Portlogic Systems Inc.

0001398080-11-000037.txt : 20111229 0001398080-11-000037.hdr.sgml : 20111229 20111229114357 ACCESSION NUMBER: 0001398080-11-000037 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110831 FILED AS OF DATE: 20111229 DATE AS OF CHANGE: 20111229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Portlogic Systems Inc. CENTRAL INDEX KEY: 0001413990 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 202000407 STATE OF INCORPORATION: NV FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34905 FILM NUMBER: 111285579 BUSINESS ADDRESS: STREET 1: SUITE 5700, FIRST CANADIAN PLACE STREET 2: 100 KING ST. WEST CITY: TORONTO STATE: A6 ZIP: M5X 1K7 BUSINESS PHONE: 647-847-8350 MAIL ADDRESS: STREET 1: SUITE 5700, FIRST CANADIAN PLACE STREET 2: 100 KING ST. WEST CITY: TORONTO STATE: A6 ZIP: M5X 1K7 10-Q/A 1 plq1_2012.htm PORTLOGIC SYSTEMS 10-Q/A QUARTERLY REPORT ENDING AUGUST 31, 2011 (REFILED) Portlogic Systems Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q/A

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2011

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 333-151434

PORTLOGIC SYSTEMS INC.

(Exact name of registrant as specified in its charter)

NEVADA

20-2000407

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

100 King St. W., Suite 5700 Toronto, Ontario, Canada

M5X 1K7

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

(647) 847-8350

Securities registered under Section 12(b) of the Exchange Act: None.

Securities registered under Section 12(g) of the Exchange Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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. X Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer (Do not check if a smaller reporting company)

Smaller reporting company X

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

Yes No X

As of December 29, 2011, the registrant had 68,830,474 shares of common stock, par value $0.001, outstanding.

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PORTLOGIC SYSTEMS INC.

FORM 10-Q/A

For the three months ended August 31, 2011

TABLE OF CONTENTS

PAGE NUMBER

PART I

Item 1.

Consolidated Financial Statements.

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of

Operations.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

Item 4T.

Controls and Procedures.

PART II

Item 1.

Legal Proceedings.

Item 1A.

Risk Factors.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

Item 3.

Defaults Upon Senior Securities.

Item 4.

Submission of Matters to a Vote of Security Holders.

Item 5.

Other Information.

Item 6.

Exhibits.

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CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this quarterly report on Form 10-Q/A may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based, in part, on assumptions made by our management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in this quarterly report on Form 10-Q/A, including the risks described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other documents we file with the Securities and Exchange Commission.

In addition, such statements could be affected by risks and uncertainties related to our financial condition, factors that affect our industry, market and customer acceptance, competition, government regulations and requirements and pricing, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this quarterly report on Form 10-Q/A, except as required by law.

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PART I

Item 1.

Financial Statements

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011 (UNAUDITED)

FORMING A PART OF QUARTERLY REPORT

PURSUANT TO THE SECURITIES EXCHANGE ACT OF 1934

PORTLOGIC SYSTEMS INC.

(A Development Stage Company)


					Page #


Unaudited Interim Consolidated Balance Sheets as of August 31, 2011 and May 31, 2011					6

Unaudited Interim Consolidated Statements of Operations for the Three Months Ended August 31, 2011 and 2010, and the Period from June 22, 2004 (Inception) to August 31, 2011					7

Unaudited Interim Consolidated Statements of Changes in Stockholders’ Equity (Deficiency) for the Period from June 22, 2004 (Inception) to August 31, 2011					8-9

Unaudited Interim Consolidated Statements of Cash Flows for the Three Months Ended					10
August 31, 2011 and 2010, and the Period from June 22, 2004 (Inception) to August 31, 2011

Notes to Unaudited Interim Consolidated Financial Statements					11-19

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PORTLOGIC SYSTEMS INC.
(A Development Stage Company)
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS
AS OF AUGUST 31, 2011 AND MAY 31, 2011
(Amounts expressed in US Dollars)
	August 31, 2011	May 31, 2011
	$	$
ASSETS
Current
Cash and cash equivalents	12,153	10,607
Loan receivable, net of allowance for doubtful accounts of $0 at August 31, 2011 and May 31, 2011	13,476	15,100
Prepaid expenses and deposits	6,255	6,255
	31,884	31,962
Long-term
Equipment, net	2,106	2,737
Source code, net	-	-
TOTAL ASSETS	33,990	34,699

LIABILITIES
Current
Accounts payable and accrued liabilities	120,614	104,218
Notes payable	357,000	357,000
Shareholder loan	18,418	6,600
Convertible loan	7,000	7,000
	503,032	474,818

Commitments	-	-

STOCKHOLDERS’ DEFICIENCY
Capital stock
Preference stock; $0.001 par value; 1,000,000 shares
authorized; 0 issued and outstanding at August 31, 2011 and May 31, 2011	-	-
Common stock; $0.001 par value; 75,000,000 shares
authorized; 68,830,474 issued and outstanding at August 31, 2011 and May 31, 2011	68,830	68,830
Additional paid in capital	318,870	318,870
Deficit accumulated during the development stage	(856,742)	(827,819)
	(469,042)	(440,119)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	33,990	34,699



The accompanying notes form an integral part of these unaudited interim consolidated financial statements.

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PORTLOGIC SYSTEMS INC.
(A Development Stage Company)
UNAUDITED INTERIM CONSOLIDATD STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED AUGUST 31, 2011 AND 2010, AND THE PERIOD FROM JUNE 22, 2004 (INCEPTION) TO AUGUST 31, 2011
(Amounts expressed in US Dollars)
	June 22, 2004 (inception)	For the Three Months	For the Three Months
	to	ended	ended
	August 31, 2011	August 31, 2011	August 31, 2010
	$	$	$
Gross margin (loss)
Revenue	96,646	1,492	875
Cost of goods sold	199,996	-	12,667
	(103,350)	1,492	(11,792)

Leasing and consulting fees earned	23,000	-	-
	(80,350)	1,492	(11,792)


Expenses
Selling and administrative	762,883	29,784	37,772
Depreciation	13,509	631	626
	776,392	30,415	38,398

Net loss for the period	(856,742)	(28,923)	(50,190)

Net loss per share for the period
Basic and fully diluted		(0.0004)	(0.0007)
Weighted average number of shares outstanding
Basic and fully diluted		*68,830,474	*68,830,474

* Reflects the 2:1 stock split effective January 20, 2010 on a retroactive basis.

The accompanying notes form an integral part of these unaudited interim financial statements.

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PORTLOGIC SYSTEMS INC. (A Development Stage Company)
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
FOR THE PERIOD FROM JUNE 22, 2004 (INCEPTION) TO AUGUST 31, 2011
(Amounts Expressed in US Dollars)				Deficit
	Common Stock *	Common Stock Amount	Additional Paid in Capital	Accumulated During Development Stage	Total Stockholders’ Equity (Deficiency)
		$	$	$	$
Balance as of June 22, 2004	-	-	-	-	-
Stock issued in January 2005 for cash @ 0.0005 (pre-stock split of 0.001) a share	5,900,000	5,900	(2,950)	-	2,950
Stock issued in February 2005 for cash @ 0.001 (pre-stock split of 0.002) a share	200,000	200	-	-	200
Stock issued in May 2005 for cash @ 0.001 (pre-stock split of 0.002) a share	3,000,000	3,000	-	-	3,000
Net loss for the period	-	-	-	(7,125)	(7,125)
Balance as of May 31, 2005	9,100,000	9,100	(2,950)	(7,125)	(975)
Stock issued in July 2005 for cash @ 0.001 (pre-stock split of 0.002) a share	50,550,000	50,550		-	50,550
Stock issued in September 2005 for cash @ 0.001 (pre-stock split of 0.002) a share	2,500,000	2,500		-	2,500
Stock issued in October 2005 for software @ 0.025 (pre-stock split of 0.05) a share	4,480,000	4,480	107,520	-	112,000
Stock issued in April 2006 for cash @ 0.025 (pre-stock split of 0.05) a share	60,000	60	1,440	-	1,500
Stock issued in May 2006 for cash @ 0.025 (pre-stock split of 0.05) a share	480,000	480	11,520	-	12,000
Net loss for the year	-	-	-	(11,954)	(11,954)
Balance as of May 31, 2006	67,170,000	67,170	117,530	(19,079)	165,621
Stock issued in June 2006 for cash @ 0.025 (pre-stock split of 0.05) a share	60,000	60	1,440	-	1,500
Stock issued in July 2006 for cash @ 0.025 (pre-stock split of 0.05) a share	20,000	20	480	-	500
Stock issued in December 2006 for cash @ 0.025 (pre-stock split of 0.05) a share	60,000	60	1,440	-	1,500
Stock issued in February 2007 for cash @ 0.075 (pre-stock split of 0.15) a share	266,666	266	19,734	-	20,000
Stock issued in May 2007 for cash @ 0.10 (pre-stock split of 0.20) a share	200,000	200	19,800	-	20,000
Stock issued in May 2007 for cash @ 0.15 (pre-stock split of 0.30) a share	996,666	997	148,503	-	149,500
Net loss for the year	-	-	-	(39,305)	(39,305)
Balance as of May 31, 2007	68,773,332	68,773	308,927	(58,384)	319,316
Stock issued in January 2008 for cash @ 0.175 (pre-stock split of 0.35) a share	57,142	57	9,943	-	10,000
Net loss for the year	-	-	-	(187,428)	(187,428)

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PORTLOGIC SYSTEMS INC. (A Development Stage Company)
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
FOR THE PERIOD FROM JUNE 22, 2004 (INCEPTION) TO AUGUST 31, 2011 (cont’d)
(Amounts Expressed in US Dollars)				Deficit
	Common Stock *	Common Stock Amount	Additional Paid in Capital	Accumulated During Development Stage	Total Stockholders’ Equity (Deficiency)
		$	$	$	$
Balance as of May 31, 2008	68,830,474	68,830	318,870	(245,812)	141,888
Net loss for the year				(157,555)	(157,555)
Balance as of May 31, 2009	68,830,474	68,830	318,870	(403,367)	(15,667)
Net loss for the year	-	-	-	(216,373)	(216,373)
Balance as of May 31, 2010	68,830,474	68,830	318,870	(619,740)	(232,040)
Net loss for the year	-	-	-	(208,079)	(208,079)
Balance as of May 31, 2011	68,830,474	68,830	318,870	(827,819)	(440,119)
Net loss for the period	-	-	-	(28,923)	(28,923)
Balance as of August 31, 2011	68,830,474	68,830	318,870	(856,742)	(469,042)

* The figure in Common Stock reflects the 2:1 stock split effective January 20, 2010 on a retroactive basis.

The accompanying notes form an integral part of these unaudited interim consolidated financial statements.

