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Share Name | Share Symbol | Market | Type |
---|---|---|---|
iGen Networks Corp (PK) | USOTC:IGEN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.00005 | -20.00% | 0.0002 | 0.0002 | 0.0003 | 0.0002 | 0.0002 | 0.0002 | 27,533,450 | 17:26:57 |
IGEN Networks Corp.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
20-5879021
|
(State or Other Jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
119 North Henry Street, Alexandria, Virginia, 22314
|
(Address of principal executive offices) (Zip Code)
|
1-888-244-3650
(Registrant's telephone number including area code)
|
Large accelerated filer:
☐
|
Accelerated filer:
☐
|
Non-accelerated filer:
☐
|
Smaller reporting company:
☒
|
(Do not check if a smaller reporting company)
|
|
PART I
|
|
Page
|
|
|
|
ITEM 1.
|
F-1 to F-13
|
|
ITEM 2.
|
3
|
|
ITEM 3.
|
6
|
|
ITEM 4.
|
6
|
|
|
|
|
PART II
|
|
|
|
|
|
ITEM 1.
|
7
|
|
ITEM 1A.
|
7
|
|
ITEM 2.
|
7
|
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ITEM 3.
|
7
|
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ITEM 4.
|
7
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|
ITEM 5.
|
7
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ITEM 6.
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8
|
|
Note
|
March 31,
2016
|
December 31,
2015
|
|||||||
$
|
$
|
|||||||||
Assets
|
||||||||||
Current
|
||||||||||
Cash
|
83,454
|
33,590
|
||||||||
Accounts receivable
|
5
|
41,203
|
45,182
|
|||||||
GST receivable
|
7,157
|
5,661
|
||||||||
Inventories
|
2(j)
|
52,374
|
29,643
|
|||||||
Prepaid expenses
|
46,764
|
61,468
|
||||||||
230,952
|
175,544
|
|||||||||
Equipment
|
4
|
15,093
|
17,643
|
|||||||
Goodwill
|
505,508
|
505,508
|
||||||||
Total Assets
|
751,553
|
698,695
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||||
Current
|
||||||||||
Accounts payable
|
5
|
531,980
|
461,008
|
|||||||
Accrued liabilities
|
121,381
|
78,361
|
||||||||
Deferred revenue
|
2(k)
|
53,825
|
56,800
|
|||||||
Notes payable
|
5,7
|
119,914
|
116,238
|
|||||||
827,100
|
712,407
|
|||||||||
Non-current
|
||||||||||
Derivative liabilities
|
44,531
|
33,982
|
||||||||
Total liabilities
|
871,631
|
746,389
|
||||||||
Shareholders’ Equity
|
||||||||||
Capital Stock:
|
||||||||||
Authorized - 375,000,000 common shares with $0.001 par value
Issued and outstanding -29,059,145 and 28,215,349 respectively
|
6
|
29,059
|
28,215
|
|||||||
Additional paid-in capital
|
6
|
7,715,194
|
7,586,514
|
|||||||
Subscription received
|
25,000
|
25,000.0
|
||||||||
Accumulated other comprehensive loss
|
(24,105
|
)
|
(11,871
|
)
|
||||||
Deficit accumulated
|
(7,865,226
|
)
|
(7,675,552
|
)
|
||||||
Shareholders' Equity
|
(120,078
|
)
|
(47,694
|
)
|
||||||
Total Liabilities and Shareholders' Equity
|
751,553
|
698,695
|
Approved on Behalf of the Board
|
|
|
|
|
|
|
|
"Neil Chan"
|
Director
|
|
|
|
|
|
|
"Richard Freeman"
|
Director
|
|
|
|
|
Three months ended March 31,
|
Note
|
2016
|
2015
|
||||||||
|
$
|
$
|
|||||||||
Revenue
|
|||||||||||
Sales, hardware
|
177,283
|
152,182
|
|||||||||
Sales, services
|
96,724
|
26,367
|
|||||||||
Revenue, total
|
274,007
|
178,549
|
|||||||||
Cost of goods sold
|
133,714
|
117,549
|
|||||||||
|
|||||||||||
Gross profit
|
140,293
|
61,000
|
|||||||||
Expenses
|
|||||||||||
