llpp_10q.htm

0001477932-17-000207.txt : 20170113 0001477932-17-000207.hdr.sgml : 20170113 20170113143200 ACCESSION NUMBER: 0001477932-17-000207 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20161130 FILED AS OF DATE: 20170113 DATE AS OF CHANGE: 20170113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Loop Industries, Inc. CENTRAL INDEX KEY: 0001504678 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 272094706 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54768 FILM NUMBER: 17527482 BUSINESS ADDRESS: STREET 1: 1999 AVENUE OF THE STARS STREET 2: SUITE 2520 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 7145008919 MAIL ADDRESS: STREET 1: 1999 AVENUE OF THE STARS STREET 2: SUITE 2520 CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN GROUP INC. DATE OF NAME CHANGE: 20101101 10-Q 1 llpp_10q.htm FORM 10-Q llpp_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2016

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File No. 000-54768

LOOP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Nevada
27-2094706
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

1999 Avenue of the Stars, Suite 2520

Los Angeles, California 90067

(Address of principal executive offices, zip code)

(781) 821-6600

(Registrant’s telephone number, including area code)

_______________________________________

(Former name, former address and former fiscal year,

if changed since last report)

Indicate by check mark whether the issuer (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. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No x

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

Large accelerated filer
¨
Non-accelerated filer
¨
Accelerated filer
¨
Smaller reporting company
x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes ¨ No x

APPLICABLE ONLY TO CORPORATE ISSUERS

As of January 13, 2017, there were approximately 31,390,807 shares of common stock, $0.0001 par value per share, outstanding.

LOOP INDUSTRIES, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED NOVEMBER 30, 2016

Index
Page
Part I. Financial Information
Item 1.
Financial Statements
F-1
Condensed consolidated balance sheets at November 30, 2016 (Unaudited) and February 29, 2016
F-2
Condensed consolidated statements of operations and comprehensive loss for the three and nine months ended November 30, 2016 and 2015 (Unaudited)
F-3
Condensed consolidated statement of changes in stockholders’ equity for the nine months ended November 30, 2016 (Unaudited)
F-4
Condensed consolidated statement of cash flows for the nine months ended November 30, 2016 and 2015 (Unaudited)
F-5

Notes to the condensed consolidated financial statements
F-6

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
4

Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
8

Item 4.
Controls and Procedures.
8
Part II. Other Information
Item 1.
Legal Proceedings.
9
Item 1A.
Risk Factors.
9
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
9
Item 3.
Defaults Upon Senior Securities.
9
Item 4.
Mine Safety Disclosures.
9
Item 5.
Other Information.
9
Item 6.
Exhibits.
10
Signatures
11

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Loop Industries, Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (i) commercialization of our technology and products, (ii) development and protection of our intellectual property, (iii) the Company’s need for and ability to obtain additional financing, (iv) industry competition, (v) whether or not prospective customers purchase our products (v) the exercise of the voting control over us by Daniel Solomita, the Company’s President and Chief Executive Officer, and Chairman of the Board of Directors, and majority shareholder, (vi) other factors over which we have little or no control; and (vii) other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

3
Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Loop Industries, Inc.

Three and nine months ended November 30, 2016 and 2015

Index to the Condensed Consolidated Financial Statements

Contents
Page(s)

Condensed consolidated balance sheets at November 30, 2016 (Unaudited) and February 29, 2016
F-2

Condensed consolidated statements of operations and comprehensive loss for the three and nine months ended November 30, 2016 and 2015 (Unaudited)
F-3

Condensed consolidated statement of changes in stockholders' equity for the nine months ended November 30, 2016 (Unaudited)
F-4

Condensed consolidated statement of cash flows for the nine months ended November 30, 2016 and 2015 (Unaudited)
F-5

Notes to the condensed consolidated financial statements
F-6

F-1
Table of Contents

Loop Industries, Inc.

Condensed Consolidated Balance Sheets

As at

November 30,
2016

February 29,
2016

(Unaudited)

Assets

Current Assets

Cash

$ 1,598,399

$ 422,586

Valued added tax and other receivables

163,614

253,041

Prepayments and other current assets

-

36,129

Total current assets

1,762,013

711,756

Property and Equipment, net of accumulated depreciation of $408,566 and $149,609, respectively

1,553,024

1,399,354

Intellectual Property, net of accumulated amortization of $121,155 and $73,471, respectively

323,895

371,579

Total assets

$ 3,638,932

$ 2,482,689

Liabilities and Stockholders' Equity

Current Liabilities

Accounts payable and accrued liabilities

$ 166,270

$ 363,083

Accrued Officers Compensation

345,000

210,000

Advances from majority stockholder

360,084

492,128

Total current liabilities

871,354

1,065,211

Commitments and Contingencies

Stockholders' Equity

Series A Preferred stock par value $0.001; 25,000,000 shares authorized; one share issued and outstanding

-

-

Common stock par value $0.0001: 250,000,000 shares authorized; 31,390,807 and 29,910,800 shares issued and outstanding, respectively

3,140

2,992

Additional paid-in capital

8,464,278

3,918,356

Common stock issuable, 204,667 shares at February 29, 2016

-

614,001

Accumulated deficit

(5,662,925 )

(3,123,802 )
Accumulated other comprehensive (loss) gain

(36,915 )

5,931

Total stockholders' equity

2,767,578

1,417,478

Total liabilities and stockholders' equity

$ 3,638,932

$ 2,482,689

See accompanying notes to the condensed consolidated financial statements.

F-2
Table of Contents

Loop Industries, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three months ended
November 30,

Nine months ended
November 30,

2016

2015

2016

2015

Revenue

$ -

$ -

$ -

$ -

Operating Expenses -

General and administrative

277,951

416,700

1,034,007

1,134,986

Research and development

368,403

240,085

1,217,600

499,924

Depreciation and amortization

102,244

78,613

290,396

104,822

Cost of reverse merger

-

-

-

60,571

Foreign exchange loss (gain)

809

8,441

(2,880 )

9,453

Total operating expenses

749,407

743,839

2,539,123

1,809,756

Net Loss

(749,407 )

(743,839 )

(2,539,123 )

(1,809,756 )

Other comprehensive loss -

Foreign currency translation adjustment

(18,488 )

(64,566 )

(42,846 )

(11,505 )
Comprehensive Loss

$ (767,895 )

$ (808,405 )

$ (2,581,969 )

$ (1,821,261 )

Loss per share

-Basic and Diluted

$ (0.02 )

$ (0.02 )

$ (0.08 )

$ (0.07 )

Weighted average common shares outstanding

-Basic and Diluted

31,390,807

29,810,800

31,001,702

26,533,037

See accompanying notes to the condensed consolidated financial statements.

F-3
Table of Contents

Loop Industries, Inc.

Condensed Consolidated Statement of Changes in Stockholders' Equity

Nine months ended November 30, 2016

(Unaudited)

Common stock
par value $0.0001

Preferred stock
par value $0.001

Additional

Common

Accumulated Other
Comprehensive

Total

Number of
Shares

Amount

Number of
shares

Amount

Paid-in
Capital

Stock
Issuable

Accumulated
Deficit

Income
(Loss)

Stockholders' Equity

Balance, February 29, 2016

29,910,800

$ 2,992

1

$ -

$ 3,918,356

$ 614,001

$ (3,123,802 )

$ 5,931

$ 1,417,478

Reclass. of common shares issuable to shares outstanding

204,667

20

613,981

(614,001 )

-

Issuance of common shares for cash

1,275,340

128

3,825,888

3,826,016

Fair value of Warrants issued for services

106,053

106,053

Foreign currency translation

(42,846 )

(42,846 )

Net loss

(2,539,123 )

(2,539,123 )

Balance, November 30, 2016

31,390,807

$ 3,140

1

$ -

$ 8,464,278

$ -

$ (5,662,925 )

$ (36,915 )

$ 2,767,578

See accompanying notes to the condensed consolidated financial statements.

F-4
Table of Contents

Loop Industries, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Nine months ended
November 30,

2016

2015

Cash Flows from Operating Activities

Net loss

$ (2,539,123 )

$ (1,809,756 )
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation expense

242,712

82,565

Amortization expense

47,684

22,257

Amortization of the fair value of common shares issued for services

-

534,000

Cost of reverse merger

-

60,571

Fair value of warrants issued for services

106,053

-

Changes in operating assets and liabilities:

Valued added tax and other receivables

89,427

(159,185 )
Prepayments and other current assets

36,129

(6,090 )
Accounts payable and accrued liabilities

(196,813 )

315,797

Accrued officer compensation

135,000

135,000

Intellectual property obligation

-

(212,880 )
Net Cash Used in Operating Activities

(2,078,931 )

(1,037,721 )

Cash Flows from Investing Activities

Purchases of property and equipment

(412,921 )

(1,085,351 )
Net Cash Used in Investing Activities

(412,921 )

(1,085,351 )

Cash Flows from Financing Activities

Advances from majority stockholder

(132,044 )

421,312

Proceeds from sales of common shares

3,826,016

2,237,000

Net Cash Provided by Financing Activities

3,693,972

2,658,312

Effect of exchange rate changes

(26,307 )

75,039

Net Change in Cash

1,175,813

610,279

Cash - beginning of period

422,586

209,796

Cash - end of period

$ 1,598,399

$ 820,075

Supplemental disclosure of cash flow information:

Income tax paid

$ -

$ -

Non-cash investing and financing activities:

Net Liabilities assumed upon reverse merger

$ -

$ 59,919

See accompanying notes to the condensed consolidated financial statements.

F-5
Table of Contents

Loop Industries, Inc.

Nine and Three months ended November 30, 2016 and 2015

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Note 1 – The Company and Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Loop Industries, Inc. and Subsidiaries (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended November 30, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017.

The Company

Loop Industries, Inc. was incorporated on March 11, 2010 under the laws of the State of Nevada, under the name "Radikal Phones Inc." We changed our name to "First American Group Inc." on October 7, 2010, and then we changed our name to our current name, "Loop Industries, Inc.", effective July 21, 2015.

On June 29, 2015, Loop Industries, Inc. entered into a Share Exchange Agreement (the "Share Exchange Agreement"), by and among the Company, and the holders of common stock of Loop Holdings, Inc. Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 23,257,500 shares of common stock in consideration for all the issued and outstanding shares in Loop Holdings. The effect of the issuance was that Loop Holdings shareholders held approximately 78.1% of the issued and outstanding shares of common stock of the Company upon consummation of the Share Exchange Agreement.

Pursuant to a Stock Redemption Agreement dated June 29, 2015 entered into commensurate with the share exchange, the Company redeemed 25,000,000 shares of First American Group common stock from two stockholders' for an aggregate redemption price of $16,000.

As the former owners and management of Loop Industries have voting and operating control of the Company after the share exchange, the transaction has been accounted for as a recapitalization with Loop Holdings deemed the acquiring company for accounting purposes, and the Company deemed the legal acquirer. No step-up in basis or intangible assets or goodwill was recorded and the aggregate cost of $60,571 representing the net liabilities assumed of $35,243, $16,000 cost of the redeemed shares and closing costs of $9,328 was reflected as a cost of the transaction in June 2015. The consolidated financial statements reflect the historical results of Loop Holdings prior to the Share Exchange, and that of the combined company following the Share Exchange.

The Company engages in the designing, prototyping and building a closed loop plastics recycling business that leverages a proprietary de-polymerization technology.

All references to shares of common stock in this Report on Form 10-Q give retroactive effect to a one-for-four (1:4) reverse split of the Company's issued and outstanding shares of common stock, which reverse split took effect on the OTCQB on September 21, 2015.

F-6
Table of Contents

Basis of Consolidation

These consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("US GAAP") and comprise the consolidated financial position and results of operations of Loop Industries Inc. and an operating division of 8198381 Canada Inc., (Loop Canada) a Canadian Company that is owned 100% by the majority shareholder of Loop Industries Inc.

The Company determined due to the close association between the Company and Loop Canada, the ongoing management of Loop Canada by the Company's majority stockholder, that the activities of Loop Canada are principally related to Loop Industries, Inc., and the Company's right to receive the outputs from the activities of Loop Canada which could potentially be significant to the Company, Loop Canada is a variable interest entity (VIE) requiring consolidation with the Company. The Company determined that it is both the Primary beneficiary and provider of financial support to these Loop Canada operations.

On May 24, 2016, 9449507 Canada Inc. was incorporated to absorb all the assets and liabilities pertaining to the pilot plant commissioned by Loop Industries Inc. to 8198381 Canada Inc. On November 11, 2016, the shares of 9449507 Canada Inc., which was wholly owned by Mr. Solomita, were transferred to Loop Industries Inc. In December 23, 2016, 9449507 Canada Inc., changed its legal name to Loop Canada Inc.

The transfer of the assets and liabilities will be executed following a letter of intent signed to that effect on June 13, 2016 and it is expected to be completed during the fourth quarter of this fiscal year.

Intercompany balances and transactions have been eliminated in consolidation.

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company has no recurring source of revenue and during the nine months ended November 30, 2016, the Company incurred a net loss of $2.5 Million and used cash in operations of $2.0 Million. These factors raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company's ability to raise additional funds and implement its business plan. Our auditors report regarding our February, 29, 2016 Financial Statements express an opinion that substantial doubt exists as to whether we can continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management estimates that the current funds on hand will not be sufficient to continue operations through the next twelve months and to finalize the transition from pilot scale to a full scale commercial manufacturing facility. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash and estimates that a significant amount of capital will be necessary to advance the development of our projects to the point at which they will become commercially viable.

No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company could obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case of equity financing.

F-7
Table of Contents

Note 2 – Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in calculating the fair value of certain stock instruments.

Fair value of financial instruments

The Company applies FASB ASC 820, Fair Value Measurement, which defines fair value and establishes a framework for measuring fair value and making disclosures about fair value measurements. FASB ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type of financial instruments and the characteristics specific to them. Financial instruments with readily available quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

There are three levels within the hierarchy that may be used to measure fair value:

Level 1
—
A quoted price in an active market for identical assets or liabilities.
Level 2
—
Significant pricing inputs are observable inputs, which are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources.
Level 3
—
Significant pricing inputs are unobservable inputs, which are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value measurements level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values.

The carrying amounts of the Company's financial assets and liabilities, such as cash, prepayments, accounts payable and accrued liabilities approximate their fair values because of the short maturity of these instruments.

F-8
Table of Contents

Foreign Currency Translations and Transactions

The accompanying consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.

The following table summarizes the exchange rates used:

Nine Months Ended November 30,

2016

2015

Period end Canadian $: US Dollar exchange rate

$ 0.74

$ 0.75

Average period Canadian $: US Dollar exchange rate

$ 0.77

$ 0.78

Expenditures are translated at the average exchange rate for the period presented.

