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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
| ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended February 28, 2013
OR
| ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
transition period from to
Commission
File No.: 000-54491
BUILDABLOCK
CORP.
(Exact
name of registrant as specified in its charter)
Florida |
|
22-3914075 |
(State
or Other Jurisdiction of |
|
(I.R.S.
Employer |
Incorporation
or Organization) |
|
Identification No.) |
382
NE 191 st Street, #83251, Miami, FL |
|
33179-3899 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(855)
946-5255
(Registrant’s
telephone number, including area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a “smaller
reporting company.” See the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
|
|
(Do
not check if a smaller reporting
company) |
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of February 28, 2013, 23,937,979 shares of common stock, par value $0.00001 per share, of the registrant were outstanding.
SAFE
HARBOR STATEMENT
This
Quarterly Report on Form 10-Q (the “Report”) contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Discussions containing such forward-looking statements may be found in Items 2 and 3 of Part I of this
Report, as well as within this Report generally. The words “believes,” “anticipates,” “thinks,” “expects,”
“estimates,” “plans,” “intends,” and similar expressions are intended to identify forward-looking
statements. In addition, any statements which refer to expectations, projections or other characterizations of future events or circumstances
are forward-looking statements. We undertake no obligation to publicly disclose any revisions to these forward-looking statements to
reflect events or circumstances occurring subsequent to filing this Report with the Securities and Exchange Commission (the “SEC”).
These forward-looking statements are subject to risks and uncertainties, including, without limitation, those discussed in this section
and Items 2 and 3 of Part I, as well as in Part II, Item 1A, “Risk Factors” of this Report, and in Part I, Item 1A, “Risk
Factors” and in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in our Annual Report on Form 10-K for the year ended November 30, 2012. In addition, new risks emerge from time to time and it is not
possible for management to predict all such risk factors or to assess the impact of such risk factors on our business. Accordingly, future
results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these
risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties
include, but are not limited to:
| ● | our
ability to commercialize the Buildablock Platform; |
| | |
| ● | our
ability to establish critical strategic partnerships; |
| | |
| ● | our
ability to achieve adoption of the Buildablock Platform by consumers and merchants; |
| | |
| ● | our
ability to generate revenues and achieve profitable operations; |
| | |
| ● | our
ability to raise additional financing required to fund our operations; |
| | |
| ● | competition; |
| | |
| ● | our
dependence on the use of social media as a tool for commercial transactions; |
| | |
| ● | risks
associated with protecting our proprietary rights; |
| | |
| ● | the
outcome of future litigation; |
| | |
| ● | costs
associated with and compliance with securities laws and regulations; |
| | |
| ● | dependence
on our information systems; and |
| | |
| ● | retention
of key personnel. |
EXPLANATORY
NOTE:
The
current management submitting the following unaudited financial statements were not employed by the Company nor Board members for the
financial periods presented below. The current Board of Directors in the best interests of the Shareholders chooses to file the necessary
reporting obligations as a Voluntary Reporting Company. These unaudited financial reports are for a period prior to the filing of the
FORM 15 dated October 4, 2013 with the SEC. The information is to the best of managements knowledge at the time of the filing.
BUILDABLOCK
CORP.
INDEX
BUILDABLOCK
CORP.
(formerly
Hipso Multimedia, Inc.
(a
development stage company)
CONSOLIDATED
BALANCE SHEETS
February
28, 2013, and November 30, 2012
(unaudited)
| |
| | |
| |
| |
2/28/13 | | |
11/30/12 | |
| |
(unaudited) | | |
(unaudited) | |
ASSETS | |
| | | |
| | |
CURRENT
ASSETS | |
| | | |
| | |
Cash | |
$ | 196,960 | | |
$ | 362,007 | |
Current
assets held under discontinued operations | |
| - | | |
| - | |
Total
Current Assets | |
| 196,960 | | |
| 362,007 | |
| |
| | | |
| | |
OTHER ASSETS | |
| | | |
| | |
Intellectual
property | |
| 10,000 | | |
| 10,000 | |
Total
other assets | |
| 10,000 | | |
| 10,000 | |
Total
Assets | |
| 206,960 | | |
| 372,007 | |
| |
| | | |
| | |
LIABILITY
AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
CURRENT
LIABILITIES | |
$ | - | | |
$ | - | |
Cash overdraft | |
| 180,121 | | |
| 69,083 | |
Accounts
payable | |
| 60,380 | | |
| 60,380 | |
Accrued
expenses | |
| 2,500 | | |
| 2,500 | |
Convertible
note payable - third party | |
| | | |
| | |
Current
liabilities held under discontinued operations | |
| - | | |
| - | |
Total
Current Liabilities | |
| 243,001 | | |
| 131,963 | |
Total
Liabilities | |
| 243,001 | | |
| 131,963 | |
| |
| | | |
| | |
STOCKHOLDERS’
EQUITY (DEFICIT) | |
| | | |
| | |
Common
stock, par value $0.00001, 100,000,000 shares authorized, 23,937,979 and 23,937,979 shares issued and outstanding at February 28,
2013, and November 30, 2012, respectively | |
| 239 | | |
| 239 | |
Additional
paid-in capital | |
| 2,357,129 | | |
| 2,357,129 | |
Additional
paid-in capital - options and warrants | |
| 1,075,539 | | |
| 1,075,539 | |
Subscription
receivable | |
| (76,927 | ) | |
| (76,927 | ) |
Accumulated
deficit | |
| (1,884,979 | ) | |
| (1,884,979 | ) |
Deficit
accumulated during the development stage | |
| (1,318,000 | ) | |
| (1,042,104 | ) |
Accumulated
other comprehensive income (loss) | |
| (189,042 | ) | |
| (188,853 | ) |
Total
Stockholders’ Equity (Deficit) | |
| (36,041 | ) | |
| 240,044 | |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Equity (Deficit) | |
$ | 206,960 | | |
$ | 372,007 | |
See
accompanying notes to consolidated financial statements
BUILDABLOCK
CORP.
(formerly
Hipso Multimedia, Inc.
(a
development stage company)
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For
the Three Months Ended February 28, 2013 and 2012, and the
Period May 1, 2012, through February 28, 2013 (Development Stage)
(unaudited)
| |
| | |
| | |
| |
| |
Three Months | | |
Three Months | | |
Period 5/1/12 | |
| |
Ended 2/28/13 | | |
Ended 2/28/12 | | |
through 2/28/13 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
| |
| | |
| | |
| |
REVENUE | |
$ | - | | |
$ | 6,431 | | |
$ | - | |
COSTS AND EXPENSES | |
| | | |
| | | |
| | |
Cost of sales | |
| - | | |
| 5,562 | | |
| - | |
Depreciation and amortization | |
| - | | |
| - | | |
| - | |
Research and development | |
| 75,700 | | |
| | | |
| 333,268 | |
Administrative expenses | |
| 200,196 | | |
| 155,371 | | |
| 984,732 | |
Total costs and expenses | |
| 275,896 | | |
| 160,933 | | |
| 1,318,000 | |
OPERATING LOSS | |
| (275,896 | ) | |
| (154,502 | ) | |
| (1,318,000 | ) |
NON-OPERATING INCOME (EXPENSE) | |
| | | |
| | | |
| | |
Interest expense | |
| | | |
| (35,361 | ) | |
| | |
Total Non-Operating Expense | |
| | | |
| (35,361 | ) | |
| | |
DISCONTINUED OPERATIONS | |
| | | |
| | | |
| | |
Gain (loss) on disposal of subsidiary | |
| - | | |
| - | | |
| - | |
Gain (loss) from discontinued operations | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
NET GAIN FROM DISCONTINUED OPERATIONS | |
| - | | |
| - | | |
| - | |
NET INCOME (LOSS) | |
$ | (275,896 | ) | |
$ | (189,863 | ) | |
$ | (1,318,000 | ) |
NET INCOME PER COMMON SHARE (BASIC) | |
| | | |
| | | |
| | |
From continuing operations | |
$ | (0.01 | ) | |
$ | (0.02 | ) | |
| - | |
From discontinued operations | |
$ | (0.01 | ) | |
$ | (0.02 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Weighted average shares outstanding (BASIC) | |
| 23,982,979 | | |
| 8,607,965 | | |
| - | |
NET INCOME PER COMMON SHARE (DILUTED) | |
| | | |
| | | |
| | |
From continuing operations | |
$ | (0.01 | ) | |
$ | (0.02 | ) | |
| - | |
From discontinued operations | |
$ | (0.01 | ) | |
$ | (0.02 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Weighted average shares outstanding (BASIC) | |
| 23,982,979 | | |
| 8,607,965 | | |
| - | |
OTHER COMPREHENSIVE LOSS - CONTINUING OPERATIONS | |
| | | |
| | | |
| | |
Comprehensive loss - beginning of period | |
$ | (188,853 | ) | |
$ | (189,863 | ) | |
| - | |
Cumulative translation adjustments | |
| (189 | ) | |
| (66,638 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Comprehensive loss - end of period | |
$ | (189,042 | ) | |
$ | (256,501 | ) | |
| - | |
The
accompanying notes are an integral part of these statements.
BUILDABLOCK
CORP.
(formerly
Hipso Multimedia, Inc.
(a
development stage company)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the Three Months Ended February 28, 2013 and 2012, and the
Period
May 1, 2012, through February 28, 2013 (Development Stage)
(unaudited)
| |
| | |
| | |
| |
| |
Three Months | | |
Three Months | | |
Period 5/1/12 | |
| |
Ended 2/28/13 | | |
Ended 2/28/12 | | |
through 2/28/13 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | (275,896 | ) | |
$ | (189,863 | ) | |
$ | (1,318,000 | ) |
Adjustments to reconcile net income (loss) to net
cash used for operating activities: | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| - | | |
| - | | |
| - | |
Stock based compensation and shares issued for services | |
| - | | |
| 192,476 | | |
| - | |
Contributed expenses by management | |
| - | | |
| 30,645 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
Accounts receivable | |
| - | | |
| - | | |
| - | |
Prepaid expenses and other current assets | |
| - | | |
| - | | |
| - | |
Accounts payable and accrued
expenses | |
| 111,038 | | |
| 99,912 | | |
| 224,968 | |
Net cash used for operating activities | |
| (164,858 | ) | |
| 133,170 | | |
| (1,093,032) | |
| |
| | | |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
Increase (decrease) in cash overdraft | |
| - | | |
| (102 | ) | |
| (196,569 | ) |
Cash received for common stock | |
| - | | |
| 1,486,750 | | |
| 1,486,750 | |
Loan payable to bank | |
| | | |
| | | |
| | |
Loan payable to shareholders | |
| - | | |
| | | |
| - | |
Net cash provided by financing activities | |
| - | | |
| 1,486,648 | | |
| 1,290,181 | |
| |
| | | |
| | | |
| | |
DISCONTINUED OPERATIONS | |
| | | |
| | | |
| | |
Operating activities | |
| - | | |
| (40,765 | ) | |
| - | |
Investing activities | |
| - | | |
| - | | |
| - | |
Financing activities | |
| - | | |
| 23 | | |
| | |
Total
Discontinued Operations | |
| - | | |
| (40,742 | ) | |
| - | |
EFFECT OF EXCHANGE RATE ON CASH | |
| (189 | ) | |
| 3,927 | | |
| (189 | ) |
INCREASE (DECREASE) IN CASH | |
| (165,047 | ) | |
| 90,527 | | |
| 196,960 | |
CASH, BEGINNING OF YEAR | |
| 362,007 | | |
| - | | |
| - | |
CASH, END OF PERIOD | |
$ | 196,960 | | |
$ | 1,583,003 | | |
$ | 196,960 | |
See
accompanying notes to financial statements.
BUILDABLOCK
CORP.
(formerly
Hipso Multimedia, Inc.
(a
development stage company)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the Three Months Ended February 28, 2013 and 2012, and the
Period
May 1, 2012, through February 28, 2013 (Development Stage)
(unaudited)
| |
Three Months | | |
Three Months | | |
Period 5/1/12 | |
| |
Ended 2/28/13 | | |
Ended 2/28/12 | | |
through 2/28/13 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
SUPPLEMENT AL DISCLOSURE OF CASH FLOW INFORMATION: | |
| | | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | | |
$ | - | |
NONCASH OPERATING AND FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
Conversion of notes payable - related parties for
equity | |
$ | - | | |
$ | - | | |
$ | - | |
Common shares issued for intellectual property | |
$ | - | | |
$ | 10,000 | | |
$ | - | |
See
accompanying notes to financial statements.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
These
condensed consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion
of management, are necessary to present fairly the consolidated operations and cash flows for the periods presented.
Buildablock
Corp. (the “Company”) formerly HIPSO Multimedia, Inc., a Florida corporation, was incorporated in April 2005. As described
in Note 7, the Company entered into an Asset Purchase Agreement on November 30, 2011 providing for the acquisition of intellectual property
rights comprised of an Internet and mobile service platform whose purpose is to empower or capitalize on the growth of the neighborhood,
local economy (the “Buildablock Assets”). The Buildablock Assets are in the development stage. In addition to Buildablock’s
social networking library, the service is enriched by its new “DealWink” engine, a new e-commerce platform that combines
the power of group buying, couponing, and price aggregation, among other things, to drive both value to its customers and opportunity
to the retailer. Effective March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion
of the acquisition, the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001,
on a one-for-eight (1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective
March 7, 2012, representing 50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split
and issuance of the shares. The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman
and Bartek Bulzak were elected to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer
and Mr. Bulzak was appointed Chief Technology Officer. Effective February 24, 2012, the name of the Company was changed to Buildablock
Corp.
On
June 5, 2012, the Company formed a Canadian subsidiary, Buildablock Canada Inc. (“Buildablock Canada”). Since inception,
Buildablock Canada has had little activity. The Company anticipates that Buildablock Canada will engage in research and development activities.
