

Accordingly, SDI’s management has added compensating controls to reduce and minimize the risk of a material misstatement in SDI’s annual and interim financial statements.

(b) Changes in Internal Controls. There were no changes in SDI’s internal control over financial reporting during the quarter ended February 28, 2015 that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

The Company did not issue any capital during the period ended February 28, 2015.

Item 6.

Exhibits

31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Gregory Sullivan.

31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Rakesh Malhotra.

32	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Gregory Sullivan and Rakesh Malhotra.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SECURITY DEVICES INTERNATIONAL, INC.

Date: April 14, 2015

By: /s/ Gregory Sullivan

Gregory Sullivan, President

and Principal Executive Officer

Date: April 14, 2015

By: /s/ Rakesh Malhotra

Rakesh Malhotra, Principal

Financial and Accounting Officer

EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 Security Devices International Inc.: Exhibit 31.1 - Filed by newsfilecorp.com

Exhibit 31.1

CERTIFICATIONS

I, Gregory Sullivan, certify that;

1. I have reviewed this quarterly report on Form 10-Q of Security Devices International, 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 the 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(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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 this 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; and

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.

April 14, 2015	/s/ Gregory Sullivan
	Gregory Sullivan,
	Principal Executive Officer

EX-31.2 3 exhibit31-2.htm EXHIBIT 31.2 Security Devices International Inc.: Exhibit 31.2 - Filed by newsfilecorp.com

Exhibit 31.2

CERTIFICATIONS

I, Rakesh Malhotra, certify that;

1. I have reviewed this quarterly report on Form 10-Q of Security Devices International, Inc.;

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.

April 14, 2015	/s/ Rakesh Malhotra
	Rakesh Malhotra,
	Principal Financial Officer

EX-32 4 exhibit32.htm EXHIBIT 32 Security Devices International Inc.: Exhibit 32 - Filed by newsfilecorp.com

Exhibit 32

In connection with the quarterly report of Security Devices International, Inc., (the “Company”) on Form 10-Q for the quarter ended February 28, 2015 as filed with the Securities and Exchange Commission (the “Report”) Gregory Sullivan, the Principal Executive Officer of the Company and Rakesh Malhotra, the Principal Financial Officer of the Company, certify pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the company.

April 14, 2015	/s/ Gregory Sullivan
	Gregory Sullivan, Principal Executive Officer

April 14, 2015	/s/ Rakesh Malhotra
	Rakesh Malhotra, Principal Financial Officer

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24531262 7237381 160000 800000 878328 910000 649750 2165834 3993980 3794280 9984950 0.40 0.38 1398592 1549000 0.12 1241299

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">3.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">PLANT AND EQUIPMENT</p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Plant and equipment are recorded at cost less accumulated depreciation. Depreciation is provided commencing in the month following acquisition using the following annual rate and method:</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="35%">Computer equipment</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="20%"> 30% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="40%">declining balance method</td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="35%">Furniture and Fixtures</td> <td align="left" nowrap="nowrap" valign="bottom" width="20%"> 30% </td> <td align="left" nowrap="nowrap" valign="bottom" width="40%">declining balance method</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="35%">Leasehold Improvements</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="20%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="40%">straight line over period of lease</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="35%">Moulds</td> <td align="left" nowrap="nowrap" valign="bottom" width="20%"> 20% </td> <td align="left" nowrap="nowrap" valign="bottom" width="40%"> straight line over 5 years </td> </tr> </table> <br/> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%">February 28, 2015</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%">November 30, 2014</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Accumulated</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Accumulated</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Cost</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Amortization</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Cost</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Amortization</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Computer equipment</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 37,573 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 33,490 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 37,573 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 33,159 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom">Furniture and fixtures</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 18,027 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 15,423 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 18,027 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 15,212 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Leasehold Improvements</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 23,721 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 13,924 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 23,721 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 13,151 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom">Moulds</td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 209,515 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 93,614 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 209,515 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 83,138 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 288,836 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 156,451 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 288,836 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 144,660 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Net carrying amount</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 132,385 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 144,176 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Depreciation expense</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> 11,791 (3 months) </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> 45,586 (12 months) </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> </table>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="35%">Computer equipment</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="20%"> 30% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="40%">declining balance method</td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="35%">Furniture and Fixtures</td> <td align="left" nowrap="nowrap" valign="bottom" width="20%"> 30% </td> <td align="left" nowrap="nowrap" valign="bottom" width="40%">declining balance method</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="35%">Leasehold Improvements</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="20%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="40%">straight line over period of lease</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="35%">Moulds</td> <td align="left" nowrap="nowrap" valign="bottom" width="20%"> 20% </td> <td align="left" nowrap="nowrap" valign="bottom" width="40%"> straight line over 5 years </td> </tr> </table>

