12 unchanged sentences
For the Years Ending January 31, 2017 and 2016
+Added: Year Ended January 31,
Operating expenses
Accretion of discounts on convertible debentures
−Removed: Financing costs
Gain on change in fair value derivative
2 unchanged sentences
Net income (loss)
−Removed: $ (8,578,431 )
−Removed: $ (1,129,004 )
Our operating expenses for our years ended January 31, 2017 and 2016 are outlined in the table below:
+Added: Year Ended January 31,
Depreciation and amortization
4 unchanged sentences
Research and development
−Removed: Stock-based compensation
−Removed: Operating expenses for year ended January 31, 2016 increased by 721% as compared to the comparative period in 2015 due to increased general and administrative activities such as investor relations and promotions.
−Removed: Professional fees increased primarily due to our acquisition of IndUS.
−Removed: Management fees and stock-based compensation increased as a result of 2,708,333 common stock issued for services and 6,200,000 options to purchase our common stock granted.
+Added: Operating expenses for year ended January 31, 2017 decreased by $4,297,840 as compared to the comparative period in 2016.
+Added: In 2016, we issued 2,708,333 common stock for services and granted 6,200,000 options to purchase our common stock, which resulted in $6,736,994 of stock-based compensation being included in general and administrative expense.
+Added: In 2017, $1,304,738 of stock-based compensation was included in general and administrative expense as a result of 700,000 common stock issued for services and grants of 6,320,833 options to purchase our common stock.
+Added: This was offset by an increase in management fees of $1,850,934 as a result of stock-based compensation related to 5,000,000 options to purchase our common stock granted to management.
We have not earned any revenues since our inception and we do not anticipate earning revenues in the upcoming quarter.
2 unchanged sentences
During our fiscal year ended January 31, 2016, 6,000,000 stock options with exercise price of $0.10 and maturity on December 14, 2020 were granted to directors and a consultant.
+Added: 2,000,000 of these stock options were forfeited on May 11, 2016.
As well, 200,000 stock options with exercise price of $0.25 and maturity on November 30, 2020 were granted to members of our Scientific Advisory Board.
+Added: During our fiscal year ended January 31, 2017:
+Added: 7,250,000 stock options with exercise price of $0.70 and maturity on February 22, 2021 were granted to directors, officers and consultants,
+Added: 29,000 stock options with exercise price of $0.34, maturity on May 2, 2021 and vesting on May 3, 2016 (26,000 stock options), November 2, 2016 (1,000 stock options), May 2, 2017 (1,000 stock options) and November 2, 2017 (1,000 stock options) were granted to a consultant, and
+Added: 41,833 stock options with exercise price of $0.05 and maturity on January 23, 2022 were granted to related parties pursuant to the Agreement and Plan of Merger and Acquisition Agreement dated as of November 4, 2015 between our company and IndUS.
We currently do not have any other equity compensation plans or arrangements.
15 unchanged sentences
Specifically, we estimate our expenses and working capital requirements for the next 12 months to be as follows:
−Removed: Estimated Expenses
Research and Development Costs:
92 unchanged sentences
Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
−Removed: Our company's financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities and due to related parties.
+Added: Our company’s financial instruments consist principally of cash, amounts receivable, accounts payable, and accrued liabilities, due to related parties and convertible debenture.
Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets.
1 unchanged sentence
Foreign Currency Translation
−Removed: The functional currency of our parent entity, Pivot Pharmaceuticals Inc., is the Canadian dollar and the functional currency of our subsidiary is the US dollar.
+Added: The functional currency of our parent entity, Pivot Pharmaceuticals Inc., is the Canadian dollar and the functional currency of IndUS Pharmaceuticals, our subsidiary is the US dollar.
Our company’s presentation currency is the US dollar.
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.