Effective
July 1, 2009, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
105-10, Generally Accepted Accounting Principles – Overall (“ASC 105-10”). ASC 105-10 establishes the FASB Accounting
Standards Codification (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to
be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive
releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance
contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting
standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB
will not issue new standards in the form of Statements, FASB Positions or Emerging Issue Task Force Abstracts. Instead, it will issue
Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve
only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the change(s)
in the Codification. References made to FASB guidance throughout this document have been updated for the Codification.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)
Going
Concern
With
the disposition of Valtech, the Company commenced operating in the development stage as it develops its purchased intellectual property.
The
Company has no revenues and nominal assets other than cash which was raised during May 2012 as part of a private placement.
New
management has had some preliminary discussions regarding further capitalization of the Company. These plans include the raising of capital
through the equity markets to fund future operations and generating adequate revenues for the new business of the Company. Even if the
Company raises sufficient capital to support its operating expenses and generates revenues, there can be no assurance that the revenues
will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters
raise substantial doubt about the Company’s ability to continue as a going concern. However, the accompanying consolidated financial
statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities
in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded
assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions
have been eliminated in consolidation.
Development
Stage Company
The
Company is considered to be in the development stage as defined in ASC 915 . The Company has devoted substantially all of its
efforts to the development of its software platform.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to investment tax credits,
bad debts, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less
to be cash equivalents.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Comprehensive
Income
The
Company adopted ASC 220-10, “Reporting Comprehensive Income,” (formerly SFAS No. 130). ASC 220-10 requires the reporting
of comprehensive income in addition to net income from operations.
Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of information that historically has not been recognized
in the calculation of net income.
Fair
Value of Financial Instruments
The
carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable
approximate fair value because of the immediate or short-term maturity of these financial instruments. For the loans payable, the carrying
amount reported is based upon the incremental borrowing rates otherwise available to the Company for similar borrowings.
Currency
Translation
For
subsidiaries outside the United States that prepare financial statements in currencies other than the U.S. dollar, the Company translates
income and expense amounts at average exchange rates for the year, translates assets and liabilities at year-end exchange rates and equity
at historical rates. The Company’s functional currency is the Canadian dollar, while the Company reports its currency in the US
dollar. The Company records these translation adjustments as accumulated other comprehensive income (loss). Gains and losses from foreign
currency transactions are included in other income (expense) in the results of operations.
Revenue
Recognition
Through
April 30, 2012, the Company through Valtech received revenue from subscribers to its triple play network in which it provided digital
TV, voice over internet protocol (VoIP), and high speed internet access, all via fiber optic cable. The Company billed its subscribers
on a monthly basis and recognized the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally
provided contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services. Valtech was
sold on April 30, 2012. For reporting periods ended after April 30, 2012, revenues for Valtech are reported net of operating expenses
as gain or loss from discontinued operations.
Buildablock
is a development stage company and has not yet recorded any revenues. Buildablock plans to recognize revenue from sales when the following
criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the selling price is fixed or determinable; and
collectability is reasonably assured.
The
Company plans to record as revenue the net amount it retains from the sale of products, excluding any applicable taxes, after remitting
the payment to the merchant minus the transaction fees. Revenue will be recorded on a net basis because the Company plans to act as an
agent of the merchant in the transaction.
The
Company plans that the merchant will be the primary obligor in these transactions, will be subject to inventory risk, and will have latitude
in establishing prices. The Company plans to perform a service by acting as the agent of the merchant which will be responsible for fulfillment,
and therefore revenue is planned to be recorded on a net basis.
Accounts
Receivable
The
Company conducts business and extends credit based on an evaluation of the customers’ financial condition, generally without requiring
collateral.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Accounts
Receivable (continued)
Exposure
to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure
to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has no allowance
for doubtful accounts as of August 31, 2012.
Accounts
receivable are generally due within 30 days and collateral is not required. Unbilled accounts receivable represents amounts due from
customers for which billing statements have not been generated and sent to the customers.
Income
Taxes
The
Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined
based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which
differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that
are expected to be realized.
Advertising
Costs
The
Company expenses the costs associated with advertising as incurred. Advertising expenses for the nine months ended February 28, 2013
and 2012 are included in administrative expenses in the consolidated statements of operations.
Fixed
Assets
Fixed
assets are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets; office
and computer equipment – 5 years.
When
assets are retired or otherwise disposed of, the costs and related accumulated depreciation are removed from the accounts, and any resulting
gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant
renewals and betterments are capitalized. Deduction is made for retirements resulting from renewals or betterments.
Impairment
of Long-Lived Assets
Long-lived
assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of the assets might not be recoverable. The Company does perform a periodic assessment of assets for impairment in the absence of such
information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable
market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that
would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used,
the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures
the impairment loss based on the difference between the carrying amount and estimated fair value.
Income
(Loss) Per Share of Common Stock
Basic
net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS)
includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants.
All shares are reflected post 1:8 reverse split which occurred March 7, 2012. Common stock equivalents were not included in the computation
of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Income
(Loss) Per Share of Common Stock (continued)
The
following is a reconciliation of the computation for basic and diluted EPS:
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES
| |
February 28, | | |
February 28, | |
| |
2013 | | |
2012 | |
Net income (loss) | |
$ | (275,896 | ) | |
$ | (189,863 | ) |
| |
| | | |
| | |
Weighted-average common shares Outstanding (Basic) | |
| 23,982,979 | | |
| 8,607,965 | |
Stock-Based
Compensation
In
2006, the Company adopted the provisions of ASC 718-10 “Share Based Payments” for its year ended November 30, 2008.
The adoption of this principle had no effect on the Company’s operations.
The
Company has elected to use the modified–prospective approach method. Under that transition method, the calculated expense in 2006
is equivalent to compensation expense for all awards granted prior to, but not yet vested as of January 1, 2006, based on the grant-date
fair values. Stock-based compensation expense for all awards granted after January 1, 2006 is based on the grant-date fair values. The
Company recognizes these compensation costs, net of an estimated forfeiture rate, on a pro rata basis over the requisite service period
of each vesting tranche of each award.
The
Company considers voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate.
The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50, “ Accounting for Equity
Instruments that are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services “. The
fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received.
The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty
has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to
expense and additional paid-in capital.
Segment
Information
The
Company follows the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”. This
standard requires that companies disclose operating segments based on the manner in which management disaggregates the Company in making
internal operating decisions. As of February 28, 2013, the Company operates in only one segment and in only one geographical location.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Uncertainty
in Income Taxes
The
Company follows ASC 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”). This interpretation
requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. ASC 740-10
is effective for fiscal years beginning after December 15, 2006. Management has adopted ASC 740-10 for 2009, and they evaluate their
tax positions on an annual basis, and has determined that as of February 28, 2013, no additional accrual for income taxes other than
the federal and state provisions is considered necessary.
Fair
Value Measurements
In
September 2006, the FASB issued ASC 820, Fair Value Measurements . ASC 820 defines fair value, establishes a framework for measuring
fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement is effective
for financial statements issued for fiscal years beginning after November 15, 2007. Early adoption is encouraged. The adoption of ASC
820 is not expected to have a material impact on the financial statements.
In
February 2007, the FASB issued ASC 825-10, The Fair Value Option for Financial Assets and Financial Liabilities – Including
an amendment of ASC 320-10 , (“ASC 825-10”) which permits entities to choose to measure many financial instruments and
certain other items at fair value at specified election dates. A business entity is required to report unrealized gains and losses on
items for which the fair value option has been elected in earnings at each subsequent reporting date. This statement is expected to expand
the use of fair value measurement. ASC 825-10 is effective for financial statements issued for fiscal years beginning after November
15, 2007, and interim periods within those fiscal years.
Recent
Accounting Pronouncements
In
May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs . ASU 2011-04 amends and clarifies the measurement and disclosure requirements of ASC 820 resulting
in common requirements for measuring fair value and for disclosing information about fair value measurements, clarification of how to
apply existing fair value measurement and disclosure requirements, and changes to certain principles and requirements for measuring fair
value and disclosing information about fair value measurements. The new requirements are effective for fiscal years beginning after December
15, 2011. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have
a material impact on the Company’s results of operations, cash flows or financial position.
In
June 2011, FASB issued ASU No. 2011-05, Presentation of Comprehensive Income , which amends the disclosure and presentation requirements
of Comprehensive Income. Specifically, ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented
either in 1) a single continuous statement of comprehensive income or 2) two separate but consecutive statements, in which the first
statement presents total net income and its components, and the second statement presents total other comprehensive income and its components.
These new presentation requirements, as currently set forth, are effective for the Company beginning October 1, 2012, with early adoption
permitted.
The
Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact
on the Company’s results of operations, cash flows or financial position.
In
September 2011, FASB issued ASU 2011-08, Testing Goodwill for Impairment , which amended goodwill impairment guidance to provide
an option for entities to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination
that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality
of events and circumstances, if an entity determines that it is not more likely than not that the fair value of a reporting unit is less
than its carrying amount, performance of the two-step impairment test is no longer required. This guidance is effective for annual and
interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. Adoption
of this guidance is not expected to have any impact on the Company’s results of operations, cash flows or financial position.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Recent
Accounting Pronouncements (Continued)
There
were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific
industries and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
NOTE
3 – FIXED ASSETS
Fixed
assets as of November 30, 2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $4,997 charged
to operations for depreciation expense for the years ended November 30, 2012 and 2011, respectively, which are reflected in discontinued
operations
NOTE
4 – DEFERRED COSTS
Deferred
costs as of November 30,2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $71,100 charged to
operations for amortization expense for the year ended November 30, 2012 and 2011, respectively, which are reflected in discontinued
operations
NOTE
5 – RELATED PARTY LOANS
In
April 2012, the related party loans with the four principal shareholders of the Company were assumed by Valtech, upon the sale back to
Valtech along with the accrued interest on those loans. Currently there is a $0 balance due those shareholders. The amount outstanding
prior to the sale was $1,928,319. The loans did bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$).
Interest expense for the nine months ended August 31, 2012 and 2011 were $35,361 and $97,401, respectively, and are reflected in operations
from discontinued operations. Accrued interest on these loans prior to the sale was $329,395. The accrued interest along with the notes
were sold in April 2012, and the balance is $0 as of February 28, 2013 (see Note 12).
NOTE
6 – COMMITMENTS
Office
Space
The
Company occupies approximately 2,500 square feet of office space owned by a company that is owned by a shareholder of the Company. The
occupancy is on a month-to-month basis, without a lease and without payment of rent. The Company has occupied the space since February
1, 2008. Accordingly, a rent expense was recorded at the fair value of the applicable rent and with an offset to additional paid-in capital.
The Company as of April 1, 2012, no longer utilized this space.
Service
Agreement
In
July 2009, the Company’s subsidiary, Valtech Communications, Inc. entered into a written agreement with Groupe Canvar Inc. (a related
party through common ownership). The agreement provides for Groupe Canvar, Inc. to provide brochures, price lists, contact information
and other literature relating to Valtech Communications, Inc. services to the tenants leasing the apartments or office space in the buildings
owned by Groupe Canvar, Inc. In addition, the agreement provides for Valtech Communications, Inc. to install wiring in new and refurbished
buildings owned by Groupe Canvar, Inc. to their server for these services. All pricing is at the same terms as those for Valtech Communications,
Inc. other customers. The agreement was to expire July 2010, and was extended for another two years through July 2012. This agreement
will remain with Valtech in connection with the sale of Valtech in April 2012 (see Note 12).
Financing
Agreement
On
June 15, 2010, the Company entered into an Engagement Agreement with DME Securities LLC (“DME”) to raise $10,000,000 in debt
or equity financing on a best efforts basis. The Company was responsible to pay a 10% success fee and to issue Placement Agent Warrants
upon the successful completion of any amounts raised. DME was not able to raise any funds for the Company and the Engagement Agreement
terminated on May 31, 2011.
On
August 18, 2010, the Company executed an equity financing commitment of up to $5,000,000 from Dutchess Capital through its Dutchess Opportunity
Fund, L.P. The commitment had a 3 year term, and the Company would sell its shares of common stock to Dutchess Capital up to the total
committed amount. The Company would determine, at its sole discretion, the amount and timing of any sales of these shares. The purchase
price of the shares would be set at 95% of the lowest daily VWAP of the common stock of the Company during the 5 consecutive trading
days immediately after the put date as defined in the term sheet. The Company has not sold any shares under this term sheet and the agreement
was cancelled.
On
October 12, 2010, the Company entered into an agreement with Notre-Dame Capital Inc. to raise $15,000,000 through an equity and debt
financing on a best effort basis. Debentures would be offered in tranches of $50,000 and would bear interest at a rate of 8% per annum,
payable quarterly in arrears, and maturing five years from the date of issuance. The principal amount of each debenture would be convertible
into common shares of the Company’s stock at the option of the holder. The conversion price would be $2.00 per share for the first
two years from the date of issuance, and thereafter at a price per share of $2.40 until maturity.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
6 – COMMITMENTS (CONTINUED)
Financing
Agreement (Continued)
In
connection with the financing, Notre-Dame Capital Inc. would receive a cash fee equal to 8%
of the gross proceeds raised under the offering plus 4%
warrants of the raised funds. Each warrant would entitle Notre-Dame Capital Inc. to purchase one share of common stock. The warrants
would be exercisable at the financing price for a period of three years after the closing of the financing. In addition to the
proposed financing, Notre-Dame Capital Inc. and its affiliates would purchase 375,000 common shares of the Company from the directors of the Company. No money was raised under this proposed financing and the
agreement was cancelled.
Investor
Relation/Public Relation Agreements
The
Company entered into an agreement with Complete Advisory Partners on April 12, 2011 to provide public relation services. The agreement
is for a term of one year but the Company can terminate the services every 90 days. In accordance with the term of the agreement, the
Company issued 50,000 shares of common stock as an initial payment. The Agreement with Complete Advisory Partners was cancelled and the
company retained the 50,000 shares of common stock issued to it.