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PORTLOGIC SYSTEMS INC.
(A Development Stage Company)
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED AUGUST 31, 2011 AND 2010,
AND THE PERIOD FROM JUNE 22, 2004 (INCEPTION) TO AUGUST 31, 2011
(Amounts expressed in US Dollars)
	June 22, 2004 (inception) to August 31, 2011	For the three months ended August 31, 2011	For the three months ended August 31, 2010
	$	$	$
Cash Flows from Operating Activities
Net Loss	(856,742)	(28,923)	(50,190)
Adjustments made to reconcile net loss to net cash from operating activities
Depreciation of equipment	13,509	631	626
Amortization of source code	152,000	-	12,667
Changes in operating assets and liabilities
Increase in accounts and other receivables	(13,476)	1,624	(1,600)
Increase in prepaid expenses and deposits	(6,255)	-	(57)
Increase (decrease) in accounts payable and accrued liabilities	120,614	16,396	(384)
Cash flows used in operating activities	(590,350)	(10,272)	(38,938)

Cash Flows from Investing Activities
Purchase of equipment	(15,615)	-	(1,483)
Purchase of source code	(40,000)	-	-
Cash flows used in investing activities	(55,615)	-	(1,483)

Cash Flows from Financing Activities
Proceeds from issuance of notes payable	357,000	-	30,000
Proceeds from issuance of convertible loan	7,000	-	-
Proceeds from issuance of shareholder loan	18,418	11,818	-
Proceeds from issuance of common stock	275,700	-	-
Cash flows provided by financing activities	658,118	11,818	30,000
Increase (decrease) in cash and cash equivalents	12,153	1,546	(10,421)
Cash and cash equivalents, beginning of period	-	10,607	33,318
Cash and cash equivalents, end of period	12,153	12,153	22,897

Supplemental Cash Flow Information
Non-cash acquisition of source code upon issuance of common stock	112,000	-	-


The accompanying notes form an integral part of these unaudited interim consolidated financial statements.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Portlogic Systems Inc. (“Portlogic”) was incorporated under the laws of the State of Nevada on June 22, 2004. On June 5, 2008, Portlogic filed a Form S-1 Registration Statement under the United States Securities Act of 1933. It became effective June 24, 2008.

Portlogic is a Toronto, Canada based development stage company with enterprise mobile marketing applications solutions, kiosk hardware and software products which fall into five principal product families: m2Meet, m2Bank, m2Market, m2Ticket, and m2Kiosk. Prior to January 2010. Portlogic created and licensed online interactive community portal software systems and developed a series of web-based community portal products.

On September 16, 2009, Portlogic incorporated a wholly-owned subsidiary, Sunlogic Energy Corporation in Panama City, Republic of Panama for the purpose of looking at solar and alternative green energy software and products. Initial operations include: capital formation; organization; website construction; target market identification; research costs; promotional materials costs; and marketing planning. Sunlogic Energy Corporation is still incorporated as a subsidiary but its operations are on hold.

The accompanying unaudited interim consolidated financial statements include Portlogic and its subsidiary (herein after referred to collectively as the “Company”). All intercompany balances and transactions have been eliminated on consolidation.

The unaudited interim consolidated financial statements have been prepared in accordance with Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Form 10-K for the year ended May 31, 2011.

The unaudited interim consolidated financial statements present the balance sheet, statements of operations, stockholders’ equity (deficiency) and cash flows of the Company. The unaudited interim consolidated financial statements have been prepared by management in accordance with GAAP.

NOTE 2. GOING CONCERN

The unaudited interim consolidated financial statements are presented on a going concern basis which contemplates the realization of assets and discharge of obligations in the normal course of business as they come due. No adjustments have been made to assets or liabilities in these unaudited interim consolidated financial statements should the Company not be able to continue normal business operations.

The Company has incurred losses from inception and, during the three month period ended August 31, 2011, the Company utilized $10,272 (August 31, 2019 - $38,938) of cash in operations. At August 31, 2011, the Company reported a deficit of $856,742 and continues to expend cash in amounts that exceed revenues. These conditions cast substantial doubt on the ability of the Company to continue as a going concern and meet its obligations as they come due. Management is considering various alternatives and is pursuing raising additional capital resources. Nevertheless, there can be no assurance that these initiatives if undertaken will be successful.

The Company is in the development stage and is in the process of developing a series of web-based community portal products as well as a series of off-the-shelf template based websites. Sale of one of these products commenced during the 2008 fiscal year. The Company has recently shifted its focus to specializing in mobile applications solutions marketing. The Company’s continuance as a going concern is dependent on the commercialization of more of the Company’s products and the achievement of profitable operations as well as the success of the Company in raising additional long-term financing through debt or equity offerings. In the event that the Company is not successful in these efforts, the assets may not be realized or liabilities discharged at their carrying amounts, and differences from the carrying amounts reported in these consolidated financial statements could be material.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 3. SIGNIFICANT ACCOUNTING POLICIES

The interim consolidated financial information is unaudited. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position as of August 31, 2011 and the results of operations, stockholders’ equity (deficiency) and cash flows presented herein have been included in the unaudited interim consolidated financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Financial statement items subject to significant judgment include the expected life of equipment and source code, the net realizable value of accounts receivable, the completeness of expense accruals, as well as income taxes and loss contingencies. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash equivalents comprise highly liquid instruments with a maturity of three months or less when purchased. As at August 31, 2011, cash equivalents amounted to $9,067 (May 31, 2011 - $7,575).

Equipment

Equipment is recorded at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives (three years for computer hardware and mobile hardware and two years for computer software).

Asset Impairment

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows that are expected to result from the use of the asset and its eventual disposition.

Source Code

The Company has capitalized the costs of acquiring computer source code in accordance with the provisions of the Accounting Standards Codification (“ASC”) in ASC 985-20, “Costs of Software to Be Sold, Leased, or Marketed." At each reporting period end, the Company analyzes the realizability of its recorded software assets under the provisions of that statement. An impairment loss would be recognized when and to the extent that the carrying amount of the software exceeds the estimated undiscounted future cash flows that are expected to result from the use of the asset and its eventual disposition. Since the source code has started to generate positive cash flows and is still being used for development, no impairment loss has been recognized. Amortization is provided using the straight-line method over the asset's estimated useful life, three years. As of August 31, 2011, the source code has been fully amortized.

Advertising Costs

Advertising costs are expensed as incurred and included as part of selling and administrative expenses. Advertising costs amounted to $Nil for the three month period ended August 31, 2011 (August 31, 2010 - $1,269).

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Revenue Recognition

The Company recognizes revenue at the point of passage to the customer of title and risk of loss when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured.

Service revenues are generally recognized at the time of performance. Revenues billed in advance under contracts are deferred and recognized over the corresponding service periods.

Foreign Currency Translation

The Company maintains its accounting records in US dollars, which is its functional and reporting currency. At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities denominated in a foreign currency are translated into the functional currency by using the exchange rate in effect at that date. The resulting foreign exchange gains and losses are included in operations. Foreign exchange gain amounted to $630 for the three month period ended August 31, 2011 (August 31, 2010 - loss of $470).

Income Taxes

The Company accounts for its income taxes in accordance with ASC 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that the deferred tax assets will not be realized.

Earnings (Loss) per Share

The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share has not been presented since the effect of the assumed conversion of the convertible loan into common shares would have an anti-dilutive effect.

Comprehensive Income

The Company has adopted ASC 220, "Comprehensive Income," which establishes standards for reporting and the display of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners or distributions to owners. Among other disclosures, the standard requires that all items that are required to be recognized under the current accounting standards as a component of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income would be displayed in the statement of shareholders' equity and in the balance sheet as a component of shareholders' equity (deficiency). The Company had no other comprehensive income (loss) for the three month periods ended August 31, 2011 and 2010. As such, net loss is equivalent to total comprehensive loss.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 3. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Financial Instruments and Risk Concentrations

The Company’s financial instruments comprise cash and cash equivalents, loan receivables, accounts payable and accrued liabilities, notes payable and convertible loan. Unless otherwise indicated, the fair value of financial assets and financial liabilities approximate their recorded values due to their short-terms to maturity. The Company determines the fair value of its long-term financial instruments based on quoted market values or discounted cash flow analyses.

Financial instruments that may potentially subject the Company to concentrations of credit risk comprise primarily cash and cash equivalents and accounts receivable. Cash and cash equivalents comprise deposits with major commercial banks and/or checking account balances. With respect to accounts receivable, the Company performs periodic credit evaluations of the financial condition of its customers and typically does not require collateral from them. Allowances are maintained for potential credit losses consistent with the credit risk of specific customers and other information. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or currency risks in respect of its financial instruments.

Leases

Leases entered into by the Company as a lessee are classified as capital or operating leases. Leases that transfer substantially the entire risks and benefits incidental to ownership are classified as capital leases. At the inception of a capital lease, an asset and an obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the asset’s fair market value at the beginning of each lease. Rental payments under operating leases are expensed as incurred.

Recent Accounting Pronouncements Adopted

In April 2010, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2010–17, “Revenue Recognition - Milestone Method.” The objective of this Update is to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. The Company does not anticipate that the adoption of this pronouncement will have a significant effect on its unaudited interim consolidated financial statements.

In February 2010, FASB issued ASU No. 2010-09, “Subsequent Events” (Topic 855) Amendments to Certain Recognition and Disclosure Requirements (“ASU 2010-09”). ASU 2010-09 amends disclosure requirements within Subtopic 855-10. An entity that is an SEC filer is not required to disclose the date through which subsequent events have been evaluated. This change alleviates potential conflicts between Subtopic 855-10 and the SEC’s requirements. ASU 2010-09 is effective for interim and annual periods ending after June 15, 2010. The adoption of this standard did not have a material impact on the Company’s unaudited interim consolidated financial statements.

In January 2010, the FASB issued ASU No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”) (codified within ASC 820 Fair Value Measurements and Disclosures). ASU 2010-06 improves disclosures originally required under SFAS No. 157. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. The adoption of the guidance did not have a material effect on the Company's unaudited interim consolidated financial position, results of operations, cash flows or related disclosures.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 4. FAIR VALUE MEASUREMENTS

Beginning June 1, 2008, the Company partially applied accounting standard, “Fair Value Measurements,” codified as ASC 820. The standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value, in this context, should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:


●	Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities;
●	Level 2	Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;
●	Level 3	Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.

Fair Value Measurements Using	Assets/Liabilities
	Level 1		Level 2		Level3		At Fair Value
Asset
Cash and cash equivalents		$3,086	$	9,067		-	$	12,153
Loan receivable		-	$	13,476		-	$	13,476
Liability
Notes payable		-	$	357,000		-	$	357,000
Shareholder loan		-	$	18,418			$	18,418
Convertible loan		-	$	7,000		-	$	7,000

NOTE 5. EQUIPMENT


Equipment – August 31, 2011	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Mobile hardware	893	99	794
Computer hardware	9,266	8,303	963
Computer software	5,456	5,107	349
	15,615	13,509	2,106

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 5. EQUIPMENT (cont’d)


Equipment – May 31, 2011	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Mobile hardware	893	25	868
Computer hardware	9,266	8,009	1,257
Computer software	5,456	4,844	612
	15,615	12,878	2,737

Depreciation expense amounted to $631 for the three month period ended August 31, 2011 (August 31, 2010 - $626).

NOTE 6. SOURCE CODE


Source Code – August 31, 2011	Cost	Accumulated Amortization	Net book value
	$	$	$
Internet dating portal software	152,000	152,000	-


Source Code – May 31, 2011	Cost	Accumulated Amortization	Net book value
	$	$	$
Internet dating portal software	152,000	152,000	-

On October 31, 2005, the Company entered into an asset purchase agreement with Joyn Internet Communities Inc. ("Joyn") to acquire Internet dating software that Joyn had developed, including all rights to use and license the software.

In consideration, the Company issued 4,480,000 restricted common shares and paid $40,000, cash. The stock-based portion of the issuance, according to the terms of the agreement, was valued at $112,000, or $0.025 cents per share.

The Company did not capitalize any additional source code software for the three month period ended August 31, 2011, or for period from June 22, 2004 (inception) to August 31, 2011.

Amortization expense, included in cost of goods sold, amounted to $Nil for the three month period ended August 31, 2011 (August 31, 2010 - $12,667). Amortization commenced March 1, 2008, when it became apparent that the source code was being used to generate revenue, and ended on February 28, 2011.

