XML 61 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
CAPITAL STOCK (Tables)
 12 Months Ended
Jul. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]  
Schedule of Share Transactions [Table Text Block]
A summary of the Company’s share transactions for Fiscal 2016, 2015 and 2014 are as follows:
 
 
 
Common
 
Value per Share
 
Issuance
 
Period / Description
 
Shares Issued
 
Low
 
High
 
Value
 
Balance, July 31, 2013
 
 
86,032,285
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Financing
 
 
3,380,954
 
 
 
1.76
 
 
 
1.76
 
 
 
5,947,792
 
Credit Facility
 
 
386,834
 
 
 
1.71
 
 
 
1.77
 
 
 
676,058
 
Consulting Services
 
 
635,303
 
 
 
1.06
 
 
 
2.41
 
 
 
1,101,932
 
Options Exercised (1)
 
 
470,492
 
 
 
0.33
 
 
 
0.45
 
 
 
27,401
 
Share Bonus
 
 
30,386
 
 
 
1.81
 
 
 
1.81
 
 
 
55,000
 
Advance Royalty for Workman Creek
 
 
30,304
 
 
 
1.15
 
 
 
1.15
 
 
 
34,850
 
Balance, July 31, 2014
 
 
90,966,558
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Financing
 
 
5,280,045
 
 
 
1.70
 
 
 
2.00
 
 
 
7,659,139
 
Consulting Services
 
 
1,108,390
 
 
 
1.07
 
 
 
2.90
 
 
 
1,851,074
 
Options Exercised (2)
 
 
304,657
 
 
 
0.33
 
 
 
1.32
 
 
 
24,550
 
Share Bonuses
 
 
174,437
 
 
 
1.35
 
 
 
1.35
 
 
 
235,490
 
Balance, July 31, 2015
 
 
97,834,087
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Financing
 
 
12,364,704
 
 
 
0.85
 
 
 
0.85
 
 
 
9,984,517
 
Credit Facility
 
 
1,711,933
 
 
 
0.83
 
 
 
1.20
 
 
 
1,700,000
 
Asset Acquisition
 
 
1,333,560
 
 
 
0.92
 
 
 
0.92
 
 
 
1,226,875
 
Settlement of Current Liabilities
 
 
487,574
 
 
 
0.93
 
 
 
0.93
 
 
 
453,444
 
Consulting Services
 
 
1,429,650
 
 
 
0.72
 
 
 
1.38
 
 
 
1,372,381
 
Options Exercised
 
 
682,167
 
 
 
0.33
 
 
 
0.33
 
 
 
225,115
 
Shares Issued Under Stock Incentive Plan
 
 
826,782
 
 
 
0.73
 
 
 
1.08
 
 
 
726,244
 
Balance, July 31, 2016
 
 
116,670,457
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 631,250 options were exercised on a forfeiture basis resulting in 387,842 net shares issued.
(2) 535,000 options were exercised on a forfeiture basis resulting in 230,267 net shares issued.
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
A summary of share purchase warrants outstanding and exercisable at July 31, 2016 are as follows:
 
Weighted
Average
Exercise Price
 
Number of Warrants
Outstanding
 
Expiry Date
 
Weighted Average
Remaining Contractual
Life (Years)
 
$
1.20
 
 
6,594,348
 
March 10, 2019
 
 
2.61
 
 
1.35
 
 
2,600,000
 
January 30, 2020
 
 
3.50
 
 
1.95
 
 
50,000
 
June 3, 2018
 
 
1.84
 
 
2.35
 
 
2,850,000
 
June 25, 2018
 
 
1.90
 
 
2.60
 
 
1,859,524
 
October 23, 2016
 
 
0.23
 
$
1.65
 
 
13,953,872
 
 
 
 
2.31
 
Schedule of Share based Compensation Arrangement by Share based Payment Award Options Grants in Period Activity [Table Text Block]
A summary of stock options granted by the Company during Fiscal 2016, including corresponding grant date fair values and assumptions using the Black-Scholes option pricing model, is as follows:
 