The
Company entered into an Investor Relations Agreement with CCG Investor Relations effective July 1, 2012. The Agreement is for a term
of 1 year. Consideration for the services that CCG Investor Relations will provide is in the form of 20,000 options per month under the
2012 Plan (as defined in Note 8).
Distribution
Agreement
On
April 11, 2011, the Company signed a long-term distribution agreement with Level Vision Electronics Ltd (“Level”). The five
(5) year renewable distribution agreement with Level includes the distribution in North America of its 3-D Television screens technology,
including High Definition, LCD screens and computer monitors for commercial applications. The Company was to deploy and bring to market
a unique new multimedia solution to enhance the advertising market. This agreement will remain with Valtech in connection with the sale
of Valtech in April 2012 (see Note 12).
NOTE
7 – ACQUISITION - BUILDABLOCK
On
November 30, 2011, the Company, entered into an Asset Purchase Agreement (the “Agreement”) with 3324109 Canada Inc., a Canadian
corporation owned by Gary Oberman (“GaryCo”) and 8040397 Canada Inc., a Canadian corporation, owned by Bartek Bulzak (“BulzakCo”),
collectively, the “Sellers”, providing for the acquisition by the Company of the Buildablock Assets. The Sellers have conducted
no other business other than the development of this platform. The intellectual property was funded 100% by the respective owners of
the Sellers personally. The Agreement provides for the issuance of 4,377,742 shares of the Company’s common stock to each of GaryCo
and BulzakCo, for an aggregate of 8,755,484 shares, representing 50% of the Company’s outstanding shares after giving effect to
a one-for-eight reverse stock split. On March 7, 2012, the Company completed the acquisition of the Buildablock Assets and the common
shares were issued at that time (see Note 12).
NOTE
8 – STOCKHOLDERS’ DEFICIT
Common
Stock
As
of November 30, 2012, the Company has 100,000,000 shares of common stock authorized with a par value of $.00001 per share.
The
Company has 23,937,979 shares issued and outstanding as of November 30, 2012.
During
the quarter ended November 30, 2012, the Company issued no shares of common stock.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Common
Stock (Continued)
During
the year ended November 30, 2012, the Company issued:
The
Company issued 8,755,484 shares of stock for the acquisition of the Buildablock Assets valued at $10,000; 480,000 shares of common stock
to settle accounts payable of $36,500 and for services of $83,500; and issued 5,947,000 shares of common stock in a private placement
which included 5,947,000 warrants at a value of $1,486,750.
The
Company issued 195,750 shares of stock for services rendered valued at $75,460 at prices per share ranging from $0.24 to $0.48 for the
quarter.
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
There
was an adjustment made for back rent in the amount of $20,430 as well.
The
Company occupied office space owned by a principal shareholder, and recorded $ 10,215 of rent expense as contributed capital for the
space.
The
Company issued 50,000 shares of stock for cash and liability for stock to be issued and 12,500 shares of stock for services rendered
($5,000).
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
The
Company issued 366,250 shares of stock for cash and liability for stock to be issued and services rendered ($124,700) at a value of $199,700.
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
The
Company issued 38,125 shares of common stock to three of its shareholders to con vert $122,000 of loans to them.
The
Company also cancelled 75,000 shares of stock to consultants at $0.48 for services to be rendered to the Company back in 2008 (see Note
6).
The
Company also incurred a $50,000 liability for stock to be issued for subscriptions of cash received in the three months ended February
28, 2011 for certificates not issued.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Common
Stock (Continued)
During
the quarter ended February 28, 2011, the Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent
expense as contributed capital for the space.
Stock
Options
The
Company accounts for stock-based compensation using the fair value method. The fair value method requires the cost of employee services
received for awards of equity instruments, such as stock options and restricted stock, to be recorded at the fair value on the date of
the grant. The value of restricted stock awards, based upon market prices, is amortized over the requisite service period.
On
July 6, 2012, the Board of Directors of the Company adopted the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan
provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares
and performance share units to employees, consultants and non-employee directors of the Company and its subsidiaries. The Company has
reserved 2,000,000 of its shares for issuance under the 2012 Plan. During the quarter ended August 31, 2012, the Company issued 440,000
options under the 2012 Plan.
The
estimated fair value of stock options and warrants on the grant date is amortized on a straight line basis over the requisite service
period. During the nine months ended August 31, 2012 and 2011, stock based compensation was $33,516 and $0, respectively.
In
February 2010, the Company entered into a few option agreements for the issuance of options relating to various consulting agreements.
The Company is obligated to issue to consultants in one agreement 33,750 options that vest evenly over a 3-month period of time at a
$0.48 exercise price. The Company who is receiving the options has agreed to reduce their invoices by the cash required to exercise the
options. These options expired in February 2011.
In
another agreement entered into in February 2010, the Company is obligated to issue 75,000 options evenly over a 6-month period of time
at a $0.48 exercise price. The Company expensed the fair value of these options ($36,000) as of August 31, 2010 to this consultant. These
options also expired February 2011.
On
August 25, 2008 and October 30, 2008, the Company issued a total of 75,000 stock options to two consultants. Of these options, 62,500
vested upon issuance and the remaining options vest March 4, 2009. These options have a three-year life and are exercisable at $0.40.
These options were issued in the money as the market value of the underlying shares was $1.44 and $1.12, respectively.
The
fair value of these options were determined to be the intrinsic value at the date of issuance, or $32,500 ($0.13 per share) and $22,500
($0.09 per share) on August 25, 2008 and October 30, 2008, respectively. Additionally, the Company did not receive the total required
option payments of $25,000 (500,000 options at $0.05).
The
Company has expensed the entire amount due to the uncertainty of the collectability of this amount. Of the 75,000 options, there were
6,250 options that remained unexercised, however expired in May 2012.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Stock
Options (Continued)
Warrants
The
Company entered into private placement agreements with various individuals through November 30, 2010 for the issuance of 339,282 shares
of common stock along with 339,282 warrants. The Company received the proceeds of $314,282 for these units. The warrants expire 3 years
from issuance, at an exercise price of $1.60 per share. The warrants were valued using the Black-Scholes method and were recorded as
additional paid in capital – warrants of $145,512. The criteria established for the valuation of these warrants were as follows:
risk free interest rate – 1.25%; dividend yield – 0%; volatility – 185%. The warrants were issued in November 2010.
The
Company entered into private placement agreements with various individuals for the issuance of 5,947,000 shares of common stock along
with 5,947,000 warrants. The Company received the proceeds of $1,486,750 for these units. The warrants expire August 31, 2013 and have
an exercise price of $0.50 per share. The warrants were valued using the Black-Scholes method and were recorded as additional paid in
capital – warrants of $896,510. The criteria established for the valuation of these warrants were as follows: risk free interest
rate – 0.75%; dividend yield
–
0%; volatility – 235%. The warrants were issued in May 2012.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
9 – PROVISION FOR INCOME TAXES
Deferred
income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income
tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in
effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized
based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities
and their respective tax bases.
NOTE
10 – FAIR VALUE MEASUREMENTS
On
January 1, 2008, the Company adopted ASC 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under
generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820’s valuation
techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources,
while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:
Level
1 inputs: Quoted prices for identical instruments in active markets.
Level
2 inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that
are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level
3 inputs: Instruments with primarily unobservable value drivers.
NOTE
11 – CONCENTRATION OF CREDIT RISK
On
August 31, 2011, $6,372, or 76% of the Company’s accounts receivable was with three customers. In addition, there was one customer
who represented approximately 66% of the revenue for the nine months ended August 31, 2011. This customer is considered a major customer
of the Company.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
12 – SALE OF VALTECH/DISPOSITION OF SUBSIDIARY
Effective
March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition,
the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001, on a one-for-eight
(1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective March 7, 2012, representing
50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split and issuance of the shares.
The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman and Bartek Bulzak were elected
to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer and Mr. Bulzak was appointed
Chief Technology Officer. Effective upon the closing of the transaction, Mr. René Arbic resigned as President and Chief Executive
Officer of the Company. In addition, Mr. Arbic has agreed to resign from the Board within one year of the closing of the transaction.
In
addition on April 13, 2012, the Board of Directors approved the sale of Valtech back to some or all of the original shareholders of Valtech
for $1.00. This sale occurred on April 30, 2012.
As
a result of this sale, the Company on April 13, 2012, became a development stage company, as it continues the development of its social
networking platform under the “Buildablock” name.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following is intended to update the information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended
November 30, 2012 and presumes that readers have access to, and will have read, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” contained in such Annual Report on Form 10-K.
Overview
In
June 2008, we acquired our former wholly-owned subsidiary, Valtech Communications Inc. (“Valtech”) in a reverse merger transaction,
issuing 40 million restricted shares to the prior Valtech shareholders. Valtech offers low-cost, highly reliable triple-play service
of Digital Phone, Digital Voice, High-Speed Internet and Digital TV backed by fast, friendly and live customer service (“Telecommunication
Services”).
The
Company entered into an Asset Purchase Agreement on November 30, 2011 providing for the acquisition of intellectual property rights comprised
of an Internet and mobile service platform whose purpose is to empower or capitalize on the growth of the neighborhood, local economy
(the “Buildablock Assets”). The Buildablock Assets are in the development stage. In addition to Buildablock’s social
networking library, the service is enriched by its new “DealWink” engine, a new e-commerce platform that combines the power
of group buying, couponing, and price aggregation, among other things, to drive both value to its customers and opportunity to the retailer.
Effective March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition,
the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001, on a one-for-eight
(1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective March 7, 2012, representing
50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split and issuance of the shares.
The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman and Bartek Bulzak were elected
to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer and Mr. Bulzak was appointed
Chief Technology Officer. Effective February 24, 2012, the name of the Company was changed to Buildablock Corp.
In
addition, on April 13, 2012, the Board of Directors approved the sale of Valtech back to some or all of the original shareholders of
Valtech for $1.00. This sale occurred on April 30, 2012.
As
a result, the Company principally will focus on the development of its social networking platform under the “Buildablock”
name.
There
are a number of technological and commercial objectives that we must meet in order to achieve commercial feasibility of the Buildablock
platform. These include, without limitation:
| ● | establishing
technical feasibility and completing development of our Internet service platform; |
| | |
| ● | establishing
critical strategic partnerships to promote the use of our platform; |
| | |
| ● | successfully
marketing our platform; |
| | |
| ● | establishing
rapid visibility and adoption by our consumer base and acceptance by merchants; |
| | |
| ● | demonstrating
added value and reward that will ultimately change the behavior of our user base; |
| | |
| ● | responding
to competitive developments; and |
| | |
| ● | attracting,
retaining and motivating qualified personnel. |
In
the Company’s third quarter ended August 31, 2012, the Company undertook various initiatives to realize the commercial feasibility
of the Buildablock platform, including:
| ● | appointing
Mr. Jonathan Wener and Mr. Sheldon Leibner, two well-known business leaders, as members of
its Advisory Board; |
| ● | commencing
its marketing plan targeting the Montreal area to introduce both shoppers and retailers to
the Company’s consumer-driven, volume purchasing e-commerce model; and |
| | |
| ● | launching
a test version of its consumer purchasing website on September 21, 2012 that integrates all
of the platform’s processes and will provide key technical and user feedback to the
Company for final system readiness. |
We
expect our losses and negative cash flow to continue for the foreseeable future as a result of the development expenses we will incur.
Because of the numerous risks and uncertainties associated with our development and commercialization efforts, we are unable to predict
the extent of our future losses or when or if we will become profitable and it is possible we will never become profitable. To date,
we have not generated any revenues from our Buildablock platform. We may never achieve market acceptance or more than nominal or modest
revenues from our Buildablock platform.
In
its report accompanying our audited consolidated financial statements for the year ended November 30, 2011, our independent registered
public accounting firm included an explanatory paragraph stating that our sustained operating losses and capital deficits raise substantial
doubt as to our ability to continue as a going concern. A “going concern” opinion could impair our ability to finance our
operations through the sale of debt or equity securities. Our ability to continue as a going concern will depend, in large part, on our
ability to generate positive cash flow from operations and obtain additional financing, neither of which is certain. If we are unable
to achieve these goals, our business would be jeopardized and we may not be able to continue operations and may have to liquidate our
assets, and it is likely that investors will lose all or a part of their investment.
The
Company sold Valtech on April 30, 2012 and is now accounting for the historical revenues and costs and expenses of Valtech net as gain
or (loss) from discontinued operations.
Effective
March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition,
the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001, on a one-for-eight
(1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective March 7, 2012, representing
50% of the Company’s then-outstanding shares, after giving effect to the one-for-eight reverse stock split and issuance of the
shares.
Upon
the closing of the transaction, Gary Oberman and Bartek Bulzak were elected to the Company’s Board of Directors, Mr. Oberman was
appointed President and Chief Executive Officer and Mr. Bulzak was appointed Chief Technology Officer. Effective February 24, 2012, the
name of the Company was changed to Buildablock Corp.
Results
of Operations for the Three Months Ended February 28, 2013 and February 28, 2012
Continuing
Operations:
Revenues
: The Company is operating as a development stage company and did not record any revenues for the three months ended February 28,
2013 and $6,431 for February 28, 2012.
Cost
of Sales : The Company did not record any revenues and therefore did not incur cost of sales for the three months ended February
28, 2013 and $5,562 for February 28, 2012.
Depreciation
and Amortization : The Company did not incur any depreciation or amortization expense for the three months ended February 28, 2013
and February 28, 2012.
Research
and Development : The Company incurred research and development costs of $75,700 for the three months ended February 28, 2013 and
did not incur any such costs for the three months ended February 28, 2012. The increase is due to the acquisition of the Buildablock
Assets on March 7, 2012 and the development of the Buildablock platform.
General
and Administrative Expenses : General and administrative expenses for the three-month period ended February 28, 2013 was $275,986
compared to $160,933 for the three months ended February 28, 2012. The increase in the Company’s general and administrative expenses
in 2012 was mainly due to increased costs associated with the development of the Buildablock business.