Value added tax and other receivables

The Company is registered for the Canadian Federal and Provincial Goods and Services Taxes. As a registrant, the Company is obligated to collect, and is entitled to claim sale taxes paid on its expenses and capital expenditures incurred in Canada. As at the Balance Sheet date of November 30, and February 29, 2016, the computed net recoverable sale taxes amount to $163,614 and $253,041, respectively for which the Company expects full reimbursement. The Company is the process of filing the required returns to claim the remaining recoverable balance.

Intangible Assets

Management performs impairment tests of indefinite-lived intangible assets at least annually, or whenever an event occurs or circumstances change that indicate impairment has more likely than not occurred.

The Company reviews intangible assets subject to amortization at least annually to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. If the carrying value of an asset exceeds its undiscounted cash flows, the Company writes down the carrying value of the intangible asset to its fair value in the period identified. If the carrying value of assets is determined not to be recoverable, the Company records an impairment loss equal to the excess of the carrying value over the fair value of the assets. The Company's estimate of fair value is based on the best information available, in the absence of quoted market prices. The Company generally calculates fair value as the present value of estimated future cash flows that the Company expects to generate from the asset using a discounted cash flow income approach as described above. If the estimate of an intangible asset's remaining useful life is changed, the Company amortizes the remaining carrying value of the intangible asset prospectively over the revised remaining useful life.

As of November 30, and February 29, 2016 the Company determined that there were no indicators of impairment of its recorded intangible assets.

F-9
Table of Contents

Stock Based Compensation

The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board (FASB) whereas the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Options granted to non-employees are revalued each reporting period to determine the amount to be recorded as an expense in the respective period. As the options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the then current value on the date of vesting. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

The fair value of the Company's stock option and warrant grants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods.

Income Taxes

The Company calculates its income tax charge on the basis of the tax laws enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income, in accordance with FASB ASC 740, Income Taxes. The Company uses an asset and liability approach for financial accounting and reporting for income taxes that allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense.

Net Loss per Share

The Company computes net loss per share in accordance with FASB ASC 260 Earnings per share. Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation if their effect is antidilutive.

For the three and nine months ended November 30, 2016 and 2015, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. The potentially dilutive securities consisted of 2,035,004 outstanding warrants as of November 30, 2016. There were no warrants outstanding as of November 30, 2015.

F-10
Table of Contents

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such the Company to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management has determined to adopt ASU 2014-09 in The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures.

In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company's financial statements and disclosures.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management's evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Company's financial statement presentation and disclosures beginning in 2016.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

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Note 3 – Property and Equipment, net

Estimated

Useful

November 30,

February 29,

Life

2016

2016

(years)

Machinery and Equipment

5 - 7

$ 1,496,320

$ 1,126,147

Office equipment and furniture

5 - 8

126,625

108,030

Leasehold improvements

3

338,645

314,786

1,961,590

1,548,963

Less: accumulated depreciation

(408,566 )

(149,609 )
Property and equipment, net

$ 1,553,024

$ 1,399,354

Depreciation expense is recorded as an operating expense in the consolidated statements of operations and comprehensive loss and amounted to $86,349 and $71,194 for the three months ended November 30, 2016 and 2015, respectively, and to $242,712 and $82,565 for the nine months ended November 30, 2016 and 2015, respectively.

Note 4 – Intellectual Property, net

Estimated

Useful

November 30,

February 29,

Life

2016

2016

(years)

In-process research & development

7

$ 445,050

$ 445,050

Less: accumulated amortization

(121,155 )

(73,471 )
Intellectual Property, net

$ 323,895

$ 371,579

On October 27, 2014, the Company entered into an intellectual property agreement with Mr. Hatem Essaddam wherein the Company purchased a certain technique and method (In-process research and development) for $445,050 allowing for the depolymerization of polyethylene terephthalate at ambient temperature and atmospheric pressure. The Company will use such technique in its processing plant. The technology is being amortized using the straight-line method over the estimated used life of the patents.

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In addition to the $445,050 paid by the Company under the Intellectual Property Assignment Agreement, the Company is required to make additional payments totaling CDN$800,000 Mr. Essaddam within sixty (60) days of each of the following milestones (the "Milestones") having been met, as follows:

(i)
CDN$200,000 when an average of twenty (20) metric tons per day of terephthalic acid meeting the is produced by the Company for twenty (20) operating days;

(ii)
CDN$200,000 when an average of thirty (30) metric tons per day of terephthalic acid is produced by the Company for thirty (30) operating days;

(iii)
CDN$200,000 when an average of sixty (60) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days; and

(iv)
CDN$200,000 when an average of one hundred (100) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days.

As of November 30, 2016 the Company is still in its test pilot program, none of the Milestones have been met, and accordingly no additional CDN$200,000 payment has been made.

Additionally, the Company is obligated to make royalty payments of up to CDN$27,000,000, payable as follows:

(a)
10% of gross profits on the sale of all products derived by the Company from the technology assigned to the Company under the agreement;

(b)
10% of any license fee paid to the Company in respect of any licensing or other right to use the technology assigned to the Company and granted to a third party by the Assignee;

(c)
5% of any royalty or other similar payment made to the Company by a third party to whom a license or other right to use the technology assigned to the Company has been granted by the Company; and

(d)
5% of any royalty or other similar payment made to the Company by a third party in respect of a sub-license or other right to use the technology assigned to the Company granted by the third party.

As of November 30, 2016, the Company did not make any royalty payments under the Intellectual Property Assignment Agreement.

Amortization expense is recorded as an operating expense in the consolidated statements of operations and comprehensive loss and amounted to $15,895 and $7,419 for the three months ended November 30, 2016 and 2015, respectively, and to $47,684 and $22,257 for the nine months ended November 30, 2016 and 2015, respectively.

Note 5 – Related Party Transactions

Advances from Major Shareholder

Mr. Daniel Solomita, the Company's major stockholder and CEO, or companies controlled by him, has made advances to the Company to finance its operations. The amounts due to these entities as of November 30, 2016 and February 29, 2016 were $360,084 and $492,128, respectively. The advances are unsecured, non-interest bearing with no formal terms of repayment.

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Employment Agreement and Accrued Compensation due Major Shareholder

The Company entered into employment agreement with Daniel Solomita, the Company's President and Chief Executive Officer for an indefinite term. During the term, officer shall receive monthly salary of $15,000. Compensation expense under this agreement amounted to $45,000 during the three months ended November 30, 2016 and 2015, and to $135,000 during the nine months ended November 30, 2016 and 2015. As of November 30, 2016, and February 29, 2016, accrued compensation of $345,000 and $210,000, respectively, was due to Mr. Solomita.

In addition, the Company agreed to issue the officer 4 million shares of the Company's common stock, in tranches of one million shares each, if certain milestones were met. The bonus of 4,000,000 shares of common stock is payable to Mr. Solomita as follows:

(i)
1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's securities are listed on an exchange or the OTCQX tier of the OTC Markets;

(ii)
1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company executes a contract for a minimum quantity of 25,000 M/T of PTA/EG or a PET;

(iii)
1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's first full-scale production facility is in commercial operation; and

(iv)
1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's second full-scale production facility is in commercial operation.

The milestones had not been met as of November 30, 2016.

On February 15, 2016, the Company and Mr. Solomita entered into an Amendment No. 1 to Employment Agreement (the "Amendment No. 1"), which amends the Employment Agreement. Amendment No. 1 provides that the Company shall issue Mr. Solomita one share of the Company's Series A Preferred Stock for consideration of Mr. Solomita agreeing not to terminate his employment with the Company for a period of five years from the date of Amendment No. 1.

Note 6 – Stockholders' Equity

Common Stock

During the nine months ended November 30, 2016, the Company sold 1,275,340 shares of its common stock, and 637,670 warrants to acquire shares of common stock at $3.00 per share resulting in proceeds to the Company of $3,826,016. In addition, 204,667 shares of common stock sold in the previous year were issued and reclassified to shares outstanding.

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Warrants

The Company has not adopted a formal stock option plan, however, it has made periodic non-plan grants of warrants for services and financing.

During the year ended February 29, 2016, the Company issued warrants to purchase 2,220,000 shares of the Company's common stock at an exercise price of $.80 per share for services. During the nine months ended November 30, 2016, the Company issued warrants to purchase 75,000 shares of the Company's common stock at an exercise price of $3.00 per share for services. The total fair value of the warrants granted was determined to be $1,398,288.

During the three and nine months ended November 30, 2016, the Company amortized $32,348, and $106,053, respectively, of these costs which are included in operating expenses. As of November 30, 2016, the unamortized balance of these costs was $424,142 which will be amortized over the next two years. The aggregate intrinsic value of the warrants outstanding as of November 30, 2016, was $4,238,000 calculated as the difference between the closing market price of $4.20 and the exercise price of the Company's warrants as of November 30, 2016.

During the nine months ended November 30, 2016, the Company issued warrants to purchase 637,670 shares of the Company's common stock at an exercise price of $6.00 per share to certain investors upon the sale of 1,275,340 common shares.

The table below summarizes the Company's warrants activities:

Number of
Warrant
Shares

Exercise
Price Range
Per Share

Weighted
Average
Exercise
Price

Balance, February 29, 2016

2,322,334

$
0.80 to $6.00

$ 1.03

Granted

712,670

$
3.00 to $6.00

5.68

Forfeited

(1,000,000 )

$ 0.80

0.80

Exercised

-

-

-

Expired

-

-

-

Balance, November 30, 2016

2,035,004

$
0.80 to $6.00

$ 2.77

Earned and exercisable, November 30, 2016

1,437,087

$
0.80 to $6.00

$ 3.45

Unvested, November 30, 2016

597,917

$
0.80 to $3.00

$ 1.14

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The following table summarizes information concerning outstanding and exercisable warrants as of November 30, 2016:

Warrants Outstanding

Warrants Exercisable

Range of
Exercise Prices

Number
Outstanding

Average
Remaining
Contractual Life
(in years)

Weighted
Average
Exercise Price

Number
Exercisable

Average
Remaining
Contractual Life
(in years)

Weighted
Average
Exercise
Price

$
0.80

1,220,000

1.02

$ 0.80

695,000

1.02

$ 0.80

$
6.00

740,004

0.93

$ 6.00

740,004

0.93

$ 6.00

$
3.00

75,000

1.52

$ 3.00

2,083

1.52

$ 3.00

Note 7 – Geographic Information

As of November 30, 2016, and 2015, the Company had two reportable diverse geographical concentrations, the United States and Canada. Information related to these operating segments, net of eliminations, consists of the following for the periods below:

Nine months ended
November 30, 2016

United States

Canada

Total

Revenue

$ -

$ -

$ -

Cost of revenue

-

-

-

General and administrative

561,545

472,462

1,034,007

Research and development

472,986

744,614

1,217,600

Depreciation and amortization

72,978

217,418

290,396

Foreign exchange loss (gain)

-

(2,880 )

(2,880 )
Loss from operations

$ 1,107,509

$ 1,431,614

$ 2,539,123

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As at
November 30, 2016

United States

Canada

Total

Current assets

$ 1,268,193

$ 493,820

$ 1,762,013

Property and equipment, net

133,119

1,419,905

1,553,024

Intangible assets, net

323,895

-

323,895

Total assets

$ 1,725,207

$ 1,913,725

$ 3,638,932

Current liabilities

$ 375,473

$ 495,882

$ 871,354

Equity

5,396,127

(2,628,550 )

2,767,577

Total liabilities and equity

$ 5,771,600

$ (2,132,668 )

$ 3,638,932

Nine months ended
November 30, 2015

United States

Canada

Total

Revenue

$ -

$ -

$ -

Cost of revenue

-

-

-

General and administrative

829,080

305,906

1,134,986

Research and development

153,753

346,171

499,924

Depreciation and amortization

26,472

78,350

104,822

Cost of reverse merger

60,571

-

60,571

Foreign exchange loss (gain)

2,120

7,333

9,453

Loss from operations

$ 1,071,996

$ 737,760

$ 1,809,756

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As at
November 30, 2015

United States

Canada

Total

Current assets

$ 847,415

$ 177,001

$ 1,024,416

Property and equipment, net

153,033

825,891

978,924

Intangible assets, net

412,900

-

412,900

Total assets

$ 1,413,348

$ 1,002,892

$ 2,416,240

Current liabilities

$ 204,102

$ 832,545

$ 1,036,647

Equity

2,159,246

(779,653 )

1,379,593

Total liabilities and equity

$ 2,363,348

$ 52,892

$ 2,416,240

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following information should be read in conjunction with (i) the condensed consolidated financial statements of Loop Industries, Inc., a Nevada corporation, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the February 29, 2016 audited financial statements and related notes included in the Company’s Annual Report on Form 10-K (File No. 000-54768), as filed with the SEC on June 15, 2016. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

OVERVIEW

Loop Industries, Inc., (formerly First American Group) a Nevada corporation (the “Company”), was incorporated in the State of Nevada on March 11, 2010, and has a fiscal year end of the last day of the month of February.

Recent Developments

Reverse Acquisition of Loop Holdings

On June 29, 2015, we completed a reverse acquisition transaction through a share exchange with Loop Holdings whereby we acquired all of the issued and outstanding shares of Loop Holdings in exchange for 23,257,500 shares of our common stock.

Under the terms and conditions of the Share Exchange Agreement, First American Group issued 23,257,500 shares of its common stock for the acquisition of all of the issued and outstanding shares of Loop Holdings. The number of common shares issued represented approximately 78.1% of the issued and outstanding common stock immediately after the consummation of the Share Exchange Agreement and Stock Redemption Agreements. The board of directors and the members of the management of First American Group resigned and the board of directors and the member of the management of Loop Holdings became the board of directors and the member of the management of the combined entities upon consummation of the Share Exchange Agreement.

As a result of the controlling financial interest of the former stockholders of Loop Holdings, Inc., for financial statement reporting purposes, the merger between First American Group and Loop Holdings was treated as a reverse acquisition, with Loop Holdings deemed the accounting acquirer and First American Group deemed the accounting acquiree. The reverse acquisition is deemed a capital transaction in substance whereas the assets and liabilities of Loop Holdings, Inc. (the accounting acquirer) are carried forward to First American Group (the legal acquirer and the reporting entity) at their carrying value before the combination and the equity structure (the number and type of equity interests issued) of Loop Holdings, Inc. is being retroactively restated using the exchange ratio established in the Share Exchange Agreement and Stock Redemption Agreements to reflect the number of shares of First American Group issued to effect the acquisition. The number of common shares issued and outstanding and the amount recognized as issued equity interests in the consolidated financial statements is determined by adding the number of common shares deemed issued and the issued equity interests of Loop Holdings, Inc. immediately prior to the business combination to the unredeemed shares and the fair value of First American Group.

