Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | LINGO MEDIA CORP |
Entity Central Index Key | 1,177,167 |
Trading Symbol | lmdc |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 35,529,162 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 327,434 | $ 84,303 |
Accounts and grants receivable | 970,467 | 3,044,928 |
Prepaid and other receivables | 205,482 | 579,846 |
1,503,383 | 3,709,077 | |
Non-Current Assets | ||
Long-term deposit | 300,000 | |
Property and equipment | 30,689 | 27,488 |
Intangibles | 3,000,009 | |
Goodwill | 139,618 | |
TOTAL ASSETS | 1,534,072 | 7,176,192 |
Current Liabilities | ||
Accounts payable | 488,636 | 273,750 |
Accrued liabilities | 155,156 | 249,736 |
Lease inducement | 36,526 | 57,673 |
Loans payable | 300,000 | 150,000 |
980,318 | 731,159 | |
Equity | ||
Share capital | 21,914,722 | 21,914,722 |
Share-based payment reserve | 3,792,678 | 3,421,165 |
Accumulated other comprehensive income | (303,447) | (302,037) |
Deficit | (24,850,199) | (18,588,817) |
TOTAL EQUITY | 553,754 | 6,445,033 |
TOTAL LIABILITIES AND EQUITY | 1,534,072 | 7,176,192 |
Commitments and contingency |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Revenue | $ 2,776,768 | $ 3,195,221 | $ 4,925,735 |
Expenses | |||
Selling, general and administrative | 1,368,153 | 1,364,736 | 1,059,703 |
Amortization – intangibles | 1,051,928 | 1,003,485 | 721,720 |
Bad debt | 732,254 | ||
Direct costs | 225,618 | 385,384 | 382,871 |
Development costs | 2,692,009 | ||
Share-based payments | 371,513 | 151,038 | |
Loss on acquisition | 80,818 | ||
Impairment loss – goodwill | 139,618 | ||
Impairment loss – intangible assets | 1,948,082 | ||
Depreciation – property and equipment | 6,644 | 7,297 | 8,579 |
Total Expenses | 8,616,636 | 2,760,902 | 2,323,911 |
Income /(Loss) from Operations | (5,839,868) | 434,319 | 2,601,824 |
Net Finance Charges | |||
Interest expense | 53,709 | 35,768 | 158,792 |
Foreign exchange loss (gain) | 189,783 | 146,599 | (399,314) |
Profit / (Loss) Before Income Tax | (6,083,360) | 251,952 | 2,842,346 |
Income tax expense | 178,022 | 187,705 | 310,289 |
Net Profit / (Loss) for the Year | (6,261,382) | 64,247 | 2,532,057 |
Other Comprehensive Income | |||
Items that may be subsequently transferred to net profit (loss) exchange differences on translating foreign operations gain (loss) | (1,410) | 60,173 | (157,358) |
Total Comprehensive Income (Loss) | $ (6,262,792) | $ 124,420 | $ 2,374,699 |
Earnings (Loss) per Share | |||
Basic (in CAD per share) | $ (0.18) | $ 0 | $ 0.10 |
Diluted (in CAD per share) | $ (0.18) | $ 0 | $ 0.09 |
Weighted Average Number of Common Shares Outstanding | |||
Basic (in shares) | 35,529,192 | 33,987,383 | 26,288,889 |
Diluted (in shares) | 35,529,192 | 34,951,693 | 29,083,740 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) | Issued capital [member] | Reserve of share-based payments [member] | Warrants [member] | Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale [member] | Retained earnings [member] | Total |
Balance (in shares) at Dec. 31, 2014 | 22,379,177 | |||||
Balance at Dec. 31, 2014 | $ 18,162,347 | $ 2,578,380 | $ 1,393,202 | $ (204,852) | $ (21,185,121) | $ 743,956 |
Statement Line Items [Line Items] | ||||||
Profit (loss) for the year | 2,532,057 | 2,532,057 | ||||
Other comprehensive income (loss) | (157,358) | (157,358) | ||||
Private Placement (in shares) | 5,000,000 | |||||
Private Placement | $ 500,000 | 500,000 | ||||
Warrants issuance | $ (70,230) | 70,230 | ||||
Warrants exercise (in shares) | 1,700,000 | |||||
Warrants exercise | $ 236,300 | (23,800) | 212,500 | |||
Stock option exercise (in shares) | 439,166 | |||||
Stock option exercise | $ 98,971 | (34,380) | 64,591 | |||
Share-based payment charged to operations | 151,038 | 151,038 | ||||
Balance (in shares) at Dec. 31, 2015 | 29,518,343 | |||||
Balance at Dec. 31, 2015 | $ 18,927,388 | 2,695,038 | 1,439,632 | (362,210) | (18,653,064) | 4,046,784 |
Statement Line Items [Line Items] | ||||||
Profit (loss) for the year | 64,247 | 64,247 | ||||
Other comprehensive income (loss) | 60,173 | 60,173 | ||||
Warrants exercise (in shares) | 5,711,683 | |||||
Warrants exercise | $ 2,904,840 | (683,578) | 2,221,262 | |||
Stock option exercise (in shares) | 299,166 | |||||
Stock option exercise | $ 82,494 | (29,927) | 52,567 | |||
Expired Warrant | 756,054 | (756,054) | ||||
Balance (in shares) at Dec. 31, 2016 | 35,529,192 | |||||
Balance at Dec. 31, 2016 | $ 21,914,722 | 3,421,165 | (302,037) | (18,588,817) | 6,445,033 | |
Statement Line Items [Line Items] | ||||||
Profit (loss) for the year | (6,261,382) | (6,261,382) | ||||