As of August 31, 2011, the source code software has been fully amortized.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES


	August 31 2011	May 31, 2011
	$	$
Audit and review	11,522	16,206
Bookkeeping and accounting	107	107
Legal	5,975	5,975
Other	66,972	50,840
Credit cards	6,055	6,063
Interest payable	29,983	25,027
	120,614	104,218

NOTE 8. NOTES PAYABLE

On July 18, 2008, the Company issued a note payable in consideration of a draw down unsecured loan up to an aggregate of $100,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on July 18, 2012 unless demanded earlier. On July 18, 2008, the Company borrowed $25,000 against the total $100,000 available to be drawn down. On April 14, 2009, the Company borrowed $5,000 against the total $75,000 available to be drawn down. On June 10, 2009, the Company borrowed $50,000 against the total $70,000 available to be drawn down. The balance payable on this note payable is $80,000 as of August 31, 2011 (May 31, 2011 - $80,000).

On August 26, 2009, the Company issued an additional note payable in consideration of a draw down unsecured loan up to an aggregate of $300,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on August 26, 2012 unless demanded earlier. This has been extended for another year under the same terms. On August 26, 2009, the Company borrowed $100,000 against the total $300,000 available to be drawn down. On March 3, 2010, the Company borrowed $75,000 against the total $200,000 available to be drawn down. On August 24, 2010, the Company borrowed $30,000 against the total $125,000 available to be drawn down. On September 27, 2010, the Company borrowed $10,000 against the total $95,000 available to be drawn down. On November 1, 2010, the Company borrowed $10,000 against the total $85,000 available to be drawn down leaving $75,000 further funds available to be drawn down. On December 9, 2010, the Company borrowed $15,000 against the total $75,000 available to be drawn down leaving $60,000 further funds available to be drawn down. On December 15, 2010, the Company borrowed $10,000 against the total $60,000 available to be drawn down leaving $50,000 further funds available to be drawn down. On January 18, 2011, the Company borrowed $15,000 against the total $50,000 available to be drawn down leaving $35,000 further funds available to be drawn down. On March 9, 2011, the Company borrowed $12,000 against the total $35,000 available to be drawn down leaving $23,000 further funds available to be drawn down. The balance payable on this note payable is $277,000 as of August 31, 2011 (May 31, 2011 - $277,000).

Interest expense amounted to $5,315 for the three month period ended August 31, 2011 (August 31, 2010 - $3,163) and is included in selling and administrative expense. As at August 31, 2011, accrued interest of $29,983 (May 31, 2011 - $25,027) is included in accounts payable and accrued liabilities.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 9. CONVERTIBLE LOAN

A convertible debenture, issued March 11, 2005, was unsecured, matured March 11, 2010 and carried interest at a rate of 10% per annum. The instrument is convertible at the option of the holder into common shares of the Company at a rate of $0.05 per share, and may be redeemed at any time prior to maturity at the option of the holder, should certain conditions prevail. The holder of the debenture has signed agreements waiving interest accrued from March 11, 2005 through to March 10, 2012. This convertible debenture has not been repaid and is due on March 10, 2012.

NOTE 10. STOCK TRANSACTIONS

Transactions, other than employees’ stock issuance, are in accordance with paragraph 8 of SFAS 123 “Share Based Payment”. Thus issuances shall be accounted for on the fair value of the consideration received. Transactions with employees’ stock issuance are in accordance with paragraphs (16-44) of SFAS 123. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.

In January 2005, the Company issued a total of 5,900,000* shares of common stock to nine individuals for cash in the amount of $0.0005 per share for a total of $2,950.

On February 7, 2005, the Company issued a total of 200,000* shares of common stock to one individual for cash in the amount of $0.001 per share for a total of $200.

On May 26, 2005, the Company issued a total of 3,000,000* shares of common stock to one individual for cash in the amount of $0.001 per share for a total of $3,000.

In July 2005, the Company issued a total of 50,550,000* shares of common stock to nine individuals for cash in the amount of $0.001 per share for a total of $50,550.

On September 14, 2005, the Company issued a total of 2,500,000* shares of common stock to one director for cash in the amount of $0.001 per share for a total of $2,500.

On October 31, 2005, the Company issued a total of 4,480,000* shares of common stock in the amount of $0.025 per share for a total of $112,000, which was the fair value of the stock on date of issuance, in consideration for the purchase of source code software. A further $40,000 in cash was also paid as consideration for this asset purchase agreement.

In April 2006, the Company issued a total of 60,000* shares of common stock to three individuals for cash in the amount of $0.025 per share for a total of $1,500.

In May 2006, the Company issued a total of 480,000* shares of common stock to five individuals for cash in the amount of $0.025 per share for a total of $12,000.

In June 2006, the Company issued a total of 60,000* shares of common stock to three individuals for cash in the amount of $0.025 per share for a total of $1,500.

On July 22, 2006, the Company issued a total of 20,000* shares of common stock to one individual for cash in the amount of $0.025 per share for a total of $500.

On December 22, 2006, the Company issued a total of 60,000* shares of common stock to one individual for cash in the amount of $0.025 per share for a total of $1,500.

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PORTLOGIC SYSTEMS INC.

(A Development Stage Company)

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2011

(Amounts expressed in US Dollars)

NOTE 10. STOCK TRANSACTIONS (cont’d)

On February 22, 2007, the Company issued a total of 266,666* shares of common stock to one individual for cash in the amount of $0.075 per share for a total of $20,000.

In May 2007, the Company issued a total of 1,196,666* shares of common stock to three individuals for cash in the amount of $0.1416 per share for a total of $169,500.

On January 10, 2008, the Company issued a total of 57,142* shares of common stock to one individuals for cash in the amount of $0.175 per share for a total of $10,000.

As of August 31, 2011, the Company had 68,830,474* share of common stock issued and outstanding.

* After giving retroactive effect of 2:1 stock split effective January 20, 2010.

NOTE 11. STOCKHOLDERS’ DEFICIENCY

The stockholders' deficiency section of the Company contains the following classes of capital stock as of August 31, 2011:

Preferred stock: $0.001 par value: 1,000,000 shares authorized and 0 shares issued and outstanding.

Common stock, $0.001 par value; 75,000,000 shares authorized and 68,830,474* shares issued and outstanding.

* After giving retroactive effect of 2:1 stock split effective January 20, 2010.

NOTE 12. COMMITMENTS AND RELATED PARTY TRANSACTIONS

On June 25, 2008, the Company advanced $9,807 to UOMO Media Inc. (“UOMO”). One director of the Company is also a director of UOMO. This advance was paid back to the Company on February 19, 2010. In April and May 2010, the Company advanced a total amount of $13,500 as a temporary loan again. In June 2010, a further $1,600 was advanced totaling the temporary loan to $15,100. In August 2011, a payment of $1,624 was applied against this loan. As at August 31, 2011, $13,476 remains receivable from UOMO (May 31, 2011 – $15,100).

On May 1, 2007, an independent contractor agreement was entered into under which compensation of $3,000 per month was to be paid to perform services as an officer to October 31, 2007. New agreements have been entered into with this contractor from November 1, 2007 to October 31, 2008 at $3,000 per month. The agreement has been continued on a month-to-month basis. The related service fee for the three month period ended August 31, 2011 amounted to $9,000 (August 31, 2010 - $9,000).

On August 1, 2010, an independent contractor agreement was entered into under which compensation of $2,000 per month was to be paid to perform services as an officer for a period of one year. The related service fee for the three month period ended August 31, 2011 amounted to $4,000 (August 31, 2010 - $2,000).

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Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

INTRODUCTION

The following management discussion and analysis compares our results of operations for the three months ended August 31, 2011 to the same period in 2010. This management discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and the related notes thereto included elsewhere in this quarterly report for the three months ended August 31, 2011.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q/A contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in this report and other reports we file with the U.S. Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made. We do not intend to update any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes in our expectations, except as required by law.

OVERVIEW

We incorporated on June 22, 2004 as Portlogic Systems Inc. under the laws of the State of Nevada. On June 5, 2008, the Company filed a Form S-1 Registration Statement under the United States Securities Act of 1933. It became effective June 24, 2008. We have a financial year end of May 31.

We are currently in the development stage and began our business developing and licensing portal software products and related services. We developed a product that we licensed to our customers to enable them to operate their own online social networking portal without requiring any technical programming or website design skills.

Since January 2010, we have expanded the scope of technology offerings to include marketing mobile applications solutions and kiosk hardware and software products. Portlogic’s product offering now include enterprise software solutions which fall into five principal product families: m2Meet, m2Bank, m2Market, m2Ticket, and m2Kiosk.

Our 5 divisions are as follows:

m2Meet: A community networking software solution. Currently being developed from our proprietary web based source code. Internet and mobile users with similar interests will use m2Meet to socially network and connect using location based technology such as GPS.

m2Bank: (Mobile to Bank) is a financial transactions system that facilitates bill payments, money transfers, and account management.

m2Market: Mobile marketing solutions including a bluetooth push technology that is used to deliver marketing materials to mobile phones.

m2Ticket: Mobile ticketing sales engine which manages the sale and delivery of tickets through mobile phones for the transportation and entertainment industry.

m2Kiosk: A line of standard and custom kiosks hardware and software which integrates with mobile phone applications in the marketing, financial, and ticketing industries.

On September 16, 2009, we incorporated a wholly-owned subsidiary, Sunlogic Energy Corporation in Panama City, Republic of Panama for the purpose of looking at solar and alternative green energy software and products. Initial operations include: capital formation; organization; website construction; target market identification; research costs; promotional materials costs; and marketing planning. To date, our subsidiary has not had any operations.

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CRITICAL ACCOUNTING POLICIES

Management's Discussion and Analysis of Financial Condition and Results of Operations is based upon our unaudited interim consolidated financial statements, which have been prepared in accordance with Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Form 10-K for the year ended May 31, 2011.

The preparation of these unaudited interim consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to the reported amounts of revenues and expenses, bad debt, investments, intangible assets, income taxes, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates under different assumptions or conditions. We consider the following accounting policies to be critical because the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change or because the impact of the estimates and assumptions on financial condition or operating performance is material.

CASH AND CASH EQUIVALENTS

Our cash equivalents comprise highly liquid instruments with a maturity of three months or less when purchased. As at August 31, 2011, cash equivalents amounted to $9,067 (May 31, 2011 - $7,575).

SOURCE CODE

We have capitalized the costs of acquiring computer source code in accordance with the provisions of the Accounting Standards Codification (“ASC”) in ASC 985-20, “Costs of Software to Be Sold, Leased, or Marketed." At each reporting period end, we analyze the realizability of our recorded software assets under the provisions of that statement. We recognize an impairment loss when and to the extent that the carrying amount of the software exceeds the estimated undiscounted future cash flows that are expected to result from the use of the asset and its eventual disposition. Since the source code has started to generate positive cash flows and is still being used for development, no impairment loss has been recognized. Amortization is provided using the straight-line method over the asset's estimated useful life, three years. As of August 31, 2011, the source code has been fully amortized.

REVENUE RECOGNITION

We recognize revenue at the point of passage to the customer of title and risk of loss when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured.

We recognize service revenues at the time of performance. Revenues billed in advance under contracts are deferred and recognized over the corresponding service periods.

FOREIGN CURRENCY TRANSLATION

We maintain our accounting records in US dollars, which is our functional and reporting currency. At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities denominated in a foreign currency are translated into the functional currency by using the exchange rate in effect at that date. The resulting foreign exchange gains and losses are included in operations. Foreign exchange gain amounted to $630 for the three month period ended August 31, 2011 (August 31, 2010 - loss of $470).

