XML 40 R23.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jan. 31, 2016
Accounting Policies [Abstract]  
Schedule of Inventories

Inventories are stated at average cost using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following at January 31, 2016 and January 31, 2015:

 

    January 31, 2016     January 31, 2015  
Finished goods   $ 252,752     $ 301,170  

Schedule of Property and Equipment Estimated Useful Lives

Asset lives for financial statement reporting of depreciation are:

 

Machinery and equipment   2-7 years
Furniture and fixtures   3-5 years
Leasehold improvements   3-10 years

Schedule of Expenses of Slotting Fees, Sales Discounts and Allowances are Accounted as Direct Reduction of Revenues

Expenses such as slotting fees, sales discounts, and allowances are accounted for as a direct reduction of revenues as follows:

 

    Year Ended
January 31, 2016
    Year Ended
January 31, 2015
 
Gross Sales   $ 13,138,214     $ 12,725,100  
Less: Slotting, Discounts, Allowances     534,767       714,832  
Net Sales   $ 12,603,447     $ 12,010,268  

Schedule of Fair Value of Share Based Payments

For the years ended January 31, 2016 and 2015, when computing fair value of share-based payments, the Company has considered the following variables:

 

    January 31, 2016     January 31, 2015  
Risk-free interest rate     1.42% to 1.74 %     0.26% to 1.67 %
Expected life of grants     5 years       1 to 5 years  
Expected volatility of underlying stock     178% to 184 %     189% to 191 %
Dividends     0 %     0 %

Schedule of Common Stock Equivalents

The Company had the following potential common stock equivalents at January 31, 2016:

 

Series A Preferred     3,466,667  
Common stock subscribed     66,667  
Common stock warrants, exercise price range of $0.675-$2.50     4,964,734  
Common stock options, exercise price of $1.00-$2.97     496,404  
Total common stock equivalents     8,994,472  

 

The Company had the following potential common stock equivalents at January 31, 2015:

 

Common stock subscribed     66,667  
Common stock warrants, exercise price range of $1.00-$2.50     1,027,401  
Common stock options, exercise price of $1.00-$2.97     496,404  
Total common stock equivalents     1,683,472