Other comprehensive income (loss) | (1,410) | (1,410) | ||||
Share-based payment charged to operations | 371,513 | 371,513 | ||||
Balance (in shares) at Dec. 31, 2017 | 35,529,192 | |||||
Balance at Dec. 31, 2017 | $ 21,914,722 | $ 3,792,678 | $ (303,447) | $ (24,850,199) | $ 553,754 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Profit (Loss) for the Year | $ (6,261,382) | $ 64,247 | $ 2,532,057 |
Adjustments to Net Profit (Loss) for Non-Cash Items: | |||
Amortization – intangibles | 1,051,928 | 1,003,485 | 721,720 |
Share-based payments | 371,513 | 151,038 | |
Unrealized foreign exchange loss (gain) | (1,410) | 61,166 | (166,109) |
Interest accretion | 41,167 | ||
Lease inducement | (21,147) | 57,673 | |
Bad debts | 732,254 | ||
Long term deposit | 300,000 | ||
Depreciation - property and equipment | 6,644 | 7,297 | 8,579 |
Loss on asset acquisition | 80,819 | ||
Impairment loss – intangible assets | 1,948,082 | ||
Impairment loss – goodwill | 139,618 | ||
Loss on disposition of property and equipment | 2,670 | 954 | |
Operating Profit (Loss) before Working Capital Changes | (1,653,081) | 1,196,538 | 3,289,406 |
Working Capital Adjustments: | |||
Accounts and grants receivable | 1,429,133 | (1,083,394) | (1,112,190) |
Prepaid and other receivables | 374,364 | (91,692) | (403,083) |
Accounts payable | 28,867 | 22,777 | 100,339 |
Accrued liabilities | (94,580) | (105,458) | (334,821) |
Cash Generated from (Used in) Operating Activities | 84,702 | (61,229) | 1,539,651 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Long-term deposit | (300,000) | ||
Cash (net) paid for acquisition | 9,355 | ||
Expenditures on software, web development and content development costs | 0 | (1,798,687) | (2,071,440) |
Purchase of property and equipment | (926) | (8,632) | (13,281) |
Cash Used in Investing Activities | 8,429 | (2,107,319) | (2,084,721) |
Share capital issued | 500,000 | ||
Proceeds from stock option exercise | 52,567 | 64,591 | |
Proceeds from warrant exercise | 2,221,262 | 212,500 | |
Proceeds from loans | 1,460,000 | 150,000 | 90,000 |
Repayment of loans | (1,310,000) | (580,000) | (390,000) |
Cash Generated from Financing Activities | 150,000 | 1,843,829 | 477,091 |
NET INCREASE (DECREASE) IN CASH | 243,131 | (324,719) | (67,979) |
Cash at the Beginning of the Year | 84,303 | 409,022 | 477,001 |
Cash at the End of the Year | $ 327,434 | $ 84,303 | $ 409,022 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of basis of consolidation [text block] | 1. CORPORATE INFORMATION Lingo Media Corporation (“Lingo Media” or the “Company”) is a publicly listed company incorporated in Canada with limited liability under the legislation of the Province of Ontario and its shares are listed on the TSX Venture Exchange and inter-listed on the OTCQB Marketplace. The consolidated financial statements of the Company as at and for the year ended December 31, 2017 Speak2Me Lingo Media is an EdTech company that is ‘ Changing the way the world learns English two The head office, principal address and registered and records office of the Company is located at 151 703, M5S 1S4. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. BASIS OF PREPARATION 2.1 Statement of compliance These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”). These consolidated financial statements were authorized by the Board of Directors on April 30, 2018. 2.2 Basis of measurement These consolidated financial statements have been prepared on the historical cost basis except as provided in note 4. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its wholly owned subsidiaries controlled by the Company (the “Group”). Control exists when the Company is exposed to, or has the rights to variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All inter-group balances, transactions, unrealized gains and losses resulting from inter-group transactions and dividends are eliminated in full. 2.4 Functional and presentation currency The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Group. These consolidated financial statements are presented in Canadian Dollars, which is the Company’s functional currency. The functional currency of ELL Technologies Limited and Lingo Group Limited are United States Dollar (“USD”). All other subsidiaries’ functional currency is Canadian Dollar (“CAD”). The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies, reported amounts of assets, liabilities and contingent liabilities, revenues and expenses at the date of the consolidated financial statements and during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: ● Determination of functional currency ● Determination