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RECENT ACCOUNTING PRONOUNCEMENTS ADOPTED

In April 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2010–17, “Revenue Recognition - Milestone Method.” The objective of this Update is to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. The Company does not anticipate that the adoption of this pronouncement will have a significant effect on its unaudited interim consolidated financial statements.

In January 2010, the FASB issued ASU No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”) (codified within ASC 820 Fair Value Measurements and Disclosures). ASU 2010-06 improves disclosures originally required under SFAS No. 157. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. The Company does not expect the adoption of ASU 2010-09 to have a material impact on its unaudited interim consolidated results of operations or financial position.

RESULTS OF OPERATIONS

COMPARISON OF RESULTS FOR THE THREE MONTHS ENDED AUGUST 31, 2011 AND AUGUST 31, 2010

REVENUE

For the three months ended August 31, 2011, we recognized $1,492 in revenue from interest income on our short term deposits. For the three months ended August 31, 2010, we recognized $875 in dating revenues derived from our proprietary source code. We have not yet begun to generate revenues from our mobile marketing offerings.

COST OF GOODS SOLD

Cost of goods sold of $12,667 for the three months ended August 31, 2010, is made up entirely of amortization of our source code, which we include in cost of goods sold. The work completed to earn revenue in this three month period was provided in-house using our source code. Amortization of our source code commenced March 1, 2008 when it became apparent that the source code was being used to generate revenue.

We incurred $Nil in cost of goods sold for the three months ended August 31, 2011 as we did not earn any dating revenues in this period and our source code has been fully amortized.

EXPENSES

During the three months ended August 31, 2011, we incurred total expenses of $30,415 comprised of selling and administrative expense of $29,784 and depreciation of $631; compared with total expenses of $38,398 comprised of selling and administrative expense of $37,772 and depreciation of $626 for the same period in 2010. The largest expense for both periods pertained to consulting and professional fees. The largest difference between the two periods resulting from a legal adjustment of $5,798 in the three month period ended August 31, 2010, to a prior period resulting from the May 31, 2010 year end.

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NET INCOME/LOSS

During the three months ended August 31, 2011, we incurred a net loss of $28,923 compared with a net loss of $50,190 for the three months ended August 31, 2010. The decrease in net loss was due to slightly higher revenue in the three months ended August 31, 2011 and lower selling and administrative expenses due to the adjustment to legal expense from the prior period pertaining to the May 31, 2010 year end. As well, as our revenues in this period were not earned from our dating software and our source code has been fully amortized, we did not incur any cost of goods sold.

LIQUIDITY AND CAPITAL RESOURCES

We do not yet have an adequate source of reliable, long-term revenue to fund operations. The Company is in the development. We have no significant assets or financial resources. The amount of working capital that we will require depends on several factors, including without limitation, the extent and timing of sales of our products and related services, future costs of development, the timing and costs associated with the expansion of our customer support capabilities, and our operating results.

As of August 31, 2011, we had cash and cash equivalents of $12,153. We had total current assets of $31,884.

In order to ensure we continue to generate cash revenues, during the next nine months, we have expanded the scope of technology offerings to include marketing mobile applications solutions and kiosk hardware and software products. Our proprietary web based community software will be further developed for mobile use in our m2Meet division. However, our product offering now includes enterprise software solutions which fall into five principal product families: m2Meet, m2Bank, m2Market, m2Ticket, and m2Kiosk as follows:

m2Bank: (Mobile to Bank) is a financial transactions system that facilitates bill payments, money transfers, and account management.

m2Market: Mobile marketing solutions including a bluetooth push technology that is used to deliver marketing materials to mobile phones.

m2Ticket: Mobile ticketing sales engine which manages the sale and delivery of tickets through mobile phones for the transportation and entertainment industry.

m2Kiosk: A line of standard and custom kiosks hardware and software which integrates with mobile phone applications in the marketing, financial, and ticketing industries.

Due to the cost of developing the technology to offer such products we have decided to offer many of our products by bundling technology from third party suppliers. Agreements can include but are not limited to licensing agreements, reseller agreements, partnership agreements, memoranda of understanding, and software development agreements. We anticipate that we will require $500,000 in total, over the next nine months, to fund the start up of each of these divisions. We anticipate launching each division, individually, as technology solutions providers are in place. We need to be assured that we have strong presentation support, an organized implementation strategy and ongoing technical support. As we sign more technology partners with proven large scale application experience, we will begin to hire project managers and begin marketing our solutions to targeted potential clients.

Any additional cash revenues that we generate from our operations will ease the burden on our cash and enable us to finance operations beyond the next nine months. If we generate no cash revenues other than the $12,153 that we had available as of August 31, 2011, we will need to raise additional funds during the next nine months. Potential sources of such working capital could include senior debt facilities, new lines of credit, bank financings or additional sales of our securities. If we raise funds through the sale of our securities, the common stock currently outstanding would be diluted. There is a risk that such additional financing may not be available, or may not be available on acceptable terms, and the inability to obtain additional financing or generate sufficient cash from operations could require us to reduce or eliminate expenditures for capital equipment, production, or marketing of our products, or otherwise curtail or discontinue our operations, which could have a material adverse effect on our business, financial condition and results of operations.

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On August 26, 2009, the Company issued a note payable in consideration of a draw down unsecured loan up to an aggregate of $300,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on August 26, 2012 unless demanded earlier.

As of August 31, 2011, the Company borrowed $277,000 against the total $300,000 available to be drawn down.

Prior to this, on July 18, 2008, the Company had issued a note payable in consideration of a draw down unsecured loan up to an aggregate of $100,000 over a term of one year. The Company borrowed $80,000 against this loan.

A shareholder has also loaned the Company $18,418 as of August 31, 2011.

Our unaudited interim consolidated financial statements have been prepared on a continuing operation basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As of August 31, 2011, our total assets were $33,990, our total liabilities were $503,032, and stockholders’ deficiency was $469,042.

OFF-BALANCE SHEET TRANSACTION

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Smaller reporting companies are not required to provide the information required by this Item.

Item 4T. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report on Form 10-Q/A. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures can be relied upon to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required reasonable assurance that such information is accumulated and communicated to our management. Our disclosure controls and procedures are designed to provide reasonable assurance that such information is accumulated and communicated to our management. Our disclosure controls and procedures include components of our internal control over financial reporting. Management's assessment of the effectiveness of our internal control over financial reporting is expressed at the level of reasonable assurance that the control system, no matter how well designed and operated, can provide only reasonable, but not absolute, assurance that the control system's objectives will be met.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. We have assessed the effectiveness of those internal controls as of August 31, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.

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Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement

preparation and presentation.

A material weakness in internal controls is a deficiency in internal control, or combination of control deficiencies, that adversely affects a company's ability to initiate, authorize, record, process, or report external financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a material misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. In the course of making our assessment of the effectiveness of internal controls over financial reporting, we identified a material weakness in our internal control over financial reporting. This material weakness consisted of inadequate staffing within the accounting operations of our Company. The small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews. Due to this material weakness, management could not conclude that its internal control over financial reporting was effective as of August 31, 2011.

Our review also indicated the existence of certain high level procedures that might or might not serve to provide compensating control over these weaknesses. These procedures consisted of analytical review of key operating results by our senior management, including preparation and review of monthly operating results, comparison of such results to budgets and to historical amounts. In addition, the board of directors received monthly updates on operations, and on a quarterly basis, reviews, investigates and discusses apparent inconsistencies and concerns with senior operating management.

Our review also revealed that although a number of controls appeared to exist, and were observed to have been in operation, documentary evidence that such controls were operating throughout the period was found to be lacking. Such evidence as signatures indicating that a certain procedure had been carried out and affixing responsibility were lacking in the internal control system.

This quarterly report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit us to provide only management’s report in this quarterly report.

Changes in Internal Control Over Financial Reporting

There was no change in our internal controls over financial reporting that occurred during the quarter ended August 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II

Item 1.

Legal Proceedings

We may be involved from time to time in ordinary litigation, negotiation and settlement matters that will not have a material effect on our operations or finances. We are not aware of any pending or threatened litigation against us or our officers and directors in their capacity as such that could have a material impact on our operations or finances.

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ITEM 1A.

Risk Factors

Risks Relating To Our Business

We intend to grow our Company by acquisition and have expanded the scope of technology offerings to include marketing mobile applications solutions and kiosk hardware and software products. If we are not successful, our business will be harmed.

Our business strategy includes the attainment of a portion of our growth through our ability to successfully execute our acquisition model. In order to pursue a growth by acquisition strategy successfully, we must identify suitable candidates for these transactions, complete these transactions, and manage post-closing issues such as integration of the acquired business into our corporate structure. Integration issues are complex, time-consuming, and expensive and, without proper planning and implementation, could significantly disrupt our business. Potential disruptions include diversion of management's attention, loss of key business and/or personnel from the acquired company, unanticipated events, and legal liabilities. If the business becomes impaired, there could be partial or full write-offs attributed to the acquisition.

If we cannot obtain additional financing, we may have to curtail operations and may ultimately cease to exist.

Our continued operations are contingent on our ability to raise additional capital and obtain financing and success in future operations. If we do not acquire sufficient additional funding or alternative sources of capital to meet our working capital, we may have to substantially curtail our operations and business plan. If we do not achieve sufficient revenues to meet our future obligations, we intend to seek sufficient financial resources by issuing shares of common stock, borrowing cash from a bank or one of our directors, or a combination of these activities. We may be unable to obtain additional financing using any of these methods. These conditions raise substantial doubt about our ability to continue as a going concern. However, our unaudited interim consolidated financial statements do not include any adjustments that might result if we are unable to continue our business.

We have a limited operating history and may never achieve or sustain profitable operations.

We have a short operating history and have not been profitable since our incorporation in June 2004. Since inception until August 31, 2011, we have derived ancillary revenues by providing website layout and web portal design services, as well as software licensing. Although some of our main web-based community portal products were still being developed, we realized some revenues, starting mostly in September 2007, for providing dating software websites. We have changed our business model to mobile solutions applications marketing. Even if we obtain future revenues sufficient to expand operations, increased operational or marketing expenses could adversely affect our liquidity. The limited extent of our assets and revenues, our early stage of development, and our limited operating history make us subject to the risks associated with start-up companies, including potentially negative cash flows. We have no significant assets or financial resources. Our lack of operating history makes it very difficult for you to make an investment decision. We may never become profitable. You may lose your entire investment.

We depend on our officers and directors to perform our business activities and our ability to recruit and retain the qualified individuals needed to operate and develop our business is unknown.

We rely on our officers and directors to perform many of our business activities. Currently, our Chief Executive Officer, Rafik Jallad oversees our technology needs. Our Chief Financial Officer, Secretary, and Treasurer, Jueane Thiessen, personally performs most of our accounting and financial management functions, and liases with external contractors who provide additional programming and consulting services. Both Mr. Jallad and Ms. Thiessen are involved in carrying out our sales activities. Our present management structure, although adequate for the early stage of our operations, will likely have to be significantly augmented as our operations expand. Our future success will depend in part on the services of our key personnel and, additionally, on our ability to identify, hire and retain additional qualified personnel. There is intense competition for qualified management, marketing, accounting, and sales personnel in our new business line: marketing mobile application solutions. We may not be able to continue to attract and retain the personnel needed to operate and develop our business. Because we rely on our officers and directors to perform our sales, accounting, and financial management activities, failure to attract and retain key personnel could have a material adverse effect on us.

- 26 -

We have limited cash which we anticipate will be insufficient to fund our plan of operations for the nine months ending May 31, 2012 and if we are unable to raise additional capital, our business may fail and stockholders may lose their entire investment.