0.30 0.30 0.20 5

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%">February 28, 2015</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" valign="bottom" width="23%">November 30, 2014</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Accumulated</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Accumulated</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Cost</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Amortization</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Cost</td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" valign="bottom" width="10%">Amortization</td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="center" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%">$ </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Computer equipment</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 37,573 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 33,490 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 37,573 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 33,159 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom">Furniture and fixtures</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 18,027 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 15,423 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 18,027 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="10%"> 15,212 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Leasehold Improvements</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 23,721 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 13,924 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 23,721 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="10%"> 13,151 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" nowrap="nowrap" valign="bottom">Moulds</td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 209,515 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 93,614 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 209,515 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 83,138 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 288,836 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 156,451 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 288,836 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 144,660 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Net carrying amount</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 132,385 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="10%"> 144,176 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> <td nowrap="nowrap" valign="bottom" width="1%"> </td> <td nowrap="nowrap" valign="bottom" width="10%"> </td> <td nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" nowrap="nowrap" valign="bottom"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Depreciation expense</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> 11,791 (3 months) </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: 1px solid #000000; " valign="bottom" width="10%"> 45,586 (12 months) </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> </table>

37573 33490 37573 33159 18027 15423 18027 15212 23721 13924 23721 13151 209515 93614 209515 83138 288836 156451 288836 144660 132385 144176 11791 45586

100000000 0.001 5000000 0.001 0.001 50000000 100000000 5000000 46899285 46899285 50000 0.25