Loop Holdings was incorporated on October 23, 2014, in Nevada. We are a development company and have never generated any revenues. The commercialization of our depolymerization technology is in its incipient stages and must be scaled-up before we can commercialize the technology and generate any revenues. The depolymerization technology underlying the business of Loop Holdings was originally developed by Hatem Essaddam, who sold the depolymerization technology to Loop Holdings for a purchase price of up to $445,050 and contingent consideration of CDN$800,000 pursuant to an Intellectual Property Assignment Agreement dated October 27, 2014, by and among Hatem Essaddam, Loop Holdings, and Daniel Solomita, our President and Chief Executive Officer, Secretary, Treasurer and Chairman of the Board of Directors.

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Our depolymerization of polyethylene terephthalate (PET) process is completed through a series of chemical reactions at room temperature and under normal atmospheric pressure. The resulting monomers of the depolymerization is purified terephthalic acid and ethylene glycol.

Our depolymerization process is summarized as follows:

·
PET bottles are shredded into 5 mm size pieces;
·
Shredded PET is put into a large reactor, where certain chemicals are added;
·
The PET molecular chain begins to be broken down in 20 minutes;
·
Purified terephthalic acid (solid) and ethylene glycol (liquid) and mother liquor are separated using a combination of centrifugation and distillation;
·
The mother liquor is returned to the reactor to be reused in the process; and
·
Purified terephthalic acid and Ethylene Glycol are processed and packaged.

GOING CONCERN; NEED FOR ADDITIONAL CAPITAL

As reflected in the accompanying condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, the Company has no recurring source of revenue and during the nine months ended November 30, 2016, the Company incurred a net loss of $2.5 Million and used $2.0 Million cash in operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Our auditor’s report regarding our February 29, 2016, financial statements, contained in the Company’s Annual Report on Form 10-K (File No. 000-54768), as filed with the SEC on June 15, 2016 expresses an opinion that substantial doubt exists as to whether we can continue as an ongoing business

CRITICAL ACCOUNTING POLICIES

The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We have identified the policies below as critical to our business operations and to the understanding of our financial results:

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company reports revenues and expenses using the accrual method of accounting in accordance with accounting principles generally accepted in the United States (“US GAAP”) for financial and tax reporting purposes.

Stock Based Compensation

The fair value of the Company’s stock option and warrant grants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods.

Intangible Assets

The Company reviews intangible assets subject to amortization at least annually to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. If the carrying value of an asset exceeds its undiscounted cash flows, the Company writes down the carrying value of the intangible asset to its fair value in the period identified. If the carrying value of assets is determined not to be recoverable, the Company records an impairment loss equal to the excess of the carrying value over the fair value of the assets. The Company’s estimate of fair value is based on the best information available, in the absence of quoted market prices. The Company generally calculates fair value as the present value of estimated future cash flows that the Company expects to generate from the asset using a discounted cash flow income approach as described above. If the estimate of an intangible asset’s remaining useful life is changed, the Company amortizes the remaining carrying value of the intangible asset prospectively over the revised remaining useful life.

Recently Issued Accounting Pronouncements

Please refer to footnote 2 of the accompanying financial statements for Management’s discussion of recently issued, but not yet effective accounting pronouncements.

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PLAN OF OPERATION

We have not yet generated or realized any revenues from our business. We are aiming to sell LOOP™ branded PET resin to sustainably focused customers through our proprietary depolymerization technology which allows us to manufacturer purified terephthalic acid (PTA) and Mono Ethelyne glycol (MEG) form waste plastic, these high purity petrochemicals are mainly used in the production of Polyethylene terephthalate (PET). During January 2016, we announced the successful completion of a pilot plant facility in Montreal, Canada with a production capacity of 2.5 metric tons per day of high purity PTA and MEG. We are planning to build a commercial scale facility with an installed capacity of a minimum 10 KTA to supply our potential clients with LOOP™ branded PET resin of 25% and 50% recycled content. We are finalizing the detailed engineering and construction estimates for the new facilities. We are planning to finance the new facility through additional sales of our common stock, government assistance, including grants and low-interest loans.

We are conducting qualification testing of our LOOP™ branded PET resin and negotiating long term supply contracts with potential clients. In addition, we are optimizing our manufacturing process to ensure a smooth transition from pilot scale to full scale commercial manufacturing facility.

Our plan of operation also includes the development of the Loop™ branded PET resin, by establishing co-marketing, co-branding agreements with potential clients. Loop™ branded PET resin will primarily focus on educating consumers on the importance of the circular economy.

RESULTS OF OPERATIONS

Three months ended November 30, 2016 and November 30, 2015

We recorded no revenues for the three months ended November 30, 2016 and November 30, 2015.

For the three months ended November 30, 2016 and November 30, 2015, general and administrative expenses were $277,951, and $416,700, respectively. The decrease of $138,749 was due primarily to the amortization of $178,000 stock compensation costs during the three months ended November 30, 2015. This decrease was partially offset by additional expenses related to the intensification of the Company's operations including the rent of a corporate office in Montreal, increased head count, payroll and recruitment fees, and additional costs related to public company compliance such as professional fees, filing fees, directors and officer’s insurance and other expenses. The decrease was also partially offset by a charge of $14,620 corresponding to the fair value of warrants granted to employees.

For the three months ended November 30, 2016 and November 30, 2015, research and development expenses were $368,403, and $240,085, respectively. The increase of $128,318 was due primarily to the intensification of the Company's operations including the start-up of a pilot plant in Montreal, increased head count, rent of equipment, purchase of materials and hiring contractors. The increase is also the result of additional expenses in connection with patent applications, patent maintenance and legal fees, and a charge of $17,726 corresponding to the fair value of warrants granted to employees.

For the three months ended November 30, 2016 and November 30, 2015, depreciation of fixed assets and amortization of intangible assets were $102,244, and $78,613, respectively. The increase of $23,631 was due primarily to the intensification of the Company’s operations including the start-up of a pilot plant in Montreal and the increase in fixed assets of approximately $1.0 Million during the last 12 months.

Nine months ended November 30, 2016 and November 30, 2015

We recorded no revenues for the nine months ended November 30, 2016 and November 30, 2015.

For the nine months ended November 30, 2016 and November 30, 2015, general and administrative expenses were $1,034,007, and $1,134,986, respectively. The decrease of $100,979 was due primarily to the amortization of $534,000 stock compensation costs during the nine months ended November 30, 2015. This decrease was partially offset by additional expenses related to the intensification of the Company's operations including the rent of a corporate office in Montreal, increased head count, payroll and recruitment fees, and additional costs related to public company compliance such as professional fees, filing fees, directors and officer’s insurance and other expenses. The decrease was also partially offset by a charge of $58,784 corresponding to the fair value of warrants granted to employees.

For the nine months ended November 30, 2016 and November 30, 2015, research and development expenses were $1,217,600, and $499,924, respectively. The increase of $717,676 was due primarily to the intensification of the Company's operations including the start-up of a pilot plant in Montreal, increased head count, rent of equipment, purchase of materials and hiring contractors. The increase is also the result of additional expenses in connection with patent applications, patent maintenance and legal fees, and a charge of $47,269 corresponding to the fair value of warrants granted to employees.

For the nine months ended November 30, 2016 and November 30, 2015, depreciation of fixed assets and amortization of intangible assets were $290,396, and $104,822, respectively. The increase of $185,574 was due primarily to the intensification of the Company’s operations including the start-up of a pilot plant in Montreal and the increase in fixed assets of approximately $1.0 Million during the last 12 months.

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LIQUIDITY AND CAPITAL RESOURCES

At November 30, 2016, we had a cash balance of $1.6 Million and a working capital balance of $0.9 Million. During the nine months ended November 30, 2016, the Company used $2.0 cash in operations. Our cash at hand is not sufficient to fully finance our annual plan of operations. We will need to raise additional funds and we believe that additional funding will likely come from equity financing from the sale of our common stock. If we are successful in completing equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our annual plan of operations and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing.

SUBSEQUENT EVENTS

None.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer are responsible for conducting an evaluation of the effectiveness of the design and operation 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 of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and our principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of November 30, 2016.

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

ITEM 1A. RISK FACTORS.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

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ITEM 6. EXHIBITS.

Exhibits required by Item 601 of Regulation SK.

Number
Description
2.1
Share Exchange Agreement, dated June 29, 2015, by and among the Company, Loop Holdings, Inc., a Nevada corporation, and the holders of common stock of Loop Holdings, Inc. (2)
3.1.1
Articles of Incorporation, dated March 11, 2010 (1)
3.1.2
Certificate of Amendment, dated October 10, 2010 (1)
3.1.3
Certificate of Amendment, dated February 4, 2014 (4)
3.1.4
Certificate of Change, dated February 4, 2014 (4)
3.1.5
Certificate of Amendment, dated July 21, 2015 (3)
3.1.6
Certificate of Change, dated July 21, 2015 (3)
3.1.7
Certificate of Designation for Series A Preferred Stock, dated February 19, 2016 (4)
3.2
Bylaws (1)
31.1
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS
XBRL Instance Document*
101.SCH
XBRL Taxonomy Extension Schema Document*
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB
XBRL Taxonomy Extension Label Linkbase Document*
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document*

_____________

(1)
Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-171091), filed with the Securities and Exchange Commission on December 10, 2010.
(2)
Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-54768), filed with the Securities and Exchange Commission on June 30, 2015.
(3)
Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-54768), filed with the Securities and Exchange Commission on June 15, 2016.
(4)
Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 000-54768), filed with the Securities and Exchange Commission on October 20, 2015

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

10
Table of Contents

SIGNATURES

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

LOOP INDUSTRIES, INC.
Date: January 13, 2017
By:
/s/ Daniel Solomita
Name:
Daniel Solomita
Title:
President and Chief Executive Officer
(principal executive officer)

Date: January 13, 2017
By:
/s/ Cesar Contla
Name:
Cesar Contla
Title:
Chief Financial Officer
(principal financial officer and principal accounting officer)

EX-31.1 2 llpp_ex311.htm CERTIFICATION llpp_ex311.htm

EXHIBIT 31.1

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER OF LOOP INDUSTRIES, INC.

I, Daniel Solomita, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Loop Industries, Inc.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;

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

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

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

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

Date: January 13, 2017
By:
/s/ Daniel Solomita

Daniel Solomita

President and Chief Executive Officer (principal executive officer)

EX-31.2 3 llpp_ex312.htm CERTIFICATION llpp_ex312.htm

EXHIBIT 31.2

SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER OF LOOP INDUSTRIES, INC.

I, Cesar Contla, certify that:

Date: January 13, 2017
By:
/s/ Cesar Contla

Cesar Contla

Chief Financial Officer (principal financial officer and principal accounting officer)

EX-32.1 4 llpp_ex321.htm CERTIFICATION llpp_ex321.htm

EXHIBIT 32.1

SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER OF LOOP INDUSTRIES, INC.

In connection with the accompanying Quarterly Report on Form 10-Q of Loop Industries, Inc. for the quarter ended November 30, 2016, the undersigned, Daniel Solomita, President and Chief Executive Officer of Loop Industries, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) such Quarterly Report on Form 10-Q for the quarter ended November 30, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in such Quarterly Report on Form 10-Q for the quarter ended November 30, 2016, fairly presents, in all material respects, the financial condition and results of operations of Loop Industries, Inc.

Date: January 13, 2017
By:
/s/ Daniel Solomita

Daniel Solomita

President and Chief Executive Officer (principal executive officer)

EX-32.2 5 llpp_ex322.htm CERTIFICATION llpp_ex322.htm

EXHIBIT 32.2

SECTION 906 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER OF LOOP INDUSTRIES, INC.

In connection with the accompanying Quarterly Report on Form 10-Q of Loop Industries, Inc. for the quarter ended November 30, 2016, the undersigned, Cesar Contla, Chief Financial Officer of Loop Industries, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

Date: January 13, 2017
By:
/s/ Cesar Contla

Cesar Contla

Chief Financial Officer (principal financial officer and principal accounting officer)

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Basis of Presentation   The accompanying unaudited condensed consolidated financial statements of Loop Industries, Inc. and Subsidiaries (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended November 30, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017.   The Company	   Loop Industries, Inc. was incorporated on March 11, 2010 under the laws of the State of Nevada, under the name "Radikal Phones Inc." We changed our name to "First American Group Inc." on October 7, 2010, and then we changed our name to our current name, "Loop Industries, Inc.", effective July 21, 2015.   On June 29, 2015, Loop Industries, Inc. entered into a Share Exchange Agreement (the "Share Exchange Agreement"), by and among the Company, and the holders of common stock of Loop Holdings, Inc. Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 23,257,500 shares of common stock in consideration for all the issued and outstanding shares in Loop Holdings. The effect of the issuance was that Loop Holdings shareholders held approximately 78.1% of the issued and outstanding shares of common stock of the Company upon consummation of the Share Exchange Agreement.   Pursuant to a Stock Redemption Agreement dated June 29, 2015 entered into commensurate with the share exchange, the Company redeemed 25,000,000 shares of First American Group common stock from two stockholders' for an aggregate redemption price of $16,000.   As the former owners and management of Loop Industries have voting and operating control of the Company after the share exchange, the transaction has been accounted for as a recapitalization with Loop Holdings deemed the acquiring company for accounting purposes, and the Company deemed the legal acquirer. No step-up in basis or intangible assets or goodwill was recorded and the aggregate cost of $60,571 representing the net liabilities assumed of $35,243, $16,000 cost of the redeemed shares and closing costs of $9,328 was reflected as a cost of the transaction in June 2015. The consolidated financial statements reflect the historical results of Loop Holdings prior to the Share Exchange, and that of the combined company following the Share Exchange.   The Company engages in the designing, prototyping and building a closed loop plastics recycling business that leverages a proprietary de-polymerization technology.   All references to shares of common stock in this Report on Form 10-Q give retroactive effect to a one-for-four (1:4) reverse split of the Company's issued and outstanding shares of common stock, which reverse split took effect on the OTCQB on September 21, 2015.   Basis of Consolidation   These consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("US GAAP") and comprise the consolidated financial position and results of operations of Loop Industries Inc. and an operating division of 8198381 Canada Inc., (Loop Canada) a Canadian Company that is owned 100% by the majority shareholder of Loop Industries Inc.    The Company determined due to the close association between the Company and Loop Canada, the ongoing management of Loop Canada by the Company's majority stockholder, that the activities of Loop Canada are principally related to Loop Industries, Inc., and the Company's right to receive the outputs from the activities of Loop Canada which could potentially be significant to the Company, Loop Canada is a variable interest entity (VIE) requiring consolidation with the Company. The Company determined that it is both the Primary beneficiary and provider of financial support to these Loop Canada operations.   On May 24, 2016, 9449507 Canada Inc. was incorporated to absorb all the assets and liabilities pertaining to the pilot plant commissioned by Loop Industries Inc. to 8198381 Canada Inc. On November 11, 2016, the shares of 9449507 Canada Inc., which was wholly owned by Mr. Solomita, were transferred to Loop Industries Inc. In December 23, 2016, 9449507 Canada Inc., changed its legal name to Loop Canada Inc.   The transfer of the assets and liabilities will be executed following a letter of intent signed to that effect on June 13, 2016 and it is expected to be completed during the fourth quarter of this fiscal year.   Intercompany balances and transactions have been eliminated in consolidation.   Going Concern   The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company has no recurring source of revenue and during the nine months ended November 30, 2016, the Company incurred a net loss of $2.5 Million and used cash in operations of $2.0 Million. These factors raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company's ability to raise additional funds and implement its business plan. Our auditors report regarding our February, 29, 2016 Financial Statements express an opinion that substantial doubt exists as to whether we can continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   Management estimates that the current funds on hand will not be sufficient to continue operations through the next twelve months and to finalize the transition from pilot scale to a full scale commercial manufacturing facility. Management is currently seeking additional funds, primarily through the issuance of debt and equity securities for cash and estimates that a significant amount of capital will be necessary to advance the development of our projects to the point at which they will become commercially viable.   No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company could obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case of equity financing.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: center">Estimated Useful</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">November 30,</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">February 29,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Life</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: center">(years)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Machinery and Equipment</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 9%; text-align: center">5 - 7</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,496,320</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,126,147</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Office equipment and furniture</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: center">5 - 8</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">126,625</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">108,030</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Leasehold improvements</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center">3</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">338,645</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">314,786</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,961,590</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,548,963</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Less: accumulated depreciation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(408,566</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(149,609</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,553,024</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,399,354</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Depreciation expense is recorded as an operating expense in the consolidated statements of operations and comprehensive loss and amounted to $86,349 and $71,194 for the three months ended November 30, 2016 and 2015, respectively, and to $242,712 and $82,565 for the nine months ended November 30, 2016 and 2015, respectively.