We have limited capital reserves to finance expansion or to protect us from a downturn in business. We currently do not have sufficient cash to fund operations for the nine months ending May 31, 2012. We will need to raise additional funds to fully fund our operations for the next nine month period beginning September 1, 2012. Additional financing may come in the form of an offering of common shares, borrowing from a bank or one of our directors, or from revenues generated by new business. If additional shares are issued to raise capital, our existing stockholders will suffer a dilution of their stock ownership and the value of our outstanding shares may fall. If we borrow more money, we will have to pay interest and may also have to agree to restrictions that limit our operating flexibility. We have no commitments for additional financing and there can be no assurance that additional funds will be available when needed, or on terms acceptable to us, if at all. If adequate funds are not available we may be required to change our planned business strategies. If we are unable to obtain adequate financing, we may not be able to successfully develop and market our products and services. As a result, we would need to curtail business operations which would have a material negative effect on operating results, the value of our outstanding stock is likely to fall, and our business may fail causing our stockholders to lose their entire investment.

Our Chief Financial Officer, Secretary, and Treasurer, Jueane Thiessen, also serves as our sole director. This interrelationship may create conflicts of interest that might be detrimental to us.

There are various interrelationships between our officers and directors that may create conflicts of interest that might be detrimental to us. Our sole director, Jueane Thiessen, was our Chief Financial Officer, Secretary, and Treasurer for the year ending May 31, 2011 and for the three month period ended August 31, 2011. Our Board of Directors, which appoints our officers, currently consists of a sole director, Ms. Thiessen, giving Ms. Thiessen control of all of the voting power of the Board of Directors. Because Ms. Thiessen is both a director and an officer, there exists a potential conflict of interest regarding the decision to remove our officers or appoint new officers. Mr. Rafik Jallad, as Chief Executive Officer is our only other officer.

We may be subject to foreign currency fluctuation and such fluctuation may adversely affect our financial position and results.

We are currently located in Canada and pay most of our expenses in United States dollars. However, our target market is global. We may enter into contracts that require customers to pay us in currencies other than United States dollars. Therefore, our potential operations make us subject to foreign currency fluctuation. We do not make investments that offset the risk of adverse foreign currency fluctuations and we may suffer increased expenses and overall losses as a result.

We do not own patents on our products and, if other companies copy our products, our revenues may decline which may result in a decrease in our stock price.

We do not own patents on our products we have developed and we do not currently intend to file for patent protection on those products. Therefore, another company could recreate our products and could compete against us, which would adversely affect our revenues.

We do not carry any insurance and we may be subject to significant lawsuits which could substantially increase our expenses.

We do not carry any insurance. There are a number of occurrences that could adversely affect our financial condition. These include damage to our assets, financial records, or other property by fire or water, as well as any successful lawsuits against us involving recovery of damages arising out of our contractual, legal, or other duties. Should such an uninsured loss occur, our costs may substantially increase which would lower our overall profitability, if any.

Amendments to telecommunications regulations could have a material adverse effect on our business by increasing the cost of our operations or the costs that customers must incur to use our products and services.

- 27 -

We use telecommunications services to deliver our online software licensing and programming services to customers. In addition, our customers typically require telecommunications systems to use our products and services. The telecommunications industry is subject to regulatory control. Any amendments to current regulations in any jurisdiction where we operate or where our customers conduct business could have a material adverse effect on our business, results of operations, and prospects. If amendments to regulations increase the cost of using telecommunications services, our operating expenses may increase. Additionally, if regulatory amendments increase the cost that our customers must incur to use our services, we may experience difficulty attracting new customers or retaining existing customers.

Equipment loss or malfunctions and telecommunication service interruptions or delays may adversely affect our ability to provide our products and services.

Our business is highly dependent on our computer and telecommunications equipment and software systems for the operation and quality of our services. The temporary or permanent loss of all or a portion of these systems, including as a result of physical damage or operating malfunction, or significant replacement delays, could have a materially adverse effect on our business, financial condition, and results of operations. Any interruptions, delays or capacity problems experienced on the Internet or with telephone services could adversely affect our ability to provide our products and services.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

N/A

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Submission of Matters to a Vote of Security Holders

During the first quarter of our fiscal year ended May 31, 2012, no matter was submitted to a vote of security holders through the solicitation of proxies or otherwise.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits listed below are filed as part of or incorporated by reference in this report.

Exhibit

No. Identification of Exhibit

10.1

Distributor Sales Agreement between Portlogic Systems Inc. and Clip Mobile Inc., dated June 10, 2011 (included as Exhibit 10.1 to the Form 8-K filed June 15, 2011 and incorporated herein by reference).

10.2

Agent Partner Production Distribution Agreement between Portlogic Systems Inc. and Clip Mobile Inc., dated June 10, 2011 (included as Exhibit 10.2 to the Form 8-K filed June 15, 2011 and incorporated herein by reference).

21.1

Subsidiaries of the Registrant (included as Exhibit 21.1 to the Form 10-Q filed October 14, 2011 and incorporated herein by referencefiled).

31.1

Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2

Certification of the Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1

Certification of Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

- 28 -

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Portlogic Systems Inc.

(Registrant)

/s/ Jueane Thiessen

Principal Executive Officer, Principal Accounting

Officer, and Treasurer

Date

December 29, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacity and on the date indicated.

/s/ Jueane Thiessen

Jueane Thiessen

Director

Date

December 29, 2011

- 29 -

EX-31.1 2 plq1ex31_1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER SECTION 302 Portlogic Systems Inc.

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Jueane Thiessen, certify that:

I have reviewed this quarterly report of Portlogic Systems Inc.;

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

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;

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

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

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

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

Date: December 29, 2011

/s/ Jueane Thiessen

--------------------------------------

By: Jueane Thiessen

Principal Executive Officer

EX-31.2 3 plq3ex31_2.htm CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER UNDER SECTION 302 Portlogic Systems Inc.

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Jueane Thiessen, certify that:

I have reviewed this quarterly report of Portlogic Systems 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.

Date: December 29, 2011

/s/ Jueane Thiessen

--------------------------------------

By: Jueane Thiessen

Principal Accounting Officer and Treasurer

EX-32.1 4 plq1ex32_1.htm CERTIFICATION OF OFFICERS UNDER 18 U.S.C SECTION 1350 Portlogic Systems Inc.

EXHIBIT 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Portlogic Systems Inc., a Nevada corporation (the "Company"), does hereby certify, to such officer's knowledge, that:

The quarterly report on Form 10-Q/A for the three month period ended August 31, 2011 (the "Form 10-Q/A") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q/A fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 29, 2011

/s/ Jueane Thiessen

-------------------------------------

By: Jueane Thiessen

Principal Executive Officer

Principal Accounting Officer, and Treasurer

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NOTE 9.   CONVERTIBLE LOAN A convertible debenture, issued March 11, 2005, was unsecured, matured March 11, 2010 and carried interest at a rate of 10% per annum. The instrument is convertible at the option of the holder into common shares of the Company at a rate of $0.05 per share, and may be redeemed at any time prior to maturity at the option of the holder, should certain conditions prevail. The holder of the debenture has signed agreements waiving interest accrued from March 11, 2005 through to March 10, 2012. This convertible debenture has not been repaid and is due on March 10, 2012.

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Q1 2012 2011-08-31 10-Q 0001413990 68830474 Yes Smaller Reporting Company 21231331.80 Portlogic Systems Inc. No No

2737

2106

NOTE 4.   FAIR VALUE MEASUREMENTS Beginning June 1, 2008, the Company partially applied accounting standard, Fair Value Measurements, codified as ASC 820. The standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value, in this context, should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:   <table width="100%" style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="13"> </td><td width="50"> </td><td></td> </tr><tr> <td width="13" style="MARGIN-TOP:0px" valign="top">  </td> <td width="50" style="MARGIN-TOP:0px" valign="top"> Level 1</td> <td style="MARGIN-TOP:0px" valign="top"> Quoted prices (unadjusted) in active markets for identical assets or liabilities;</td></tr> <tr> <td width="13" style="MARGIN-TOP:0px" valign="top">  </td> <td width="50" style="MARGIN-TOP:0px" valign="top"> Level 2</td> <td style="MARGIN-TOP:0px" valign="top"> Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;</td></tr> <tr> <td width="13" style="MARGIN-TOP:0px" valign="top">  </td> <td width="50" style="MARGIN-TOP:0px" valign="top"> Level 3</td> <td style="MARGIN-TOP:0px" valign="top"> Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.</td></tr></table> <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom"> Fair Value Measurements Using </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom">   </td> <td width="158" colspan="15" style="MARGIN-TOP:0px" valign="bottom"> Assets/Liabilities </td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" colspan="2" style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign="bottom"> Level 1 </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign="bottom"> Level 2 </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td colspan="3" style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign="bottom"> Level3 </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="44" colspan="4" style="BORDER-BOTTOM:#000000 2px solid; MARGIN-TOP:0px" valign="bottom"> At Fair Value </td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom"> Asset </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="44" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> </td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom">      Cash and cash equivalents </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> $3,086 </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> $ </td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> 9,067 </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> - </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> $ </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> 12,153 </td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom">      Loan receivable</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> 13,476</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> 13,476</td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom"> Liability</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> </td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom">      Notes payable</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> 357,000</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> 357,000</td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom">      Shareholder loan</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> 18,418</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> 18,418</td></tr> <tr> <td width="321" style="MARGIN-TOP:0px" valign="bottom">      Convertible loan</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="158" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="64" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="30" style="MARGIN-TOP:0px" valign="bottom"> 7,000</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="58" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="28" style="MARGIN-TOP:0px" valign="bottom"> -</td> <td width="5" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="4" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="39" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> 7,000</td></tr></table>

NOTE 2.   GOING CONCERN The unaudited interim consolidated financial statements are presented on a going concern basis which contemplates the realization of assets and discharge of obligations in the normal course of business as they come due.  No adjustments have been made to assets or liabilities in these unaudited interim consolidated financial statements should the Company not be able to continue normal business operations. The Company has incurred losses from inception and, during the three month period ended August 31, 2011, the Company utilized $10,272 (August 31, 2019 - $38,938) of cash in operations. At August 31, 2011, the Company reported a deficit of $856,742 and continues to expend cash in amounts that exceed revenues. These conditions cast substantial doubt on the ability of the Company to continue as a going concern and meet its obligations as they come due. Management is considering various alternatives and is pursuing raising additional capital resources. Nevertheless, there can be no assurance that these initiatives if undertaken will be successful. The Company is in the development stage and is in the process of developing a series of web-based community portal products as well as a series of off-the-shelf template based websites. Sale of one of these products commenced during the 2008 fiscal year. The Company has recently shifted its focus to specializing in mobile applications solutions marketing. The Companys continuance as a going concern is dependent on the commercialization of more of the Companys products and the achievement of profitable operations as well as the success of the Company in raising additional long-term financing through debt or equity offerings. In the event that the Company is not successful in these efforts, the assets may not be realized or liabilities discharged at their carrying amounts, and differences from the carrying amounts reported in these consolidated financial statements could be material.