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">5.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">STOCK BASED COMPENSATION</p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Effective October 30, 2006 the Company adopted the following stock option and stock bonus plans which were replaced by the Incentive Stock Option Plan (the “2013 Plan”) that was issued in May, 2013.</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Incentive Stock Option Plan</u> . The Company’s Incentive Stock Option Plan authorizes the issuance of shares of its Common Stock to persons that exercise options granted pursuant to the Plan. Only employees may be granted options pursuant to the Incentive Stock Option Plan. The option exercise price is determined by its directors but cannot be less than the market price of its common stock on the date the option is granted. The Company has reserved 1,000,000 common shares under this plan. No options have been issued under this plan as at February 28, 2015. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Non-Qualified Stock Option Plan</u> . SDI’s Non-Qualified Stock Option Plan authorizes the issuance of shares of its Common Stock to persons that exercise options granted pursuant to the Plans. SDI’s employees, directors, officers, consultants and advisors are eligible to be granted options pursuant to the Plans, provided however that bona fide services must be rendered by such consultants or advisors and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. By a resolution of the Board of Directors, the Company amended this plan to increase the number of common shares available under this plan from 2,250,000 to 4,500,000 effective October 10, 2007. The Company further amended its Non-Qualified Stock Option Plan to increase the number of Common Shares available under this plan to 5,000,000 and filed an S-8 registration statement on April 10, 2008. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Stock Bonus Plan</u> . SDI’s Stock Bonus Plan allows for the issuance of shares of common stock to its employees, directors, officers, consultants and advisors. However bona fide services must be rendered by the consultants or advisors and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. The Company has reserved 150,000 common shares under this plan. No options have been issued under this plan as at February 28, 2015. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Effective May 31, 2013, the Company adopted an incentive stock option plan (the “2013 Plan”), which replaces the stock option and stock bonus plans that were in place prior to adoption of the 2013 Plan. All outstanding options to purchase Common Shares granted by the Company under the prior plans are now governed by the 2013 Plan and the prior plans (an Incentive Stock Option Plan, a Non-Qualified Stock Option Plan, and a Stock Bonus Plan) have been terminated.</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Year ended November 30, 2014</u> </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On March 19, 2014, the board of directors granted options to five consultants to acquire a total of 400,000 common shares. The 400,000 options were issued at an exercise price of $0.31 (CAD$0.35) per share and vest immediately with an expiry term of three years. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions: </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 151.63% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.16 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 47,897 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On May 9, 2014, the board of directors granted options to one director to acquire a total of 600,000 common shares. These options were issued at an exercise price of $0.32 (CAD $0.35) per share and vest immediately with an expiry term of five years. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions: </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 205.42% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.24 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 140,573 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On July 25, 2014, the board of directors granted options to two consultants to acquire a total of 150,000 common shares. These options were issued at an exercise price of $0.32 (CAD $0.35) per share and vest immediately with an expiry date of August 5, 2017. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions: </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 152.35% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.28 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 33,952 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On September 11, 2014, the board of directors granted options to directors and consultants to acquire a total of 1,875,000 common shares. These options were issued at an exercise price of $0.36 (CAD $0.40) per share and vest immediately with an expiry date of September 10, 2019. The fair value of each option used for the purpose of estimating the stock compensation is calculated using the Black-Scholes option pricing model with the following weighted average assumptions: </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 170.42% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.30 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 529,188 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> As of November 30, 2014 there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Three month period ended February 28, 2015</u> </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">The Company did not issue any options during the three month period ended February 28, 2015.</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> As of February 28, 2015 there was $Nil of unrecognized expense related to non-vested stock-based compensation arrangements granted. </p>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 151.63% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.16 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 47,897 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 0.0200 0.00 0.00 1.5163 0.16 47897 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 205.42% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.24 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 140,573 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 0.0200 0.00 0.00 2.0542 0.24 140573 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 152.35% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.28 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 33,952 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 0.0200 0.00 0.00 1.5235 0.28 33952 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Risk free rate</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="12%"> 2.00% </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Expected dividends</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%"> </td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> 0% </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Forfeiture rate</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0% </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Volatility</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 170.42% </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Market price of Company’s common stock on date of grant of options</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 0.30 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Stock-based compensation cost</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 529,188 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> 0.0200 0.00 0.00 1.7042 0.30 529188 1000000 2250000 4500000 5000000 150000 400000 400000 0.31 0.35 600000 0.32 0.35 150000 0.32 0.35 1875000 0.36 0.40 0 0 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">6.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">STOCK PURCHASE WARRANTS</p> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Year ended November 30, 2014</u> </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On August 6, 2014, the Company issued $1,398,592 (CAD $1,549,000) face value 12% convertible debentures with a term to August 6, 2017 (the “Maturity Date”). At any time while the debentures are outstanding, the holder has the option to convert the outstanding principal of the debentures into common shares of the Company at a fixed conversion price of CAD $0.50 per share. In connection with the financing, the Company issued warrants to placement agents to purchase 151,900 shares of common stock at an exercise price of US $0.45 (CAD $0.50) per share. These warrants expire on August 5, 2016. The relative fair value allocated to warrants and credited to additional paid in capital was $33,583 </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Three month period ended February 28, 2015</u> </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">The Company did not issue any warrants during the three month period ended February 28, 2015.</p> 1398592 1549000 0.12 0.50 151900 0.45 0.50 33583

54900 1500 5000 57800 12460 64780 1800 6000 60000 32263

8925 90 12 0.10 8032 12000 0.05 600 2 0.10 12502 864000 18 230892 0.10 21600 7000 30 5000 7000 30 5000 30 3000 1500 100000 0.32 0.35 2 5500 5 5000 0.045 0.05 0.02 50000 25000 5000 150000 30 7000 250 5593 6399 1418 60000 35000 15000

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom">Convertible Debentures - Face Value</td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 1,398,342 </td> <td align="left" bgcolor="#e6efff" nowrap="nowrap" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" width="5%"> </td> <td align="left" nowrap="nowrap" valign="bottom">Proceeds</td> <td align="left" nowrap="nowrap" valign="bottom" width="1%">$</td> <td align="right" nowrap="nowrap" valign="bottom" width="12%"> (1,279,773 </td> <td align="left" nowrap="nowrap" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Deferred financing costs</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (190,876 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Paid in capital (warrants)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 33,583 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Prepaid expenses</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 16,681 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" valign="bottom">Accrued expenses</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 21,793 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom">Convertible debentures</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 1,398,592 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table>

