We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0001 | 50.00% | 0.0003 | 0.0002 | 0.0003 | 0.0003 | 0.0002 | 0.0002 | 475,501 | 19:16:52 |
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.)
|
1025 – 1185 West Georgia Street, Vancouver, BC, Canada, V6E 4E6
|
(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-15
|
|
ITEM 2.
|
3
|
|
ITEM 3.
|
8
|
|
ITEM 4.
|
8
|
|
|
|
|
PART II
|
|
|
|
|
|
ITEM 1.
|
9
|
|
ITEM 1A.
|
9
|
|
ITEM 2.
|
9
|
|
ITEM 3.
|
9
|
|
ITEM 4.
|
9
|
|
ITEM 5.
|
9
|
|
ITEM 6.
|
10
|
|
September 30
|
December 31
|
||||||||
Note |
2016
|
2015
|
||||||||
$
|
$
|
|||||||||
Assets
|
||||||||||
Current
|
||||||||||
Cash
|
51,992
|
33,590
|
||||||||
Accounts receivable
|
5
|
204,454
|
45,182
|
|||||||
GST receivable
|
7,766
|
5,661
|
||||||||
Inventories
|
2(j)
|
29,747
|
29,643
|
|||||||
Prepaid expenses
|
32,024
|
61,468
|
||||||||
325,983
|
175,544
|
|||||||||
Equipment
|
4
|
9,946
|
17,643
|
|||||||
Goodwill
|
505,508
|
505,508
|
||||||||
Total Assets
|
841,437
|
698,695
|
||||||||
Liabilities and Shareholders’ Equity
|
||||||||||
Current
|
||||||||||
Accounts payable
|
5
|
677,790
|
461,008
|
|||||||
Accrued liabilities
|
104,523
|
78,361
|
||||||||
Deferred revenue
|
2(k)
|
133,833
|
56,800
|
|||||||
Derivative liabilities - convertible debentures
|
10
|
20,104
|
-
|
|||||||
Debt portion of convertible debentures
|
10
|
38,663
|
-
|
|||||||
Notes payable
|
8
|
113,451
|
116,238
|
|||||||
1,088,364
|
712,407
|
|||||||||
Non-current
|
||||||||||
Deferred revenue
|
2(k)
|
89,222
|
-
|
|||||||
Derivative liabilities - options and warrants
|
19,569
|
33,982
|
||||||||
Total liabilities
|
1,197,155
|
746,389
|
||||||||
Shareholders’ Equity
|
||||||||||
Capital Stock:
|
||||||||||
Authorized - 375,000,000 common shares with $0.001 par value
Issued and outstanding -29,807,935 and 28,215,349 respectively
|
6
|
29,808
|
28,215
|
|||||||
Additional paid-in capital
|
6
|
7,813,583
|
7,586,514
|
|||||||
Subscription received
|
60,277
|
25,000
|
||||||||
Accumulated other comprehensive loss
|
(32,667
|
)
|
(11,871
|
)
|
||||||
Deficit accumulated
|
(8,226,719
|
)
|
(7,675,552
|
)
|
||||||
Shareholders’ Equity
|
(355,718
|
)
|
(47,694
|
)
|
||||||
Total Liabilities and Shareholders’ Equity
|
841,437
|
698,695
|
Approved on Behalf of the Board
|
|
|
|
|
|
|
|
“Neil Chan”
|
Director
|
|
|
|
|
|
|
“Richard Freeman”
|
Director
|
|
|
|
|
|
Three months ended
|
Nine months ended
|
|||||||||||||||||
September 30
|
September 30
|
||||||||||||||||||
|
Note
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||
$
|
$
|
$
|
$
|
||||||||||||||||
Revenue
|
|||||||||||||||||||
Sales, hardware
|
365,083
|
309,433
|
692,446
|
723,167
|
|||||||||||||||
Sales, services
|
11,393
|
28,300
|
136,124
|
82,180
|
|||||||||||||||
Revenue, total
|
376,476
|
337,733
|
828,570
|
805,347
|
|||||||||||||||
Cost of goods sold
|
289,679
|
216,050
|
523,705
|
519,689
|
|||||||||||||||
Gross profit
|
86,797
|
121,683
|
304,865
|
285,658
|
|||||||||||||||
Expenses
|
|||||||||||||||||||
Advertising and selling expenses