Interest
Expense : The Company did not incur any interest expense for the three months ended February 28, 2013 and incurred (35,361) February
28, 2012.
Discontinued
Operations:
Gain
(loss) from discontinued operations: The Company recorded neither a gain or loss from discontinued operations for the three months
ended February 28, 2013, and for the three months ended February 28, 2012.
Results
of Operations for the Nine Months Ended February 28, 2013 and February 28, 2012
Continuing
Operations :
Revenues
: The Company is operating as a development stage company and did not record any revenues for the nine months ended February 28,
2013 and February 28, 2012.
Cost
of Sales : The Company did not record and revenues and therefore did not incur cost of sales for the nine months ended February 28,
2013 and February 28, 2012.
Depreciation
and Amortization : The Company did not incur any depreciation or amortization expense for the nine months ended February 28, 2013
and February 28, 2012.
Research
and Development : The Company did not incur research and development costs for the nine months ended February 28, 2013 and did not
incur any such costs for the nine months ended February 28, 2012.
General
and Administrative Expenses : General and administrative expenses for the nine month period ended February 28, 2013 was $984,732
compared to $0 for the nine months ended February 28, 2012. The increase in the Company’s general and administrative expenses is
largely due to increased costs associated with the development of the Buildablock business.
Interest
Expense : The Company did not incur any interest expense for the nine months ended February 28, 2013 and February 28, 2012, as the
Company did not have any debt relating to continuing operations.
Discontinued
Operations:
Gain
(loss) on disposal of subsidiary: The Company sold Valtech for $1 on April 30, 2012 and recorded a gain of $2,648,735 mostly due
to the forgiveness of Valtech related debt.
Gain
(loss) from discontinued operations: The Company recorded a loss of $0 for the nine months ended February 28, 2013 versus a loss
of $0 for the nine months ended February 28, 2012.
*the
financial data for the nine months ended in February 28, 2012 has been set as $0 since there are not any published reports for that time
period.
Liquidity
and Capital Resources
As
of February 28, 2013, we had total cash resources of $196,960. During the nine months ended February 28, 2012 net cash used in operating
activities was $(1,093,032); during the nine months ended February 28 2012, net cash used in operating activities was $0. The cash used
for the nine months ending February 28, 2013 was primarily used for development of the Buildablock business, while any cash used in the
nine months ending February 28, 2012 would be for the general operations of the Company other than the Valtech business.
During
the nine month period ended February 28, 2013, we raised $1,486,750 from the issuance of common stock and warrants issued to fund the
development of the Buildablock business; during the nine month period ended February 28, 2012, net cash provided by financing activities
was $0 which represented proceeds from shareholder loans.
*the
financial data for the nine months ended in February 28, 2012 has been set as $0 since there are not any published reports for that time
period.
Current
and Future Financing Needs
We
have incurred an accumulated deficit of $1,884,979, including the deficit accumulated during the development phase of Buildablock and
accumulated other comprehensive losses, through February 28, 2013. We incurred negative cash flow from operations from our previously
owned Telecommunication Services business and will continue to incur negative cash flow from operations in the Buildablock business until
that business becomes fully operational. We expect to spend substantial amounts in connection with implementing our new business strategy
relating to the Buildablock Assets. Our continued operations will depend upon whether we are able to raise additional funds through third
parties, such as equity and debt financing. However, there can be no assurance that such additional funds will be available on acceptable
terms and there can be no assurance that any additional funding that we do obtain will be sufficient to adequately fund our business
plan. If we are not able to obtain financing when needed, we may be unable to carry out our business plan. As a result, we may have to
significantly limit our operations and our business, financial condition and results of operations would be materially harmed. If we
raise funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of
our existing stockholders will be diluted.
Off-Balance
Sheet Arrangements
As
of February 28, 2013, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated
under the Securities Act of 1934.
Contractual
Obligations and Commitments
The
Company has no material contractual obligations or commitments.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
There
have been no material changes to our exposures to market risks since November 30, 2012. Please refer to the 2012 Annual Report on Form
10-K for the fiscal year ended November 30, 2012 for a discussion of our exposures to market risks.
Item
4. Controls and Procedures
Our
senior management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule
13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act) designed to ensure that information required to be disclosed by us in
the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer
or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
In
accordance with Exchange Act Rules 13a-15 and 15d-15, we carried out an evaluation, with the participation of our Chief Executive Officer
and Interim Chief Financial Officer, as well as other key members of our management, of the effectiveness of our disclosure controls
and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Interim
Chief Financial Officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by
this report, to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is (i) accumulated
and communicated to management, including the Chief Executive Officer and Interim Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure and (ii) recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms.
No
change occurred in our internal controls over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) promulgated under
the Exchange Act) during the fiscal quarter ended August 31, 2012 that has materially affected, or is reasonably likely to materially
affect, our internal controls over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
Not
Applicable.
Item
1A. Risk Factors
In
addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item
1A. Risk Factors” in our Annual Report on Form 10-K for the year ended November 30, 2012, which could materially affect our business,
financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company.
Additional risks and uncertainties not currently known to us or that we currently deem to be not material also may materially adversely
affect our business, financial condition and/or operating results. Effective March 7, 2012, the Company completed the acquisition of
the Buildablock Assets. In addition, on April 13, 2012, the Board of Directors approved the sale of Valtech back to some or all of the
original shareholders of Valtech for $1.00. This sale occurred on April 30, 2012. As a result, the Company principally will focus on
the development of its social networking platform under the “Buildablock” name. See Note 12 of Notes to the Consolidated
Financial Statements (unaudited). The following risks reflect risks associated with the Company’s continuing operations, including
risks related to the commercialization of the Buildablock Assets.
We
cannot predict if or when we will become profitable and anticipate that our net losses and negative cash flow from operations will continue
for the foreseeable future.
There
are a number of technological and commercial objectives that we must meet in order to achieve commercial feasibility of the Buildablock
Platform. These include, without limitation:
| ● | establishing
technical feasibility and completing development of our Internet service platform; |
| | |
| ● | establishing
critical strategic partnerships to promote the use of our platform; |
| | |
| ● | successfully
marketing our platform; |
| | |
| ● | establishing
rapid visibility and adoption by our consumer base and acceptance by merchants; |
| | |
| ● | demonstrating
added value and reward that will ultimately change the behavior of our user base; |
| | |
| ● | responding
to competitive developments; and |
| | |
| ● | attracting,
retaining and motivating qualified personnel. |
We
expect our losses and negative cash flow to continue for the foreseeable future as a result of the development expenses we will incur.
Because of the numerous risks and uncertainties associated with our development and commercialization efforts, we are unable to predict
the extent of our future losses or when or if we will become profitable and it is possible we will never become profitable. To date,
we have not generated any revenues from our Buildablock platform. We may never achieve market acceptance or more than nominal or modest
revenues from our Buildablock platform.
Our
independent registered public accounting firm has expressed substantial doubt as to our ability to continue as a going concern.
In
its report accompanying our audited consolidated financial statements for the year ended November 30, 2011, our independent registered
public accounting firm included an explanatory paragraph stating that our sustained operating losses and capital deficits raise substantial
doubt as to our ability to continue as a going concern. A “going concern” opinion could impair our ability to finance our
operations through the sale of debt or equity securities. Our ability to continue as a going concern will depend, in large part, on our
ability to generate positive cash flow from operations and obtain additional financing, neither of which is certain. If we are unable
to achieve these goals, our business would be jeopardized and we may not be able to continue operations and may have to liquidate our
assets, and it is likely that investors will lose all or a part of their investment.
We
anticipate future losses and will require additional financing, and our failure to obtain additional financing when needed could force
us to delay, reduce or eliminate our commercialization efforts.
We
anticipate future losses and therefore will be dependent on additional financing to execute our business plan. We cannot be certain that
additional funding will be available on acceptable terms, or at all. If we are unsuccessful in raising additional required funds, we
may be required to significantly delay, reduce the scope of or eliminate our development programs or our commercialization efforts, or
cease operating as a going concern. If we raise additional funds by issuing equity securities, substantial dilution to existing stockholders
would result. If we raise additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations
as well as covenants and specific financial ratios that may restrict our ability to operate our business. If we are unable to maintain
sufficient financial resources, including by raising additional funds when needed, our business, financial condition and results of operations
will be materially and adversely affected and we may be unable to continue as a going concern. If we are unable to continue as a going
concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our consolidated
financial statements, and it is likely that investors will lose all or a part of their investment.
We
operate in a highly competitive industry with relatively low barriers to entry, and must compete successfully in order to grow our business.
We
expect competition in e-commerce generally, and group buying in particular, to continue to increase because there are no significant
barriers to entry. A substantial number of group buying sites that offer competitive services have emerged around the world. We also
expect to compete against other Internet sites that serve niche markets and interests.
We
believe that our ability to compete successfully will depend upon many factors both within and beyond our control, including the following:
| ● | the
size and composition of our customer base and the number of merchants that accept and participate
in our service; |
| | |
| ● | the
timing and market acceptance of our service; |
| | |
| ● | selling
and marketing efforts; |
| | |
| ● | ease
of use, performance, price and reliability of services offered either by us or our competitors; |
| | |
| ● | our
ability to cost-effectively manage our operations; and |
| | |
| ● | our
reputation and brand strength relative to our competitors. |
Many
of our current and potential competitors have longer operating histories, significantly greater financial, marketing and other resources
than we do as well as established customer bases. These competitors may engage in more extensive research and development efforts, undertake
more far-reaching marketing campaigns and adopt more aggressive pricing policies, which may allow them to build larger customer bases
or generate revenue from their customer bases more effectively than we do. Some competitors may accept lower margins, or negative margins,
to attract attention and acquire new customers, which may materially adversely affect our ability to commercialize our services.
Our
business depends on the acceptance of the use of social media as a tool for commercial transactions; there is no assurance that our service
will be accepted by merchants or customers.
Our
business depends on the continued evolution of social media as a tool for commercial transactions. This is a new market and it is difficult
to predict whether this market will continue to grow or whether it can be maintained. Our success will depend on our ability to attract
a large enough number of customers and merchants that use our services. There can be no assurance that merchants or customers will accept
the value of our services either initially or over any sustained period of time.
We
have a rapidly evolving business model and our new service offerings could fail to attract or retain customers or generate revenue.
We
have a rapidly evolving business model and are regularly exploring entry into new market segments and the introduction of new products
and features with respect to which we may have limited experience. In addition, our customers may not respond favorably to our new products
and services. These products and services may present new and significant technology challenges, and we may be subject to claims if customers
of these offerings experience service disruptions or failures or other quality issues. If products or services we introduce, such as
changes to our websites and applications, the introduction of social networking and location-based marketing elements to our websites,
or entirely new lines of business that we may pursue, fail to engage customers or merchant partners, we may fail to acquire or retain
customers or generate sufficient revenue or other value to justify our investment, and our business may be materially and adversely affected.
Our ability to generate a customer base and revenue will depend heavily on our ability to innovate and to create successful new products
and services.
Our
growth prospects may suffer if the Buildablock Platform is unsuccessful.
We
have not yet launched the Buildablock Platform. Our ability to generate revenue will depend, in part, on the successful operation of
the Buildablock Platform. If the Buildablock Platform fails to attract subscribers, merchants or advertisers, we may fail to generate
sufficient revenue, operating margin or other value to justify our investment in the development and operation of the Buildablock Platform.
We may encounter technical and operational challenges operating a platform. If we are not successful with the overall monetization of
the Buildablock Platform, we may not be able to generate revenue as anticipated and our financial results could be adversely affected.
If
we lose the services of our Chief Executive Officer or other members of our senior management team, we may not be able to execute our
business strategy.
Our
success depends in a large part upon the continued service of our senior management team. In particular, our President, Chief Executive
Officer and Interim Chief Financial Officer, Gary Oberman, is critical to our vision, strategic direction, culture, products and technology.
We do not maintain key-man insurance for Mr. Oberman or any other member of our senior management team. The loss of our President, Chief
Executive Officer and Interim Chief Financial Officer, even temporarily, or any other member of senior management would harm our business.
We
may not be able to adequately protect our intellectual property rights or may be accused of infringing intellectual property rights of
third parties.
We
will rely on trademark, copyright and patent law, trade secret protection and confidentiality and/or license agreements with our employees
and others to protect our proprietary rights. We may be unable to prevent third parties from using and registering our trademarks, or
trademarks that are similar to, or diminish the value of, our trademarks in some countries.
We
may not be able to discover or determine the extent of any unauthorized use of our proprietary rights. The protection of our intellectual
property may require the expenditure of significant financial and managerial resources. Moreover, the steps we take to protect our intellectual
property may not adequately protect our rights or prevent third parties from infringing or misappropriating our proprietary rights. The
costs of supporting any litigation and disputes related to our intellectual property are likely to be considerable, and there can be
no assurances that favorable outcomes will be obtained.
We
may become subject to third-party claims that we infringe their proprietary rights or trademarks. Such claims, whether or not meritorious,
may result in the expenditure of significant financial and managerial resources, injunctions against us or the payment of damages by
us. We may need to obtain licenses from third parties who allege that we have infringed their rights, but such licenses may not be available
on terms acceptable to us or at all. These risks have been amplified by the increase in third parties whose sole or primary business
is to assert such claims.
Government
regulation of the Internet and e-commerce is evolving, and unfavorable changes or failure by us to comply with these regulations could
substantially harm our business and results of operations.
We
are subject to general business regulations and laws as well as regulations and laws specifically governing the Internet and e-commerce.
Existing and future regulations and laws could impede the growth of the Internet or other online services. These regulations and laws
may involve taxation, tariffs, subscriber privacy, anti-spam, data protection, content, copyrights, distribution, electronic contracts
and other communications, consumer protection, the provision of online payment services and the characteristics and quality of services.