1398342 -1279773 -190876 33583 16681 21793 1398592 1398592 1549000 1398592 1549000 0.12 0.50 0.65 20 0.65 0.65 12 0.15 12 0.05 12 0.02 151900 0.50 157293 174209 33583 57057 57057 41383 15674

109333 120246

Schedule of Share-based Compensation and Assumptions as of July 25, 2014 (Details) (USD $)	3 Months Ended
	Feb. 28, 2015
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 1	2.00%
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 2	0.00%
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 3	0.00%
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 4	152.35%
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 5	0.28
Stock Based Compensation Schedule Of Share-based Compensation And Assumptions As Of July 25, 2014 6	$ 33,952

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RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)	3 Months Ended
	Feb. 28, 2015
Related Party Transactions 1	$ 54,900
Related Party Transactions 2	1,500
Related Party Transactions 3	5,000
Related Party Transactions 4	57,800
Related Party Transactions 5	12,460
Related Party Transactions 6	64,780
Related Party Transactions 7	1,800
Related Party Transactions 8	6,000
Related Party Transactions 9	60,000
Related Party Transactions 10	$ 32,263

Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details)	3 Months Ended
	Feb. 28, 2015 Y
Plant And Equipment Property, Plant And Equipment, Schedule Of Significant Acquisitions And Disposals 1	30.00%
Plant And Equipment Property, Plant And Equipment, Schedule Of Significant Acquisitions And Disposals 2	30.00%
Plant And Equipment Property, Plant And Equipment, Schedule Of Significant Acquisitions And Disposals 3	20.00%
Plant And Equipment Property, Plant And Equipment, Schedule Of Significant Acquisitions And Disposals 4	5

INVENTORY (Narrative) (Details) (USD $)	3 Months Ended
INVENTORY (Narrative) (Details) (USD $)	Feb. 28, 2015
Inventory 1	$ 109,333
Inventory 2	$ 120,246

Schedule of Property, Plant and Equipment (Details) (USD $)	3 Months Ended
	Feb. 28, 2015
Plant And Equipment Schedule Of Property, Plant And Equipment 1	$ 37,573
Plant And Equipment Schedule Of Property, Plant And Equipment 2	33,490
Plant And Equipment Schedule Of Property, Plant And Equipment 3	37,573
Plant And Equipment Schedule Of Property, Plant And Equipment 4	33,159
Plant And Equipment Schedule Of Property, Plant And Equipment 5	18,027
Plant And Equipment Schedule Of Property, Plant And Equipment 6	15,423
Plant And Equipment Schedule Of Property, Plant And Equipment 7	18,027
Plant And Equipment Schedule Of Property, Plant And Equipment 8	15,212
Plant And Equipment Schedule Of Property, Plant And Equipment 9	23,721
Plant And Equipment Schedule Of Property, Plant And Equipment 10	13,924
Plant And Equipment Schedule Of Property, Plant And Equipment 11	23,721
Plant And Equipment Schedule Of Property, Plant And Equipment 12	13,151
Plant And Equipment Schedule Of Property, Plant And Equipment 13	209,515
Plant And Equipment Schedule Of Property, Plant And Equipment 14	93,614
Plant And Equipment Schedule Of Property, Plant And Equipment 15	209,515
Plant And Equipment Schedule Of Property, Plant And Equipment 16	83,138
Plant And Equipment Schedule Of Property, Plant And Equipment 17	288,836
Plant And Equipment Schedule Of Property, Plant And Equipment 18	156,451
Plant And Equipment Schedule Of Property, Plant And Equipment 19	288,836
Plant And Equipment Schedule Of Property, Plant And Equipment 20	144,660
Plant And Equipment Schedule Of Property, Plant And Equipment 21	132,385
Plant And Equipment Schedule Of Property, Plant And Equipment 22	144,176
Plant And Equipment Schedule Of Property, Plant And Equipment 23	11,791
Plant And Equipment Schedule Of Property, Plant And Equipment 24	$ 45,586