|
28,678
|
2,709
|
50,869
|
22,126
|
|||||||||||||||
Consulting and business development fees
|
37,901
|
65,147
|
144,156
|
184,038
|
|||||||||||||||
Depreciation
|
2,556
|
4,446
|
7,727
|
13,166
|
|||||||||||||||
General and administrative
|
39,265
|
79,195
|
160,018
|
226,451
|
|||||||||||||||
Interest expense
|
18,216
|
7,602
|
49,181
|
17,938
|
|||||||||||||||
Management fees
|
32,606
|
57,188
|
173,724
|
72,188
|
|||||||||||||||
Salaries
|
80,565
|
93,655
|
254,544
|
244,327
|
|||||||||||||||
Stock-based compensation
|
6
|
4,500
|
415,600
|
24,590
|
448,958
|
||||||||||||||
|
|||||||||||||||||||
Total
|
244,287
|
725,542
|
864,809
|
1,229,192
|
|||||||||||||||
Loss before other:
|
(157,490
|
)
|
(603,859
|
)
|
(559,944
|
)
|
(943,534
|
)
|
|||||||||||
Accretion
|
(1,900
|
)
|
(1,748
|
)
|
(5,636
|
)
|
(5,015
|
)
|
|||||||||||
Change in derivative liabilities
|
9,700
|
-
|
14,413
|
-
|
|||||||||||||||
Share of income from investment in associate
|
-
|
4,320
|
-
|
10,443
|
|||||||||||||||
Net loss
|
(149,690
|
)
|
(601,287
|
)
|
(551,167
|
)
|
(938,106
|
)
|
|||||||||||
Other comprehensive Loss:
|
|||||||||||||||||||
Net loss for the period
|
(149,690
|
)
|
(601,287
|
)
|
(551,167
|
)
|
(938,106
|
)
|
|||||||||||
Foreign currency translation adjustment
|
(7,262
|
)
|
(22,261
|
)
|
(20,796
|
)
|
(9,914
|
)
|
|||||||||||
Total comprehensive loss
|
(156,952
|
)
|
(623,548
|
)
|
(571,963
|
)
|
(948,020
|
)
|
|||||||||||
Net Loss per share, basic and diluted
|
(0.01
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.04
|
)
|
|||||||||||
Weighted Average Number of Common Shares Outstanding
|
29,807,935
|
28,039,119
|
29,197,519
|
26,672,793
|
Nine months ended September 30,
|
2016
|
2015
|
||||||
$ | $ | |||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
|
(551,167
|
)
|
(938,106
|
)
|
||||
Items not affecting cash:
|
||||||||
Accretion
|
5,636
|
5,015
|
||||||
Change in derivative liabilities
|
(14,413
|
)
|
-
|
|||||
Depreciation
|
7,727
|
13,166
|
||||||
Share of (income) losses from investment in an associate
|
-
|
(10,443
|
)
|
|||||
Accrued interest convertible debenture
|
4,680
|
-
|
||||||
Share issued for services
|
64,550
|
58,960
|
||||||
Stock-based compensation
|
24,590
|
448,958
|
||||||
|
(458,397
|
)
|
(422,450
|
)
|
||||
Other, including net changes in other non-cash balances:
|
||||||||
Accounts receivable
|
(159,272
|
)
|
1,325
|
|||||
GST receivable
|
(2,105
|
)
|
(440
|
)
|
||||
Inventory
|
(104
|
)
|
(44,515
|
)
|
||||
Prepaid and deposit
|
-
|
5,972
|
||||||
Deferred revenue
|
166,255
|
11,008
|
||||||
Accounts payable, accrued liabilities and accrued interest
|
263,774
|
242,590
|
||||||
Net cash used in operating activities
|
(189,849
|
)
|
(206,510
|
)
|
||||
Cash Flows from Investing Activities
|
||||||||
Acquisition of equipment
|
-
|
(2,592
|
)
|
|||||
|
-
|
(2,592
|
)
|
|||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from convertible debentures
|
54,087
|
-
|
||||||
Payment on note payable
|
(8,846
|
)
|
-
|
|||||
Proceeds from share subscription received
