Preferred shares (Tables)

12 Months Ended

Dec. 31, 2014

Preferred Shares Tables

Preferred shares outstanding schedule

	# of shares			$ value
As at December 31, 2011 and 2012		10,000,000		$	3,489,000
Conversion of Preferred Shares in May 2013		(2,000,000	)		(3,256,400	)
As at December 31, 2013 and 2014		8,000,000			232,600

Preferred Shares conversion into common shares

	# of Preferred
	Shares		$ value
convertible upon issue effective December 31, 2005		2,000,000		$3,256,400
conditionally convertible on or before December 31, 2015		8,000,000		232,600
		10,000,000		3,489,000

Rights granted to certain of NXT’s

Expected dividends paid per common share	Nil
Expected life in years		1.9
Expected volatility in the price of common shares		62	%
Risk free interest rate		1.0	%
Weighted average fair value per Right at grant date		$0.60