-13476

-1600

1624

120614

-384

16396

-6255

-57

23000

15100

13476

-7125

-856742

-11954

-39305

-187428

-157555

-216373

-50190

-208079

-28923

-55615

-1483

658118

30000

11818

-590350

-38938

-10272

12153

-10421

1546

112000

357000

NOTE 8.   NOTES PAYABLE On July 18, 2008, the Company issued a note payable in consideration of a draw down unsecured loan up to an aggregate of $100,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on July 18, 2012 unless demanded earlier. On July 18, 2008, the Company borrowed $25,000 against the total $100,000 available to be drawn down. On April 14, 2009, the Company borrowed $5,000 against the total $75,000 available to be drawn down. On June 10, 2009, the Company borrowed $50,000 against the total $70,000 available to be drawn down. The balance payable on this note payable is $80,000 as of August 31, 2011 (May 31, 2011 - $80,000). On August 26, 2009, the Company issued an additional note payable in consideration of a draw down unsecured loan up to an aggregate of $300,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on August 26, 2012 unless demanded earlier. This has been extended for another year under the same terms. On August 26, 2009, the Company borrowed $100,000 against the total $300,000 available to be drawn down. On March 3, 2010, the Company borrowed $75,000 against the total $200,000 available to be drawn down. On August 24, 2010, the Company borrowed $30,000 against the total $125,000 available to be drawn down. On September 27, 2010, the Company borrowed $10,000 against the total $95,000 available to be drawn down. On November 1, 2010, the Company borrowed $10,000 against the total $85,000 available to be drawn down leaving $75,000 further funds available to be drawn down. On December 9, 2010, the Company borrowed $15,000 against the total $75,000 available to be drawn down leaving $60,000 further funds available to be drawn down. On December 15, 2010, the Company borrowed $10,000 against the total $60,000 available to be drawn down leaving $50,000 further funds available to be drawn down. On January 18, 2011, the Company borrowed $15,000 against the total $50,000 available to be drawn down leaving $35,000 further funds available to be drawn down. On March 9, 2011, the Company borrowed $12,000 against the total $35,000 available to be drawn down leaving $23,000 further funds available to be drawn down. The balance payable on this note payable is $277,000 as of August 31, 2011 (May 31, 2011 - $277,000). Interest expense amounted to $5,315 for the three month period ended August 31, 2011 (August 31, 2010 - $3,163) and is included in selling and administrative expense. As at August 31, 2011, accrued interest of $29,983 (May 31, 2011 - $25,027) is included in accounts payable and accrued liabilities.

NOTE 1.   ORGANIZATION AND DESCRIPTION OF BUSINESS Portlogic Systems Inc. (Portlogic) was incorporated under the laws of the State of Nevada on June 22, 2004. On June 5, 2008, Portlogic filed a Form S-1 Registration Statement under the United States Securities Act of 1933. It became effective June 24, 2008. Portlogic is a Toronto, Canada based development stage company with enterprise mobile marketing applications solutions, kiosk hardware and software products which fall into five principal product families: m2Meet, m2Bank, m2Market, m2Ticket, and m2Kiosk. Prior to January 2010. Portlogic created and licensed online interactive community portal software systems and developed a series of web-based community portal products. On September 16, 2009, Portlogic incorporated a wholly-owned subsidiary, Sunlogic Energy Corporation in Panama City, Republic of Panama for the purpose of looking at solar and alternative green energy software and products. Initial operations include: capital formation; organization; website construction; target market identification; research costs; promotional materials costs; and marketing planning. Sunlogic Energy Corporation is still incorporated as a subsidiary but its operations are on hold. The accompanying unaudited interim consolidated financial statements include Portlogic and its subsidiary (herein after referred to collectively as the Company). All intercompany balances and transactions have been eliminated on consolidation. The unaudited interim consolidated financial statements have been prepared in accordance with Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required in accordance with United States Generally Accepted Accounting Principles (GAAP) for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Form 10-K for the year ended May 31, 2011. The unaudited interim consolidated financial statements present the balance sheet, statements of operations, stockholders equity (deficiency) and cash flows of the Company. The unaudited interim consolidated financial statements have been prepared by management in accordance with GAAP.

6255

275700

7000

357000

30000

18418

11818

NOTE 5.   EQUIPMENT <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="306"> </td><td width="71"> </td><td width="110"> </td><td width="91"></td> </tr><tr> <td width="306" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> Equipment August 31, 2011</td> <td width="71" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Cost </td> <td width="110" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Accumulated Depreciation </td> <td width="91" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Net Book Value</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom">           $</td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom">      $</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Mobile hardware</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 893 </td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 99 </td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 794 </td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Computer hardware</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 9,266 </td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 8,303 </td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 963 </td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Computer software</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 5,456 </td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 5,107</td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 349 </td></tr> <tr> <td width="306" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom">  </td> <td width="71" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 15,615 </td> <td width="110" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 13,509</td> <td width="91" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 2,106</td></tr></table> <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="306"> </td><td width="71"> </td><td width="110"> </td><td width="91"></td> </tr><tr> <td width="306" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> Equipment May 31, 2011</td> <td width="71" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Cost </td> <td width="110" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Accumulated Depreciation </td> <td width="91" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Net Book Value</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> $</td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom">           $</td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom">      $</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Mobile hardware</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 893</td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 25 </td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 868 </td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Computer hardware</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 9,266</td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 8,009 </td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 1,257 </td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> Computer software</td> <td width="71" height="18" style="MARGIN-TOP:0px" valign="bottom"> 5,456</td> <td width="110" height="18" style="MARGIN-TOP:0px" valign="bottom"> 4,844</td> <td width="91" height="18" style="MARGIN-TOP:0px" valign="bottom"> 612 </td></tr> <tr> <td width="306" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom">  </td> <td width="71" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 15,615</td> <td width="110" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 12,878</td> <td width="91" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 2,737</td></tr></table> Depreciation expense amounted to $631 for the three month period ended August 31, 2011 (August 31, 2010 - $626).

40000

-0

NOTE 12.   COMMITMENTS AND RELATED PARTY TRANSACTIONS a) On June 25, 2008, the Company advanced $9,807 to UOMO Media Inc. (“UOMO”). One director of the Company is also a director of UOMO. This advance was paid back to the Company on February 19, 2010. In April and May 2010, the Company advanced a total amount of $13,500 as a temporary loan again. In June 2010, a further $1,600 was advanced totaling the temporary loan to $15,100. In August 2011, a payment of $1,624 was applied against this loan. As at August 31, 2011, $13,476 remains receivable from UOMO (May 31, 2011 – $15,100). b) On May 1, 2007, an independent contractor agreement was entered into under which compensation of $3,000 per month was to be paid to perform services as an officer to October 31, 2007. New agreements have been entered into with this contractor from November 1, 2007 to October 31, 2008 at $3,000 per month. The agreement has been continued on a month-to-month basis. The related service fee for the three month period ended August 31, 2011 amounted to $9,000 (August 31, 2010 - $9,000). c) On August 1, 2010, an independent contractor agreement was entered into under which compensation of $2,000 per month was to be paid to perform services as an officer for a period of one year. The related service fee for the three month period ended August 31, 2011 amounted to $4,000 (August 31, 2010 - $2,000).

NOTE 6.   SOURCE CODE <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="306"> </td><td width="85"> </td><td width="94"> </td><td width="94"></td> </tr><tr> <td width="306" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> Source Code August 31, 2011 </td> <td width="85" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Cost </td> <td width="94" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Accumulated Amortization</td> <td width="94" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Net book value</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="85" height="18" style="MARGIN-TOP:0px" valign="bottom">    $</td> <td width="94" height="18" style="MARGIN-TOP:0px" valign="bottom">      $</td> <td width="94" height="18" style="MARGIN-TOP:0px" valign="bottom">     $</td></tr> <tr> <td width="306" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> Internet dating portal software</td> <td width="85" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 152,000 </td> <td width="94" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 152,000</td> <td width="94" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> - </td></tr></table> <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="306"> </td><td width="85"> </td><td width="94"> </td><td width="94"></td> </tr><tr> <td width="306" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> Source Code May 31, 2011</td> <td width="85" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Cost </td> <td width="94" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Accumulated Amortization</td> <td width="94" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom">  Net book value</td></tr> <tr> <td width="306" height="18" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="85" height="18" style="MARGIN-TOP:0px" valign="bottom">    $</td> <td width="94" height="18" style="MARGIN-TOP:0px" valign="bottom">      $</td> <td width="94" height="18" style="MARGIN-TOP:0px" valign="bottom">     $</td></tr> <tr> <td width="306" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> Internet dating portal software</td> <td width="85" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 152,000 </td> <td width="94" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 152,000</td> <td width="94" height="19" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> - </td></tr></table> On October 31, 2005, the Company entered into an asset purchase agreement with Joyn Internet Communities Inc. ("Joyn") to acquire Internet dating software that Joyn had developed, including all rights to use and license the software.   In consideration, the Company issued 4,480,000 restricted common shares and paid $40,000, cash.  The stock-based portion of the issuance, according to the terms of the agreement, was valued at $112,000, or $0.025 cents per share.     The Company did not capitalize any additional source code software for the three month period ended August 31, 2011, or for period from June 22, 2004 (inception) to August 31, 2011. Amortization expense, included in cost of goods sold, amounted to $Nil for the three month period ended August 31, 2011 (August 31, 2010 - $12,667). Amortization commenced March 1, 2008, when it became apparent that the source code was being used to generate revenue, and ended on February 28, 2011. As of August 31, 2011, the source code software has been fully amortized.

96646

875

1492

NOTE 7.  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES <table style="MARGIN-TOP:0px" cellpadding="0" cellspacing="0"> <tr> <td width="195"> </td><td width="146"> </td><td width="120"> </td><td width="106"></td> </tr><tr> <td width="342" height="18" colspan="2" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> </td> <td width="120" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> August 31 2011</td> <td width="106" height="18" style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign="bottom"> May 31, 2011</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> </td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom">         $</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom">         $</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Audit and review</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 11,522</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 16,206</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Bookkeeping and accounting</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 107</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 107</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Legal</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 5,975</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 5,975</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Other</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 66,972</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 50,840</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Credit cards</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 6,055</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 6,063</td></tr> <tr> <td width="342" height="18" colspan="2" style="MARGIN-TOP:0px" valign="bottom"> Interest payable</td> <td width="120" height="18" style="MARGIN-TOP:0px" valign="bottom"> 29,983</td> <td width="106" height="18" style="MARGIN-TOP:0px" valign="bottom"> 25,027</td></tr> <tr> <td width="195" height="19" style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> </td> <td width="146" height="19" style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> </td> <td width="120" height="19" style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 120,614</td> <td width="106" height="19" style="BORDER-BOTTOM:#000000 3px double; MARGIN-TOP:0px; BORDER-TOP:#000000 1px solid" valign="bottom"> 104,218</td></tr></table>