Interim Consolidated Balance Sheets (USD $)	Feb. 28, 2015	Nov. 30, 2014
CURRENT
Cash	$ 561,220us-gaap_Cash	$ 1,085,006us-gaap_Cash
Accounts Receivable	17,847us-gaap_AccountsReceivableNetCurrent	7,393us-gaap_AccountsReceivableNetCurrent
Inventory	109,333us-gaap_InventoryNet	120,246us-gaap_InventoryNet
Deferred financing costs	155,000us-gaap_DeferredFinanceCostsCurrentNet	170,674us-gaap_DeferredFinanceCostsCurrentNet
Prepaid expenses and other receivables	35,563	29,557
Total Current Assets	878,963us-gaap_AssetsCurrent	1,412,876us-gaap_AssetsCurrent
Plant and Equipment	132,385us-gaap_PropertyPlantAndEquipmentNet	144,176us-gaap_PropertyPlantAndEquipmentNet
TOTAL ASSETS	1,011,348us-gaap_Assets	1,557,052us-gaap_Assets
CURRENT LIABILITIES
Accounts payable and accrued liabilities	115,419	161,405
Total Current Liabilities	115,419us-gaap_LiabilitiesCurrent	161,405us-gaap_LiabilitiesCurrent
Convertible Debentures	1,398,592us-gaap_ConvertibleDebtNoncurrent	1,398,592us-gaap_ConvertibleDebtNoncurrent
Total Liabilities	1,514,011us-gaap_Liabilities	1,559,997us-gaap_Liabilities
STOCKHOLDERS' DEFICIENCY
Preferred stock, $0.001 par value, 5,000,000 shares authorized, Nil issued and outstanding (2014 - nil). The provisions in the Articles of Incorporation allow the directors to issue preferred stock with multiple votes per share and dividend rights, which would have priority over any dividends paid with respect to the holders of Company's common stock.	0us-gaap_PreferredStockValue	0us-gaap_PreferredStockValue
Common stock, $0.001 par value 100,000,000 shares authorized (2014: 100,000,000), 46,899,285 issued and outstanding (2014: 46,899,285)	46,899us-gaap_CommonStockValue	46,899us-gaap_CommonStockValue
Additional Paid-In Capital	24,024,631us-gaap_AdditionalPaidInCapital	24,024,631us-gaap_AdditionalPaidInCapital
Deficiency	(24,531,262)	(24,042,769)
Accumulated other comprehensive loss	(42,931)	(31,706)
Total Stockholders' Deficiency	(502,663)us-gaap_StockholdersEquity	(2,945)us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 1,011,348	$ 1,557,052

Interim Consolidated Statement of Changes in Stockholders Deficit (USD $)	Common Shares [Member]	Additional Paid-In Capital [Member]	Deficiency [Member]	Accumulated Other Comprehensive loss [Member]	Total
Beginning Balance at Nov. 30, 2013	$ 46,849	$ 23,226,988	$ (21,320,357)		$ 1,953,480us-gaap_StockholdersEquity
Beginning Balance (Shares) at Nov. 30, 2013	46,849,285
Stock based compensation for issue of options		751,610			751,610us-gaap_ShareBasedCompensation
Exercise of options	50	12,450			12,500
Exercise of options (Shares)	50,000
Relative fair value of placement agent warrants		33,583			33,583
Net loss for the period			(2,722,412)		(2,722,412)us-gaap_NetIncomeLoss
Foreign currency translation				(31,706)	(31,706)
Ending Balance at Nov. 30, 2014	46,899	24,024,631	(24,042,769)	(31,706)	(2,945)us-gaap_StockholdersEquity
Ending Balance (Shares) at Nov. 30, 2014	46,899,285
Net loss for the period			(488,493)		(488,493)us-gaap_NetIncomeLoss
Foreign currency translation				(11,225)	(11,225)
Ending Balance at Feb. 28, 2015	$ 46,899	$ 24,024,631	$ 24,531,262	$ (42,931)	$ (502,663)us-gaap_StockholdersEquity
Ending Balance (Shares) at Feb. 28, 2015	46,899,285

Schedule of Convertible Debt (Details) (USD $)	3 Months Ended
Schedule of Convertible Debt (Details) (USD $)	Feb. 28, 2015
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 1	$ 1,398,342
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 2	(1,279,773)
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 3	(190,876)
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 4	33,583
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 5	16,681
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 6	21,793
Convertible Debentures And Deferred Financing Costs Schedule Of Convertible Debt 7	$ 1,398,592