of allowance for doubtful accounts ● Determination of the recoverability of the carrying value of intangibles and goodwill ● Recognition of internally developed intangibles ● Determination and recognition of long-term revenue contracts ● Recognition of government grant and grant receivable ● Recognition of deferred tax assets ● Valuation of share-based payments ● Recognition of provisions and contingent liabilities |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 4.1 Revenue recognition Revenue from fee-based English language training and assessment services and licenses are recognized upon delivery based on the terms of the agreement and when the risk of ownership is transferred and collectability is reasonably assured. When the outcome of long-term service contracts cannot be reliably estimated, all contract related costs are expensed and revenues are recognized only to the extent that those costs are recoverable. When the uncertainties that prevented reliable estimation of the outcome of a contract no Revenue from royalty and licensing sales is recognized based on confirmation of finished products produced by the Company’s co-publishing partners and when collectability is reasonably assured. Royalty revenue from audiovisual products is recognized based on the confirmation of sales by its co-publishing partners, and when collectability is reasonably assured. Royalty revenues are not The Company does not 4.2 Comprehensive income (loss) Comprehensive income (loss) measures net profit for the period plus other comprehensive income. Other comprehensive income (loss) consists of changes in equity, such as changes to foreign currency translation adjustments of foreign operations during the period. Amounts reported as other comprehensive income are accumulated in a separate component of shareholders’ equity as accumulated other comprehensive income. 4.3 Property and equipment Property and equipment are initially recorded at cost. Depreciation is provided using methods outlined below at rates intended to depreciate the cost of assets over their estimated useful lives. Method Rate Computer and office equipment Declining balance 20 4.4 Software and web development costs The Company capitalizes all costs related to the development of its fee-based English Language Learning products and services when the feasibility and profitability of the project can be reasonably considered certain. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalized includes the cost of material, and direct labour. Other development expenditure is recognized in the statement of comprehensive income (loss) as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization and impairment losses. The software and web development cost are being amortized on a straight-line basis over the useful life of the asset, which is estimated to be 3 4.5 Content development costs The Company capitalizes all costs related to content development of its fee-based English Language Learning products and services when the feasibility and profitability of the project can be reasonably considered certain. Expenditure on content development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalized includes the cost of material, and direct labour. Other development expenditure is recognized in the statement of comprehensive income (loss) as an expense as incurred. Capitalized content development expenditure is stated at cost less accumulated amortization and impairment losses. The content development costs are being amortized on a straight-line basis over the useful life of the asset, which is estimated to be 5 4.6 Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets of an acquired business. The Company measures goodwill as the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the venture, less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in net profit. The Company elects on a transaction-by-transaction basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of the identifiable net assets, at the acquisition date. Transaction costs, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. 4.7 Government grants The Company receives government grants based on certain eligibility criteria for book publishing industry development in Canada. These government grants are recognized quarterly and are recorded as a reduction of general and administrative expenses to offset direct costs funded by the grant during the period in which the criteria to receive the grant is met. The Company records a liability for the repayment of the grants and a charge to operations in the period in which conditions arise that will cause the government grants to be repayable. 