|
35,277
|
-
|
||||||
Proceeds from share issuance-option exercise
|
5,000
|
-
|
||||||
Proceeds from issuance of units, private placement
|
134,522
|
208,163
|
||||||
|
220,040
|
208,163
|
||||||
Effect of exchange rate on cash
|
(11,789
|
)
|
(1,585
|
)
|
||||
|
||||||||
Net increase (decrease) in cash
|
18,402
|
(2,524
|
)
|
|||||
Cash, beginning of period
|
33,590
|
56,347
|
||||||
Cash, end of period
|
51,992
|
53,823
|
Accumulated
|
|||||||||||||||||||||||||||||||
Additional
|
Other
|
Total
|
|||||||||||||||||||||||||||||
Common Stock
|
Paid-in
|
Subscription
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||
Note
|
Shares
|
Amount
|
Capital
|
received
|
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
|
-
|
-
|
24,590
|
-
|
-
|
-
|
24,590
|
||||||||||||||||||||||||
Share issuance for cash
|
6
|
1,150,740
|
1,151
|
133,371
|
-
|
-
|
-
|
134,522
|
|||||||||||||||||||||||
Shares issuance for services
|
6
|
386,290
|
386
|
64,164
|
-
|
-
|
-
|
64,550
|
|||||||||||||||||||||||
Share issuance for option exercise
|
6
|
55,556
|
56
|
4,944
|
-
|
-
|
-
|
5,000
|
|||||||||||||||||||||||
Subscription received
|
-
|
-
|
-
|
35,277
|
-
|
-
|
35,277
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
(20,796
|
)
|
-
|
(20,796
|
)
|
||||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(551,167
|
)
|
(551,167
|
)
|
||||||||||||||||||||||
Balance, September 30, 2016
|
29,807,935
|
29,808
|
7,813,583
|
60,277
|
(32,667
|
)
|
(8,226,719
|
)
|
(355,718
|
)
|
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
|
2. |
Summary of Significant Accounting Policies (continued)
|
g) |
Foreign currency transaction balances
|
h) |
Income taxes
|
i) |
Stock-based compensation
|
2. |
Summary of Significant Accounting Policies (continued)
|
j) |
Inventories
|
k) |
Deferred revenue
|
3. |
Investment in an associate
|
|
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 September 30, 2016
|
2,478,080
|
-
|
|
Accumulated
|
Effect of
|
Net book Value
|
|||||||||||||||||
|
Cost
|
Amortization
|
foreign exchange
|
9/30/2016
|
12/31/2015
|
|||||||||||||||
Office equipment
|
$
|
1,603
|
$
|
1,061
|
$
|
-
|
$
|
542
|
$
|
638
|
||||||||||
Computer
|
51,375
|
42,705
|
(142
|
)
|
8,528
|
14,626
|
||||||||||||||
Software
|
6,012
|
5,136
|
876
|
2,379
|
||||||||||||||||
TOTAL
|
$
|
58,990
|
$
|
46,347
|
$
|
(141
|
)
|
$
|
9,946
|
$
|
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.
|
·
|
55,556 shares for exercise of options at $0.09/share for total proceeds of $5,000
|
·
|
386,290 shares with the fair value of $64,550 in exchange for consulting services rendered by external consultants
|
·
|
588,240 units for cash proceed of $72,484 (CAD$100,000). 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.
|
·
|
312,500 units for cash proceed of $38,634 (CAD$50,000). Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at $0.20/share before June 9, 2017.
|
·
|
250,000 units for cash proceed of $23,404 (CAD$30,000). Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at $0.15/share before May 4, 2018.