CAPITAL STOCK (Narrative) (Details) (USD $)	3 Months Ended
CAPITAL STOCK (Narrative) (Details) (USD $)	Feb. 28, 2015
Capital Stock 1	100,000,000
Capital Stock 2	$ 0.001
Capital Stock 3	5,000,000
Capital Stock 4	0.001
Capital Stock 5	$ 0.001
Capital Stock 6	50,000,000
Capital Stock 7	100,000,000
Capital Stock 8	5,000,000
Capital Stock 9	46,899,285
Capital Stock 10	46,899,285
Capital Stock 11	50,000
Capital Stock 12	$ 0.25

STOCK PURCHASE WARRANTS (Narrative) (Details)	3 Months Ended
STOCK PURCHASE WARRANTS (Narrative) (Details)	Feb. 28, 2015 USD ($)	Feb. 28, 2015 CAD
Stock Purchase Warrants 1	$ 1,398,592
Stock Purchase Warrants 2		1,549,000
Stock Purchase Warrants 3	12.00%	12.00%
Stock Purchase Warrants 4		0.50
Stock Purchase Warrants 5	151,900	151,900
Stock Purchase Warrants 6	0.45
Stock Purchase Warrants 7		0.50
Stock Purchase Warrants 8	$ 33,583

Interim Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2015	Nov. 30, 2014
Preferred Stock, Par Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000us-gaap_PreferredStockSharesAuthorized	5,000,000us-gaap_PreferredStockSharesAuthorized
Preferred Stock, Shares Issued
Preferred Stock, Shares Outstanding
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000us-gaap_CommonStockSharesAuthorized	100,000,000us-gaap_CommonStockSharesAuthorized
Common Stock, Shares, Issued	46,899,285us-gaap_CommonStockSharesIssued	46,899,285us-gaap_CommonStockSharesIssued
Common Stock, Shares, Outstanding	46,899,285us-gaap_CommonStockSharesOutstanding	46,899,285us-gaap_CommonStockSharesOutstanding

Document and Entity Information	3 Months Ended
Document and Entity Information	Feb. 28, 2015	Apr. 10, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2015
Trading Symbol	sdev
Entity Registrant Name	Security Devices International Inc.
Entity Central Index Key	0001354866
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		46,899,285dei_EntityCommonStockSharesOutstanding
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Interim Consolidated Statements of Operations and Comprehensive loss (USD $)	3 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
SALES	$ 36,532us-gaap_SalesRevenueNet	$ 4,516us-gaap_SalesRevenueNet
COST OF SALES	(34,848)us-gaap_CostOfRevenue	(2,174)us-gaap_CostOfRevenue
GROSS PROFIT	1,684us-gaap_GrossProfit	2,342us-gaap_GrossProfit
EXPENSES:
Depreciation	11,791us-gaap_DepreciationAndAmortization	10,142us-gaap_DepreciationAndAmortization
General and administration	421,329us-gaap_GeneralAndAdministrativeExpense	474,695us-gaap_GeneralAndAdministrativeExpense
TOTAL OPERATING EXPENSES	433,120us-gaap_OperatingExpenses	484,837us-gaap_OperatingExpenses
LOSS FROM OPERATIONS	(431,436)us-gaap_OperatingIncomeLoss	(482,495)us-gaap_OperatingIncomeLoss
Other Expense-Interest	(57,057)us-gaap_OtherNonoperatingExpense	0us-gaap_OtherNonoperatingExpense
Other Income-Interest	0us-gaap_OtherNonoperatingIncome	4,058us-gaap_OtherNonoperatingIncome
LOSS BEFORE INCOME TAXES	(488,493)	(478,437)
Income taxes	0us-gaap_IncomeTaxExpenseBenefit	0us-gaap_IncomeTaxExpenseBenefit
NET LOSS	(488,493)us-gaap_NetIncomeLoss	(478,437)us-gaap_NetIncomeLoss
Foreign exchange translation adjustment for the period	(11,225)	0
COMPREHENSIVE LOSS	$ (499,718)us-gaap_ComprehensiveIncomeNetOfTax	$ (478,437)us-gaap_ComprehensiveIncomeNetOfTax
Loss per share - basic and diluted	$ (0.01)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.01)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average common shares outstanding	46,899,285	46,849,285