4.8 Current and deferred income taxes Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred taxation is recognized using the liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, the deferred taxation is not A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. 4.9 Foreign currency translation Foreign currency transactions are initially recorded in the functional currency at the transaction date exchange rate. At the balance sheet date, monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the reporting date exchange rate. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year-end exchange rates are recognized in the income statement. Non-monetary items measured at historical cost are translated using the historical exchange rate. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. Financial statements of subsidiaries, affiliates and joint ventures for which the functional currency is not Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income (loss). 4.10 Earnings (loss) per share Earnings (loss) per share is computed by dividing the earnings (loss) for the year by the weighted average number of common shares outstanding during the year, including contingently issuable shares which are included when the conditions necessary for issuance have been met. Diluted earnings per share is calculated in a similar manner, except that the weighted average number of common shares outstanding is increased to include potentially issuable common shares from the assumed exercise of common share purchase options and warrants, if dilutive. 4.11 Share-based compensation plan The share-based compensation plan allows the Company employees and consultants to acquire shares of the Company. The fair value of share-based payment awards granted is recognized as an employee or consultant expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value is measured at grant date and each tranche is recognized on a graded vesting basis over the period during which the share purchase options vest. The fair value of the share-based payment awards granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the awards were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of awards, for which the related service and non-market vesting conditions are expected to be met. For equity-settled share-based payment transactions with non-employees, the Company measures the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which cases, the Company measures their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. 4.12 Financial instruments All financial instruments are recorded initially at fair value. In subsequent periods, all financial instruments are measured based on the classification adopted for the financial instrument: fair value through profit and loss (“FVTPL”); held to maturity; loans and receivables; and available for sale or other financial liability. Financial assets: FVTPL assets are subsequently measured at fair value with the change in the fair value recognized in net profit during the period. Loans and receivables are subsequently measured at amortized cost using the effective interest rate method. Financial liabilities: Other financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Transaction costs are costs that are directly attributable to a financial instrument’s origination, acquisition, issuance or assumption, are included in the fair value adjustment of the financial instrument. These costs are amortized over the life of the financial instrument. The Company has classified its financial instruments as follows: Financial Instrument Classification Cash FVTPL Accounts and grants receivable Loans and receivables Accounts payable Other financial liabilities Accrued liabilities Other financial liabilities Loans payable Other financial liabilities The Company’s financial instruments measured at fair value on the balance sheet consist of cash, which is measured at level 1 three Level 1: Level 2: not Level 3: 4.13 Impairment of long-lived assets The Company’s property and equipment and intangibles with finite lives are reviewed for an indication of impairment at each balance sheet date. The Company’s intangible assets that have an indefinite life or are not not An impairment loss, other than goodwill impairment, is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not no Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is allocated to each cash generating unit (“CGU”) or group of CGUs that are expected to benefit from the related business combination. A group of CGUs represents the lowest level within the entity at which the goodwill is monitored for internal management purposes, which is not For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may first An impairment loss recognized for goodwill is not 4.14 Leases Leases are classified as either finance or operating. Leases that transfer substantially all of the risks and benefits of ownership of the leased asset to the Company are classified as finance leases. Finance leases are capitalized at the lease’s commencement at the lower of fair value of the leased asset and the present value of the minimum lease payments. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rental payments, net of any incentives received from the lessor, are charged to earnings on a straight-line basis over the period of the lease. 4.15 Warrants From time to time, the Company may |
Note 5 - Recent Accounting Pron
Note 5 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies [text block] | 5. RECENT ACCOUNTING PRONOUNCEMENTS The following pronouncements issued by the IASB and interpretations published by IFRIC will become effective for annual periods beginning on or after January 1, 2018. Effective for periods beginning on or after January 1, 2018 IFRS 15 May 2014. not 15 11 18 13 15 18 31 IFRS 9 July 2014 39 9 39. 9 39 9. 39. Effective for periods beginning on or after January 1, 2019 IFRS 16, 17, 12 not not 16 January 1, 2019, 15, The Company has not may |
Note 6 - Accounts and Grants Re
Note 6 - Accounts and Grants Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 6. ACCOUNTS AND GRANTS RECEIVABLE December 31, 201 7 December 31, 2016 Trade receivable $ 947,911 $ 3,023,081 Government grants receivable (Note 17) 22,556 21,847 $ 970,467 $ 3,044,928 As at December 31, 2017, $252,093 2016 $2,270,820 30 not |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 7. PROPERTY AND EQUIPMENT Computer and office equipment Cost, January 1 , 2016 $ 188,421 Additions 8,632 Disposal (114,624 ) Effect of foreign exchange (1,716 ) Cost, December 31, 2016 $ 80,713 Additions 9,923 Disposal - Effect of foreign exchange (849 ) Cost, December 31, 201 7 $ 89,787 Accumulated depreciation, January 1 , 201 6 $ 159,542 Charge for the year 7,297 Disposal (117,294 ) Effect of foreign exchange 3,680 Accumulated depreciation, December 31, 2016 $ 53,225 Charge for the year 6,644 Disposal - Effect of foreign exchange (771 ) Accumulated depreciation, December 31, 201 7 $ 59,098 Net book value, December 31, 201 6 $ 27,488 Net book value, December 31, 201 7 $ 30,689 |
Note 8 - Intangibles
Note 8 - Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 8. INTANGIBLES Software and Web Development Content Platform Content Development Total Cost, January 1 , 2016 $ 8,631,006 $ 1,477,112 $ 1,288,495 $ 11,396,613 Additions 613,162 - 1,185,525 1,798,687 Effect of foreign exchange (5,081 ) - - (5,081 ) Cost, December 31, 2016 9,239,087 1,477,112 2,474,020 13,190,219 Cost, December 31, 2017 $ 9,239,087 $ 1,477,112 $ 2,474,020 $ 13,190,219 Software and Web Development Content Platform Content Development Total Accumulated amortization, January 1, 2016 $ 7,622,225 $ 1,477,112 $ 91,532 $ 9,190,869 Charge for the year 611,865 - 391,620 1,003,485 Effect of foreign exchange (4,144 ) - - (4,144 ) Accumulated amortization December 31, 2016 8,229,946 1,477,112 483,152 10,190,210 Charge for the year 557,124 - 494,804 1,051,928 Impairment 452,018 - 1,496,064 1,948,082 Accumulated amortization December 31, 2017 $ 9,239,088 $ 1,477,112 $ 2,474,020 $ 13,190,219 Net book value, December 31, 2016 $ 1,009,142 $ - $ 1,990,868 $ 3,000,009 Net book value, December 31, 2017 $ - $ - $ - $ - The Company began commercial production and sale of its services and products during 2009. 2017, $Nil 2016 $1,798,687 five not three The Company previously capitalized all development costs related to its software web development, content platform, and content development through to December 31, 2016. December 31, 2017, not may not December 31, 2017 not December 31, 2017. 9 |
Note 9 - Goodwill
Note 9 - Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of goodwill [text block] | 9. GOODWILL On May 13, 2010, $1,385,000. $139,618. The recoverable amount of each CGU is based on a value in use computation. The cash flow forecasts employed for this computation are extracted from a budget document approved by the Board of Directors, and specifically exclude incremental profits and other cash flows stemming from future acquisitions. The 2018 five 2018 7% five 2017 2016 8% 2% no five 14.9% 2016 14.9% As a result of the Company’s annual impairment test, it was determined that impairment existed for the goodwill ascribed to the ELL Technologies CGU in 2017. $139,618 2017 2016 $nil 8 $1,948,082 2016 $nil December 31, 2017, |