Date
 
Options
Issued
 
Exercise
Price
 
Term
(Years)
 
Fair
Value
 
Expected
Life (Years)
 
Risk-Free
Interest Rate
 
Dividend
Yield
 
Expected
Volatility
 
August 7, 2015
 
 
105,000
 
$
1.32
 
 
5
 
$
68,824
 
 
2.90
 
 
1.04
%
 
0.00
%
 
77.17
%
October 14, 2015
 
 
1,000,000
 
 
1.14
 
 
5
 
 
563,195
 
 
2.90
 
 
0.81
%
 
0.00
%
 
77.01
%
January 12, 2016
 
 
300,000
 
 
0.98
 
 
5
 
 
145,902
 
 
2.90
 
 
1.15
%
 
0.00
%
 
76.96
%
July 28, 2016
 
 
1,628,000
 
 
0.93
 
 
5
 
 
800,059
 
 
2.90
 
 
0.81
%
 
0.00
%
 
83.49
%
Total
 
 
3,033,000
 
 
 
 
 
 
 
$
1,577,980
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A continuity schedule of outstanding stock options for the underlying common shares at July 31, 2016, and the changes during the periods, is as follows:
 
 
 
Number of Stock
Options
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining Contractual
Term (Years)
 
Balance, July 31, 2013
 
 
8,966,189
 
$
2.02
 
 
5.72
 
Exercised
 
 
(713,900)
 
 
0.41
 
 
2.75
 
Expired
 
 
(41,575)
 
 
4.85
 
 
-
 
Forfeited
 
 
(223,500)
 
 
3.46
 
 
5.48
 
Balance, July 31, 2014
 
 
7,987,214
 
 
2.10
 
 
4.97
 
Issued
 
 
7,640,000
 
 
1.32
 
 
4.10
 
Exercised
 
 
(609,390)
 
 
1.16
 
 
3.87
 
Expired
 
 
(15,599)
 
 
5.13
 
 
-
 
Forfeited
 
 
(126,250)
 
 
2.52
 
 
6.20
 
Cancelled
 
 
(4,294,000)
 
 
2.59
 
 
5.59
 
Balance, July 31, 2015
 
 
10,581,975
 
 
1.38
 
 
3.68
 
Issued
 
 
3,033,000
 
 
1.02
 
 
4.65
 
Exercised
 
 
(682,167)
 
 
0.33
 
 
0.01
 
Expired
 
 
(1,950)
 
 
5.90
 
 
-
 
Forfeited
 
 
(825,000)
 
 
1.48
 
 
0.02
 
Balance, July 31, 2016
 
 
12,105,858
 
$
1.34
 
 
3.36
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
A summary of stock options outstanding and exercisable at July 31, 2016 is as follows:
 
 
 
Options Outstanding
 
Options Exercisable
 
Range of Exercise Prices
 
Outstanding at
July 31, 2016
 
Weighted Average
Exercise Price
 
Exercisable at
July 31, 2016
 
Weighted Average
Exercise Price
 
$0.45 to $0.96
 
 
2,897,634
 
$
0.73
 
 
1,269,634
 
$
0.47
 
$0.97 to $2.45
 
 
8,322,500
 
 
1.35
 
 
7,627,500
 
 
1.37
 
$2.46 to $5.70
 
 
885,724
 
 
3.31
 
 
885,724
 
 
3.31
 
 
 
 
12,105,858
 
$
1.34
 
 
9,782,858
 
$
1.43
 
Schedule Of Stock based Compensation Expense [Table Text Block]
A summary of stock-based compensation expense for Fiscal 2016, 2015 and 2014 is as follows:
 
 
 
Year Ended July 31,
 
 
 
2016
 
2015
 
2014
 
Stock-Based Compensation for Consultants
 
 
 
 
 
 
 
 
 
 
Common stock issued for consulting services
 
$
1,630,635
 
$
1,869,074
 
$
1,101,932
 
Stock options issued to consultants
 
 
78,014
 
 
588,207
 
 
74,992
 
 
 
 
1,708,649
 
 
2,457,281
 
 
1,176,924
 
Stock-Based Compensation for Management
 
 
 