Advances from Major Shareholder   Mr. Daniel Solomita, the Company's major stockholder and CEO, or companies controlled by him, has made advances to the Company to finance its operations. The amounts due to these entities as of November 30, 2016 and February 29, 2016 were $360,084 and $492,128, respectively. The advances are unsecured, non-interest bearing with no formal terms of repayment.   Employment Agreement and Accrued Compensation due Major Shareholder   The Company entered into employment agreement with Daniel Solomita, the Company's President and Chief Executive Officer for an indefinite term. During the term, officer shall receive monthly salary of $15,000. Compensation expense under this agreement amounted to $45,000 during the three months ended November 30, 2016 and 2015, and to $135,000 during the nine months ended November 30, 2016 and 2015. As of November 30, 2016, and February 29, 2016, accrued compensation of $345,000 and $210,000, respectively, was due to Mr. Solomita.   In addition, the Company agreed to issue the officer 4 million shares of the Company's common stock, in tranches of one million shares each, if certain milestones were met. The bonus of 4,000,000 shares of common stock is payable to Mr. Solomita as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: justify">(i) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's securities are listed on an exchange or the OTCQX tier of the OTC Markets;</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(ii) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company executes a contract for a minimum quantity of 25,000 M/T of PTA/EG or a PET;</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iii) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's first full-scale production facility is in commercial operation; and</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iv) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's second full-scale production facility is in commercial operation.</td></tr> </table>   The milestones had not been met as of November 30, 2016.   On February 15, 2016, the Company and Mr. Solomita entered into an Amendment No. 1 to Employment Agreement (the "Amendment No. 1"), which amends the Employment Agreement. Amendment No. 1 provides that the Company shall issue Mr. Solomita one share of the Company's Series A Preferred Stock for consideration of Mr. Solomita agreeing not to terminate his employment with the Company for a period of five years from the date of Amendment No. 1.

The following table summarizes the exchange rates used:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine Months Ended November 30,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2015</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Period end Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">0.74</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.75</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Average period Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.77</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.78</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: center">Estimated Useful</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">November 30,</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">February 29,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Life</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: center">(years)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Machinery and Equipment</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 9%; text-align: center">5 - 7</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,496,320</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,126,147</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Office equipment and furniture</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: center">5 - 8</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">126,625</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">108,030</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Leasehold improvements</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center">3</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">338,645</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">314,786</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,961,590</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,548,963</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Less: accumulated depreciation</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(408,566</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(149,609</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,553,024</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,399,354</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

The table below summarizes the Company's warrants activities:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number of Warrant Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Exercise Price Range Per Share</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, February 29, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,322,334</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify">$</td> <td style="width: 9%; text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.03</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">712,670</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify">$</td> <td style="text-align: right">3.00 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">5.68</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Forfeited</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(1,000,000</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.80</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.80</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2,035,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">2.77</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Earned and exercisable, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">1,437,087</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">3.45</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Unvested, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">597,917</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.80 to $3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.14</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

The following table summarizes information concerning outstanding and exercisable warrants as of November 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="10" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants Outstanding</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="10" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants Exercisable</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Range of Exercise Prices</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number Outstanding</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Average Remaining Contractual Life (in years)</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number Exercisable</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Average Remaining Contractual Life (in years)</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td></tr> <tr> <td colspan="2" style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="width: 12%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,220,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1.02</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 11%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right">695,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right">1.02</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 11%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">740,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.93</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">740,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.93</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.52</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2,083</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.52</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

445050

P7Y

712670

-1000000

0.80

6.00

3.00

5.68

0.80

3.45

290396

104822

72978

26472

217418

78350

102244

78613

1217600

499924

472986

153753

744614

346171

368403

240085

1034007

1134986

561545

829080

472462

305906

277951

416700

2482689

3638932

5771600

2363348

-2132668

52892

2416240

1065211

871354

375473

204102

495882

832545

1036647

2482689

3638932

1725207

1413348

1913725

1002892

2416240

371579

323895

412900

1399354

1553024

133119

153033

1419905

825891

978924

711756

1762013

1268193

847415

493820

177001

1024416

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: center">Estimated Useful</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">November 30,</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">February 29,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Life</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: center">(years)</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">In-process research & development</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center">7</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">445,050</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">445,050</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Less: accumulated amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(121,155</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(73,471</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Intellectual Property, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">323,895</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">371,579</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   On October 27, 2014, the Company entered into an intellectual property agreement with Mr. Hatem Essaddam wherein the Company purchased a certain technique and method (In-process research and development) for $445,050 allowing for the depolymerization of polyethylene terephthalate at ambient temperature and atmospheric pressure. The Company will use such technique in its processing plant. The technology is being amortized using the straight-line method over the estimated used life of the patents.   In addition to the $445,050 paid by the Company under the Intellectual Property Assignment Agreement, the Company is required to make additional payments totaling CDN$800,000 Mr. Essaddam within sixty (60) days of each of the following milestones (the "Milestones") having been met, as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 4%; text-align: justify">(i)</td> <td style="text-align: justify">CDN$200,000 when an average of twenty (20) metric tons per day of terephthalic acid meeting the is produced by the Company for twenty (20) operating days;</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; text-align: justify">(ii)</td> <td style="text-align: justify">CDN$200,000 when an average of thirty (30) metric tons per day of terephthalic acid is produced by the Company for thirty (30) operating days;</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; text-align: justify">(iii)</td> <td style="text-align: justify">CDN$200,000 when an average of sixty (60) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days; and</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; text-align: justify">(iv)</td> <td style="text-align: justify">CDN$200,000 when an average of one hundred (100) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days.</td></tr> </table>   As of November 30, 2016 the Company is still in its test pilot program, none of the Milestones have been met, and accordingly no additional CDN$200,000 payment has been made.   Additionally, the Company is obligated to make royalty payments of up to CDN$27,000,000, payable as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="vertical-align: top; width: 4%"> </td> <td style="vertical-align: top; width: 4%; text-align: justify">(a)</td> <td style="text-align: justify">10% of gross profits on the sale of all products derived by the Company from the technology assigned to the Company under the agreement;</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify">(b)</td> <td style="text-align: justify">10% of any license fee paid to the Company in respect of any licensing or other right to use the technology assigned to the Company and granted to a third party by the Assignee;</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify">(c)</td> <td style="text-align: justify">5% of any royalty or other similar payment made to the Company by a third party to whom a license or other right to use the technology assigned to the Company has been granted by the Company; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify">(d)</td> <td style="text-align: justify">5% of any royalty or other similar payment made to the Company by a third party in respect of a sub-license or other right to use the technology assigned to the Company granted by the third party.</td></tr> </table>   As of November 30, 2016, the Company did not make any royalty payments under the Intellectual Property Assignment Agreement.   Amortization expense is recorded as an operating expense in the consolidated statements of operations and comprehensive loss and amounted to $15,895 and $7,419 for the three months ended November 30, 2016 and 2015, respectively, and to $47,684 and $22,257 for the nine months ended November 30, 2016 and 2015, respectively. 637670 637670 6.00 4.20 3826016

2880

-9453

-2120

2880

-7333

-809

-8441

0.80

36129

253041 163614

422586

1598399

492128

360084

363083

166270

5931

-36915

-3123802

-5662925

614001

3918356

8464278

2992

3140

47684

22257

15895

7419

135000

45000

Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in calculating the fair value of certain stock instruments.   Fair value of financial instruments   The Company applies FASB ASC 820, Fair Value Measurement, which defines fair value and establishes a framework for measuring fair value and making disclosures about fair value measurements. FASB ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type of financial instruments and the characteristics specific to them. Financial instruments with readily available quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.   There are three levels within the hierarchy that may be used to measure fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="vertical-align: top; width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 1</td> <td style="vertical-align: top; width: 2%; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">A quoted price in an active market for identical assets or liabilities.</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Significant pricing inputs are observable inputs, which are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources.</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Significant pricing inputs are unobservable inputs, which are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</td></tr> </table>   The fair value measurements level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.   The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values.   The carrying amounts of the Company's financial assets and liabilities, such as cash, prepayments, accounts payable and accrued liabilities approximate their fair values because of the short maturity of these instruments.   Foreign Currency Translations and Transactions   The accompanying consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.   The following table summarizes the exchange rates used:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine Months Ended November 30,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2015</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Period end Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">0.74</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.75</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Average period Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.77</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.78</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Expenditures are translated at the average exchange rate for the period presented.   Value added tax and other receivables   The Company is registered for the Canadian Federal and Provincial Goods and Services Taxes. As a registrant, the Company is obligated to collect, and is entitled to claim sale taxes paid on its expenses and capital expenditures incurred in Canada. As at the Balance Sheet date of November 30, and February 29, 2016, the computed net recoverable sale taxes amount to $163,614 and $253,041, respectively for which the Company expects full reimbursement. The Company is the process of filing the required returns to claim the remaining recoverable balance.   Intangible Assets   Management performs impairment tests of indefinite-lived intangible assets at least annually, or whenever an event occurs or circumstances change that indicate impairment has more likely than not occurred.   The Company reviews intangible assets subject to amortization at least annually to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. If the carrying value of an asset exceeds its undiscounted cash flows, the Company writes down the carrying value of the intangible asset to its fair value in the period identified. If the carrying value of assets is determined not to be recoverable, the Company records an impairment loss equal to the excess of the carrying value over the fair value of the assets. The Company's estimate of fair value is based on the best information available, in the absence of quoted market prices. The Company generally calculates fair value as the present value of estimated future cash flows that the Company expects to generate from the asset using a discounted cash flow income approach as described above. If the estimate of an intangible asset's remaining useful life is changed, the Company amortizes the remaining carrying value of the intangible asset prospectively over the revised remaining useful life.   As of November 30, and February 29, 2016 the Company determined that there were no indicators of impairment of its recorded intangible assets.   Stock Based Compensation   The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board (FASB) whereas the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Options granted to non-employees are revalued each reporting period to determine the amount to be recorded as an expense in the respective period. As the options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the then current value on the date of vesting. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.   The fair value of the Company's stock option and warrant grants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods.   Income Taxes   The Company calculates its income tax charge on the basis of the tax laws enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income, in accordance with FASB ASC 740, Income Taxes. The Company uses an asset and liability approach for financial accounting and reporting for income taxes that allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense.   Net Loss per Share   The Company computes net loss per share in accordance with FASB ASC 260 Earnings per share. Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation if their effect is antidilutive.   For the three and nine months ended November 30, 2016 and 2015, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. The potentially dilutive securities consisted of 2,035,004 outstanding warrants as of November 30, 2016. There were no warrants outstanding as of November 30, 2015.   Recently Issued Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such the Company to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management has determined to adopt ASU 2014-09 in The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company's financial statements and disclosures.   In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management's evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Company's financial statement presentation and disclosures beginning in 2016.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in calculating the fair value of certain stock instruments.

The Company applies FASB ASC 820, Fair Value Measurement, which defines fair value and establishes a framework for measuring fair value and making disclosures about fair value measurements. FASB ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type of financial instruments and the characteristics specific to them. Financial instruments with readily available quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.   There are three levels within the hierarchy that may be used to measure fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="vertical-align: top; width: 6%; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 1</td> <td style="vertical-align: top; width: 2%; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">A quoted price in an active market for identical assets or liabilities.</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Significant pricing inputs are observable inputs, which are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources.</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> <tr> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center"></td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Significant pricing inputs are unobservable inputs, which are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</td></tr> </table>   The fair value measurements level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.   The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values.   The carrying amounts of the Company's financial assets and liabilities, such as cash, prepayments, accounts payable and accrued liabilities approximate their fair values because of the short maturity of these instruments.

The accompanying consolidated financial statements are presented in United States dollars, the functional currency of the Company. Capital accounts of foreign subsidiaries are translated into US Dollars from foreign currency at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rate as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. As a result, currency exchange fluctuations may impact our revenue and the costs of our operations. We currently do not engage in any currency hedging activities.   The following table summarizes the exchange rates used:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine Months Ended November 30,</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2015</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Period end Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">0.74</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.75</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Average period Canadian $: US Dollar exchange rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.77</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.78</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Expenditures are translated at the average exchange rate for the period presented.

The Company is registered for the Canadian Federal and Provincial Goods and Services Taxes. As a registrant, the Company is obligated to collect, and is entitled to claim sale taxes paid on its expenses and capital expenditures incurred in Canada. As at the Balance Sheet date of November 30, and February 29, 2016, the computed net recoverable sale taxes amount to $163,614 and $253,041, respectively for which the Company expects full reimbursement. The Company is the process of filing the required returns to claim the remaining recoverable balance.