Advertising and selling expenses
|
5
|
14,777
|
9,929
|
||||||||
Consulting and business development fees
|
59,183
|
19,650
|
|||||||||
Depreciation
|
2,583
|
4,428
|
|||||||||
General and administrative
|
5
|
33,165
|
38,832
|
||||||||
Interest expense
|
12,814
|
4,056
|
|||||||||
Management fees
|
58,438
|
14,580
|
|||||||||
Professional fees
|
864
|
22,188
|
|||||||||
Salaries
|
100,323
|
80,972
|
|||||||||
Stock-based compensation
|
6
|
14,990
|
19,255
|
||||||||
Transfer agent & filing fees
|
3,697
|
11,613
|
|||||||||
Travel and accommodation
|
17,240
|
16,681
|
|||||||||
Total
|
318,074
|
242,184
|
|||||||||
Loss before the others:
|
(177,781
|
)
|
(181,184
|
)
|
|||||||
Accretion
|
(1,836
|
)
|
(1,597
|
)
|
|||||||
Change in derivative liabilities
|
(10,549
|
)
|
-
|
||||||||
Other income
|
492
|
-
|
|||||||||
Share of income (losses) from investment in an associate
|
3
|
-
|
4,182
|
||||||||
Net loss
|
(189,674
|
)
|
(178,599
|
)
|
|||||||
Other comprehensive Loss:
|
|||||||||||
Net loss for the period
|
(189,674
|
)
|
(178,599
|
)
|
|||||||
Foreign currency translation adjustment
|
(12,234
|
)
|
12,347
|
||||||||
Total comprehensive loss
|
(201,908
|
)
|
(166,252
|
)
|
|||||||
Net Loss per share, basic and diluted
|
(0.01
|
)
|
(0.01
|
)
|
|||||||
Weighted Average Number of Common Shares Outstanding
|
28,462,252
|
25,815,273
|
Three months ended March 31,
|
2016
|
2015
|
||||||
Cash Flows from Operating Activities
|
$
|
$
|
||||||
Net loss
|
(189,674
|
)
|
(178,599
|
)
|
||||
Items not affecting cash:
|
||||||||
Accretion
|
1,836
|
1,597
|
||||||
Change in derivative liabilities
|
10,549
|
-
|
||||||
Depreciation
|
2,583
|
4,428
|
||||||
Share of (income) losses from investment in an associate
|
-
|
(4,182
|
)
|
|||||
Share issued for services
|
37,050
|
-
|
||||||
Stock-based compensation
|
14,990
|
19,255
|
||||||
Other, including net changes in other non-cash balances:
|
||||||||
Accounts receivable
|
3,979
|
84,155
|
||||||
GST receivable
|
(1,496
|
)
|
(1,369
|
)
|
||||
Inventory
|
(22,731
|
)
|
(15,884
|
)
|
||||
Prepaid and deposit
|
-
|
4,934
|
||||||
Accounts payable, accrued liabilities, accrued interest, and deferred revenue
|
117,107
|
(32,698
|
)
|
|||||
Net cash used in operating activities
|
(25,807
|
)
|
(118,363
|
)
|
||||
|
||||||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from share subscription received
|
-
|
98,796
|
||||||
Proceeds from share issuance – options exercise
|
5,000
|
|||||||
Proceeds from issuance of units, private placement
|
72,484
|
-
|
||||||
|
77,484
|
98,796
|
||||||
Effect of exchange rate on cash
|
(1,813
|
)
|
(1,062
|
)
|
||||
|
||||||||
Net increase (decrease) in cash
|
49,864
|
(20,629
|
)
|
|||||
Cash, beginning of period
|
33,590
|
56,347
|
||||||
Cash, end of period
|
83,454
|
35,718
|
|
Accumulated
|
||||||||||||||||||||||||||||||
Additional
|
Subscription
received
|
Other
|
Total
|
||||||||||||||||||||||||||||
Common Stock
|
Paid-in
|
Comprehensive
|
Stockholders’
|
||||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Equity
|
|||||||||||||||||||||||||
$
|
$
|
$
|
$
|
$
|
$
|
||||||||||||||||||||||||||
Balance December 31, 2014
|
25,815,273
|
25,815
|
6,697,680
|
-
|
(17,624
|
)
|
(6,062,422
|
)
|
643,449
|
||||||||||||||||||||||
Subscription received
|
-
|
-
|
-
|
25,000
|
-
|