 
 
 
 
 
 
 
Common stock issued to management
 
 
262,130
 
 
105,998
 
 
55,000
 
Stock options issued to management
 
 
735,991
 
 
1,617,937
 
 
-
 
 
 
 
998,121
 
 
1,723,935
 
 
55,000
 
Stock-Based Compensation for Employees
 
 
 
 
 
 
 
 
 
 
Common stock issued to employees
 
 
205,860
 
 
111,492
 
 
-
 
Stock options issued to employees
 
 
171,533
 
 
1,325,040
 
 
82,321
 
 
 
 
377,393
 
 
1,436,532
 
 
82,321
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation charged to inventory
 
 
-
 
 
-
 
 
(4,795)
 
 
 
$
3,084,163
 
$
5,617,748
 
$
1,309,450
 
2016 Offering Warrant [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:
 
Expected Risk Free Interest Rate
 
1.11
%
Expected Annual Volatility
 
74.34
%
Expected Contractual Life in Years
 
3.00
 
Expected Annual Dividend Yield
 
0.00
%
Schedule of Stockholders Equity [Table Text Block]
The net proceeds from the March 2016 Offering were allocated to the fair value of the shares and share purchase warrants as presented below:
 
Fair Value of Shares
 
$
10,015,410
 
Fair Value of Share Purchase Warrants
 
 
1,938,995
 
Total Fair Value Before Allocation to Net Proceeds
 
$
11,954,405
 
 
 
 
 
 
Gross Proceeds
 
$
10,510,000
 
Share Issuance Costs - Cash
 
 
(525,483)
 
Net Cash Proceeds Received
 
$
9,984,517
 
 
 
 
 
 
Relative Fair Value Allocation to:
 
 
 
 
Shares
 
$
8,365,037
 
Share Purchase Warrants
 
 
1,619,480
 
 
 
$
9,984,517
 
2015 Offering Warrant [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The shares were valued at the Company’s closing price of $1.60 at June 25, 2015. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:
 
Expected Risk Free Interest Rate
 
1.06
%
Expected Annual Volatility
 
71.23
%
Expected Contractual Life in Years
 
3.00
 
Expected Annual Dividend Yield
 
0
%
Schedule of Stockholders Equity [Table Text Block]
The net proceeds from the June 2015 Offering were allocated to the fair value of the shares and share purchase warrants as presented below:
 
Fair Value of Shares
 
$
8,000,000
 
Fair Value of Share Purchase Warrants
 
 
1,475,235
 
Total Fair Value Before Allocation to Net Proceeds
 
$
9,475,235
 
 
 
 
 
 
Gross Proceeds
 
$
10,000,000
 
Share Issuance Costs - Cash
 
 
(891,635)
 
Net Cash Proceeds Received
 
$
9,108,365
 
 
 
 
 
 
Relative Fair Value Allocation to:
 
 
 
 
Shares
 
$
7,690,249
 
Share Purchase Warrants
 
 
1,418,116
 
 
 
$
9,108,365
 
2014 Offering Warrant [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions:
 
Expected Risk Free Interest Rate
 
0.60
%
Expected Annual Volatility
 
66.34
%
Expected Contractual Life in Years
 
3.00
 
Expected Annual Dividend Yield
 
0
%
Schedule of Stockholders Equity [Table Text Block]
The net proceeds from the equity financing were allocated to the fair values of the shares and share purchase warrants as presented below:
 
Fair Value of Shares
 
$
6,390,003
 
Fair Value of Share Purchase Warrants
 
 
627,775
 
Total Fair Value Before Allocation to Net Proceeds
 
 
7,017,778
 
 
 
 
 
 
Gross Proceeds
 
 
7,100,003
 
Share Issuance Costs
 
 
(567,880)
 
Net Proceeds Received
 
 
6,532,123
 
 
 
 
 
 
Relative Fair Value Allocation to:
 
 
 
 
Shares
 
 
5,947,792
 
Share Purchase Warrants
 
 
584,331
 
 
 
$
6,532,123