As per TSX Venture listed public companies they have 120 days to file their annual fiscal report ending Nov 30 & 60 days for the quarterlies if the rules have not due to the new IFRS standards.

3. Convergence to International Financial Reporting Standards (“IFRS”):

In February 2008, the Canadian Accounting Standards Board ("AcSB") confirmed that 2011 is the changeover date for

publicly-listed companies to use IFRS, replacing Canada’s own GAAP. The date is for interim and annual financial

statements relating to fiscal years beginning on or after January 1, 2011. The Company’s first year end under IFRS will be

November 30, 2012. The transition date for the Company will be December 1, 2010 and will require the restatement for

comparative purposes of amounts reported by the Company for the year ended November 30, 2011. The Company is in

the process of determining the impact of adoption of IFRS on its financial statements



Now there was a brief discussion on the board pertaining to the disclosure of the signed agreement between Miraculins & Alere they are not any obligations to disclosing the specific terms of that contract but they are obligated to report their revenues from the past agreement including future revenues on this newly signed agreement.


On last year's annual fiscal report look at note 10, here's that section below & all financial quarterly & annual reports including MD&A reports are all available on Sedar here's the link below.


Hope that helps




10. Deferred collaborative research and option fees:

The Company recognizes collaborative research and option fees income, if any, when underlying contractual services are

performed or when milestones are achieved in accordance with the terms of the specific agreement. Up-front payments

received for the use of technology where further services are to be provided or fees received on the signing of collaborative

research agreements are recognized over the period of performance of the related activities. Amounts received in advance

of recognition are included in deferred collaborative research and option fees. For the year ended November 30, 2011, the

Company recognized collaborative research and option fees in the amount of $91,599 (2010 - $85,115). As at November

30, 2011, deferred collaborative research and option fees amounted to $10,995 (November 30, 2010 - $54,164).

Subsequent to year end, on January 12, 2012, an option was exercised and the Company received an option fee of USD

$75,000 for maintenance of the exclusive option over certain technology.