|
December 31, 2015
|
exercise price
|
expiry date
|
Expiry
|
Issuance
|
September 30, 2016
|
||||||||||||||
147,059
|
$
|
0.40
|
30-Sep-16
|
(147,059
|
)
|
-
|
-
|
||||||||||||
66,666
|
$
|
0.28
|
22-Apr-17
|
-
|
66,666
|
||||||||||||||
600,000
|
$
|
0.28
|
14-May-17
|
-
|
600,000
|
||||||||||||||
18,000
|
$
|
0.26
|
13-Aug-17
|
-
|
18,000
|
||||||||||||||
294,118
|
$
|
0.35
|
11-Dec-17
|
-
|
294,118
|
||||||||||||||
-
|
$
|
0.25
|
29-Mar-18
|
588,240
|
588,240
|
||||||||||||||
-
|
$
|
0.20
|
9-Jun-17
|
312,500
|
312,500
|
||||||||||||||
-
|
$
|
0.15
|
4-May-18
|
250,000
|
250,000
|
||||||||||||||
1,125,843
|
|
(147,059
|
)
|
1,150,740
|
2,129,524
|
|
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 granted
|
375,000
|
0.15
|
||||||
Options cancelled/forfeited
|
(700,000
|
)
|
0.18
|
|||||
Options outstanding, September 30, 2016
|
3,700,000
|
0.14
|
|
|
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
|
$
|
33,982
|
||
Changes of fair value
|
(14,413
|
)
|
||
September 30, 2016
|
$
|
19,569
|
Nine months ended September 30,
|
2016
|
2015
|
||||||
Cash paid for interest
|
$
|
-
|
$
|
-
|
||||
Cash paid for income taxes
|
-
|
-
|
||||||
Shares issued for services
|
64,550
|
-
|
• 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
|
-
|
Record quarterly revenues of $376,476;
|
-
|
Record quarterly invoicings of $544,031, which includes $376,476 of recognized revenue and $167,555 of deferred revenue;
|
-
|
Record nine-month period gross profits of $304,865;
|
-
|
Record monthly and quarterly vehicle activations;
|
-
|
Reduction in quarterly expenses;
|
-
|
Lowest quarterly losses since Q2 2014;
|
-
|
Generated positive fund flow from operations
1
, for the first time, of $17,121;
|
-
|
Reduction in net debt
1
of $43,236 (7%) from previous quarter.
|
Funds Flow from Operations
|
Three Months Ended
|
Nine Months Ended September 30
|
||||||||||||||||||
March 2016
|
June 2016
|
Sept 2016
|
2016
|
2015
|
||||||||||||||||
Cash provided by operating activities
|
$
|
(25,807
|
)
|
$
|
(164,314
|
)
|
$
|
272
|
$
|
(189,849
|
)
|
$
|
(206,510
|
)
|
||||||
Change in non-cash working capital
|
(96,859
|
)
|
(20,983
|
)
|
(150,706
|
)
|
(268,548
|
)
|
(215,940
|
)
|
||||||||||
Change in deferred revenue
|
(2,975
|
)
|
1,675
|
167,555
|
166,255
|
11,008
|
||||||||||||||
Funds flow from operations
|
$
|
(125,641
|
)
|
$
|
(183,622
|
)
|
$
|
17,121
|
$
|
(292,144
|
)
|
$
|
(411,442
|
)
|
||||||
Per share, basic and diluted
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
0.00
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
Net Debt
|
Three Months Ended
|
Nine Months Ended September 30
|
||||||||||||||||||
March 2016
|
June 2016
|
Sept 2016
|
2016
|
2015
|
||||||||||||||||
Current assets
|
$
|
230,952
|
$
|
160,500
|
$
|
325,983
|
$
|
325,983
|
$
|
448,576
|
||||||||||
Current liabilities
|
(827,100
|
)
|
(887,784
|
)
|
(1,088,364
|
)
|
(1,088,364
|
)
|
(646,828
|
)
|
||||||||||
Adjust current deferred revenue
|
53,825
|
55,500
|
133,833
|
133,833
|
65,492
|
|||||||||||||||
Adjust current derivatives
|
-
|
20,104
|
20,104
|
20,104
|
-
|
|||||||||||||||
Net debt
|
$
|
(542,323
|
)
|
$
|
(651,680
|
)
|
$
|
(608,444
|
)
|
$
|
(608,444
|
)
|
$
|
(132,760
|
)
|
·
|
55,556 shares for exercise of options at $0.09/share for total proceeds of $5,000
|
·
|
386,290 shares with the fair value of $64,550 in exchange for consulting services rendered by external consultants
|
·
|
588,240 units for cash proceed of $72,484 (CAD$100,000). 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.
|
·
|
312,500 units for cash proceed of $38,634 (CAD$50,000). Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at $0.20/share before June 9, 2017.
|
·
|
250,000 units for cash proceed of $23,404 (CAD$30,000). Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at $0.15/share before May 4, 2018.
|
|
IGEN Networks Corp
|
|
|
|
|
|
|
November 14, 2016
|
By:
|
/s/ Neil Chan
|
|
|
|
Neil Chan
|
|
|
|
Director, Chief Executive Officer
|
|
|
|
|
|
|
IGEN Networks Corp
|
|
|
|
|
|
|
November 14, 2016
|
By:
|
/s/ Richard Freeman
|
|
|
|
Richard Freeman
|
|
|
|
Director, Chief Operating Officer
|
|
|
|
|
|
1 Year iGen Networks (PK) Chart |
1 Month iGen Networks (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions