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Section 1: 10-Q (10-Q)

estc-10q_20190131.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 January 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-38675

 

Elastic N.V.

 

The Netherlands

Not Applicable

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

800 West El Camino Real, Suite 350

Mountain View, California 94040

(Address of principal executive offices)

(650) 458-2620

(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 every Interactive Data File required to be submitted 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 such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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 26, 2019, the registrant had 71,364,083 ordinary shares, €0.01 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

Note Regarding Forward-Looking Statements

3

 

PART I.

FINANCIAL INFORMATION

4

 

 

 

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Condensed Consolidated Statements of Convertible Redeemable Preference Shares and Shareholders’ Equity (Deficit)

7

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

 

 

 

PART II.

OTHER INFORMATION

43

 

 

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 3.

Defaults Upon Senior Securities

68

Item 4.

Mine Safety Disclosures

68

Item 5.

Other Information

68

Item 6.

Exhibits

69

Signatures

70

 

2


 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

 

 

 

 

our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve, and maintain, future profitability;

  

 

market acceptance of our products;

  

 

the effects of increased competition in our markets and our ability to compete effectively;

  

 

our ability to maintain the security and availability of our software;

  

 

our ability to maintain and expand our customer base, including by attracting new customers;

  

 

our ability to maintain or increase our Net Expansion Rate;

  

 

our ability to develop new offerings, or enhancements to our existing offerings, and bring them to market in a timely manner;

  

 

anticipated trends, growth rates and challenges in our business and in the markets in which we operate;

  

 

our business model and our ability to effectively manage our growth and associated investments;

  

 

beliefs and objectives for future operations, including regarding our estimated total addressable market;

  

 

our relationships with third parties, including partners;

  

 

our ability to maintain, protect and enhance our intellectual property rights;

  

 

our ability to successfully defend litigation brought against us;

  

 

our ability to successfully expand in our existing markets and into new markets;

  

 

sufficiency of cash to meet cash needs for at least the next 12 months;

  

 

our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

  

 

the attraction and retention of qualified employees and key personnel;

  

 

our use of the net proceeds from the initial public offering; and

  

 

the future trading prices of our ordinary shares.

 

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

 

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

3


 

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Elastic N.V.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

 

January 31, 2019

 

 

April 30, 2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

305,826

 

 

$

50,941

 

Restricted cash

 

 

2,664

 

 

 

668

 

Accounts receivable, net of allowance for doubtful accounts of $2,122

   and $776 as of January 31, 2019 and April 30, 2018, respectively

 

 

54,518

 

 

 

53,233

 

Deferred contract acquisition costs

 

 

15,795

 

 

 

12,125

 

Prepaid expenses and other current assets

 

 

22,881

 

 

 

15,261

 

Total current assets

 

 

401,684

 

 

 

132,228

 

Property and equipment, net

 

 

4,663

 

 

 

4,536

 

Goodwill

 

 

19,970

 

 

 

19,182

 

Intangible assets, net

 

 

7,417

 

 

 

8,297

 

Deferred contract acquisition costs, non-current

 

 

7,657

 

 

 

5,954

 

Deferred offering costs

 

 

-

 

 

 

242

 

Deferred tax assets

 

 

3,058

 

 

 

3,946

 

Other assets

 

 

6,549

 

 

 

8,628

 

Total assets

 

$

450,998

 

 

$

183,013

 

 

 

 

 

 

 

 

 

 

Liabilities, Redeemable Convertible Preferred Shares and Shareholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,772

 

 

$

2,176

 

Accrued expenses and other liabilities

 

 

16,716

 

 

 

11,816

 

Accrued compensation and benefits

 

 

16,992

 

 

 

15,191

 

Deferred revenue

 

 

126,171

 

 

 

95,929

 

Total current liabilities

 

 

161,651

 

 

 

125,112

 

Deferred revenue, non-current

 

 

11,632

 

 

 

6,632

 

Other liabilities, non-current

 

 

5,616

 

 

 

3,877

 

Total liabilities

 

 

178,899

 

 

 

135,621

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Redeemable convertible preference shares, par value €0.001 per share;

   No shares authorized, issued, or outstanding as of January 31, 2019;

   29,026,193 shares authorized; 28,939,466 shares issued and

   outstanding as of April 30, 2018

 

 

-

 

 

 

200,921

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0

   shares issued and outstanding as of January 31, 2019; 0 shares authorized, issued

   and outstanding as of April 30, 2018

 

 

-

 

 

 

-

 

Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized;

   71,334,105 shares issued and outstanding as of January 31, 2019

 

 

727

 

 

 

-

 

Ordinary shares, par value of €0.001 per share; 72,000,000 shares authorized;

    0 and 33,232,955 shares issued and outstanding as of January 31, 2019

    and April 30, 2018, respectively

 

 

-

 

 

 

33

 

Treasury stock; 35,937 shares (repurchased at an average price of $10.30

   per share)

 

 

(369

)

 

 

(369

)

Additional paid-in capital

 

 

556,143

 

 

 

62,542

 

Accumulated other comprehensive loss

 

 

(2,160

)

 

 

(961

)

Accumulated deficit

 

 

(282,242

)

 

 

(214,774

)

Total shareholders’ (deficit) equity

 

 

272,099

 

 

 

(153,529

)

Total liabilities, redeemable convertible preference shares and shareholders’ equity

    (deficit)

 

$

450,998

 

 

$

183,013

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

Elastic N.V.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data) (unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

9,406

 

 

$

5,815

 

 

$

26,850

 

 

$

16,920

 

Subscription - self-managed and SaaS

 

 

55,180

 

 

 

33,218

 

 

 

147,781

 

 

 

86,286

 

Total subscription revenue

 

 

64,586

 

 

 

39,033

 

 

 

174,631

 

 

 

103,206

 

Professional services

 

 

6,249

 

 

 

2,648

 

 

 

16,423

 

 

 

7,157

 

Total revenue

 

 

70,835

 

 

 

41,681

 

 

 

191,054

 

 

 

110,363

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

96

 

 

 

96

 

 

 

290

 

 

 

290

 

Cost of subscription - self-managed and SaaS

 

 

13,941

 

 

 

7,382

 

 

 

37,012

 

 

 

18,618

 

Total cost of revenue - subscription

 

 

14,037

 

 

 

7,478

 

 

 

37,302

 

 

 

18,908

 

Cost of professional services

 

 

6,387

 

 

 

3,288

 

 

 

17,266

 

 

 

8,232

 

Total cost of revenue

 

 

20,424

 

 

 

10,766

 

 

 

54,568

 

 

 

27,140

 

Gross profit

 

 

50,411

 

 

 

30,915

 

 

 

136,486

 

 

 

83,223

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

25,850

 

 

 

15,092

 

 

 

70,163

 

 

 

38,098

 

Sales and marketing

 

 

37,196

 

 

 

20,727

 

 

 

102,252

 

 

 

54,679

 

General and administrative

 

 

11,151

 

 

 

7,555

 

 

 

33,342

 

 

 

19,205

 

Total operating expenses

 

 

74,197

 

 

 

43,374

 

 

 

205,757

 

 

 

111,982

 

Operating loss

 

 

(23,786

)

 

 

(12,459

)

 

 

(69,271

)

 

 

(28,759

)

Other income (expense), net

 

 

1,877

 

 

 

(175

)

 

 

2,737

 

 

 

(813

)

Loss before income taxes

 

 

(21,909

)

 

 

(12,634

)

 

 

(66,534

)

 

 

(29,572

)

Provision for (benefit from) income taxes

 

 

(558

)

 

 

696

 

 

 

934

 

 

 

1,752

 

Net loss

 

$

(21,351

)

 

$

(13,330

)

 

$

(67,468

)

 

$

(31,324

)

Net loss per share attributable to ordinary shareholders, basic

   and diluted

 

$

(0.30

)

 

$

(0.41

)

 

$

(1.37

)

 

$

(0.98

)

Weighted-average shares used to compute net loss per share

   attributable to ordinary shareholders, basic and diluted

 

 

70,725,336

 

 

 

32,392,894

 

 

 

49,261,240

 

 

 

31,838,690

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

5


 

Elastic N.V.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands) (unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(21,351

)

 

$

(13,330

)

 

$

(67,468

)

 

$

(31,324

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(365

)

 

 

1,316

 

 

 

(1,199

)

 

 

841

 

Other comprehensive income (loss)

 

 

(365

)

 

 

1,316

 

 

 

(1,199

)

 

 

841

 

Total comprehensive loss

 

$

(21,716

)

 

$

(12,014

)

 

$

(68,667

)

 

$

(30,483

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6


 

Elastic N.V.

Condensed Consolidated Statements of Redeemable Convertible Preference Shares

and Shareholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Deficit

 

Balances at October 31, 2017

 

28,939,466

 

 

$

200,921

 

 

 

 

32,634,365

 

 

$

33

 

 

$

(369

)

 

$

53,996

 

 

$

(2,367

)

 

$

(180,041

)

 

$

(128,748

)

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

156,946

 

 

 

-

 

 

 

-

 

 

 

414

 

 

 

-

 

 

 

-

 

 

 

414

 

Issuance of ordinary shares related

    to early exercise of stock options

 

-

 

 

 

-

 

 

 

 

43,630

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Vesting of early exercised stock options

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27

 

 

 

-

 

 

 

-

 

 

 

27

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,435

 

 

 

-

 

 

 

-

 

 

 

3,435

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,330

)

 

 

(13,330

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,316

 

 

 

-

 

 

 

1,316

 

Balances at January 31, 2018

 

28,939,466

 

 

$

200,921

 

 

 

 

32,834,941

 

 

$

33

 

 

$

(369

)

 

$

57,872

 

 

$

(1,051

)

 

$

(193,371

)

 

$

(136,886

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at October 31, 2018

 

-

 

 

$

-

 

 

 

 

70,948,987

 

 

$

722

 

 

$

(369

)

 

$

546,219

 

 

$

(1,795

)

 

$

(260,891

)

 

$

283,886

 

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

140,620

 

 

 

2

 

 

 

-

 

 

 

753

 

 

 

-

 

 

 

-

 

 

 

755

 

Issuance of ordinary shares upon

    subscription of restricted stock awards

 

-

 

 

 

-

 

 

 

 

244,498

 

 

 

3

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,174

 

 

 

-

 

 

 

-

 

 

 

9,174

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,351

)

 

 

(21,351

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(365

)

 

 

-

 

 

 

(365

)

Balances at January 31, 2019

 

-

 

 

$

-

 

 

 

 

71,334,105

 

 

$

727

 

 

$

(369

)

 

$

556,143

 

 

$

(2,160

)

 

$

(282,242

)

 

$

272,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

7


 

Elastic N.V.

Condensed Consolidated Statements of Redeemable Convertible Preference Shares

and Shareholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Deficit

 

Balances at April 30, 2017

 

28,939,466

 

 

$

200,921

 

 

 

 

31,130,047

 

 

$

31

 

 

$

(25

)

 

$

35,395

 

 

$

(1,892

)

 

$

(162,047

)

 

$

(128,538

)

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

473,929

 

 

 

-

 

 

 

-

 

 

 

1,742

 

 

 

-

 

 

 

-

 

 

 

1,742

 

Issuance of ordinary shares related to early

   exercise of stock options

 

-

 

 

 

-

 

 

 

 

43,630

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Repurchase of ordinary shares

 

-

 

 

 

-

 

 

 

 

(33,937

)

 

 

-

 

 

 

(344

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(344

)

Vesting of early exercised stock options

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

81

 

 

 

-

 

 

 

-

 

 

 

81

 

Ordinary shares issued in connection with

   the acquisition of Opbeat

 

-

 

 

 

-

 

 

 

 

488,998

 

 

 

1

 

 

 

-

 

 

 

4,018

 

 

 

-

 

 

 

-

 

 

 

4,019

 

Ordinary shares issued in connection with

   the acquisition of Swiftype

 

-

 

 

 

-

 

 

 

 

732,274

 

 

 

1

 

 

 

-

 

 

 

8,391

 

 

 

-

 

 

 

-

 

 

 

8,392

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,245

 

 

 

-

 

 

 

-

 

 

 

8,245

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(31,324

)

 

 

(31,324

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

841

 

 

 

-

 

 

 

841

 

Balances at January 31, 2018

 

28,939,466

 

 

$

200,921