-
|
25,000
|
||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
474,463
|
-
|
-
|
-
|
474,463
|
||||||||||||||||||||||||
Share issuance for cash
|
1,590,957
|
1,591
|
256,572
|
-
|
-
|
-
|
258,163
|
||||||||||||||||||||||||
Shares issuance for services and prepayment
|
498,801
|
499
|
107,445
|
-
|
-
|
-
|
107,944
|
||||||||||||||||||||||||
Share issuance for debt settlement
|
310,318
|
310
|
50,354
|
-
|
-
|
-
|
50,664
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
5,753
|
-
|
5,753
|
||||||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(1,613,130
|
)
|
(1,613,130
|
)
|
||||||||||||||||||||||
Balance, December 31, 2015
|
28,215,349
|
28,215
|
7,586,514
|
25,000
|
(11,871
|
)
|
(7,675,552
|
)
|
(47,694
|
)
|
|||||||||||||||||||||
Stock based compensation
|
-
|
-
|
14,990
|
-
|
-
|
-
|
14,990
|
||||||||||||||||||||||||
Share issuance for cash
|
6
|
588,240
|
588
|
71,896
|
-
|
-
|
-
|
72,484
|
|||||||||||||||||||||||
Shares issuance for services
|
6
|
200,000
|
200
|
36,850
|
-
|
-
|
-
|
37,050
|
|||||||||||||||||||||||
Share issuance for option exercise
|
6
|
55,556
|
56
|
4,944
|
-
|
-
|
-
|
5,000
|
|||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
(12,234
|
)
|
-
|
(12,234
|
)
|
||||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(189,674
|
)
|
(189,674
|
)
|
||||||||||||||||||||||
Balance, March 31, 2016
|
29,059,145
|
29,059
|
7,715,194
|
25,000
|
(24,105
|
)
|
(7,865,226
|
)
|
(120,078
|
)
|
1. | Nature and continuance of operations |
2. | Summary of Significant Accounting Policies |
a) | Basic of presentation and consolidation |
b) | Use of estimates |
c) | Loss per share |
2. | Summary of Significant Accounting Policies (Continued) |
e) | Equipment |
Office equipment
|
20% declining balance
|
Computer
|
55% declining balance
|
Software
|
3 years straight line
|
g) | Foreign currency transaction balances |
2. | Summary of Significant Accounting Policies (continued) |
h) | Income taxes |
i) | Stock-based compensation |
j) | Inventories |
k) | Deferred revenue |
3. | Investment in an associates and Investment |
Number of Gogiro
shares owned
|
Amount ($)
|
|||||||
Balance, December 31, 2013
|
2,478,080
|
241,338
|
||||||
Share of Gogiro’s loss during fiscal 2014
December 31, 2014 (30.44%)
|
-
|
(14,263
|
)
|
|||||
Balance, December 31, 2014
|
2,478,080
|
227,075
|
||||||
Share of Gogiro’s income during nine months ended December 31, 2015 (30.37%)
|
-
|
882
|
||||||
Impairment on investment
|
(227,957
|
)
|
||||||
December 31, 2015 and March 31, 2016
|
2,478,080
|
-
|
Accumulated |
Effect of
|
Net book Value
|
||||||||||||||||||
|
Cost
|
Amortization
|
foreign exchange
|
3/31/2016
|
12/31/2015
|
|||||||||||||||
Office equipment
|
$
|
1,603
|
$
|
997
|
$
|
-
|
$
|
606
|
$
|
638
|
||||||||||
Computer
|
51,375
|
38,649
|
(117
|
)
|
12,609
|
14,626
|
||||||||||||||
Software
|
6,012
|
4,134
|
1,878
|
2,379
|
||||||||||||||||
TOTAL
|
$
|
58,999
|
$
|
43,780
|
$
|
(117
|
)
|
$
|
15,093
|
$
|
17,643
|
·
|
The first private placement was for 133,333 units (“Unit X”) at a subscription price of $0.15 per unit for total proceeds of $20,000. Each Unit X consists of one common share and a half share purchase warrant, each whole warrant exercisable into one common share at $0.35 for a period of two years from the closing date.