Management performs impairment tests of indefinite-lived intangible assets at least annually, or whenever an event occurs or circumstances change that indicate impairment has more likely than not occurred.   The Company reviews intangible assets subject to amortization at least annually to determine if any adverse conditions exist or a change in circumstances has occurred that would indicate impairment or a change in the remaining useful life. If the carrying value of an asset exceeds its undiscounted cash flows, the Company writes down the carrying value of the intangible asset to its fair value in the period identified. If the carrying value of assets is determined not to be recoverable, the Company records an impairment loss equal to the excess of the carrying value over the fair value of the assets. The Company's estimate of fair value is based on the best information available, in the absence of quoted market prices. The Company generally calculates fair value as the present value of estimated future cash flows that the Company expects to generate from the asset using a discounted cash flow income approach as described above. If the estimate of an intangible asset's remaining useful life is changed, the Company amortizes the remaining carrying value of the intangible asset prospectively over the revised remaining useful life.   As of November 30, and February 29, 2016 the Company determined that there were no indicators of impairment of its recorded intangible assets.

The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board (FASB) whereas the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Options granted to non-employees are revalued each reporting period to determine the amount to be recorded as an expense in the respective period. As the options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the then current value on the date of vesting. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.   The fair value of the Company's stock option and warrant grants are estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods.

The Company calculates its income tax charge on the basis of the tax laws enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income, in accordance with FASB ASC 740, Income Taxes. The Company uses an asset and liability approach for financial accounting and reporting for income taxes that allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense.

The Company computes net loss per share in accordance with FASB ASC 260 Earnings per share. Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to Common Stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation if their effect is antidilutive.   For the three and nine months ended November 30, 2016 and 2015, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. The potentially dilutive securities consisted of 2,035,004 outstanding warrants as of November 30, 2016. There were no warrants outstanding as of November 30, 2015.

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such the Company to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management has determined to adopt ASU 2014-09 in The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company's financial statements and disclosures.   In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management's evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Company's financial statement presentation and disclosures beginning in 2016.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

242712

82565

86349

71194

6.00

-2539123

-1809756

-1107509

-1071996

-1431614

-737760

106053 32348

60571

204667

2539123

1809756

749407

743839

-2539123

-1809756

-749407

-743839

-2539123

-2581969

-1821261

-767895

-808405

42846

11505

18488

64566

-0.08

-0.07

-0.02

31001702

26533037

31390807

29810800

29910800

31390807

204667 204667

1275340

3826016

128

3825888

106053 534000

242712

82565

-2078931

-1037721

-212880

-196813

315797

-36129

6090

89427 -159185

-412921

-1085351

412921

1085351

3693972

2658312

3826016

2237000

-132044

421312

1175813

610279

-26307

75039

59919

Common Stock   During the nine months ended November 30, 2016, the Company sold 1,275,340 shares of its common stock, and 637,670 warrants to acquire shares of common stock at $3.00 per share resulting in proceeds to the Company of $3,826,016. In addition, 204,667 shares of common stock sold in the previous year were issued and reclassified to shares outstanding.   Warrants   The Company has not adopted a formal stock option plan, however, it has made periodic non-plan grants of warrants for services and financing.   During the year ended February 29, 2016, the Company issued warrants to purchase 2,220,000 shares of the Company's common stock at an exercise price of $.80 per share for services. During the nine months ended November 30, 2016, the Company issued warrants to purchase 75,000 shares of the Company's common stock at an exercise price of $3.00 per share for services. The total fair value of the warrants granted was determined to be $1,398,288.   During the three and nine months ended November 30, 2016, the Company amortized $32,348, and $106,053, respectively, of these costs which are included in operating expenses. As of November 30, 2016, the unamortized balance of these costs was $424,142 which will be amortized over the next two years. The aggregate intrinsic value of the warrants outstanding as of November 30, 2016, was $4,238,000 calculated as the difference between the closing market price of $4.20 and the exercise price of the Company's warrants as of November 30, 2016.   During the nine months ended November 30, 2016, the Company issued warrants to purchase 637,670 shares of the Company's common stock at an exercise price of $6.00 per share to certain investors upon the sale of 1,275,340 common shares.   The table below summarizes the Company's warrants activities:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number of Warrant Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Exercise Price Range Per Share</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, February 29, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,322,334</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify">$</td> <td style="width: 9%; text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.03</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">712,670</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify">$</td> <td style="text-align: right">3.00 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">5.68</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Forfeited</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">(1,000,000</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.80</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.80</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2,035,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify">$</td> <td style="text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">2.77</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Earned and exercisable, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">1,437,087</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; text-align: right">0.80 to $6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">3.45</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Unvested, November 30, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">597,917</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.80 to $3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.14</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>    The following table summarizes information concerning outstanding and exercisable warrants as of November 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="10" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants Outstanding</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="10" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants Exercisable</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Range of Exercise Prices</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number Outstanding</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Average Remaining Contractual Life (in years)</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt"> Number Exercisable</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Average Remaining Contractual Life (in years)</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td></tr> <tr> <td colspan="2" style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="width: 12%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,220,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1.02</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 11%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right">695,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right">1.02</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 11%; text-align: right">0.80</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">740,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.93</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">740,004</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.93</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.52</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2,083</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.52</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3.00</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

As of November 30, 2016, and 2015, the Company had two reportable diverse geographical concentrations, the United States and Canada. Information related to these operating segments, net of eliminations, consists of the following for the periods below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine months ended November 30, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Revenue</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of revenue</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">General and administrative</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">561,545</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">472,462</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,034,007</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Research and development</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">472,986</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">744,614</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,217,600</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">72,978</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">217,418</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">290,396</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Foreign exchange loss (gain)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,880</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,880</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Loss from operations</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,107,509</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,431,614</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,539,123</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">As at November 30, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"> Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Current assets</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,268,193</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">493,820</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,762,013</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">133,119</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,419,905</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,553,024</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Intangible assets, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">323,895</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">323,895</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,725,207</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,913,725</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3,638,932</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">375,473</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">495,882</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">871,354</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">5,396,127</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,628,550</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,767,577</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total liabilities and equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,771,600</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">(2,132,668</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,638,932</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine months ended November 30, 2015</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Revenue</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of revenue</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">General and administrative</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">829,080</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">305,906</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,134,986</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Research and development</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">153,753</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">346,171</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">499,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">26,472</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">78,350</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">104,822</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of reverse merger</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">60,571</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">60,571</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Foreign exchange loss (gain)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,120</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">7,333</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">9,453</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Loss from operations</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,071,996</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">737,760</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,809,756</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">As at November 30, 2015</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"> Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Current assets</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">847,415</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">177,001</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,024,416</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">153,033</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">825,891</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">978,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Intangible assets, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">412,900</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">412,900</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,413,348</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,002,892</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">2,416,240</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">204,102</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">832,545</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,036,647</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,159,246</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(779,653</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1,379,593</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total liabilities and equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,363,348</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">52,892</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,416,240</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

As of November 30, 2016, and 2015, the Company had two reportable diverse geographical concentrations, the United States and Canada. Information related to these operating segments, net of eliminations, consists of the following for the periods below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine months ended November 30, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Revenue</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of revenue</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">General and administrative</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">561,545</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">472,462</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,034,007</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Research and development</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">472,986</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">744,614</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,217,600</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">72,978</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">217,418</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">290,396</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Foreign exchange loss (gain)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,880</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,880</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Loss from operations</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,107,509</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,431,614</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,539,123</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">As at November 30, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"> Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Current assets</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,268,193</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">493,820</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,762,013</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">133,119</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,419,905</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,553,024</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Intangible assets, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">323,895</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">323,895</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,725,207</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,913,725</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">3,638,932</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">375,473</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">495,882</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">871,354</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">5,396,127</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(2,628,550</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,767,577</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total liabilities and equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,771,600</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">(2,132,668</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,638,932</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Nine months ended November 30, 2015</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Revenue</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of revenue</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">General and administrative</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">829,080</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">305,906</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,134,986</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Research and development</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">153,753</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">346,171</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">499,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">26,472</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">78,350</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">104,822</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Cost of reverse merger</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">60,571</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">60,571</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Foreign exchange loss (gain)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,120</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">7,333</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">9,453</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Loss from operations</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,071,996</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">737,760</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1,809,756</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">As at November 30, 2015</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">United States</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Canada</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"> Total </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Current assets</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">847,415</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">177,001</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,024,416</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Property and equipment, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">153,033</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">825,891</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">978,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Intangible assets, net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">412,900</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">412,900</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total assets</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,413,348</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,002,892</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">2,416,240</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">204,102</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">832,545</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">1,036,647</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">2,159,246</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(779,653</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1,379,593</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-left: 11.25pt; text-align: justify">Total liabilities and equity</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,363,348</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">52,892</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">2,416,240</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

2010-03-11 Nevada Company offered, sold and issued 23,257,500 shares of common stock in consideration for all the issued and outstanding shares in Loop Holdings. 0.781 25000000 16000 60571

35243

16000 9328

1:4

445050

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: justify">(i)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">CDN$200,000 when an average of twenty (20) metric tons per day of terephthalic acid meeting the is produced by the Company for twenty (20) operating days;</td></tr> <tr> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(ii)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">CDN$200,000 when an average of thirty (30) metric tons per day of terephthalic acid is produced by the Company for thirty (30) operating days;</td></tr> <tr> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iii)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">CDN$200,000 when an average of sixty (60) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days; and</td></tr> <tr> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iv)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">CDN$200,000 when an average of one hundred (100) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days.</td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr> <td style="vertical-align: top; width: 4%"> </td> <td style="vertical-align: top; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: justify">(a)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">10% of gross profits on the sale of all products derived by the Company from the technology assigned to the Company under the agreement;</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">10% of any license fee paid to the Company in respect of any licensing or other right to use the technology assigned to the Company and granted to a third party by the Assignee;</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(c)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">5% of any royalty or other similar payment made to the Company by a third party to whom a license or other right to use the technology assigned to the Company has been granted by the Company; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(d)</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">5% of any royalty or other similar payment made to the Company by a third party in respect of a sub-license or other right to use the technology assigned to the Company granted by the third party.</td></tr> </table> 15000 <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr> <td style="width: 4%"> </td> <td style="vertical-align: top; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: justify">(i) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's securities are listed on an exchange or the OTCQX tier of the OTC Markets;</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(ii) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company executes a contract for a minimum quantity of 25,000 M/T of PTA/EG or a PET;</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iii) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's first full-scale production facility is in commercial operation; and</td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="vertical-align: top"> </td></tr> <tr> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">(iv) </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's second full-scale production facility is in commercial operation.</td></tr> </table>

597917

0.80 6.00 0.80 6.00 0.80 3.00 1.14

1275340

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Condensed Consolidated Balance Sheets ASSETS Current Assets Cash Valued added tax and other receivables Prepayments and other current assets Total current assets Property and Equipment, net of accumulated depreciation of $408,566 and $149,609, respectively Intellectual Property, net of accumulated amortization of $121,155 and $73,471, respectively Total assets Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued liabilities Accrued Officers Compensation Advances from majority stockholder Total current liabilities Commitments and Contingencies Stockholders' Equity Series A Preferred stock par value $0.001; 25,000,000 shares authorized; one share issued and outstanding Common stock par value $0.0001: 250,000,000 shares authorized; 31,390,807 and 29,910,800 shares issued and outstanding, respectively Additional paid-in capital Common stock issuable, 204,667 shares at February 29, 2016 Accumulated deficit Accumulated other comprehensive (loss) gain Total stockholders' equity Total liabilities and stockholders' equity Condensed Consolidated Balance Sheets Parenthetical Property and Equipment, net of accumulated depreciation Intellectual Property, net of accumulated amortization Preferred stock, par value Preferred stock, share authorised Preferred stock, share issued Preferred stock, share outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Common stock issuable Condensed Consolidated Statements Of Operations And Comprehensive Loss Revenue Operating Expenses General and administrative Research and development Depreciation and amortization Cost of reverse merger Foreign exchange loss (gain) Total operating expenses Net Loss Other comprehensive loss - Foreign currency translation adjustment Comprehensive Loss Loss per share - Basic and Diluted Weighted average common shares outstanding - Basic and Diluted Statement [Table] Statement [Line Items] Beginning Balance, Shares Beginning Balance, Amount Reclassification of common shares issuable to shares outstanding, Shares Reclassification of common shares issuable to shares outstanding, Amount Issuance of common shares for cash, Shares Issuance of common shares for cash, Amount Fair value of Warrants issued for services Foreign currency translation Ending balance, Shares Ending Balance, Amount Condensed Consolidated Statements Of Cash Flows Cash Flows from Operating Activities Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense Amortization expense Amortization of the fair value of common shares issued for services Fair value of warrants issued for services Changes in operating assets and liabilities: Valued added tax and other receivables Prepayments and other current assets Accounts payable and accrued liabilities Accrued officer compensation Intellectual property obligation Net Cash Used in Operating Activities Cash Flows from Investing Activities Purchase of property and equipment Net Cash Used in Investing Activities Cash Flows from Financing Activities Advances from majority stockholder Proceeds from sale of common shares Net Cash Provided by Financing Activities Effect of exchange rate changes Net Change in Cash Cash - beginning of period Cash - end of period Supplemental disclosure of cash flow information: Income tax paid Non-cash investing and financing activities: Net Liabilities assumed upon reverse merger Notes to Financial Statements Note 1. The Company and Basis of Presentation Note 2. Summary of Significant Accounting Policies Note 3. Property and Equipment, net Note 4. Intellectual Property, net Note 5. Related Party Transactions Note 6. Stockholders' Equity Note 7. Geographic Information Significant Accounting Policies Policies Use of Estimates Fair Value of Financial Instruments Foreign Currency Translations and Transactions Value added tax and other receivables Intangible Assets Stock Based Compensation Income Taxes Net Loss per Share Recently Issued Accounting Pronouncements Summary Of Significant Accounting Policies Tables Foreign Currency Translations and Transactions Property And Equipment Net Tables Property and Equipment, net Intellectual Property Net Tables Intellectual Property, net Stockholders Equity Tables Company's warrants activities: Concerning outstanding and exercisable warrants Geographic Information Tables Operating segments, net of eliminations Company And Basis Of Presentation Details Narrative Entity incorporation date Entity incorporation country name Description of Share Exchange Agreement Precentage of share exchange agreement No of redeemed share of First American Group Aggregate redemption price Aggregate cost of agreement Net liabilities assumed Cost of redeemed shares Closing cost of transaction Reverse stock split Net Cash Used in Operating Activities Summary Of Significant Accounting Policies Details Period end Canadian $: US Dollar exchange rate Average period Canadian $: US Dollar exchange rate Summary Of Significant Accounting Policies Details Narrative Potentially dilutive securities Estimated Useful Life (Years) Property and Equipment, Gross Less: accumulated depreciation Property and Equipment, Net Property And Equipment Net Details Narrative Depreciation expense Intellectual Property Net Details Estimated Useful Life (Years) In-process research & development Less: accumulated amortization Intellectual Property, net Research and development cost Description of additional payment ot agreement Description of percentage of profit on sell of product on agreement Due to officers Monthly officer compensation Description of shares issued of 4 million shares to officer EX-101.PRE 11 llpp-20161130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Nov. 30, 2016	Jan. 13, 2017
Document And Entity Information
Entity Registrant Name	Loop Industries, Inc.
Entity Central Index Key	0001504678
Document Type	10-Q
Document Period End Date	Nov. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		31,390,807
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2017