762883

37772

29784

6600

18418

NOTE 3.   SIGNIFICANT ACCOUNTING POLICIES The interim consolidated financial information is unaudited. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position as of August 31, 2011 and the results of operations, stockholders equity (deficiency) and cash flows presented herein have been included in the unaudited interim consolidated financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Financial statement items subject to significant judgment include the expected life of equipment and source code, the net realizable value of accounts receivable, the completeness of expense accruals, as well as income taxes and loss contingencies. Actual results may differ from those estimates. Cash and Cash Equivalents Cash equivalents comprise highly liquid instruments with a maturity of three months or less when purchased. As at August 31, 2011, cash equivalents amounted to $9,067 (May 31, 2011 - $7,575). Equipment Equipment is recorded at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the assets estimated useful lives (three years for computer hardware and mobile hardware and two years for computer software). Asset Impairment Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows that are expected to result from the use of the asset and its eventual disposition.   Source Code The Company has capitalized the costs of acquiring computer source code in accordance with the provisions of the Accounting Standards Codification (ASC) in ASC 985-20, Costs of Software to Be Sold, Leased, or Marketed." At each reporting period end, the Company analyzes the realizability of its recorded software assets under the provisions of that statement. An impairment loss would be recognized when and to the extent that the carrying amount of the software exceeds the estimated undiscounted future cash flows that are expected to result from the use of the asset and its eventual disposition. Since the source code has started to generate positive cash flows and is still being used for development, no impairment loss has been recognized. Amortization is provided using the straight-line method over the asset's estimated useful life, three years. As of August 31, 2011, the source code has been fully amortized. Advertising Costs Advertising costs are expensed as incurred and included as part of selling and administrative expenses. Advertising costs amounted to $Nil for the three month period ended August 31, 2011 (August 31, 2010 - $1,269). Revenue Recognition The Company recognizes revenue at the point of passage to the customer of title and risk of loss when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. Service revenues are generally recognized at the time of performance. Revenues billed in advance under contracts are deferred and recognized over the corresponding service periods. Foreign Currency Translation The Company maintains its accounting records in US dollars, which is its functional and reporting currency. At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities denominated in a foreign currency are translated into the functional currency by using the exchange rate in effect at that date.  The resulting foreign exchange gains and losses are included in operations. Foreign exchange gain amounted to $630 for the three month period ended August 31, 2011 (August 31, 2010 - loss of $470). Income Taxes The Company accounts for its income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that the deferred tax assets will not be realized. Earnings (Loss) per Share The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share has not been presented since the effect of the assumed conversion of the convertible loan into common shares would have an anti-dilutive effect. Comprehensive Income The Company has adopted ASC 220, "Comprehensive Income," which establishes standards for reporting and the display of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners or distributions to owners. Among other disclosures, the standard requires that all items that are required to be recognized under the current accounting standards as a component of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. Comprehensive income would be displayed in the statement of shareholders' equity and in the balance sheet as a component of shareholders' equity (deficiency). The Company had no other comprehensive income (loss) for the three month periods ended August 31, 2011 and 2010. As such, net loss is equivalent to total comprehensive loss. Financial Instruments and Risk Concentrations The Companys financial instruments comprise cash and cash equivalents, loan receivables, accounts payable and accrued liabilities, notes payable and convertible loan. Unless otherwise indicated, the fair value of financial assets and financial liabilities approximate their recorded values due to their short-terms to maturity. The Company determines the fair value of its long-term financial instruments based on quoted market values or discounted cash flow analyses. Financial instruments that may potentially subject the Company to concentrations of credit risk comprise primarily cash and cash equivalents and accounts receivable. Cash and cash equivalents comprise deposits with major commercial banks and/or checking account balances. With respect to accounts receivable, the Company performs periodic credit evaluations of the financial condition of its customers and typically does not require collateral from them. Allowances are maintained for potential credit losses consistent with the credit risk of specific customers and other information. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or currency risks in respect of its financial instruments. Leases Leases entered into by the Company as a lessee are classified as capital or operating leases. Leases that transfer substantially the entire risks and benefits incidental to ownership are classified as capital leases. At the inception of a capital lease, an asset and an obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the assets fair market value at the beginning of each lease. Rental payments under operating leases are expensed as incurred. Recent Accounting Pronouncements Adopted In April 2010, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU or Update) No. 201017, Revenue Recognition - Milestone Method. The objective of this Update is to provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. The Company does not anticipate that the adoption of this pronouncement will have a significant effect on its unaudited interim consolidated financial statements. In February 2010, FASB issued ASU No. 2010-09, Subsequent Events (Topic 855) Amendments to Certain Recognition and Disclosure Requirements (ASU 2010-09). ASU 2010-09 amends disclosure requirements within Subtopic 855-10. An entity that is an SEC filer is not required to disclose the date through which subsequent events have been evaluated. This change alleviates potential conflicts between Subtopic 855-10 and the SECs requirements. ASU 2010-09 is effective for interim and annual periods ending after June 15, 2010. The adoption of this standard did not have a material impact on the Companys unaudited interim consolidated financial statements. In January 2010, the FASB issued ASU No. 2010-06, Improving Disclosures about Fair Value Measurements (ASU 2010-06) (codified within ASC 820 Fair Value Measurements and Disclosures). ASU 2010-06 improves disclosures originally required under SFAS No. 157. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those years. The adoption of the guidance did not have a material effect on the Company's unaudited interim consolidated financial position, results of operations, cash flows or related disclosures.

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NOTE 10.   STOCK TRANSACTIONS Transactions, other than employees stock issuance, are in accordance with paragraph 8 of SFAS 123 Share Based Payment. Thus issuances shall be accounted for on the fair value of the consideration received. Transactions with employees stock issuance are in accordance with paragraphs (16-44) of SFAS 123. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable. In January 2005, the Company issued a total of 5,900,000* shares of common stock to nine individuals for cash in the amount of $0.0005 per share for a total of $2,950. On February 7, 2005, the Company issued a total of 200,000* shares of common stock to one individual for cash in the amount of $0.001 per share for a total of $200. On May 26, 2005, the Company issued a total of 3,000,000* shares of common stock to one individual for cash in the amount of $0.001 per share for a total of $3,000. In July 2005, the Company issued a total of 50,550,000* shares of common stock to nine individuals for cash in the amount of $0.001 per share for a total of $50,550. On September 14, 2005, the Company issued a total of 2,500,000* shares of common stock to one director for cash in the amount of $0.001 per share for a total of $2,500. On October 31, 2005, the Company issued a total of 4,480,000* shares of common stock in the amount of $0.025 per share for a total of $112,000, which was the fair value of the stock on date of issuance, in consideration for the purchase of source code software. A further $40,000 in cash was also paid as consideration for this asset purchase agreement. In April 2006, the Company issued a total of 60,000* shares of common stock to three individuals for cash in the amount of $0.025 per share for a total of $1,500. In May 2006, the Company issued a total of 480,000* shares of common stock to five individuals for cash in the amount of $0.025 per share for a total of $12,000. In June 2006, the Company issued a total of 60,000* shares of common stock to three individuals for cash in the amount of $0.025 per share for a total of $1,500. On July 22, 2006, the Company issued a total of 20,000* shares of common stock to one individual for cash in the amount of $0.025 per share for a total of $500. On December 22, 2006, the Company issued a total of 60,000* shares of common stock to one individual for cash in the amount of $0.025 per share for a total of $1,500. On February 22, 2007, the Company issued a total of 266,666* shares of common stock to one individual for cash in the amount of $0.075 per share for a total of $20,000. In May 2007, the Company issued a total of 1,196,666* shares of common stock to three individuals for cash in the amount of $0.1416 per share for a total of $169,500. On January 10, 2008, the Company issued a total of 57,142* shares of common stock to one individuals for cash in the amount of $0.175 per share for a total of $10,000. As of August 31, 2011, the Company had 68,830,474* share of common stock issued and outstanding. * After giving retroactive effect of 2:1 stock split effective January 20, 2010.

NOTE 11.   STOCKHOLDERS DEFICIENCY The stockholders' deficiency section of the Company contains the following classes of capital stock as of August 31, 2011: Preferred stock: $0.001 par value: 1,000,000 shares authorized and 0 shares issued and outstanding. Common stock, $0.001 par value; 75,000,000 shares authorized and 68,830,474* shares issued and outstanding. * After giving retroactive effect of 2:1 stock split effective January 20, 2010.

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Property, Plant, and Equipment

3 Months Ended

Aug. 31, 2011

Property, Plant, and Equipment

Property, Plant and Equipment [Table Text Block]

NOTE 5. EQUIPMENT


Equipment – August 31, 2011	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Mobile hardware	893	99	794
Computer hardware	9,266	8,303	963
Computer software	5,456	5,107	349
	15,615	13,509	2,106


Equipment – May 31, 2011	Cost	Accumulated Depreciation	Net Book Value
	$	$	$
Mobile hardware	893	25	868
Computer hardware	9,266	8,009	1,257
Computer software	5,456	4,844	612
	15,615	12,878	2,737

Depreciation expense amounted to $631 for the three month period ended August 31, 2011 (August 31, 2010 - $626).

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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Fair Value Measures and Disclosures

3 Months Ended

Aug. 31, 2011

Fair Value Measures and Disclosures

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

NOTE 4. FAIR VALUE MEASUREMENTS


	Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities;
	Level 2	Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;
	Level 3	Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.

Fair Value Measurements Using	Assets/Liabilities
	Level 1		Level 2		Level3		At Fair Value
Asset
Cash and cash equivalents		$3,086	$	9,067		-	$	12,153
Loan receivable		-	$	13,476		-	$	13,476
Liability
Notes payable		-	$	357,000		-	$	357,000
Shareholder loan		-	$	18,418			$	18,418
Convertible loan		-	$	7,000		-	$	7,000

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

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Unaudited Interim Consolidated Balance Sheets (USD $)

Aug. 31, 2011

May 31, 2011

Current Assets

Cash and cash equivalents

$ 12,153

$ 10,607

Loan receivable

13,476

15,100

Prepaid Expenses

6,255

Total Current Assets

31,884

31,962

Other Assets

Equipment, net

2,106

2,737

Total Other Assets

2,106

2,737

TOTAL ASSETS

33,990

34,699

Current Liabilities

Accounts payable and accrued liabilities

120,614

104,218

Notes payable

357,000

Shareholder loan

18,418

6,600

Convertible loan

7,000

Total Current Liabilities

503,032

474,818

Stockholders' Equity

Preference stock

^[1]

Common stock

68,830

^[2]

68,830

^[2]

Additional paid-in-capital

318,870

Deficit accumulated during the development stage

(856,742)

(827,819)

Total Stockholders' Deficiency

(469,042)

(440,119)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 33,990

$ 34,699

[1]	Preference stock, $0.001 par value, 1,000,000 shares authorized; 0 shares issued and outstanding at August 31, 2011 and May 31, 2011
[2]	Common stock, $0.001 par value, 75,000,000 shares authorized; 68,830,474* shares issued and outstanding at August 31, 2011 and May 31, 2011

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Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	Aug. 31, 2011
Organization, Consolidation and Presentation of Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Portlogic Systems Inc. (“Portlogic”) was incorporated under the laws of the State of Nevada on June 22, 2004. On June 5, 2008, Portlogic filed a Form S-1 Registration Statement under the United States Securities Act of 1933. It became effective June 24, 2008. Portlogic is a Toronto, Canada based development stage company with enterprise mobile marketing applications solutions, kiosk hardware and software products which fall into five principal product families: m2Meet, m2Bank, m2Market, m2Ticket, and m2Kiosk. Prior to January 2010. Portlogic created and licensed online interactive community portal software systems and developed a series of web-based community portal products. On September 16, 2009, Portlogic incorporated a wholly-owned subsidiary, Sunlogic Energy Corporation in Panama City, Republic of Panama for the purpose of looking at solar and alternative green energy software and products. Initial operations include: capital formation; organization; website construction; target market identification; research costs; promotional materials costs; and marketing planning. Sunlogic Energy Corporation is still incorporated as a subsidiary but its operations are on hold. The accompanying unaudited interim consolidated financial statements include Portlogic and its subsidiary (herein after referred to collectively as the “Company”). All intercompany balances and transactions have been eliminated on consolidation. The unaudited interim consolidated financial statements have been prepared in accordance with Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information and footnotes required in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Form 10-K for the year ended May 31, 2011. The unaudited interim consolidated financial statements present the balance sheet, statements of operations, stockholders’ equity (deficiency) and cash flows of the Company. The unaudited interim consolidated financial statements have been prepared by management in accordance with GAAP.
Going Concern Note	NOTE 2. GOING CONCERN The unaudited interim consolidated financial statements are presented on a going concern basis which contemplates the realization of assets and discharge of obligations in the normal course of business as they come due. No adjustments have been made to assets or liabilities in these unaudited interim consolidated financial statements should the Company not be able to continue normal business operations. The Company has incurred losses from inception and, during the three month period ended August 31, 2011, the Company utilized $10,272 (August 31, 2019 - $38,938) of cash in operations. At August 31, 2011, the Company reported a deficit of $856,742 and continues to expend cash in amounts that exceed revenues. These conditions cast substantial doubt on the ability of the Company to continue as a going concern and meet its obligations as they come due. Management is considering various alternatives and is pursuing raising additional capital resources. Nevertheless, there can be no assurance that these initiatives if undertaken will be successful. The Company is in the development stage and is in the process of developing a series of web-based community portal products as well as a series of off-the-shelf template based websites. Sale of one of these products commenced during the 2008 fiscal year. The Company has recently shifted its focus to specializing in mobile applications solutions marketing. The Company’s continuance as a going concern is dependent on the commercialization of more of the Company’s products and the achievement of profitable operations as well as the success of the Company in raising additional long-term financing through debt or equity offerings. In the event that the Company is not successful in these efforts, the assets may not be realized or liabilities discharged at their carrying amounts, and differences from the carrying amounts reported in these consolidated financial statements could be material.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Accounting Policies

3 Months Ended

Aug. 31, 2011

Accounting Policies

Significant Accounting Policies [Text Block]

NOTE 3. SIGNIFICANT ACCOUNTING POLICIES

Accounting Estimates

Cash and Cash Equivalents

Cash equivalents comprise highly liquid instruments with a maturity of three months or less when purchased. As at August 31, 2011, cash equivalents amounted to $9,067 (May 31, 2011 - $7,575).