Note 10 - Acquisition
Note 10 - Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 10. ACQUISITION During 2017, $100 $80,918. $80,818. |
Note 11 - Loans Payable
Note 11 - Loans Payable | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 11. LOANS PAYABLE December 31, 20 17 December 31, 201 6 Loans payable, interest bearing at 8% per annum with monthly interest payments, due on April 30, 2017(i) - $ 150,000 Loans payable, interest bearing at 12% per annum with monthly interest payments, due on demand (ii) $ 300,000 - $ 300,000 $ 150,000 (i) The Company received an unsecured bridge loan in December 2016. $50,000 2015 $480,000 25. (ii) The Company received an unsecured loan in December 2017. $150,000 2016 $50,000 25. |
Note 12 - Share Capital
Note 12 - Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 12. SHARE CAPITAL a) Authorized Unlimited number of preference shares with no Unlimited number of common shares with no b) Common shares - Transactions: (i) On March 4, 2011, 2,500,000 $0.60 1,158,668 $2,195,200 one one one $0.75 September 4, 2012. July 5, 2011 $1.20 10 On August 23, 2012, 18 March 4, 2014 February 21, 2014, 2 March 4, 2016 2016, 600,000 $450,000, March 4, 2016. (ii) On May 11, 2011, 1,875,000 $0.60 $1,125,000 one one one $0.75 November 11, 2012. September 11, 2011 $1.20 10 On August 23, 2012, 18 May 11, 2014 February 21, 2014, 2 May 11, 2016 2016, 1,811,683 $1,358,762, May 11, 2016. (iii) On August 27, 2014, $880,000 September 8, 2015, September 8, 2010, one September 8, 2011, 2012 2013. 600,000 $0.10 (iv) On April 17, 2015, 5,000,000 $0.10 $500,000. one one one $0.125 April 17, 2016. 4 April 17, 2015. 400,000 $40,000. 2016, 3,300,000 $412,500, April 17, 2016. c) Stock options exercise In 2016, 299,166 one $0.13, $0.14, $0.24 $0.66 $52,567. $0.0674, $0.0721, $0.1443 $0.5174 $0.18. d) Warrants exercise In 2016, 5,711,683 one $0.125 $0.75 $2,221,262. $0.014, $0.241 $0.272. $0.39. |
Note 13 - Share-based Payments
Note 13 - Share-based Payments | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 13. SHARE-BASED PAYMENTS In December 2011, “2011 2011 may 2011 4,108,635 1996 2000 2005 2009 The maximum number of common shares that may one 2011 5% The exercise price of each option cannot be less than the market price of the shares on the day immediately preceding the day of the grant less any permitted discount. The exercise period of the options granted cannot exceed 10 2011 not may, 2011 may Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (Years) Outstanding as at January 1, 2015 3,767,500 $ 0.48 2.53 Granted 400,000 0.47 1.43 Forfeited (100,833 ) 0.70 0.16 Expired (25,000 ) 0.20 - Exercised (439,166 ) 0.15 1.80 Outstanding as at January 1, 2016 3,602,501 $ 0.33 1.35 Granted 700,000 0.69 0.64 Expired (957,500 ) 0.81 0.60 Forfeited (1,000,000 ) 0.66 0.53 Exercised (299,166 ) 0.18 -0.80 Outstanding as at January 1, 201 7 2,045,835 $ 0.18 0.86 Granted 4,012,000 0.21 2.76 Expired (2,049,085 ) 0.18 - Forfeited (9,750 ) 0.24 2.34 Exercised - - - Outstanding as at December 31, 201 7 3,999,000 $ 0.21 2.77 Options exercisable as at December 31, 201 5 3,301,168 $ 0.39 Options exercisable as at December 31, 201 6 1,820,835 $ 0.19 Options exercisable as at December 31, 201 7 2,577,000 $ 0.21 The weighted average remaining contractual life for the stock options outstanding as at December 31, 2017 2.77 2016 0.86 2015 1.35 December 31, 2017 $0.20 $0.23 2016 $0.14 $0.24, 2015 $0.13 $1.70 2017 $0.12 2016 $0.26, 2015 $0.15 The vesting periods on the options granted in 2017 1,995,000 185,000 1,832,000 3 three 2016, nine 2015, The pricing model assumes the weighted average risk free interest rates of 1.39% 2016 0.44%, 2015 0.62% nil 2016 nil, 2015 nil 97% 2016 107%, 2015 52% 0% 2016 0% $0.20 2016 $0.70, 2015 $0.58 $0.21 2016 $0.69, 2015 $0.58 3 2016 1.57 2015 1.5 |
Note 14 - Warrants
Note 14 - Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 14. WARRANTS The following summarizes the warrants outstanding: Weighted Average Remaining Contractual Life (Years) Number of Warrants Weighted Average Exercise Price Issued 0.30 5,000,000 0.125 Exercised (1,700,000 ) 0.125 December 31, 2015 8,833,668 0.125 Exercised (5,711,683 ) 0.39 Expired (3,121,985 ) 0.75 December 31, 2016 and December 31, 2017 - - During the year ended December 31, 2016, 600,000 $0.75 $450,000. December 31, 2016, 1,811,683 $0.75 $1,358,762. December 31, 2016, 3,300,000 $0.125 $412,500. The 5,000,000 2015 April 17, 2016. |
Note 15 - Earnings (Loss) Per S