|
·
|
The second private placement was for 463,506 common shares at a subscription price of $0.17 per share for total proceeds of $78,796.
|
|
Number of
Options
|
Weighted average
exercise price
$
|
||||||
Options outstanding, December 31, 2014
|
1,640,556
|
0.12
|
||||||
Options exercised
|
100,000
|
0.09
|
||||||
Options granted
|
2,540,000
|
0.19
|
||||||
Options outstanding, December 31, 2015
|
4,080,556
|
0.16
|
||||||
Options exercised
|
55,556
|
0.09
|
||||||
Options cancelled
|
250,000
|
0.18
|
||||||
Options outstanding, March 31, 2016
|
3,775,000
|
0.16
|
2016
|
2015
|
|||||||
Expected dividend yield
|
0
|
%
|
0
|
%
|
||||
Volatility
|
200
|
%
|
200
|
%
|
||||
Risk free interest rate
|
1.52
|
%
|
1.52
|
%
|
||||
Expected option life
|
5 years
|
5 years
|
||||||
Forfeiture rate
|
0
|
%
|
0
|
%
|
January 1, 2015
|
$
|
-
|
||
Issuance of warrants
|
28,267
|
|||
Stock options granted
|
5,715
|
|||
December 31, 2015
|
$
|
3,982
|
||
Changes of fair value
|
10,549
|
|||
March 31, 2016
|
$
|
44,531
|
Three months ended March 31,
|
2016
|
2015
|
||||||
Cash paid for interest
|
$
|
-
|
$
|
-
|
||||
Cash paid for income taxes
|
-
|
-
|
||||||
Shares issued for services
|
37,050
|
-
|
• Typically include words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”; |
• Are not promises or guarantees of future performance. They represent our current views and may change significantly; |
• Are based on a number of assumptions, including those listed below, which could prove to be significantly incorrect: |
- | Our ability to find viable companies in which to invest |
- | Our ability successfully manage companies in which we invest |
- | Our ability to successfully raise capital |
- | Our ability to successfully expand and leverage the distribution channels of our portfolio companies; |
- | Our ability to develop new distribution partnerships and channels |
- | Expected tax rates and foreign exchange rates. |
• Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements. Actual revenues and growth projections of the Company or companies in which we are invested may be lower than we expect for any reason, including, without limitation: |
- | the continuing uncertain economic conditions |
- | price and product competition |
- | changing product mixes, |
- | the loss of any significant customers, |
- | competition from new or established companies, |
- | higher than expected product, service, or operating costs, |
- | inability to leverage intellectual property rights, |
- | delayed product or service introductions |
·
|
55,556 shares for exercise of options at $0.09/share for total proceeds of $5,000
|
·
|
200,000 shares with the fair value of $37,050 in exchange for consulting services rendered by external consultants
|
·
|
588,240 units for cash proceed of $72,484 (CAD$ 100,000.80). Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at CAD$ 0.34 (equivalent to $0.25)/share before March 29, 2018. These warrants are subject at the Company’s option, to an acceleration of their expiry if the weighted average closing price of the Company’s shares is greater than CAD$0.60 for 20 consecutive trading days.
|
|
IGEN Networks Corp
|
|
|
|
|
|
|
May 23, 2016
|
By:
|
/s/ Neil Chan
|
|
|
|
Neil Chan
|
|
|
|
Director, Chief Executive Officer
|
|
|
|
|
|
|
IGEN Networks Corp
|
|
|
|
|
|
|
May 23, 2016
|
By:
|
/s/ Richard Freeman
|
|
|
|
Richard Freeman
|
|
|
|
Director, Chief Operating Officer
|
|
|
|
|
|
1 Year iGen Networks (PK) Chart |
1 Month iGen Networks (PK) Chart |
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