STOCK BASED COMPENSATION (Narrative) (Details)	3 Months Ended
STOCK BASED COMPENSATION (Narrative) (Details)	Feb. 28, 2015 USD ($)	Feb. 28, 2015 CAD
Stock Based Compensation 1	1,000,000	1,000,000
Stock Based Compensation 2	2,250,000	2,250,000
Stock Based Compensation 3	4,500,000	4,500,000
Stock Based Compensation 4	5,000,000	5,000,000
Stock Based Compensation 5	150,000	150,000
Stock Based Compensation 6	400,000	400,000
Stock Based Compensation 7	400,000	400,000
Stock Based Compensation 8	$ 0.31
Stock Based Compensation 9		0.35
Stock Based Compensation 10	600,000	600,000
Stock Based Compensation 11	0.32
Stock Based Compensation 12		0.35
Stock Based Compensation 13	150,000	150,000
Stock Based Compensation 14	0.32
Stock Based Compensation 15		0.35
Stock Based Compensation 16	1,875,000	1,875,000
Stock Based Compensation 17	0.36
Stock Based Compensation 18		0.40
Stock Based Compensation 19	0
Stock Based Compensation 20	$ 0

NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details)	3 Months Ended
	Feb. 28, 2015 USD ($)	Feb. 28, 2015 CAD
Nature Of Operations And Going Concern 1	$ 24,531,262
Nature Of Operations And Going Concern 2	7,237,381
Nature Of Operations And Going Concern 3	160,000
Nature Of Operations And Going Concern 4	800,000	800,000
Nature Of Operations And Going Concern 5	878,328
Nature Of Operations And Going Concern 6	910,000
Nature Of Operations And Going Concern 7	649,750
Nature Of Operations And Going Concern 8	2,165,834	2,165,834
Nature Of Operations And Going Concern 9		3,993,980
Nature Of Operations And Going Concern 10	3,794,280
Nature Of Operations And Going Concern 11	9,984,950	9,984,950
Nature Of Operations And Going Concern 12		0.40
Nature Of Operations And Going Concern 13	0.38
Nature Of Operations And Going Concern 14	1,398,592
Nature Of Operations And Going Concern 15		1,549,000
Nature Of Operations And Going Concern 16	12.00%	12.00%
Nature Of Operations And Going Concern 17	$ 1,241,299

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	Feb. 28, 2015 USD ($) Y M D	Feb. 28, 2015 CAD
Commitments And Contingencies 1		8,925
Commitments And Contingencies 2	90	90
Commitments And Contingencies 3	12	12
Commitments And Contingencies 4	10.00%	10.00%
Commitments And Contingencies 5		8,032
Commitments And Contingencies 6	12,000	12,000
Commitments And Contingencies 7	5.00%	5.00%
Commitments And Contingencies 8	600	600
Commitments And Contingencies 9	2	2
Commitments And Contingencies 10	10.00%	10.00%
Commitments And Contingencies 11		12,502
Commitments And Contingencies 12		864,000
Commitments And Contingencies 13	18	18
Commitments And Contingencies 14	230,892
Commitments And Contingencies 15	10.00%	10.00%
Commitments And Contingencies 16		21,600
Commitments And Contingencies 17	7,000	7,000
Commitments And Contingencies 18	30	30
Commitments And Contingencies 19	5,000	5,000
Commitments And Contingencies 20	7,000	7,000
Commitments And Contingencies 21	30	30
Commitments And Contingencies 22	5,000	5,000
Commitments And Contingencies 23	30	30
Commitments And Contingencies 24		3,000
Commitments And Contingencies 25	1,500	1,500
Commitments And Contingencies 26	100,000	100,000
Commitments And Contingencies 27	0.32
Commitments And Contingencies 28		0.35
Commitments And Contingencies 29	2	2
Commitments And Contingencies 30	5,500	5,500
Commitments And Contingencies 31	5	5
Commitments And Contingencies 32	5,000
Commitments And Contingencies 33	4.50%	4.50%
Commitments And Contingencies 34	5.00%	5.00%
Commitments And Contingencies 35	2.00%	2.00%
Commitments And Contingencies 36	50,000	50,000
Commitments And Contingencies 37	25,000	25,000
Commitments And Contingencies 38	5,000	5,000
Commitments And Contingencies 39	150,000	150,000
Commitments And Contingencies 40	30	30
Commitments And Contingencies 41	7,000	7,000
Commitments And Contingencies 42	250	250
Commitments And Contingencies 43	5,593
Commitments And Contingencies 44		6,399
Commitments And Contingencies 45	1,418
Commitments And Contingencies 46	60,000
Commitments And Contingencies 47	35,000
Commitments And Contingencies 48		15,000