It is not clear how existing laws governing issues such as property ownership, sales and other taxes, libel and personal privacy apply
to the Internet as the vast majority of these laws were adopted prior to the advent of the Internet and do not contemplate or address
the unique issues raised by the Internet or e-commerce. In addition, it is possible that governments of one or more countries may seek
to censor content available on our websites and applications or may even attempt to completely block access to our websites. Adverse
legal or regulatory developments could substantially harm our business. In particular, in the event that we are restricted, in whole
or in part, from operating in one or more countries, our ability to retain or increase our customer base may be adversely affected and
we may not be able to maintain or grow our revenue as anticipated.
Any
reduction in the availability of Internet access, including through the use of mobile devices, could adversely affect our business.
The
success of our services will depend largely on sufficient network availability for us, our customers and our merchant partners. The Internet
has experienced, and is likely to continue to experience, significant growth in the number of users and amount of traffic, including
a significant increase in bandwidth demands as a result of the use of smartphones and other mobile devices. The Internet infrastructure
may be unable to support such demands. In addition, increasing numbers of users, increasing bandwidth requirements or problems caused
by viruses, worms, malware and similar programs may harm the performance of the Internet. The backbone computers of the Internet have
been the targets of such programs. These outages and delays could reduce the level of Internet usage generally as well as the level of
usage of our services, which could adversely impact our business.
If
we are unable to implement and maintain effective internal control over financial reporting in the future, the accuracy and timeliness
of our financial reporting may be adversely affected.
If
we are unable to maintain adequate internal controls for financial reporting in the future, investor confidence in the accuracy of our
financial reports may be impacted or the market price of our common stock could be negatively impacted.
The
requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract
and retain qualified board members.
We
are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley
Act, the Dodd-Frank Act, and other applicable securities rules and regulations. Compliance with these rules and regulations has increased
and will continue to increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly
and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current
reports with respect to our business and operating results.
We
also expect that being a public company, subject to these rules and regulations, will make it more expensive for us to obtain director
and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly
to serve on our audit committee and compensation committee, and qualified executive officers.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
During
the quarter ended May 31, 2012, the Company completed its private placement in which it sold an aggregate of 5,947,000 shares of the
Company’s common stock, par value $0.00001 per share, for aggregate gross proceeds of $1,486,750. Aggregate commissions were $148,675.
The offering was made to a small group of sophisticated investors outside the United States in reliance on Section 4(2) of the Securities
Act of 1933, as amended, and/or Regulation S promulgated thereunder. In connection with the issuance, the Company issued one warrant
for each share issued, for an aggregate of 5,947,000 warrants. Each warrant may be exercised at any time through August 31, 2013 at an
exercise price of $0.50 per share.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable.
Item
5. Other Information
None.
Item
6. Exhibits
Exhibits:
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
|
Buildablock
Corp. |
|
|
(Registrant) |
|
|
|
Dated:
November 30, 2023 |
By: |
/s/
Ben W. Quick |
|
|
Chief
Executive Officer, Chief Financial Officer, and Director (Principal Executive Officer and Principal Financial Officer) |
EXHIBIT
INDEX
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
Exhibit
31.1
CERTIFICATION
PURSUANT TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Ben W. Quick, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Buildablock Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
I
have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
November 30, 2023 |
|
|
|
|
/s/
Ben W. Quick |
|
Ben
W. Quick |
|
Chief
Executive Officer, Chief Financial Officer, and Director |
|
(Principal
Executive Officer and Principal Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Buildablock Corp. (the “Company”) for the fiscal quarter ended
February 28, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ben W.
Quick, Chief Executive Officer, Chief Financial Officer and Director of the Company, certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:
|
(1) |
the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date: November 30, 2023 |
|
|
|
|
By: |
/s/
Ben W. Quick |
|
Name: |
Ben
W. Quick |
|
|
Chief
Executive Officer, Chief Financial Officer and Director |
|
|
(Principal
Executive Officer and Principal Financial Officer) |
|
A
signed original of this written statement required by Section 906 has been provided to Buildablock Corp. and will be retained by it and
furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover
|
3 Months Ended |
Feb. 28, 2013
shares
|
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|
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|
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Q1
|
Document Fiscal Year Focus |
2013
|
Current Fiscal Year End Date |
--11-30
|
Entity File Number |
000-54491
|
Entity Registrant Name |
BUILDABLOCK
CORP.
|
Entity Central Index Key |
0001345865
|
Entity Tax Identification Number |
22-3914075
|
Entity Incorporation, State or Country Code |
FL
|
Entity Address, Address Line One |
382
NE 191 st Street
|
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#83251
|
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Miami
|
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FL
|
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|
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v3.23.3
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Feb. 28, 2013 |
Nov. 30, 2012 |
CURRENT ASSETS |
|
|
Cash |
$ 196,960
|
$ 362,007
|
Current assets held under discontinued operations |
|
|
Total Current Assets |
196,960
|
362,007
|
OTHER ASSETS |
|
|
Intellectual property |
10,000
|
10,000
|
Total other assets |
10,000
|
10,000
|
Total Assets |
206,960
|
372,007
|
CURRENT LIABILITIES |
|
|
Cash overdraft |
180,121
|
69,083
|
Accounts payable |
60,380
|
60,380
|
Accrued expenses |
2,500
|
2,500
|
Current liabilities held under discontinued operations |
|
|
Total Current Liabilities |
243,001
|
131,963
|
Total Liabilities |
243,001
|
131,963
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Common stock, par value $0.00001, 100,000,000 shares authorized, 23,937,979 and 23,937,979 shares issued and outstanding at February 28, 2013, and November 30, 2012, respectively |
239
|
239
|
Additional paid-in capital |
2,357,129
|
2,357,129
|
Additional paid-in capital - options and warrants |
1,075,539
|
1,075,539
|
Subscription receivable |
(76,927)
|
(76,927)
|
Accumulated deficit |
(1,884,979)
|
(1,884,979)
|
Deficit accumulated during the development stage |
(1,318,000)
|
(1,042,104)
|
Accumulated other comprehensive income (loss) |
(189,042)
|
(188,853)
|
Total Stockholders’ Equity (Deficit) |
(36,041)
|
240,044
|
Total Liabilities and Stockholders’ Equity (Deficit) |
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|
$ 372,007
|
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v3.23.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Feb. 28, 2013 |
Nov. 30, 2012 |
Mar. 07, 2012 |
Statement of Financial Position [Abstract] |
|
|
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
|
Common stock, shares issued |
23,937,979
|
23,937,979
|
|
Common stock, shares outstanding |
23,937,979
|
23,937,979
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
10 Months Ended |
Feb. 28, 2013 |
Feb. 28, 2012 |
Feb. 28, 2013 |
Income Statement [Abstract] |
|
|
|
REVENUE |
|
$ 6,431
|
|
COSTS AND EXPENSES |
|
|
|
Cost of sales |
|
5,562
|
|
Depreciation and amortization |
|
|
|
Research and development |
75,700
|
|
333,268
|
Administrative expenses |
200,196
|
155,371
|
984,732
|
Total costs and expenses |
275,896
|
160,933
|
1,318,000
|
OPERATING LOSS |
(275,896)
|
(154,502)
|
(1,318,000)
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
Interest expense |
|
(35,361)
|
|
Total Non-Operating Expense |
|
(35,361)
|
|
NET LOSS FROM CONTINUING OPERATIONS |
(275,896)
|
(189,863)
|
(1,318,000)
|
DISCONTINUED OPERATIONS |
|
|
|
Gain (loss) on disposal of subsidiary |
|
|
|
Gain (loss) from discontinued operations |
|
|
|
NET GAIN FROM DISCONTINUED OPERATIONS |
|
|
|
NET INCOME (LOSS) |
$ (275,896)
|
$ (189,863)
|
$ (1,318,000)
|
NET INCOME PER COMMON SHARE (BASIC) |
|
|
|
From continuing operations |
$ (0.01)
|
$ (0.02)
|
|
From discontinued operations |
$ (0.01)
|
$ (0.02)
|
|
Weighted average shares outstanding (BASIC) |
23,982,979
|
8,607,965
|
|
NET INCOME PER COMMON SHARE (DILUTED) |
|
|
|
From continuing operations |
$ (0.01)
|
$ (0.02)
|
|
From discontinued operations |
$ (0.01)
|
$ (0.02)
|
|
Weighted average shares outstanding (BASIC) |
23,982,979
|
8,607,965
|
|
OTHER COMPREHENSIVE LOSS - CONTINUING OPERATIONS |
|
|
|
Comprehensive loss - beginning of period |
$ (188,853)
|
$ (189,863)
|
|
Cumulative translation adjustments |
(189)
|
(66,638)
|
|
Comprehensive loss - end of period |
$ (189,042)
|
$ (256,501)
|
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
10 Months Ended |
Feb. 28, 2013 |
Feb. 28, 2012 |
Feb. 28, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
Net income (loss) |
$ (275,896)
|
$ (189,863)
|
$ (1,318,000)
|
Adjustments to reconcile net income (loss) to net cash used for operating activities: |
|
|
|
Depreciation and amortization |
|
|
|
Stock based compensation and shares issued for services |
|
192,476
|
|
Contributed expenses by management |
|
30,645
|
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
|
|
Prepaid expenses and other current assets |
|
|
|
Accounts payable and accrued expenses |
111,038
|
99,912
|
224,968
|
Net cash used for operating activities |
(164,858)
|
133,170
|
(1,093,032)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Increase (decrease) in cash overdraft |
|
(102)
|
(196,569)
|
Cash received for common stock |
|
1,486,750
|
1,486,750
|
Loan payable to shareholders |
|
|
|
Net cash provided by financing activities |
|
1,486,648
|
1,290,181
|
DISCONTINUED OPERATIONS |
|
|
|
Operating activities |
|
(40,765)
|
|
Investing activities |
|
|
|
Financing activities |
|
23
|
|
Total Discontinued Operations |
|
(40,742)
|
|
EFFECT OF EXCHANGE RATE ON CASH |
(189)
|
3,927
|
(189)
|
INCREASE (DECREASE) IN CASH |
(165,047)
|
90,527
|
196,960
|
CASH, BEGINNING OF YEAR |
362,007
|
|
|
CASH, END OF PERIOD |
196,960
|
1,583,003
|
196,960
|
SUPPLEMENT AL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Cash paid for interest |
|
|
|
NONCASH OPERATING AND FINANCING ACTIVITIES: |
|
|
|
Conversion of notes payable - related parties for equity |
|
|
|
Common shares issued for intellectual property |
|
$ 10,000
|
|
X |
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v3.23.3
ORGANIZATION AND BASIS OF PRESENTATION
|
3 Months Ended |
Feb. 28, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BASIS OF PRESENTATION |
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
These
condensed consolidated unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion
of management, are necessary to present fairly the consolidated operations and cash flows for the periods presented.
Buildablock
Corp. (the “Company”) formerly HIPSO Multimedia, Inc., a Florida corporation, was incorporated in April 2005. As described
in Note 7, the Company entered into an Asset Purchase Agreement on November 30, 2011 providing for the acquisition of intellectual property
rights comprised of an Internet and mobile service platform whose purpose is to empower or capitalize on the growth of the neighborhood,
local economy (the “Buildablock Assets”). The Buildablock Assets are in the development stage. In addition to Buildablock’s
social networking library, the service is enriched by its new “DealWink” engine, a new e-commerce platform that combines
the power of group buying, couponing, and price aggregation, among other things, to drive both value to its customers and opportunity
to the retailer. Effective March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion
of the acquisition, the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001,
on a one-for-eight (1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective
March 7, 2012, representing 50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split
and issuance of the shares. The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman
and Bartek Bulzak were elected to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer
and Mr. Bulzak was appointed Chief Technology Officer. Effective February 24, 2012, the name of the Company was changed to Buildablock
Corp.
On
June 5, 2012, the Company formed a Canadian subsidiary, Buildablock Canada Inc. (“Buildablock Canada”). Since inception,
Buildablock Canada has had little activity. The Company anticipates that Buildablock Canada will engage in research and development activities.
Effective
July 1, 2009, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
105-10, Generally Accepted Accounting Principles – Overall (“ASC 105-10”). ASC 105-10 establishes the FASB Accounting
Standards Codification (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to
be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive
releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance
contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting
standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB
will not issue new standards in the form of Statements, FASB Positions or Emerging Issue Task Force Abstracts. Instead, it will issue
Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve
only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the change(s)
in the Codification. References made to FASB guidance throughout this document have been updated for the Codification.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)
Going
Concern
With
the disposition of Valtech, the Company commenced operating in the development stage as it develops its purchased intellectual property.
The
Company has no revenues and nominal assets other than cash which was raised during May 2012 as part of a private placement.
New
management has had some preliminary discussions regarding further capitalization of the Company. These plans include the raising of capital
through the equity markets to fund future operations and generating adequate revenues for the new business of the Company. Even if the
Company raises sufficient capital to support its operating expenses and generates revenues, there can be no assurance that the revenues
will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. These matters
raise substantial doubt about the Company’s ability to continue as a going concern. However, the accompanying consolidated financial
statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities
in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded
assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Feb. 28, 2013 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions
have been eliminated in consolidation.
Development
Stage Company
The
Company is considered to be in the development stage as defined in ASC 915 . The Company has devoted substantially all of its
efforts to the development of its software platform.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to investment tax credits,
bad debts, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less
to be cash equivalents.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Comprehensive
Income
The
Company adopted ASC 220-10, “Reporting Comprehensive Income,” (formerly SFAS No. 130). ASC 220-10 requires the reporting
of comprehensive income in addition to net income from operations.
Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of information that historically has not been recognized
in the calculation of net income.
Fair
Value of Financial Instruments
The
carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable
approximate fair value because of the immediate or short-term maturity of these financial instruments. For the loans payable, the carrying
amount reported is based upon the incremental borrowing rates otherwise available to the Company for similar borrowings.
Currency
Translation
For
subsidiaries outside the United States that prepare financial statements in currencies other than the U.S. dollar, the Company translates
income and expense amounts at average exchange rates for the year, translates assets and liabilities at year-end exchange rates and equity
at historical rates. The Company’s functional currency is the Canadian dollar, while the Company reports its currency in the US
dollar. The Company records these translation adjustments as accumulated other comprehensive income (loss). Gains and losses from foreign
currency transactions are included in other income (expense) in the results of operations.