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Condensed Consolidated Balance Sheets - USD ($)	Nov. 30, 2016	Feb. 29, 2016
Current Assets
Cash	$ 1,598,399	$ 422,586
Valued added tax and other receivables	163,614	253,041
Prepayments and other current assets		36,129
Total current assets	1,762,013	711,756
Property and Equipment, net of accumulated depreciation of $408,566 and $149,609, respectively	1,553,024	1,399,354
Intellectual Property, net of accumulated amortization of $121,155 and $73,471, respectively	323,895	371,579
Total assets	3,638,932	2,482,689
Current Liabilities
Accounts payable and accrued liabilities	166,270	363,083
Accrued Officers Compensation	345,000	210,000
Advances from majority stockholder	360,084	492,128
Total current liabilities	871,354	1,065,211
Commitments and Contingencies
Stockholders' Equity
Series A Preferred stock par value $0.001; 25,000,000 shares authorized; one share issued and outstanding
Common stock par value $0.0001: 250,000,000 shares authorized; 31,390,807 and 29,910,800 shares issued and outstanding, respectively	3,140	2,992
Additional paid-in capital	8,464,278	3,918,356
Common stock issuable, 204,667 shares at February 29, 2016		614,001
Accumulated deficit	(5,662,925)	(3,123,802)
Accumulated other comprehensive (loss) gain	(36,915)	5,931
Total stockholders' equity	2,767,578	1,417,478
Total liabilities and stockholders' equity	$ 3,638,932	$ 2,482,689

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Nov. 30, 2016	Feb. 29, 2016
Current Assets
Property and Equipment, net of accumulated depreciation	$ 408,566	$ 149,609
Intellectual Property, net of accumulated amortization	$ 121,155	$ 73,471
Stockholders' Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, share authorised	25,000,000	25,000,000
Preferred stock, share issued	1	1
Preferred stock, share outstanding	1	1
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	31,390,807	29,910,800
Common stock, shares outstanding	31,390,807	29,910,800
Common stock issuable		204,667

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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Revenue
Operating Expenses
General and administrative	277,951	416,700	1,034,007	1,134,986
Research and development	368,403	240,085	1,217,600	499,924
Depreciation and amortization	102,244	78,613	290,396	104,822
Cost of reverse merger				60,571
Foreign exchange loss (gain)	809	8,441	(2,880)	9,453
Total operating expenses	749,407	743,839	2,539,123	1,809,756
Net Loss	(749,407)	(743,839)	(2,539,123)	(1,809,756)
Other comprehensive loss -
Foreign currency translation adjustment	(18,488)	(64,566)	(42,846)	(11,505)
Comprehensive Loss	$ (767,895)	$ (808,405)	$ (2,581,969)	$ (1,821,261)
Loss per share - Basic and Diluted	$ (0.02)	$ (0.02)	$ (0.08)	$ (0.07)
Weighted average common shares outstanding - Basic and Diluted	31,390,807	29,810,800	31,001,702	26,533,037

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Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Nov. 30, 2016 - USD ($)	Common Stock par value $0.0001	Preferred Stock par value $0.0001	Additional Paid-In Capital	Common Stock Issuable	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, Shares at Feb. 29, 2016	29,910,800	1
Beginning Balance, Amount at Feb. 29, 2016	$ 2,992		$ 3,918,356	$ 614,001	$ (3,123,802)	$ 5,931	$ 1,417,478
Reclassification of common shares issuable to shares outstanding, Shares	204,667						204,667
Reclassification of common shares issuable to shares outstanding, Amount	$ 20		613,981	(614,001)
Issuance of common shares for cash, Shares	1,275,340
Issuance of common shares for cash, Amount	$ 128		3,825,888				3,826,016
Fair value of Warrants issued for services			106,053				106,053
Foreign currency translation						(42,846)	(42,846)
Net Loss					(2,539,123)		(2,539,123)
Ending balance, Shares at Nov. 30, 2016	31,390,807	1
Ending Balance, Amount at Nov. 30, 2016	$ 3,140		$ 8,464,278		$ (5,662,925)	$ (36,915)	$ 2,767,578

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Cash Flows from Operating Activities
Net loss	$ (749,407)	$ (743,839)	$ (2,539,123)	$ (1,809,756)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense			242,712	82,565
Amortization expense	15,895	7,419	47,684	22,257
Amortization of the fair value of common shares issued for services				534,000
Cost of reverse merger				60,571
Fair value of warrants issued for services			106,053
Changes in operating assets and liabilities:
Valued added tax and other receivables			89,427	(159,185)
Prepayments and other current assets			36,129	(6,090)
Accounts payable and accrued liabilities			(196,813)	315,797
Accrued officer compensation	45,000	45,000	135,000	135,000
Intellectual property obligation				(212,880)
Net Cash Used in Operating Activities			(2,078,931)	(1,037,721)
Cash Flows from Investing Activities
Purchase of property and equipment			(412,921)	(1,085,351)
Net Cash Used in Investing Activities			(412,921)	(1,085,351)
Cash Flows from Financing Activities
Advances from majority stockholder			(132,044)	421,312
Proceeds from sale of common shares			3,826,016	2,237,000
Net Cash Provided by Financing Activities			3,693,972	2,658,312
Effect of exchange rate changes			(26,307)	75,039
Net Change in Cash			1,175,813	610,279
Cash - beginning of period			422,586	209,796
Cash - end of period	$ 1,598,399	$ 820,075	1,598,399	820,075
Supplemental disclosure of cash flow information:
Income tax paid
Non-cash investing and financing activities:
Net Liabilities assumed upon reverse merger				$ 59,919

XML 18 R7.htm IDEA: XBRL DOCUMENT

The Company and Basis of Presentation

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 1. The Company and Basis of Presentation

Basis of Presentation

The Company

The Company engages in the designing, prototyping and building a closed loop plastics recycling business that leverages a proprietary de-polymerization technology.

Basis of Consolidation

Intercompany balances and transactions have been eliminated in consolidation.

Going Concern

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 2. Summary of Significant Accounting Policies

Use of Estimates

Fair value of financial instruments

There are three levels within the hierarchy that may be used to measure fair value:

Level 1	—	A quoted price in an active market for identical assets or liabilities.

Level 2	—	Significant pricing inputs are observable inputs, which are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources.

Level 3	—	Significant pricing inputs are unobservable inputs, which are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values.

Foreign Currency Translations and Transactions

The following table summarizes the exchange rates used:

	Nine Months Ended November 30,
	2016		2015
Period end Canadian $: US Dollar exchange rate	$	0.74	$	0.75
Average period Canadian $: US Dollar exchange rate	$	0.77	$	0.78

Expenditures are translated at the average exchange rate for the period presented.

Value added tax and other receivables

Intangible Assets

As of November 30, and February 29, 2016 the Company determined that there were no indicators of impairment of its recorded intangible assets.

Stock Based Compensation

Income Taxes

Net Loss per Share

Recently Issued Accounting Pronouncements

XML 20 R9.htm IDEA: XBRL DOCUMENT

Property and Equipment, net

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 3. Property and Equipment, net

	Estimated Useful	November 30,			February 29,
	Life	2016			2016
	(years)

Machinery and Equipment	5 - 7	$	1,496,320		$	1,126,147
Office equipment and furniture	5 - 8		126,625			108,030
Leasehold improvements	3		338,645			314,786
			1,961,590			1,548,963
Less: accumulated depreciation			(408,566	)		(149,609	)
Property and equipment, net		$	1,553,024		$	1,399,354

XML 21 R10.htm IDEA: XBRL DOCUMENT

Intellectual Property, net

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 4. Intellectual Property, net

	Estimated Useful	November 30,			February 29,
	Life	2016			2016
	(years)

In-process research & development	7	$	445,050		$	445,050
Less: accumulated amortization			(121,155	)		(73,471	)
Intellectual Property, net		$	323,895		$	371,579

	(i)	CDN$200,000 when an average of twenty (20) metric tons per day of terephthalic acid meeting the is produced by the Company for twenty (20) operating days;

	(ii)	CDN$200,000 when an average of thirty (30) metric tons per day of terephthalic acid is produced by the Company for thirty (30) operating days;

	(iii)	CDN$200,000 when an average of sixty (60) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days; and

	(iv)	CDN$200,000 when an average of one hundred (100) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days.

As of November 30, 2016 the Company is still in its test pilot program, none of the Milestones have been met, and accordingly no additional CDN$200,000 payment has been made.

Additionally, the Company is obligated to make royalty payments of up to CDN$27,000,000, payable as follows:

	(a)	10% of gross profits on the sale of all products derived by the Company from the technology assigned to the Company under the agreement;

	(b)	10% of any license fee paid to the Company in respect of any licensing or other right to use the technology assigned to the Company and granted to a third party by the Assignee;

	(c)	5% of any royalty or other similar payment made to the Company by a third party to whom a license or other right to use the technology assigned to the Company has been granted by the Company; and

	(d)	5% of any royalty or other similar payment made to the Company by a third party in respect of a sub-license or other right to use the technology assigned to the Company granted by the third party.

As of November 30, 2016, the Company did not make any royalty payments under the Intellectual Property Assignment Agreement.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 5. Related Party Transactions

Advances from Major Shareholder

Employment Agreement and Accrued Compensation due Major Shareholder

	(i)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's securities are listed on an exchange or the OTCQX tier of the OTC Markets;

	(ii)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company executes a contract for a minimum quantity of 25,000 M/T of PTA/EG or a PET;

	(iii)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's first full-scale production facility is in commercial operation; and

	(iv)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's second full-scale production facility is in commercial operation.

The milestones had not been met as of November 30, 2016.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 6. Stockholders' Equity

Common Stock

Warrants

The Company has not adopted a formal stock option plan, however, it has made periodic non-plan grants of warrants for services and financing.

The table below summarizes the Company's warrants activities:

	Number of Warrant Shares			Exercise Price Range Per Share		Weighted Average Exercise Price

Balance, February 29, 2016		2,322,334		$	0.80 to $6.00	$	1.03

Granted		712,670		$	3.00 to $6.00		5.68

Forfeited		(1,000,000	)	$	0.80		0.80

Exercised		-			-		-

Expired		-			-		-

Balance, November 30, 2016		2,035,004		$	0.80 to $6.00	$	2.77

Earned and exercisable, November 30, 2016		1,437,087		$	0.80 to $6.00	$	3.45

Unvested, November 30, 2016		597,917		$	0.80 to $3.00	$	1.14

The following table summarizes information concerning outstanding and exercisable warrants as of November 30, 2016:

		Warrants Outstanding						Warrants Exercisable
Range of Exercise Prices		Number Outstanding		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price

$	0.80		1,220,000		1.02	$	0.80		695,000		1.02	$	0.80
$	6.00		740,004		0.93	$	6.00		740,004		0.93	$	6.00
$	3.00		75,000		1.52	$	3.00		2,083		1.52	$	3.00

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Geographic Information

9 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Note 7. Geographic Information

	Nine months ended November 30, 2016
	United States		Canada			Total

Revenue	$	-	$	-		$	-
Cost of revenue		-		-			-
General and administrative		561,545		472,462			1,034,007
Research and development		472,986		744,614			1,217,600
Depreciation and amortization		72,978		217,418			290,396
Foreign exchange loss (gain)		-		(2,880	)		(2,880	)
Loss from operations	$	1,107,509	$	1,431,614		$	2,539,123

	As at November 30, 2016
	United States		Canada			Total

Current assets	$	1,268,193	$	493,820		$	1,762,013
Property and equipment, net		133,119		1,419,905			1,553,024
Intangible assets, net		323,895		-			323,895
Total assets	$	1,725,207	$	1,913,725		$	3,638,932

Current liabilities	$	375,473	$	495,882		$	871,354
Equity		5,396,127		(2,628,550	)		2,767,577
Total liabilities and equity	$	5,771,600	$	(2,132,668	)	$	3,638,932

	Nine months ended November 30, 2015
	United States		Canada		Total

Revenue	$	-	$	-	$	-
Cost of revenue		-		-		-
General and administrative		829,080		305,906		1,134,986
Research and development		153,753		346,171		499,924
Depreciation and amortization		26,472		78,350		104,822
Cost of reverse merger		60,571		-		60,571
Foreign exchange loss (gain)		2,120		7,333		9,453
Loss from operations	$	1,071,996	$	737,760	$	1,809,756

	As at November 30, 2015
	United States		Canada			Total

Current assets	$	847,415	$	177,001		$	1,024,416
Property and equipment, net		153,033		825,891			978,924
Intangible assets, net		412,900		-			412,900
Total assets	$	1,413,348	$	1,002,892		$	2,416,240

Current liabilities	$	204,102	$	832,545		$	1,036,647
Equity		2,159,246		(779,653	)		1,379,593
Total liabilities and equity	$	2,363,348	$	52,892		$	2,416,240

XML 25 R14.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Nov. 30, 2016

Significant Accounting Policies Policies

Use of Estimates

Fair Value of Financial Instruments

There are three levels within the hierarchy that may be used to measure fair value:

Level 1	—	A quoted price in an active market for identical assets or liabilities.

Level 2	—	Significant pricing inputs are observable inputs, which are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources.

Level 3	—	Significant pricing inputs are unobservable inputs, which are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The valuation methodologies described above may produce a fair value calculation that may not be indicative of future net realizable value or reflective of future fair values.

Foreign Currency Translations and Transactions

The following table summarizes the exchange rates used:

	Nine Months Ended November 30,
	2016		2015
Period end Canadian $: US Dollar exchange rate	$	0.74	$	0.75
Average period Canadian $: US Dollar exchange rate	$	0.77	$	0.78

Expenditures are translated at the average exchange rate for the period presented.

Value added tax and other receivables

Intangible Assets

As of November 30, and February 29, 2016 the Company determined that there were no indicators of impairment of its recorded intangible assets.