Interim Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Interim Consolidated Statements of Cash Flows (USD $)	Feb. 28, 2015	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (488,493)us-gaap_NetIncomeLoss	$ (478,437)us-gaap_NetIncomeLoss
Items not requiring an outlay of cash:
Amortization of deferred financing costs	15,674us-gaap_AmortizationOfFinancingCosts	0us-gaap_AmortizationOfFinancingCosts
Depreciation	11,791us-gaap_DepreciationAndAmortization	10,142us-gaap_DepreciationAndAmortization
Changes in non-cash working capital:
Accounts receivable	(9,402)	(803)
Prepaid expenses and other receivables	(4,990)	34,114
Inventory	10,913us-gaap_IncreaseDecreaseInInventories	(23,777)us-gaap_IncreaseDecreaseInInventories
Accounts payable and accrued liabilities	(42,739)	13,767
NET CASH USED IN OPERATING ACTIVITIES	(507,246)	(444,994)
CASH FLOWS FROM INVESTING ACTIVITIES
NET CASH USED IN INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH PROVIDED BY FINANCING ACTIVITIES	0	0
Effects of foreign currency exchange rate changes	(16,540)	0
NET INCREASE (DECREASE) IN CASH FOR THE PERIOD	(523,786)	(444,994)
Cash, beginning of period	1,085,006us-gaap_Cash	1,842,149us-gaap_Cash
CASH END OF PERIOD	561,220us-gaap_Cash	1,397,155us-gaap_Cash
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
INCOME TAXES PAID	0us-gaap_IncomeTaxesPaid	0us-gaap_IncomeTaxesPaid
INTEREST PAID	$ 84,145us-gaap_InterestPaid	$ 0us-gaap_InterestPaid

CONVERTIBLE DEBENTURES AND DEFERRED FINANCING COSTS (Narrative) (Details)	3 Months Ended
	Feb. 28, 2015 USD ($) M	Feb. 28, 2015 CAD
Convertible Debentures And Deferred Financing Costs 1	$ 1,398,592
Convertible Debentures And Deferred Financing Costs 2		1,549,000
Convertible Debentures And Deferred Financing Costs 3	1,398,592
Convertible Debentures And Deferred Financing Costs 4		1,549,000
Convertible Debentures And Deferred Financing Costs 5	12.00%	12.00%
Convertible Debentures And Deferred Financing Costs 6		0.50
Convertible Debentures And Deferred Financing Costs 7		0.65
Convertible Debentures And Deferred Financing Costs 8	20	20
Convertible Debentures And Deferred Financing Costs 9		0.65
Convertible Debentures And Deferred Financing Costs 10		0.65
Convertible Debentures And Deferred Financing Costs 11	12	12
Convertible Debentures And Deferred Financing Costs 12	15.00%	15.00%
Convertible Debentures And Deferred Financing Costs 13	12	12
Convertible Debentures And Deferred Financing Costs 14	5.00%	5.00%
Convertible Debentures And Deferred Financing Costs 15	12	12
Convertible Debentures And Deferred Financing Costs 16	2.00%	2.00%
Convertible Debentures And Deferred Financing Costs 17	151,900	151,900
Convertible Debentures And Deferred Financing Costs 18		0.50
Convertible Debentures And Deferred Financing Costs 19	157,293
Convertible Debentures And Deferred Financing Costs 20		174,209
Convertible Debentures And Deferred Financing Costs 28	33,583
Convertible Debentures And Deferred Financing Costs 29	57,057
Convertible Debentures And Deferred Financing Costs 30	57,057
Convertible Debentures And Deferred Financing Costs 31	41,383
Convertible Debentures And Deferred Financing Costs 32	$ 15,674