Revenue
Recognition
Through
April 30, 2012, the Company through Valtech received revenue from subscribers to its triple play network in which it provided digital
TV, voice over internet protocol (VoIP), and high speed internet access, all via fiber optic cable. The Company billed its subscribers
on a monthly basis and recognized the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally
provided contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services. Valtech was
sold on April 30, 2012. For reporting periods ended after April 30, 2012, revenues for Valtech are reported net of operating expenses
as gain or loss from discontinued operations.
Buildablock
is a development stage company and has not yet recorded any revenues. Buildablock plans to recognize revenue from sales when the following
criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the selling price is fixed or determinable; and
collectability is reasonably assured.
The
Company plans to record as revenue the net amount it retains from the sale of products, excluding any applicable taxes, after remitting
the payment to the merchant minus the transaction fees. Revenue will be recorded on a net basis because the Company plans to act as an
agent of the merchant in the transaction.
The
Company plans that the merchant will be the primary obligor in these transactions, will be subject to inventory risk, and will have latitude
in establishing prices. The Company plans to perform a service by acting as the agent of the merchant which will be responsible for fulfillment,
and therefore revenue is planned to be recorded on a net basis.
Accounts
Receivable
The
Company conducts business and extends credit based on an evaluation of the customers’ financial condition, generally without requiring
collateral.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Accounts
Receivable (continued)
Exposure
to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure
to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has no allowance
for doubtful accounts as of August 31, 2012.
Accounts
receivable are generally due within 30 days and collateral is not required. Unbilled accounts receivable represents amounts due from
customers for which billing statements have not been generated and sent to the customers.
Income
Taxes
The
Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined
based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which
differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that
are expected to be realized.
Advertising
Costs
The
Company expenses the costs associated with advertising as incurred. Advertising expenses for the nine months ended February 28, 2013
and 2012 are included in administrative expenses in the consolidated statements of operations.
Fixed
Assets
Fixed
assets are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets; office
and computer equipment – 5 years.
When
assets are retired or otherwise disposed of, the costs and related accumulated depreciation are removed from the accounts, and any resulting
gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant
renewals and betterments are capitalized. Deduction is made for retirements resulting from renewals or betterments.
Impairment
of Long-Lived Assets
Long-lived
assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of the assets might not be recoverable. The Company does perform a periodic assessment of assets for impairment in the absence of such
information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable
market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that
would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used,
the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures
the impairment loss based on the difference between the carrying amount and estimated fair value.
Income
(Loss) Per Share of Common Stock
Basic
net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS)
includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants.
All shares are reflected post 1:8 reverse split which occurred March 7, 2012. Common stock equivalents were not included in the computation
of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Income
(Loss) Per Share of Common Stock (continued)
The
following is a reconciliation of the computation for basic and diluted EPS:
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES
| |
February 28, | | |
February 28, | |
| |
2013 | | |
2012 | |
Net income (loss) | |
$ | (275,896 | ) | |
$ | (189,863 | ) |
| |
| | | |
| | |
Weighted-average common shares Outstanding (Basic) | |
| 23,982,979 | | |
| 8,607,965 | |
Stock-Based
Compensation
In
2006, the Company adopted the provisions of ASC 718-10 “Share Based Payments” for its year ended November 30, 2008.
The adoption of this principle had no effect on the Company’s operations.
The
Company has elected to use the modified–prospective approach method. Under that transition method, the calculated expense in 2006
is equivalent to compensation expense for all awards granted prior to, but not yet vested as of January 1, 2006, based on the grant-date
fair values. Stock-based compensation expense for all awards granted after January 1, 2006 is based on the grant-date fair values. The
Company recognizes these compensation costs, net of an estimated forfeiture rate, on a pro rata basis over the requisite service period
of each vesting tranche of each award.
The
Company considers voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate.
The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50, “ Accounting for Equity
Instruments that are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services “. The
fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received.
The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty
has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to
expense and additional paid-in capital.
Segment
Information
The
Company follows the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”. This
standard requires that companies disclose operating segments based on the manner in which management disaggregates the Company in making
internal operating decisions. As of February 28, 2013, the Company operates in only one segment and in only one geographical location.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Uncertainty
in Income Taxes
The
Company follows ASC 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”). This interpretation
requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. ASC 740-10
is effective for fiscal years beginning after December 15, 2006. Management has adopted ASC 740-10 for 2009, and they evaluate their
tax positions on an annual basis, and has determined that as of February 28, 2013, no additional accrual for income taxes other than
the federal and state provisions is considered necessary.
Fair
Value Measurements
In
September 2006, the FASB issued ASC 820, Fair Value Measurements . ASC 820 defines fair value, establishes a framework for measuring
fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement is effective
for financial statements issued for fiscal years beginning after November 15, 2007. Early adoption is encouraged. The adoption of ASC
820 is not expected to have a material impact on the financial statements.
In
February 2007, the FASB issued ASC 825-10, The Fair Value Option for Financial Assets and Financial Liabilities – Including
an amendment of ASC 320-10 , (“ASC 825-10”) which permits entities to choose to measure many financial instruments and
certain other items at fair value at specified election dates. A business entity is required to report unrealized gains and losses on
items for which the fair value option has been elected in earnings at each subsequent reporting date. This statement is expected to expand
the use of fair value measurement. ASC 825-10 is effective for financial statements issued for fiscal years beginning after November
15, 2007, and interim periods within those fiscal years.
Recent
Accounting Pronouncements
In
May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs . ASU 2011-04 amends and clarifies the measurement and disclosure requirements of ASC 820 resulting
in common requirements for measuring fair value and for disclosing information about fair value measurements, clarification of how to
apply existing fair value measurement and disclosure requirements, and changes to certain principles and requirements for measuring fair
value and disclosing information about fair value measurements. The new requirements are effective for fiscal years beginning after December
15, 2011. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have
a material impact on the Company’s results of operations, cash flows or financial position.
In
June 2011, FASB issued ASU No. 2011-05, Presentation of Comprehensive Income , which amends the disclosure and presentation requirements
of Comprehensive Income. Specifically, ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented
either in 1) a single continuous statement of comprehensive income or 2) two separate but consecutive statements, in which the first
statement presents total net income and its components, and the second statement presents total other comprehensive income and its components.
These new presentation requirements, as currently set forth, are effective for the Company beginning October 1, 2012, with early adoption
permitted.
The
Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact
on the Company’s results of operations, cash flows or financial position.
In
September 2011, FASB issued ASU 2011-08, Testing Goodwill for Impairment , which amended goodwill impairment guidance to provide
an option for entities to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination
that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality
of events and circumstances, if an entity determines that it is not more likely than not that the fair value of a reporting unit is less
than its carrying amount, performance of the two-step impairment test is no longer required. This guidance is effective for annual and
interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. Adoption
of this guidance is not expected to have any impact on the Company’s results of operations, cash flows or financial position.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Recent
Accounting Pronouncements (Continued)
There
were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific
industries and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
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v3.23.3
FIXED ASSETS
|
3 Months Ended |
Feb. 28, 2013 |
Property, Plant and Equipment [Abstract] |
|
FIXED ASSETS |
NOTE
3 – FIXED ASSETS
Fixed
assets as of November 30, 2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $4,997 charged
to operations for depreciation expense for the years ended November 30, 2012 and 2011, respectively, which are reflected in discontinued
operations
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
DEFERRED COSTS
|
3 Months Ended |
Feb. 28, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
DEFERRED COSTS |
NOTE
4 – DEFERRED COSTS
Deferred
costs as of November 30,2012 and 2011, are reflected in assets held under discontinued operations. There was $0 and $71,100 charged to
operations for amortization expense for the year ended November 30, 2012 and 2011, respectively, which are reflected in discontinued
operations
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v3.23.3
RELATED PARTY LOANS
|
3 Months Ended |
Feb. 28, 2013 |
Related Party Transactions [Abstract] |
|
RELATED PARTY LOANS |
NOTE
5 – RELATED PARTY LOANS
In
April 2012, the related party loans with the four principal shareholders of the Company were assumed by Valtech, upon the sale back to
Valtech along with the accrued interest on those loans. Currently there is a $0 balance due those shareholders. The amount outstanding
prior to the sale was $1,928,319. The loans did bear interest at an annual rate of 10% for individual amounts exceeding $150,000 (CDN$).
Interest expense for the nine months ended August 31, 2012 and 2011 were $35,361 and $97,401, respectively, and are reflected in operations
from discontinued operations. Accrued interest on these loans prior to the sale was $329,395. The accrued interest along with the notes
were sold in April 2012, and the balance is $0 as of February 28, 2013 (see Note 12).
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
COMMITMENTS
|
3 Months Ended |
Feb. 28, 2013 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS |
NOTE
6 – COMMITMENTS
Office
Space
The
Company occupies approximately 2,500 square feet of office space owned by a company that is owned by a shareholder of the Company. The
occupancy is on a month-to-month basis, without a lease and without payment of rent. The Company has occupied the space since February
1, 2008. Accordingly, a rent expense was recorded at the fair value of the applicable rent and with an offset to additional paid-in capital.
The Company as of April 1, 2012, no longer utilized this space.
Service
Agreement
In
July 2009, the Company’s subsidiary, Valtech Communications, Inc. entered into a written agreement with Groupe Canvar Inc. (a related
party through common ownership). The agreement provides for Groupe Canvar, Inc. to provide brochures, price lists, contact information
and other literature relating to Valtech Communications, Inc. services to the tenants leasing the apartments or office space in the buildings
owned by Groupe Canvar, Inc. In addition, the agreement provides for Valtech Communications, Inc. to install wiring in new and refurbished
buildings owned by Groupe Canvar, Inc. to their server for these services. All pricing is at the same terms as those for Valtech Communications,
Inc. other customers. The agreement was to expire July 2010, and was extended for another two years through July 2012. This agreement
will remain with Valtech in connection with the sale of Valtech in April 2012 (see Note 12).
Financing
Agreement
On
June 15, 2010, the Company entered into an Engagement Agreement with DME Securities LLC (“DME”) to raise $10,000,000 in debt
or equity financing on a best efforts basis. The Company was responsible to pay a 10% success fee and to issue Placement Agent Warrants
upon the successful completion of any amounts raised. DME was not able to raise any funds for the Company and the Engagement Agreement
terminated on May 31, 2011.
On
August 18, 2010, the Company executed an equity financing commitment of up to $5,000,000 from Dutchess Capital through its Dutchess Opportunity
Fund, L.P. The commitment had a 3 year term, and the Company would sell its shares of common stock to Dutchess Capital up to the total
committed amount. The Company would determine, at its sole discretion, the amount and timing of any sales of these shares. The purchase
price of the shares would be set at 95% of the lowest daily VWAP of the common stock of the Company during the 5 consecutive trading
days immediately after the put date as defined in the term sheet. The Company has not sold any shares under this term sheet and the agreement
was cancelled.
On
October 12, 2010, the Company entered into an agreement with Notre-Dame Capital Inc. to raise $15,000,000 through an equity and debt
financing on a best effort basis. Debentures would be offered in tranches of $50,000 and would bear interest at a rate of 8% per annum,
payable quarterly in arrears, and maturing five years from the date of issuance. The principal amount of each debenture would be convertible
into common shares of the Company’s stock at the option of the holder. The conversion price would be $2.00 per share for the first
two years from the date of issuance, and thereafter at a price per share of $2.40 until maturity.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
6 – COMMITMENTS (CONTINUED)
Financing
Agreement (Continued)
In
connection with the financing, Notre-Dame Capital Inc. would receive a cash fee equal to 8%
of the gross proceeds raised under the offering plus 4%
warrants of the raised funds. Each warrant would entitle Notre-Dame Capital Inc. to purchase one share of common stock. The warrants
would be exercisable at the financing price for a period of three years after the closing of the financing. In addition to the
proposed financing, Notre-Dame Capital Inc. and its affiliates would purchase 375,000 common shares of the Company from the directors of the Company. No money was raised under this proposed financing and the
agreement was cancelled.
Investor
Relation/Public Relation Agreements
The
Company entered into an agreement with Complete Advisory Partners on April 12, 2011 to provide public relation services. The agreement
is for a term of one year but the Company can terminate the services every 90 days. In accordance with the term of the agreement, the
Company issued 50,000 shares of common stock as an initial payment. The Agreement with Complete Advisory Partners was cancelled and the
company retained the 50,000 shares of common stock issued to it.
The
Company entered into an Investor Relations Agreement with CCG Investor Relations effective July 1, 2012. The Agreement is for a term
of 1 year. Consideration for the services that CCG Investor Relations will provide is in the form of 20,000 options per month under the
2012 Plan (as defined in Note 8).
Distribution
Agreement
On
April 11, 2011, the Company signed a long-term distribution agreement with Level Vision Electronics Ltd (“Level”). The five
(5) year renewable distribution agreement with Level includes the distribution in North America of its 3-D Television screens technology,
including High Definition, LCD screens and computer monitors for commercial applications. The Company was to deploy and bring to market
a unique new multimedia solution to enhance the advertising market. This agreement will remain with Valtech in connection with the sale
of Valtech in April 2012 (see Note 12).