Stock Based Compensation

Income Taxes

Net Loss per Share

Recently Issued Accounting Pronouncements

XML 26 R15.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 30, 2016

Summary Of Significant Accounting Policies Tables

Foreign Currency Translations and Transactions

The following table summarizes the exchange rates used:

	Nine Months Ended November 30,
	2016		2015
Period end Canadian $: US Dollar exchange rate	$	0.74	$	0.75
Average period Canadian $: US Dollar exchange rate	$	0.77	$	0.78

XML 27 R16.htm IDEA: XBRL DOCUMENT

Property and Equipment, net (Tables)

9 Months Ended

Nov. 30, 2016

Property And Equipment Net Tables

Property and Equipment, net

	Estimated Useful	November 30,			February 29,
	Life	2016			2016
	(years)

Machinery and Equipment	5 - 7	$	1,496,320		$	1,126,147
Office equipment and furniture	5 - 8		126,625			108,030
Leasehold improvements	3		338,645			314,786
			1,961,590			1,548,963
Less: accumulated depreciation			(408,566	)		(149,609	)
Property and equipment, net		$	1,553,024		$	1,399,354

XML 28 R17.htm IDEA: XBRL DOCUMENT

Intellectual Property, net (Tables)

9 Months Ended

Nov. 30, 2016

Intellectual Property Net Tables

Intellectual Property, net

	Estimated Useful	November 30,			February 29,
	Life	2016			2016
	(years)

In-process research & development	7	$	445,050		$	445,050
Less: accumulated amortization			(121,155	)		(73,471	)
Intellectual Property, net		$	323,895		$	371,579

XML 29 R18.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

9 Months Ended

Nov. 30, 2016

Stockholders Equity Tables

Company's warrants activities:

The table below summarizes the Company's warrants activities:

	Number of Warrant Shares			Exercise Price Range Per Share		Weighted Average Exercise Price

Balance, February 29, 2016		2,322,334		$	0.80 to $6.00	$	1.03

Granted		712,670		$	3.00 to $6.00		5.68

Forfeited		(1,000,000	)	$	0.80		0.80

Exercised		-			-		-

Expired		-			-		-

Balance, November 30, 2016		2,035,004		$	0.80 to $6.00	$	2.77

Earned and exercisable, November 30, 2016		1,437,087		$	0.80 to $6.00	$	3.45

Unvested, November 30, 2016		597,917		$	0.80 to $3.00	$	1.14

Concerning outstanding and exercisable warrants

The following table summarizes information concerning outstanding and exercisable warrants as of November 30, 2016:

		Warrants Outstanding						Warrants Exercisable
Range of Exercise Prices		Number Outstanding		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price

$	0.80		1,220,000		1.02	$	0.80		695,000		1.02	$	0.80
$	6.00		740,004		0.93	$	6.00		740,004		0.93	$	6.00
$	3.00		75,000		1.52	$	3.00		2,083		1.52	$	3.00

XML 30 R19.htm IDEA: XBRL DOCUMENT

Geographic Information (Tables)

9 Months Ended

Nov. 30, 2016

Geographic Information Tables

Operating segments, net of eliminations

	Nine months ended November 30, 2016
	United States		Canada			Total

Revenue	$	-	$	-		$	-
Cost of revenue		-		-			-
General and administrative		561,545		472,462			1,034,007
Research and development		472,986		744,614			1,217,600
Depreciation and amortization		72,978		217,418			290,396
Foreign exchange loss (gain)		-		(2,880	)		(2,880	)
Loss from operations	$	1,107,509	$	1,431,614		$	2,539,123

	As at November 30, 2016
	United States		Canada			Total

Current assets	$	1,268,193	$	493,820		$	1,762,013
Property and equipment, net		133,119		1,419,905			1,553,024
Intangible assets, net		323,895		-			323,895
Total assets	$	1,725,207	$	1,913,725		$	3,638,932

Current liabilities	$	375,473	$	495,882		$	871,354
Equity		5,396,127		(2,628,550	)		2,767,577
Total liabilities and equity	$	5,771,600	$	(2,132,668	)	$	3,638,932

	Nine months ended November 30, 2015
	United States		Canada		Total

Revenue	$	-	$	-	$	-
Cost of revenue		-		-		-
General and administrative		829,080		305,906		1,134,986
Research and development		153,753		346,171		499,924
Depreciation and amortization		26,472		78,350		104,822
Cost of reverse merger		60,571		-		60,571
Foreign exchange loss (gain)		2,120		7,333		9,453
Loss from operations	$	1,071,996	$	737,760	$	1,809,756

	As at November 30, 2015
	United States		Canada			Total

Current assets	$	847,415	$	177,001		$	1,024,416
Property and equipment, net		153,033		825,891			978,924
Intangible assets, net		412,900		-			412,900
Total assets	$	1,413,348	$	1,002,892		$	2,416,240

Current liabilities	$	204,102	$	832,545		$	1,036,647
Equity		2,159,246		(779,653	)		1,379,593
Total liabilities and equity	$	2,363,348	$	52,892		$	2,416,240

XML 31 R20.htm IDEA: XBRL DOCUMENT

The Company and Basis of Presentation (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 21, 2015	Jun. 29, 2015	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Company And Basis Of Presentation Details Narrative
Entity incorporation date					Mar. 11, 2010
Entity incorporation country name					Nevada
Description of Share Exchange Agreement		Company offered, sold and issued 23,257,500 shares of common stock in consideration for all the issued and outstanding shares in Loop Holdings.
Precentage of share exchange agreement		78.10%
No of redeemed share of First American Group		25,000,000
Aggregate redemption price		$ 16,000
Aggregate cost of agreement		60,571
Net liabilities assumed		35,243
Cost of redeemed shares		16,000
Closing cost of transaction		$ 9,328
Reverse stock split	1:4
Net Loss			$ (749,407)	$ (743,839)	$ (2,539,123)	$ (1,809,756)
Net Cash Used in Operating Activities					$ (2,078,931)	$ (1,037,721)

XML 32 R21.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 30, 2016	Nov. 30, 2015
Summary Of Significant Accounting Policies Details
Period end Canadian $: US Dollar exchange rate	0.74	0.75
Average period Canadian $: US Dollar exchange rate	0.77	0.78

XML 33 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Summary Of Significant Accounting Policies Details Narrative
Valued added tax and other receivables	$ 163,614		$ 253,041
Potentially dilutive securities	2,035,004	0

XML 34 R23.htm IDEA: XBRL DOCUMENT

Property and Equipment, net (Details) - USD ($)	9 Months Ended
Property and Equipment, net (Details) - USD ($)	Nov. 30, 2016	Feb. 29, 2016	Aug. 31, 2015
Property and Equipment, Gross	$ 1,961,590	$ 1,548,963
Less: accumulated depreciation	(408,566)	(149,609)
Property and Equipment, Net	1,553,024	1,399,354	$ 978,924
Machinery and equipment [Member]
Property and Equipment, Gross	$ 1,496,320	1,126,147
Machinery and equipment [Member] \| Minimum [Member]
Estimated Useful Life (Years)	5 years
Machinery and equipment [Member] \| Maximum [Member]
Estimated Useful Life (Years)	7 years
Office equipment and furniture [Member]
Property and Equipment, Gross	$ 126,625	108,030
Office equipment and furniture [Member] \| Minimum [Member]
Estimated Useful Life (Years)	5 years
Office equipment and furniture [Member] \| Maximum [Member]
Estimated Useful Life (Years)	8 years
Leasehold improvements [Member]
Estimated Useful Life (Years)	3 years
Property and Equipment, Gross	$ 338,645	$ 314,786

XML 35 R24.htm IDEA: XBRL DOCUMENT

Property and Equipment, net (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Property And Equipment Net Details Narrative
Depreciation expense	$ 86,349	$ 71,194	$ 242,712	$ 82,565

XML 36 R25.htm IDEA: XBRL DOCUMENT

Intellectual Property, net (Details) - USD ($)	9 Months Ended
Intellectual Property, net (Details) - USD ($)	Nov. 30, 2016	Feb. 29, 2016	Aug. 31, 2015
Intellectual Property Net Details
Estimated Useful Life (Years)	7 years
In-process research & development	$ 445,050	$ 445,050
Less: accumulated amortization	(121,155)	(73,471)
Intellectual Property, net	$ 323,895	$ 371,579	$ 412,900

XML 37 R26.htm IDEA: XBRL DOCUMENT

Intellectual Property, net (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 27, 2014

Nov. 30, 2016

Nov. 30, 2015

Nov. 30, 2016

Nov. 30, 2015

Amortization expense

$ 15,895

$ 7,419

$ 47,684

$ 22,257

Description of percentage of profit on sell of product on agreement

	(a)	10% of gross profits on the sale of all products derived by the Company from the technology assigned to the Company under the agreement;

	(b)	10% of any license fee paid to the Company in respect of any licensing or other right to use the technology assigned to the Company and granted to a third party by the Assignee;

	(c)	5% of any royalty or other similar payment made to the Company by a third party to whom a license or other right to use the technology assigned to the Company has been granted by the Company; and

	(d)	5% of any royalty or other similar payment made to the Company by a third party in respect of a sub-license or other right to use the technology assigned to the Company granted by the third party.

Mr. Hatem Essaddam [Member]

Research and development cost

$ 445,050

Description of additional payment ot agreement

	(i)	CDN$200,000 when an average of twenty (20) metric tons per day of terephthalic acid meeting the is produced by the Company for twenty (20) operating days;

	(ii)	CDN$200,000 when an average of thirty (30) metric tons per day of terephthalic acid is produced by the Company for thirty (30) operating days;

	(iii)	CDN$200,000 when an average of sixty (60) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days; and

	(iv)	CDN$200,000 when an average of one hundred (100) metric tons per day of terephthalic acid is produced by the Company for sixty (60) operating days.

XML 38 R27.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)

3 Months Ended

9 Months Ended

Nov. 30, 2016

Nov. 30, 2015

Nov. 30, 2016

Nov. 30, 2015

Feb. 29, 2016

Notes to Financial Statements

Advances from majority stockholder

$ 360,084

$ 492,128

Accrued officer compensation

45,000

$ 45,000

135,000

$ 135,000

Due to officers

$ 345,000

345,000

$ 210,000

Monthly officer compensation

$ 15,000

Description of shares issued of 4 million shares to officer

	(i)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's securities are listed on an exchange or the OTCQX tier of the OTC Markets;

	(ii)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company executes a contract for a minimum quantity of 25,000 M/T of PTA/EG or a PET;

	(iii)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's first full-scale production facility is in commercial operation; and

	(iv)	1,000,000 shares of common stock shall be issued to Mr. Solomita when the Company's second full-scale production facility is in commercial operation.

XML 39 R28.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details)	9 Months Ended
Stockholders' Equity (Details)	Nov. 30, 2016 $ / shares shares
Number of Warrant Shares
Balance, beginning \| shares	2,322,334
Granted \| shares	712,670
Forfeited \| shares	(1,000,000)
Exercised \| shares
Expired \| shares
Balance, ending \| shares	2,035,004
Earned and exercisable, August 31, 2016 \| shares	1,437,087
Unvested, August 31, 2016 \| shares	597,917
Exercise Price Range Per Share
Balance, beginning Range Lower Limit	$ 0.80
Balance, beginning Range Upper Limit	6.00
Granted Lower Range	3.00
Granted Uppar Range	6.00
Forfeited	0.80
Balance, ending Lower Range Limit	0.80
Balance, ending Upper Range Limit	6.00
Earned and exercisable, Lower Range Limit August 31, 2016	0.80
Earned and exercisable, Upper Range Limit August 31, 2016	6.00
Unvested, Lower Range Limit August 31, 2016	0.80
Unvested, Upper Range Limit August 31, 2016	3.00
Weighted Average Exercise Price
Balance, beginning	1.03
Granted	5.68
Forfeited	0.80
Balance, ending	2.77
Earned and exercisable, August 31, 2016	3.45
Unvested, August 31, 2016	$ 1.14

XML 40 R29.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details 1) - $ / shares	9 Months Ended
Stockholders' Equity (Details 1) - $ / shares	Nov. 30, 2016	Feb. 29, 2016
Number Outstanding	2,035,004	2,322,334
Weighted Average Exercise Price	$ 2.77	$ 1.03
Number Exercisable	1,437,087
Exercise Prices 0.80 [Member]
Number Outstanding	1,220,000
Average Remaining Contractual Life (in years)	1 year 7 days
Weighted Average Exercise Price	$ 0.80
Number Exercisable	650,000
Average Remaining Contractual Life (in years)	1 year 7 days
Weighted Average Exercise Price	$ 0.80
Exercise Prices 6.00 [Member]
Number Outstanding	740,004
Average Remaining Contractual Life (in years)	11 months 5 days
Weighted Average Exercise Price	$ 6.00
Number Exercisable	740,004
Average Remaining Contractual Life (in years)	11 months 5 days
Weighted Average Exercise Price	$ 6.00
Exercise Prices 3.00 [Member]
Number Outstanding	75,000
Average Remaining Contractual Life (in years)	1 year 6 months 7 days
Weighted Average Exercise Price	$ 3.00
Number Exercisable	2,083
Average Remaining Contractual Life (in years)	1 year 6 months 7 days
Weighted Average Exercise Price	$ 3.00

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Nov. 30, 2016	Nov. 30, 2016	Feb. 29, 2016
Shares sold		1,275,340
Issuance of warrants to purchase		637,670	2,220,000
Issuance of warrants to purchase, per share		$ 3.00	$ 0.80
Fair value of stock granted		$ 3,826,016
Issuance of common shares for cash, Shares		1,275,340
Warrant acquire to common stock, shares		637,670
Warrant acquire to common stock per share price		$ 6.00
Warrant acquire to common stock, amount		$ 3,826,016
Reclassification of common shares issuable to shares outstanding, Shares		204,667
Warrants
Shares sold		1,275,340
Issuance of warrants to purchase		75,000
Issuance of warrants to purchase, per share		$ 3.00
Fair value of stock granted		$ 1,398,288
Amortized costs included in operating expense	$ 32,348	106,053
Unamortized balance of costs		424,142
Intrinsic value of warrants		$ 4,238,000
Issuance of common shares for cash, Shares		1,275,340
Warrant acquire to common stock, shares		637,670
Warrant acquire to common stock per share price		$ 4.20