Equipment

Asset Impairment

Source Code

Advertising Costs

Revenue Recognition

Service revenues are generally recognized at the time of performance. Revenues billed in advance under contracts are deferred and recognized over the corresponding service periods.

Foreign Currency Translation

Income Taxes

Earnings (Loss) per Share

Comprehensive Income

Financial Instruments and Risk Concentrations

Leases

Recent Accounting Pronouncements Adopted

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 20 R3.htm IDEA: XBRL DOCUMENT

Unaudited Interim Consolidated Statements of Operations (USD $)	3 Months Ended		86 Months Ended
	Aug. 31, 2011	Aug. 31, 2010	Aug. 31, 2011
Revenue	$ 1,492	$ 875	$ 96,646
Cost of goods sold	0	12,667	199,996
Total Gross Margin	1,492	(11,792)	(103,350)
Leasing and consulting fees earned	0	0	23,000
Total Other Revenue	0	0	23,000
Total Net Margin	1,492	(11,792)	(80,350)
Selling and administrative expense	29,784	37,772	762,883
Depreciation	631	626	13,509
Total Expenses	30,415	38,398	776,392
Net (loss)	$ (28,923)	$ (50,190)	$ (856,742)
Basic earnings (loss) per share	$ (0.0004)	$ (0.0007)
Basic weighted average shares outstanding	68,830,474	68,830,474

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Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Aug. 31, 2011	Dec. 29, 2011	Nov. 30, 2011
Entity Registrant Name	Portlogic Systems Inc.
Document Type	10-Q
Document Period End Date	Aug. 31, 2011
Amendment Flag	true
Amendment Description	Refiled in XBRL format
Entity Central Index Key	0001413990
Current Fiscal Year End Date	--05-31
Entity Common Stock, Shares Outstanding		68,830,474
Entity Public Float			$ 21,231,331.80
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

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Unaudited Interim Consolidated Statements of Stockholders' Equity (USD $)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Stockholders' Equity at Jun. 21, 2004				$ 0
Shares Issued at Jun. 21, 2004				0
Stock Issued During Period, Value, Stock Options Exercised	9,100			9,100
Stock Issued During Period, Shares, Stock Options Exercised	9,100,000			9,100,000
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation		(2,950)		(2,950)
Stock-based compensation expense				0
Net Income (Loss)			(7,125)	(7,125)
Stockholders' Equity at May. 31, 2005	9,100	(2,950)	(7,125)	(975)
Balance Common Stock Ending at May. 31, 2005	9,100,000			9,100,000
Stock Issued During Period, Value, Stock Options Exercised	58,070			58,070
Stock Issued During Period, Shares, Stock Options Exercised	58,070,000			58,070,000
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation		120,480		120,480
Stock-based compensation expense				0
Net Income (Loss)			(11,954)	(11,954)
Stockholders' Equity at May. 31, 2006	67,170	117,530	(19,079)	165,621
Balance Common Stock Ending at May. 31, 2006	67,170,000			67,170,000
Stock Issued During Period, Value, Stock Options Exercised	1,603			1,603
Stock Issued During Period, Shares, Stock Options Exercised	1,603,332			1,603,332
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation		191,397		191,397
Stock-based compensation expense				0
Net Income (Loss)			(39,305)	(39,305)
Stockholders' Equity at May. 31, 2007	68,773	308,927	(58,384)	319,316
Balance Common Stock Ending at May. 31, 2007	68,773,332			68,773,332
Stock Issued During Period, Value, Stock Options Exercised	57			57
Stock Issued During Period, Shares, Stock Options Exercised	57,142			57,142
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation		9,943		9,943
Stock-based compensation expense				0
Net Income (Loss)			(187,428)	(187,428)
Stockholders' Equity at May. 31, 2008	68,830	318,870	(245,812)	141,888
Balance Common Stock Ending at May. 31, 2008	68,830,474			68,830,474
Stock Issued During Period, Value, Stock Options Exercised				0
Stock Issued During Period, Shares, Stock Options Exercised				0
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation				0
Stock-based compensation expense				0
Net Income (Loss)			(157,555)	(157,555)
Stockholders' Equity at May. 31, 2009	68,830	318,870	(403,367)	(15,667)
Balance Common Stock Ending at May. 31, 2009	68,830,474			68,830,474
Stock Issued During Period, Value, Stock Options Exercised				0
Stock Issued During Period, Shares, Stock Options Exercised				0
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation				0
Stock-based compensation expense				0
Net Income (Loss)			(216,373)	(216,373)
Stockholders' Equity at May. 31, 2010	68,830	318,870	(619,740)	(232,040)
Balance Common Stock Ending at May. 31, 2010	68,830,474			68,830,474
Stock Issued During Period, Value, Stock Options Exercised				0
Stock Issued During Period, Shares, Stock Options Exercised				0
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation				0
Stock-based compensation expense				0
Net Income (Loss)			(208,079)	(208,079)
Stockholders' Equity at May. 31, 2011	68,830	318,870	(827,819)	(440,119)
Balance Common Stock Ending at May. 31, 2011	68,830,474			68,830,474
Stock Issued During Period, Value, Stock Options Exercised				0
Stock Issued During Period, Shares, Stock Options Exercised				0
Adjustments to Additional Paid in Capital, Tax Effect from Share-based Compensation				0
Stock-based compensation expense				0
Net Income (Loss)			(28,923)	(28,923)
Stockholders' Equity at Aug. 31, 2011	$ 68,830	$ 318,870	$ (856,742)	$ (469,042)
Balance Common Stock Ending at Aug. 31, 2011	68,830,474			68,830,474

- Definition

Tax benefit associated with any equity-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits).

+ References+ Details

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

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-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

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-Subparagraph (SX 210.5-03.18)

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Section 50

-Paragraph 1

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-Section 45

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-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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- Definition

Number of share options (or share units) exercised during the current period.

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- Definition

Value stock issued during the period as a result of the exercise of stock options.

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Notes Payable Fair Value Disclosure Methodology	3 Months Ended
Notes Payable Fair Value Disclosure Methodology	Aug. 31, 2011
Notes Payable Fair Value Disclosure Methodology
Notes Payable Fair Value Disclosure Methodology [Text Block]	NOTE 8. NOTES PAYABLE On July 18, 2008, the Company issued a note payable in consideration of a draw down unsecured loan up to an aggregate of $100,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on July 18, 2012 unless demanded earlier. On July 18, 2008, the Company borrowed $25,000 against the total $100,000 available to be drawn down. On April 14, 2009, the Company borrowed $5,000 against the total $75,000 available to be drawn down. On June 10, 2009, the Company borrowed $50,000 against the total $70,000 available to be drawn down. The balance payable on this note payable is $80,000 as of August 31, 2011 (May 31, 2011 - $80,000). On August 26, 2009, the Company issued an additional note payable in consideration of a draw down unsecured loan up to an aggregate of $300,000 over a term of one year. Interest is payable at the prime rate plus 2%. Principal and interest are now due on August 26, 2012 unless demanded earlier. This has been extended for another year under the same terms. On August 26, 2009, the Company borrowed $100,000 against the total $300,000 available to be drawn down. On March 3, 2010, the Company borrowed $75,000 against the total $200,000 available to be drawn down. On August 24, 2010, the Company borrowed $30,000 against the total $125,000 available to be drawn down. On September 27, 2010, the Company borrowed $10,000 against the total $95,000 available to be drawn down. On November 1, 2010, the Company borrowed $10,000 against the total $85,000 available to be drawn down leaving $75,000 further funds available to be drawn down. On December 9, 2010, the Company borrowed $15,000 against the total $75,000 available to be drawn down leaving $60,000 further funds available to be drawn down. On December 15, 2010, the Company borrowed $10,000 against the total $60,000 available to be drawn down leaving $50,000 further funds available to be drawn down. On January 18, 2011, the Company borrowed $15,000 against the total $50,000 available to be drawn down leaving $35,000 further funds available to be drawn down. On March 9, 2011, the Company borrowed $12,000 against the total $35,000 available to be drawn down leaving $23,000 further funds available to be drawn down. The balance payable on this note payable is $277,000 as of August 31, 2011 (May 31, 2011 - $277,000). Interest expense amounted to $5,315 for the three month period ended August 31, 2011 (August 31, 2010 - $3,163) and is included in selling and administrative expense. As at August 31, 2011, accrued interest of $29,983 (May 31, 2011 - $25,027) is included in accounts payable and accrued liabilities.
Convertible Debt, Fair Value Disclosure, Methodology	NOTE 9. CONVERTIBLE LOAN A convertible debenture, issued March 11, 2005, was unsecured, matured March 11, 2010 and carried interest at a rate of 10% per annum. The instrument is convertible at the option of the holder into common shares of the Company at a rate of $0.05 per share, and may be redeemed at any time prior to maturity at the option of the holder, should certain conditions prevail. The holder of the debenture has signed agreements waiving interest accrued from March 11, 2005 through to March 10, 2012. This convertible debenture has not been repaid and is due on March 10, 2012.

- Definition

This item represents management's methodology (for example, procedures or techniques) for estimating the fair value as of the balance sheet date of the financial instrument (as defined), including financial assets and financial liabilities (collectively, as defined).

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Payables and Accruals

3 Months Ended

Aug. 31, 2011

Payables and Accruals

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

NOTE 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES


	August 31 2011	May 31, 2011
	$	$
Audit and review	11,522	16,206
Bookkeeping and accounting	107	107
Legal	5,975	5,975
Other	66,972	50,840
Credit cards	6,055	6,063
Interest payable	29,983	25,027
	120,614	104,218

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Related Party Disclosures

3 Months Ended

Aug. 31, 2011

Related Party Disclosures

NOTE 12. COMMITMENTS AND RELATED PARTY TRANSACTIONS

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Subparagraph (SX 210.4-08.(k))

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Stock Transactions Parenthetical Disclosures

3 Months Ended

Aug. 31, 2011

Stock Transactions Parenthetical Disclosures

Stock Transactions Parenthetical Disclosures