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v3.23.3
ACQUISITION - BUILDABLOCK
|
3 Months Ended |
Feb. 28, 2013 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION - BUILDABLOCK |
NOTE
7 – ACQUISITION - BUILDABLOCK
On
November 30, 2011, the Company, entered into an Asset Purchase Agreement (the “Agreement”) with 3324109 Canada Inc., a Canadian
corporation owned by Gary Oberman (“GaryCo”) and 8040397 Canada Inc., a Canadian corporation, owned by Bartek Bulzak (“BulzakCo”),
collectively, the “Sellers”, providing for the acquisition by the Company of the Buildablock Assets. The Sellers have conducted
no other business other than the development of this platform. The intellectual property was funded 100% by the respective owners of
the Sellers personally. The Agreement provides for the issuance of 4,377,742 shares of the Company’s common stock to each of GaryCo
and BulzakCo, for an aggregate of 8,755,484 shares, representing 50% of the Company’s outstanding shares after giving effect to
a one-for-eight reverse stock split. On March 7, 2012, the Company completed the acquisition of the Buildablock Assets and the common
shares were issued at that time (see Note 12).
|
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v3.23.3
STOCKHOLDERS’ DEFICIT
|
3 Months Ended |
Feb. 28, 2013 |
Equity [Abstract] |
|
STOCKHOLDERS’ DEFICIT |
NOTE
8 – STOCKHOLDERS’ DEFICIT
Common
Stock
As
of November 30, 2012, the Company has 100,000,000 shares of common stock authorized with a par value of $.00001 per share.
The
Company has 23,937,979 shares issued and outstanding as of November 30, 2012.
During
the quarter ended November 30, 2012, the Company issued no shares of common stock.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Common
Stock (Continued)
During
the year ended November 30, 2012, the Company issued:
The
Company issued 8,755,484 shares of stock for the acquisition of the Buildablock Assets valued at $10,000; 480,000 shares of common stock
to settle accounts payable of $36,500 and for services of $83,500; and issued 5,947,000 shares of common stock in a private placement
which included 5,947,000 warrants at a value of $1,486,750.
The
Company issued 195,750 shares of stock for services rendered valued at $75,460 at prices per share ranging from $0.24 to $0.48 for the
quarter.
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
There
was an adjustment made for back rent in the amount of $20,430 as well.
The
Company occupied office space owned by a principal shareholder, and recorded $ 10,215 of rent expense as contributed capital for the
space.
The
Company issued 50,000 shares of stock for cash and liability for stock to be issued and 12,500 shares of stock for services rendered
($5,000).
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
The
Company issued 366,250 shares of stock for cash and liability for stock to be issued and services rendered ($124,700) at a value of $199,700.
The
Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent expense as contributed capital for the space.
The
Company issued 38,125 shares of common stock to three of its shareholders to con vert $122,000 of loans to them.
The
Company also cancelled 75,000 shares of stock to consultants at $0.48 for services to be rendered to the Company back in 2008 (see Note
6).
The
Company also incurred a $50,000 liability for stock to be issued for subscriptions of cash received in the three months ended February
28, 2011 for certificates not issued.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Common
Stock (Continued)
During
the quarter ended February 28, 2011, the Company occupied office space owned by a principal shareholder, and recorded $10,215 of rent
expense as contributed capital for the space.
Stock
Options
The
Company accounts for stock-based compensation using the fair value method. The fair value method requires the cost of employee services
received for awards of equity instruments, such as stock options and restricted stock, to be recorded at the fair value on the date of
the grant. The value of restricted stock awards, based upon market prices, is amortized over the requisite service period.
On
July 6, 2012, the Board of Directors of the Company adopted the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan
provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares
and performance share units to employees, consultants and non-employee directors of the Company and its subsidiaries. The Company has
reserved 2,000,000 of its shares for issuance under the 2012 Plan. During the quarter ended August 31, 2012, the Company issued 440,000
options under the 2012 Plan.
The
estimated fair value of stock options and warrants on the grant date is amortized on a straight line basis over the requisite service
period. During the nine months ended August 31, 2012 and 2011, stock based compensation was $33,516 and $0, respectively.
In
February 2010, the Company entered into a few option agreements for the issuance of options relating to various consulting agreements.
The Company is obligated to issue to consultants in one agreement 33,750 options that vest evenly over a 3-month period of time at a
$0.48 exercise price. The Company who is receiving the options has agreed to reduce their invoices by the cash required to exercise the
options. These options expired in February 2011.
In
another agreement entered into in February 2010, the Company is obligated to issue 75,000 options evenly over a 6-month period of time
at a $0.48 exercise price. The Company expensed the fair value of these options ($36,000) as of August 31, 2010 to this consultant. These
options also expired February 2011.
On
August 25, 2008 and October 30, 2008, the Company issued a total of 75,000 stock options to two consultants. Of these options, 62,500
vested upon issuance and the remaining options vest March 4, 2009. These options have a three-year life and are exercisable at $0.40.
These options were issued in the money as the market value of the underlying shares was $1.44 and $1.12, respectively.
The
fair value of these options were determined to be the intrinsic value at the date of issuance, or $32,500 ($0.13 per share) and $22,500
($0.09 per share) on August 25, 2008 and October 30, 2008, respectively. Additionally, the Company did not receive the total required
option payments of $25,000 (500,000 options at $0.05).
The
Company has expensed the entire amount due to the uncertainty of the collectability of this amount. Of the 75,000 options, there were
6,250 options that remained unexercised, however expired in May 2012.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
8 – STOCKHOLDERS’ DEFICIT (CONTINUED)
Stock
Options (Continued)
Warrants
The
Company entered into private placement agreements with various individuals through November 30, 2010 for the issuance of 339,282 shares
of common stock along with 339,282 warrants. The Company received the proceeds of $314,282 for these units. The warrants expire 3 years
from issuance, at an exercise price of $1.60 per share. The warrants were valued using the Black-Scholes method and were recorded as
additional paid in capital – warrants of $145,512. The criteria established for the valuation of these warrants were as follows:
risk free interest rate – 1.25%; dividend yield – 0%; volatility – 185%. The warrants were issued in November 2010.
The
Company entered into private placement agreements with various individuals for the issuance of 5,947,000 shares of common stock along
with 5,947,000 warrants. The Company received the proceeds of $1,486,750 for these units. The warrants expire August 31, 2013 and have
an exercise price of $0.50 per share. The warrants were valued using the Black-Scholes method and were recorded as additional paid in
capital – warrants of $896,510. The criteria established for the valuation of these warrants were as follows: risk free interest
rate – 0.75%; dividend yield
–
0%; volatility – 235%. The warrants were issued in May 2012.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
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v3.23.3
PROVISION FOR INCOME TAXES
|
3 Months Ended |
Feb. 28, 2013 |
Income Tax Disclosure [Abstract] |
|
PROVISION FOR INCOME TAXES |
NOTE
9 – PROVISION FOR INCOME TAXES
Deferred
income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income
tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in
effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized
based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities
and their respective tax bases.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Feb. 28, 2013 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
10 – FAIR VALUE MEASUREMENTS
On
January 1, 2008, the Company adopted ASC 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under
generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820’s valuation
techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources,
while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:
Level
1 inputs: Quoted prices for identical instruments in active markets.
Level
2 inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that
are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level
3 inputs: Instruments with primarily unobservable value drivers.
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v3.23.3
CONCENTRATION OF CREDIT RISK
|
3 Months Ended |
Feb. 28, 2013 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF CREDIT RISK |
NOTE
11 – CONCENTRATION OF CREDIT RISK
On
August 31, 2011, $6,372, or 76% of the Company’s accounts receivable was with three customers. In addition, there was one customer
who represented approximately 66% of the revenue for the nine months ended August 31, 2011. This customer is considered a major customer
of the Company.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
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v3.23.3
SALE OF VALTECH/DISPOSITION OF SUBSIDIARY
|
3 Months Ended |
Feb. 28, 2013 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SALE OF VALTECH/DISPOSITION OF SUBSIDIARY |
NOTE
12 – SALE OF VALTECH/DISPOSITION OF SUBSIDIARY
Effective
March 7, 2012, the Company completed the acquisition of the Buildablock Assets. In connection with the completion of the acquisition,
the Company effected a reverse stock split of the Company’s outstanding shares of common stock, par value $0.00001, on a one-for-eight
(1:8) basis (which occurred on March 7, 2012) and issued an aggregate of 8,755,484 shares of common stock effective March 7, 2012, representing
50% of the Company’s outstanding shares after giving effect to the one-for-eight reverse stock split and issuance of the shares.
The Buildablock Assets were valued at $10,000. Upon the closing of the transaction, Messrs. Gary Oberman and Bartek Bulzak were elected
to the Company’s Board of Directors, Mr. Oberman was appointed President and Chief Executive Officer and Mr. Bulzak was appointed
Chief Technology Officer. Effective upon the closing of the transaction, Mr. René Arbic resigned as President and Chief Executive
Officer of the Company. In addition, Mr. Arbic has agreed to resign from the Board within one year of the closing of the transaction.
In
addition on April 13, 2012, the Board of Directors approved the sale of Valtech back to some or all of the original shareholders of Valtech
for $1.00. This sale occurred on April 30, 2012.
As
a result of this sale, the Company on April 13, 2012, became a development stage company, as it continues the development of its social
networking platform under the “Buildablock” name.
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Feb. 28, 2013 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany accounts and transactions
have been eliminated in consolidation.
|
Development Stage Company |
Development
Stage Company
The
Company is considered to be in the development stage as defined in ASC 915 . The Company has devoted substantially all of its
efforts to the development of its software platform.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to investment tax credits,
bad debts, income taxes and contingencies. The Company bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less
to be cash equivalents.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Comprehensive Income |
Comprehensive
Income
The
Company adopted ASC 220-10, “Reporting Comprehensive Income,” (formerly SFAS No. 130). ASC 220-10 requires the reporting
of comprehensive income in addition to net income from operations.
Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of information that historically has not been recognized
in the calculation of net income.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable
approximate fair value because of the immediate or short-term maturity of these financial instruments. For the loans payable, the carrying
amount reported is based upon the incremental borrowing rates otherwise available to the Company for similar borrowings.
|
Currency Translation |
Currency
Translation
For
subsidiaries outside the United States that prepare financial statements in currencies other than the U.S. dollar, the Company translates
income and expense amounts at average exchange rates for the year, translates assets and liabilities at year-end exchange rates and equity
at historical rates. The Company’s functional currency is the Canadian dollar, while the Company reports its currency in the US
dollar. The Company records these translation adjustments as accumulated other comprehensive income (loss). Gains and losses from foreign
currency transactions are included in other income (expense) in the results of operations.
|
Revenue Recognition |
Revenue
Recognition
Through
April 30, 2012, the Company through Valtech received revenue from subscribers to its triple play network in which it provided digital
TV, voice over internet protocol (VoIP), and high speed internet access, all via fiber optic cable. The Company billed its subscribers
on a monthly basis and recognized the monthly revenue based upon the specific plan selected by the subscriber. The Company additionally
provided contracted services to wire commercial buildings with fiber optic cable in order to provide for similar services. Valtech was
sold on April 30, 2012. For reporting periods ended after April 30, 2012, revenues for Valtech are reported net of operating expenses
as gain or loss from discontinued operations.
Buildablock
is a development stage company and has not yet recorded any revenues. Buildablock plans to recognize revenue from sales when the following
criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the selling price is fixed or determinable; and
collectability is reasonably assured.
The
Company plans to record as revenue the net amount it retains from the sale of products, excluding any applicable taxes, after remitting
the payment to the merchant minus the transaction fees. Revenue will be recorded on a net basis because the Company plans to act as an
agent of the merchant in the transaction.
The
Company plans that the merchant will be the primary obligor in these transactions, will be subject to inventory risk, and will have latitude
in establishing prices. The Company plans to perform a service by acting as the agent of the merchant which will be responsible for fulfillment,
and therefore revenue is planned to be recorded on a net basis.
|
Accounts Receivable |
Accounts
Receivable
The
Company conducts business and extends credit based on an evaluation of the customers’ financial condition, generally without requiring
collateral.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Accounts
Receivable (continued)
Exposure
to losses on receivables is expected to vary by customer due to the financial condition of each customer. The Company monitors exposure
to credit losses and maintains allowances for anticipated losses considered necessary under the circumstances. The Company has no allowance
for doubtful accounts as of August 31, 2012.
Accounts
receivable are generally due within 30 days and collateral is not required. Unbilled accounts receivable represents amounts due from
customers for which billing statements have not been generated and sent to the customers.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined
based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which
differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that
are expected to be realized.
|
Advertising Costs |
Advertising
Costs
The
Company expenses the costs associated with advertising as incurred. Advertising expenses for the nine months ended February 28, 2013
and 2012 are included in administrative expenses in the consolidated statements of operations.
|
Fixed Assets |
Fixed
Assets
Fixed
assets are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets; office
and computer equipment – 5 years.
When
assets are retired or otherwise disposed of, the costs and related accumulated depreciation are removed from the accounts, and any resulting
gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant
renewals and betterments are capitalized. Deduction is made for retirements resulting from renewals or betterments.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived
assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of the assets might not be recoverable. The Company does perform a periodic assessment of assets for impairment in the absence of such
information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable
market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that
would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used,
the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures
the impairment loss based on the difference between the carrying amount and estimated fair value.
|
Income (Loss) Per Share of Common Stock |
Income
(Loss) Per Share of Common Stock
Basic
net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS)
includes additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants.
All shares are reflected post 1:8 reverse split which occurred March 7, 2012. Common stock equivalents were not included in the computation
of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Income
(Loss) Per Share of Common Stock (continued)
The
following is a reconciliation of the computation for basic and diluted EPS:
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES
| |
February 28, | | |
February 28, | |
| |
2013 | | |
2012 | |
Net income (loss) | |
$ | (275,896 | ) | |
$ | (189,863 | ) |
| |
| | | |
| | |
Weighted-average common shares Outstanding (Basic) | |
| 23,982,979 | | |
| 8,607,965 | |
|
Stock-Based Compensation |
Stock-Based
Compensation
In
2006, the Company adopted the provisions of ASC 718-10 “Share Based Payments” for its year ended November 30, 2008.
The adoption of this principle had no effect on the Company’s operations.
The
Company has elected to use the modified–prospective approach method. Under that transition method, the calculated expense in 2006
is equivalent to compensation expense for all awards granted prior to, but not yet vested as of January 1, 2006, based on the grant-date
fair values. Stock-based compensation expense for all awards granted after January 1, 2006 is based on the grant-date fair values. The
Company recognizes these compensation costs, net of an estimated forfeiture rate, on a pro rata basis over the requisite service period
of each vesting tranche of each award.