XML 42 R31.htm IDEA: XBRL DOCUMENT

Geographic Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Geographic Information (Details) - USD ($)	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016	Aug. 31, 2015
Revenue
Cost of revenue
General and administrative	277,951	416,700	1,034,007	1,134,986
Research and development	368,403	240,085	1,217,600	499,924
Depreciation and amortization	102,244	78,613	290,396	104,822
Cost of reverse merger				60,571
Foreign exchange loss (gain)	809	$ 8,441	(2,880)	9,453
Loss from operations			2,539,123	1,809,756
Current assets	1,762,013		1,762,013		$ 711,756	$ 1,024,416
Property and equipment, net	1,553,024		1,553,024		1,399,354	978,924
Intangible assets, net	323,895		323,895		371,579	412,900
Total assets	3,638,932		3,638,932		2,482,689	2,416,240
Current liabilities	871,354		871,354		1,065,211	1,036,647
Equity	2,767,578		2,767,578		1,417,478	1,379,593
Total liabilities and equity	3,638,932		3,638,932		$ 2,482,689	2,416,240
United States [Member]
Revenue
Cost of revenue
General and administrative			561,545	829,080
Research and development			472,986	153,753
Depreciation and amortization			72,978	26,472
Cost of reverse merger				60,571
Foreign exchange loss (gain)				2,120
Loss from operations			1,107,509	1,071,996
Current assets	1,268,193		1,268,193			847,415
Property and equipment, net	133,119		133,119			153,033
Intangible assets, net	323,895		323,895			412,900
Total assets	1,725,207		1,725,207			1,413,348
Current liabilities	375,473		375,473			204,102
Equity	5,396,127		5,396,127			2,159,246
Total liabilities and equity	5,771,600		5,771,600			2,363,348
Canada [Member]
Revenue
Cost of revenue
General and administrative			472,462	305,906
Research and development			744,614	346,171
Depreciation and amortization			217,418	78,350
Cost of reverse merger
Foreign exchange loss (gain)			(2,880)	7,333
Loss from operations			1,431,614	$ 737,760
Current assets	493,820		493,820			177,001
Property and equipment, net	1,419,905		1,419,905			825,891
Intangible assets, net
Total assets	1,913,725		1,913,725			1,002,892
Current liabilities	495,882		495,882			832,545
Equity	(2,628,550)		(2,628,550)			(779,653)
Total liabilities and equity	$ (2,132,668)		$ (2,132,668)			$ 52,892

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A0#% M @ %W0M2J/>7?"@#P \-H !4 ( !CX@ &QL<' M,C Q M-C$Q,S!?9&5F+GAM;%!+ 0(4 Q0 ( !=T+4IXQ(!-%S, /?R @ 5 M " 6*8 !L;'!P+3(P,38Q,3,P7VQA8BYX;6Q02P$"% ,4 M" 7="U*#U$?34@C !G00( %0 @ &LRP ;&QP<"TR,#$V B,3$S,%]P&UL4$L%!@ & 8 B@$ "?O $! end

Nevada		27-2094706
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Large accelerated filer	¨	Non-accelerated filer	¨
Accelerated filer	¨	Smaller reporting company	x
(Do not check if a smaller reporting company)

Index		Page

Part I. Financial Information

Item 1.	Financial Statements	F-1

	Condensed consolidated balance sheets at November 30, 2016 (Unaudited) and February 29, 2016	F-2

	Condensed consolidated statements of operations and comprehensive loss for the three and nine months ended November 30, 2016 and 2015 (Unaudited)	F-3

	Condensed consolidated statement of changes in stockholders’ equity for the nine months ended November 30, 2016 (Unaudited)	F-4

	Condensed consolidated statement of cash flows for the nine months ended November 30, 2016 and 2015 (Unaudited)	F-5

	Notes to the condensed consolidated financial statements	F-6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	4

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	8

Item 4.	Controls and Procedures.	8

Part II. Other Information

Item 1.	Legal Proceedings.	9

Item 1A.	Risk Factors.	9

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	9

Item 3.	Defaults Upon Senior Securities.	9

Item 4.	Mine Safety Disclosures.	9

Item 5.	Other Information.	9

Item 6.	Exhibits.	10

	Signatures	11

Contents	Page(s)

Condensed consolidated balance sheets at November 30, 2016 (Unaudited) and February 29, 2016		F-2

Condensed consolidated statements of operations and comprehensive loss for the three and nine months ended November 30, 2016 and 2015 (Unaudited)		F-3

Condensed consolidated statement of changes in stockholders' equity for the nine months ended November 30, 2016 (Unaudited)		F-4

Condensed consolidated statement of cash flows for the nine months ended November 30, 2016 and 2015 (Unaudited)		F-5

Notes to the condensed consolidated financial statements		F-6

	As at
	November 30, 2016			February 29, 2016
	(Unaudited)
Assets
Current Assets
Cash	$	1,598,399		$	422,586
Valued added tax and other receivables		163,614			253,041
Prepayments and other current assets		-			36,129
Total current assets		1,762,013			711,756

Property and Equipment, net of accumulated depreciation of $408,566 and $149,609, respectively		1,553,024			1,399,354

Intellectual Property, net of accumulated amortization of $121,155 and $73,471, respectively		323,895			371,579
Total assets	$	3,638,932		$	2,482,689

Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued liabilities	$	166,270		$	363,083
Accrued Officers Compensation		345,000			210,000
Advances from majority stockholder		360,084			492,128
Total current liabilities		871,354			1,065,211

Commitments and Contingencies

Stockholders' Equity
Series A Preferred stock par value $0.001; 25,000,000 shares authorized; one share issued and outstanding		-			-
Common stock par value $0.0001: 250,000,000 shares authorized; 31,390,807 and 29,910,800 shares issued and outstanding, respectively		3,140			2,992
Additional paid-in capital		8,464,278			3,918,356
Common stock issuable, 204,667 shares at February 29, 2016		-			614,001
Accumulated deficit		(5,662,925	)		(3,123,802	)
Accumulated other comprehensive (loss) gain		(36,915	)		5,931
Total stockholders' equity		2,767,578			1,417,478
Total liabilities and stockholders' equity	$	3,638,932		$	2,482,689

		Three months ended November 30,						Nine months ended November 30,
		2016			2015			2016			2015

Revenue		$	-		$	-		$	-		$	-

Operating Expenses -
General and administrative			277,951			416,700			1,034,007			1,134,986
Research and development			368,403			240,085			1,217,600			499,924
Depreciation and amortization			102,244			78,613			290,396			104,822
Cost of reverse merger			-			-			-			60,571
Foreign exchange loss (gain)			809			8,441			(2,880	)		9,453
Total operating expenses			749,407			743,839			2,539,123			1,809,756

Net Loss			(749,407	)		(743,839	)		(2,539,123	)		(1,809,756	)

Other comprehensive loss -
Foreign currency translation adjustment			(18,488	)		(64,566	)		(42,846	)		(11,505	)
Comprehensive Loss		$	(767,895	)	$	(808,405	)	$	(2,581,969	)	$	(1,821,261	)

Loss per share
	-Basic and Diluted	$	(0.02	)	$	(0.02	)	$	(0.08	)	$	(0.07	)

Weighted average common shares outstanding
	-Basic and Diluted		31,390,807			29,810,800			31,001,702			26,533,037

	Common stock par value $0.0001				Preferred stock par value $0.001				Additional		Common						Accumulated Other Comprehensive			Total
	Number of Shares		Amount		Number of shares		Amount		Paid-in Capital		Stock Issuable			Accumulated Deficit			Income (Loss)			Stockholders' Equity

Balance, February 29, 2016		29,910,800	$	2,992		1	$	-	$	3,918,356	$	614,001		$	(3,123,802	)	$	5,931		$	1,417,478

Reclass. of common shares issuable to shares outstanding		204,667		20						613,981		(614,001	)								-

Issuance of common shares for cash		1,275,340		128						3,825,888											3,826,016

Fair value of Warrants issued for services										106,053											106,053

Foreign currency translation																		(42,846	)		(42,846	)

Net loss															(2,539,123	)					(2,539,123	)

Balance, November 30, 2016		31,390,807	$	3,140		1	$	-	$	8,464,278	$	-		$	(5,662,925	)	$	(36,915	)	$	2,767,578

	Nine months ended November 30,
	2016			2015
Cash Flows from Operating Activities
Net loss	$	(2,539,123	)	$	(1,809,756	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		242,712			82,565
Amortization expense		47,684			22,257
Amortization of the fair value of common shares issued for services		-			534,000
Cost of reverse merger		-			60,571
Fair value of warrants issued for services		106,053			-

Changes in operating assets and liabilities:
Valued added tax and other receivables		89,427			(159,185	)
Prepayments and other current assets		36,129			(6,090	)
Accounts payable and accrued liabilities		(196,813	)		315,797
Accrued officer compensation		135,000			135,000
Intellectual property obligation		-			(212,880	)
Net Cash Used in Operating Activities		(2,078,931	)		(1,037,721	)

Cash Flows from Investing Activities
Purchases of property and equipment		(412,921	)		(1,085,351	)
Net Cash Used in Investing Activities		(412,921	)		(1,085,351	)

Cash Flows from Financing Activities
Advances from majority stockholder		(132,044	)		421,312
Proceeds from sales of common shares		3,826,016			2,237,000
Net Cash Provided by Financing Activities		3,693,972			2,658,312

Effect of exchange rate changes		(26,307	)		75,039
Net Change in Cash		1,175,813			610,279

Cash - beginning of period		422,586			209,796

Cash - end of period	$	1,598,399		$	820,075

Supplemental disclosure of cash flow information:
Income tax paid	$	-		$	-

Non-cash investing and financing activities:
Net Liabilities assumed upon reverse merger	$	-		$	59,919

	Estimated
	Useful	November 30,			February 29,
	Life	2016			2016
	(years)

Machinery and Equipment	5 - 7	$	1,496,320		$	1,126,147
Office equipment and furniture	5 - 8		126,625			108,030
Leasehold improvements	3		338,645			314,786
			1,961,590			1,548,963
Less: accumulated depreciation			(408,566	)		(149,609	)
Property and equipment, net		$	1,553,024		$	1,399,354

	Number of Warrant Shares			Exercise Price Range Per Share		Weighted Average Exercise Price

Balance, February 29, 2016		2,322,334		$	0.80 to $6.00	$	1.03

Granted		712,670		$	3.00 to $6.00		5.68

Forfeited		(1,000,000	)	$	0.80		0.80

Exercised		-			-		-

Expired		-			-		-

Balance, November 30, 2016		2,035,004		$	0.80 to $6.00	$	2.77

Earned and exercisable, November 30, 2016		1,437,087		$	0.80 to $6.00	$	3.45

Unvested, November 30, 2016		597,917		$	0.80 to $3.00	$	1.14

		Warrants Outstanding						Warrants Exercisable
Range of Exercise Prices		Number Outstanding		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Average Remaining Contractual Life (in years)		Weighted Average Exercise Price

$	0.80		1,220,000		1.02	$	0.80		695,000		1.02	$	0.80
$	6.00		740,004		0.93	$	6.00		740,004		0.93	$	6.00
$	3.00		75,000		1.52	$	3.00		2,083		1.52	$	3.00

	Nine months ended November 30, 2016
	United States		Canada			Total

Revenue	$	-	$	-		$	-
Cost of revenue		-		-			-
General and administrative		561,545		472,462			1,034,007
Research and development		472,986		744,614			1,217,600
Depreciation and amortization		72,978		217,418			290,396
Foreign exchange loss (gain)		-		(2,880	)		(2,880	)
Loss from operations	$	1,107,509	$	1,431,614		$	2,539,123

	As at November 30, 2016
	United States		Canada			Total

Current assets	$	1,268,193	$	493,820		$	1,762,013
Property and equipment, net		133,119		1,419,905			1,553,024
Intangible assets, net		323,895		-			323,895
Total assets	$	1,725,207	$	1,913,725		$	3,638,932

Current liabilities	$	375,473	$	495,882		$	871,354
Equity		5,396,127		(2,628,550	)		2,767,577
Total liabilities and equity	$	5,771,600	$	(2,132,668	)	$	3,638,932

	Nine months ended November 30, 2015
	United States		Canada		Total

Revenue	$	-	$	-	$	-
Cost of revenue		-		-		-
General and administrative		829,080		305,906		1,134,986
Research and development		153,753		346,171		499,924
Depreciation and amortization		26,472		78,350		104,822
Cost of reverse merger		60,571		-		60,571
Foreign exchange loss (gain)		2,120		7,333		9,453
Loss from operations	$	1,071,996	$	737,760	$	1,809,756

	As at November 30, 2015
	United States		Canada			Total

Current assets	$	847,415	$	177,001		$	1,024,416
Property and equipment, net		153,033		825,891			978,924
Intangible assets, net		412,900		-			412,900
Total assets	$	1,413,348	$	1,002,892		$	2,416,240

Current liabilities	$	204,102	$	832,545		$	1,036,647
Equity		2,159,246		(779,653	)		1,379,593
Total liabilities and equity	$	2,363,348	$	52,892		$	2,416,240

	·	PET bottles are shredded into 5 mm size pieces;

	·	Shredded PET is put into a large reactor, where certain chemicals are added;

	·	The PET molecular chain begins to be broken down in 20 minutes;

	·	Purified terephthalic acid (solid) and ethylene glycol (liquid) and mother liquor are separated using a combination of centrifugation and distillation;

	·	The mother liquor is returned to the reactor to be reused in the process; and

	·	Purified terephthalic acid and Ethylene Glycol are processed and packaged.

Number		Description

2.1		Share Exchange Agreement, dated June 29, 2015, by and among the Company, Loop Holdings, Inc., a Nevada corporation, and the holders of common stock of Loop Holdings, Inc. (2)
3.1.1		Articles of Incorporation, dated March 11, 2010 (1)
3.1.2		Certificate of Amendment, dated October 10, 2010 (1)
3.1.3		Certificate of Amendment, dated February 4, 2014 (4)
3.1.4		Certificate of Change, dated February 4, 2014 (4)
3.1.5		Certificate of Amendment, dated July 21, 2015 (3)
3.1.6		Certificate of Change, dated July 21, 2015 (3)
3.1.7		Certificate of Designation for Series A Preferred Stock, dated February 19, 2016 (4)
3.2		Bylaws (1)
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*

(1)	Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-171091), filed with the Securities and Exchange Commission on December 10, 2010.
(2)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 000-54768), filed with the Securities and Exchange Commission on June 30, 2015.
(3)	Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-54768), filed with the Securities and Exchange Commission on June 15, 2016.
(4)	Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 000-54768), filed with the Securities and Exchange Commission on October 20, 2015

	LOOP INDUSTRIES, INC.

Date: January 13, 2017	By:	/s/ Daniel Solomita
	Name:	Daniel Solomita
	Title:	President and Chief Executive Officer (principal executive officer)

1.	I have reviewed this quarterly report on Form 10-Q of Loop Industries, Inc.;

2.	Based on my knowledge, this quarterly 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 quarterly report;

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report;

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

	(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: January 13, 2017	By:	/s/ Cesar Contla
		Cesar Contla
		Chief Financial Officer (principal financial officer and principal accounting officer)

	(1)	such Quarterly Report on Form 10-Q for the quarter ended November 30, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	(2)	the information contained in such Quarterly Report on Form 10-Q for the quarter ended November 30, 2016, fairly presents, in all material respects, the financial condition and results of operations of Loop Industries, Inc.