The
Company considers voluntary termination behavior as well as trends of actual option forfeitures when estimating the forfeiture rate.
The Company measures compensation expense for its non-employee stock-based compensation under ASC 505-50, “ Accounting for Equity
Instruments that are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services “. The
fair value of the option issued is used to measure the transaction, as this is more reliable than the fair value of the services received.
The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty
has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to
expense and additional paid-in capital.
|
Segment Information |
Segment
Information
The
Company follows the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”. This
standard requires that companies disclose operating segments based on the manner in which management disaggregates the Company in making
internal operating decisions. As of February 28, 2013, the Company operates in only one segment and in only one geographical location.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Uncertainty in Income Taxes |
Uncertainty
in Income Taxes
The
Company follows ASC 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”). This interpretation
requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. ASC 740-10
is effective for fiscal years beginning after December 15, 2006. Management has adopted ASC 740-10 for 2009, and they evaluate their
tax positions on an annual basis, and has determined that as of February 28, 2013, no additional accrual for income taxes other than
the federal and state provisions is considered necessary.
|
Fair Value Measurements |
Fair
Value Measurements
In
September 2006, the FASB issued ASC 820, Fair Value Measurements . ASC 820 defines fair value, establishes a framework for measuring
fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement is effective
for financial statements issued for fiscal years beginning after November 15, 2007. Early adoption is encouraged. The adoption of ASC
820 is not expected to have a material impact on the financial statements.
In
February 2007, the FASB issued ASC 825-10, The Fair Value Option for Financial Assets and Financial Liabilities – Including
an amendment of ASC 320-10 , (“ASC 825-10”) which permits entities to choose to measure many financial instruments and
certain other items at fair value at specified election dates. A business entity is required to report unrealized gains and losses on
items for which the fair value option has been elected in earnings at each subsequent reporting date. This statement is expected to expand
the use of fair value measurement. ASC 825-10 is effective for financial statements issued for fiscal years beginning after November
15, 2007, and interim periods within those fiscal years.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
May 2011, FASB issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs . ASU 2011-04 amends and clarifies the measurement and disclosure requirements of ASC 820 resulting
in common requirements for measuring fair value and for disclosing information about fair value measurements, clarification of how to
apply existing fair value measurement and disclosure requirements, and changes to certain principles and requirements for measuring fair
value and disclosing information about fair value measurements. The new requirements are effective for fiscal years beginning after December
15, 2011. The Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have
a material impact on the Company’s results of operations, cash flows or financial position.
In
June 2011, FASB issued ASU No. 2011-05, Presentation of Comprehensive Income , which amends the disclosure and presentation requirements
of Comprehensive Income. Specifically, ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented
either in 1) a single continuous statement of comprehensive income or 2) two separate but consecutive statements, in which the first
statement presents total net income and its components, and the second statement presents total other comprehensive income and its components.
These new presentation requirements, as currently set forth, are effective for the Company beginning October 1, 2012, with early adoption
permitted.
The
Company plans to adopt this amended guidance on October 1, 2012 and at this time does not anticipate that it will have a material impact
on the Company’s results of operations, cash flows or financial position.
In
September 2011, FASB issued ASU 2011-08, Testing Goodwill for Impairment , which amended goodwill impairment guidance to provide
an option for entities to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination
that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality
of events and circumstances, if an entity determines that it is not more likely than not that the fair value of a reporting unit is less
than its carrying amount, performance of the two-step impairment test is no longer required. This guidance is effective for annual and
interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. Adoption
of this guidance is not expected to have any impact on the Company’s results of operations, cash flows or financial position.
BUILDABLOCK
CORP.
(FORMERLY
HIPSO MULTIMEDIA, INC.)
(A
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
FOR
THE THREE MONTHS ENDED FEBRUARY 28, 2013 AND 2012
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Recent
Accounting Pronouncements (Continued)
There
were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific
industries and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Feb. 28, 2013 |
Accounting Policies [Abstract] |
|
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES |
The
following is a reconciliation of the computation for basic and diluted EPS:
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES
| |
February 28, | | |
February 28, | |
| |
2013 | | |
2012 | |
Net income (loss) | |
$ | (275,896 | ) | |
$ | (189,863 | ) |
| |
| | | |
| | |
Weighted-average common shares Outstanding (Basic) | |
| 23,982,979 | | |
| 8,607,965 | |
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ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
|
Mar. 07, 2012 |
Feb. 28, 2013 |
Nov. 30, 2012 |
Nov. 30, 2011 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
$ 0.00001
|
|
Reverse stock split |
1:8
|
|
|
|
Equity percentage |
50.00%
|
50.00%
|
|
50.00%
|
Business acquisitions, purchase price allocation |
$ 10,000
|
|
|
|
Series of Individually Immaterial Business Acquisitions [Member] |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Business acquisition, equity interest issued or issuable, number of shares |
8,755,484
|
|
|
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SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES (Details) - USD ($)
|
3 Months Ended |
10 Months Ended |
Feb. 28, 2013 |
Feb. 28, 2012 |
Feb. 28, 2013 |
Accounting Policies [Abstract] |
|
|
|
Net income (loss) |
$ (275,896)
|
$ (189,863)
|
$ (1,318,000)
|
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v3.23.3
RELATED PARTY LOANS (Details Narrative)
|
1 Months Ended |
9 Months Ended |
|
|
|
Apr. 30, 2012
CAD ($)
|
Aug. 31, 2012
USD ($)
|
Aug. 31, 2011
USD ($)
|
Feb. 28, 2013
USD ($)
|
Apr. 30, 2012
USD ($)
|
Mar. 31, 2012
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Accrued interest |
|
|
|
|
$ 1,928,319
|
|
Related party transaction, rate |
10.00%
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Accrued interest |
|
|
|
$ 0
|
$ 0
|
$ 329,395
|
Interest expense |
|
$ 35,361
|
$ 97,401
|
|
|
|
Related Party [Member] | Minimum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Interest expense |
$ 150,000
|
|
|
|
|
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
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v3.23.3
COMMITMENTS (Details Narrative)
|
|
|
|
3 Months Ended |
|
|
|
|
Jul. 01, 2012
shares
|
Aug. 18, 2010
USD ($)
|
Feb. 01, 2008
ft²
|
Feb. 28, 2013
shares
|
May 31, 2013 |
May 13, 2013
shares
|
Oct. 12, 2010
USD ($)
$ / shares
|
Jun. 15, 2010
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Occupied office space | ft² |
|
|
2,500
|
|
|
|
|
|
Debt (equity) financing commitment, term |
|
3 years
|
|
|
|
|
|
|
Percentage of debt equity financing commitment purchase price |
|
|
|
95.00%
|
|
|
|
|
Debt (equity) financing agreement, best effort basis fund raising value | $ |
|
|
|
|
|
|
$ 15,000,000
|
|
Debt instrument, face amount | $ |
|
|
|
|
|
|
$ 50,000
|
|
Debt instrument, interest rate, effective percentage |
|
|
|
|
|
|
8.00%
|
|
Debt instrument, convertible, conversion price, within two years from date of issuance | $ / shares |
|
|
|
|
|
|
$ 2.00
|
|
Debt instrument, convertible, conversion price, after two years from date of issuance till maturity | $ / shares |
|
|
|
|
|
|
$ 2.40
|
|
Cash fee receivable, percentage on gross proceeds raised |
|
|
|
|
8.00%
|
|
|
|
Cash fee receivable, percentage on warrants of raised fund |
|
|
|
|
|
4.00%
|
|
|
Ownshare shares issued | shares |
|
|
|
|
|
375,000
|
|
|
Renewable investor public relation agreement termination term |
|
|
|
90 days
|
|
|
|
|
Stock issued during period, shares, issued for services (in shares) | shares |
|
|
|
50,000
|
|
|
|
|
Stock options issued per month by investor relations | shares |
20,000
|
|
|
|
|
|
|
|
Engagement Agreement [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Debt or equity financing | $ |
|
$ 5,000,000
|
|
|
|
|
|
$ 10,000,000
|
Underwriter's fees percentage |
|
|
|
|
|
|
|
10.00%
|
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v3.23.3
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
10 Months Ended |
12 Months Ended |
|
|
Aug. 31, 2010 |
Oct. 30, 2008 |
Aug. 25, 2008 |
May 31, 2012 |
Nov. 30, 2010 |
Feb. 28, 2010 |
Feb. 28, 2013 |
Nov. 30, 2012 |
Aug. 31, 2012 |
Feb. 28, 2012 |
Feb. 28, 2011 |
Aug. 31, 2012 |
Aug. 31, 2011 |
Feb. 28, 2013 |
Nov. 30, 2012 |
Jul. 06, 2012 |
Mar. 07, 2012 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
100,000,000
|
100,000,000
|
|
|
|
|
|
100,000,000
|
100,000,000
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.00001
|
$ 0.00001
|
|
|
|
|
|
$ 0.00001
|
$ 0.00001
|
|
$ 0.00001
|
Common stock, shares, issued |
|
|
|
|
|
|
23,937,979
|
23,937,979
|
|
|
|
|
|
23,937,979
|
23,937,979
|
|
|
Common stock, shares, outstanding |
|
|
|
|
|
|
23,937,979
|
23,937,979
|
|
|
|
|
|
23,937,979
|
23,937,979
|
|
|
Stock issued during period, shares, new issues |
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, issued for services |
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
$ 1.12
|
$ 1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent expense |
|
|
|
|
|
|
|
|
|
|
$ 10,215
|
|
|
|
$ 10,215
|
|
|
Adjustment for back rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 20,430
|
|
|
Stock redeemed or called during period, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,000
|
|
|
Share price |
|
|
|
|
|
|
|
$ 0.48
|
|
|
|
|
|
|
$ 0.48
|
|
|
Issued for subscriptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
Share based compensation weighted average exercise price |
|
|
|
|
|
|
$ 0.05
|
|
|
|
|
|
|
|
|
|
|
Fair value of stock options |
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
Intrinsic value |
|
$ 22,500
|
$ 32,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issued Intrinsic value per share |
|
$ 0.09
|
$ 0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment award options non-vested value |
|
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
$ 25,000
|
|
|
|
Share-based payment award options nonvested number of shares |
|
|
|
|
|
|
500,000
|
|
|
|
|
|
|
500,000
|
|
|
|
Stock options, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,000
|
|
|
Remained unexercised, shares |
|
|
|
|
|
|
6,250
|
|
|
|
|
|
|
|
|
|
|
Two Consultants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
75,000
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested upon issuance |
|
62,500
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation weighted average exercise price |
|
$ 0.40
|
$ 0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sharebasedcompensationarrangementbysharebasedpaymentawardawardvestingperiod,years |
|
3 years
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested upon issuance |
|
|
|
|
|
33,750
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation weighted average exercise price |
|
|
|
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
Option Agreement One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested upon issuance |
|
|
|
|
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation weighted average exercise price |
|
|
|
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of stock options |
$ 36,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
$ 33,516
|
$ 0
|
|
|
|
|
2012 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares reserved for issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
2012 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
|
|
|
|
|
440,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, value, issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,460
|
|
|
Stock issued during period, shares, issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,750
|
|
|
Stock issued during period, shares, conversion of convertible securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,125
|
|
|
Stock issued during period, value, conversion of convertible securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 122,000
|
|
|
Common Stock [Member] | Private Placement Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
5,947,000
|
339,282
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
0.24
|
|
|
|
|
|
|
$ 0.24
|
|
|
Common Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 0.48
|
|
|
|
|
|
|
$ 0.48
|
|
|
Common Stock One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
Stock issued during period, value, issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,000
|
|
|
Stock issued during period, shares, issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,500
|
|
|
Common Stock Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366,250
|
|
|
Stock issued during period, value, issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 199,700
|
|
|
Stock issued during period, value, new issues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 124,700
|
|
|
Warrant [Member] | Private Placement Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
5,947,000
|
339,282
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
$ 1,486,750
|
$ 314,282
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expire term |
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant exercise price |
|
|
|
$ 0.50
|
$ 1.60
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to additional paid in capital, warrant issued |
|
|
|
$ 896,510
|
$ 145,512
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
|
|
0.75%
|
1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
|
|
|
0.00%
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility percentage |
|
|
|
235.00%
|
185.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expire term |
|
|
|
Aug. 31, 2013
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Private Placement [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Stock issued during period, shares, new issues |
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5,947,000
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Stock issued during period, value, new issues |
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$ 1,486,750
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Buildablock Assets [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Stock issued during period, shares, acquisitions |
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8,755,484
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Stock issued during period, value, acquisitions |
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$ 10,000
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Common stock to settle accounts payable |
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480,000
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Accounts payable |
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$ 36,500
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Stock issued during period, value, issued for services |
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$ 83,500
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v3.23.3
SALE OF VALTECH/DISPOSITION OF SUBSIDIARY (Details Narrative) - USD ($)
|
Mar. 07, 2012 |
Mar. 07, 2012 |
Feb. 28, 2013 |
Nov. 30, 2012 |
Apr. 13, 2012 |
Nov. 30, 2011 |
Oct. 30, 2008 |
Aug. 25, 2008 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
$ 0.00001
|
$ 0.00001
|
|
|
|
|
Reverse stock split |
1:8
|
|
|
|
|
|
|
|
Equity percentage |
50.00%
|
50.00%
|
50.00%
|
|
|
50.00%
|
|
|
Assets net |
$ 10,000
|
$ 10,000
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 1.12
|
$ 1.44
|
Valtech [Member] |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
$ 1.00
|
|
|
|
Shares CommonStock [Member] |
|
|
|
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
|
|
|
Shares issued |
|
8,755,484
|
|
|
|
|
|
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- DefinitionDescription of the reverse stock split arrangement. Also provide the retroactive effect given by the reverse split that occurs after the balance sheet date but before the release of financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-4
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