Note 15 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 15. EARNINGS (LOSS) PER SHARE The income and weighted average number of common shares used in the calculation of basic and diluted income (loss) per share for the years ended December 31, 2017, 2016, 2015 201 7 Number 2016 Number 2015 Number Weighted average number of common shares used as the denominator in calculating basic earnings per share 35,529,192 33,987,383 26,288,889 Adjustments for calculation of diluted earnings per share: Options - 814,609 1,521,831 Warrants - 149,701 1,273,020 Weighted average number of common shares and potential common shares used as the denominator in calculating diluted earnings per share 35,529,192 34,951,693 29,083,740 Basic earnings (loss) per share $ (0.18 ) $ 0.00 $ 0.10 Diluted earnings (loss) per share $ (0.18 ) $ 0.00 $ 0.09 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 16. INCOME TAXES The provision for income taxes reflects an effective income tax rate, which differs from the Canadian corporate income tax rate as follows: 201 7 2016 2015 Combined basic Canadian federal and provincial income tax rate 26.5 % 26.50 % 26.50 % Effective income tax taxes $ (1,659,267 ) $ 17,025 $ 753,222 Increase (decrease) resulting from change in the deferred tax assets not recognized 1,302,000 424,000 (693,585 ) Withholding tax 178,022 186,832 310,289 Non-deductible items 676,242 62,601 (11,204 ) Change in prior year estimates (318,975 ) (502,753 ) (48,433 ) $ 178,022 $ 187,705 $ 310,289 The tax effect of temporary differences representing deferred tax assets is as follows: 201 7 2016 Deferred tax assets: Loss carry forwards $ 6,307,000 $ 5,832,000 6,307,000 5,832,000 Deferred tax assets not recognized (6,306,000 ) (5,004,000 ) Deferred tax assets recognized 1,000 828,000 Intangibles - (832,000 ) Property and equipment 1,000 4,000 Net deferred tax assets $ - $ - Deferred tax assets and liabilities will be impacted by changes in tax laws and rates. The effects of these changes are not not Management considers projected taxable income, uncertainties related to the industry in which the Company operates and tax planning strategies in making this assessment. The Company has not At December 31, 2017, $21,653,000. 2026 407,000 2027 895,000 2028 2,163,000 2029 2,991,000 2030 4,356,000 2031 4,646,000 2032 1,188,000 2033 806,000 2034 436,000 2035 1,000 2036 850,000 2037 2,914,000 $ 21,653,000 The Company also has capital losses of $1,339,000 $2,000,000 |
Note 17 - Government Grants
Note 17 - Government Grants | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 17. GOVERNMENT GRANTS Included as a reduction of selling, general and administrative expenses are government grants of $232,413 2016 $229,694, 2015 $211,729 $22,556 2016 $21,847, 2015 $20,273 One government grant for the print-based English language learning segment is repayable in the event that the segment’s annual net income before tax for the current year and the previous two 15 2017 2016, not no One grant, relating to the Company’s “Development of Comprehensive, Interactive Phonetic English Learning Solution” project, is repayable semi-annually at a royalty rate of 2.5% 100% No 2017, 2016 2015 no |
Note 18 - Financial Instruments
Note 18 - Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 18. FINANCIAL INSTRUMENTS a. Fair values The carrying value of cash and accounts and grants receivable, approximates their fair value due to the liquidity of these instruments. The carrying values of accounts payables and accrued liabilities and loans payables approximate their fair value due to the requirement to extinguish the liabilities on demand or payable within a year. b. Financial risk management objectives and policies The financial risk arising from the Company’s operations are currency risk, liquidity risk and credit risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Group’s ability to continue as a going concern. The risks associated with these financial instruments and the policies on how to mitigate these risks are as follows: c. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s monetary assets and liabilities denominated in currencies other than the Canadian Dollar and the Company’s net investments in foreign subsidiaries. The Company operates internationally and is exposed to foreign exchange risk as certain expenditures are denominated in non-Canadian Dollar currencies. The Company has been exposed to this fluctuation and has not A 10% $67,000 2016 $294,858 10% December 31, 2017 December 31, 2017 US Denominated USD Cash 122,319 Accounts receivable 518,999 Accounts payable 104,225 The carrying values and the exposure to other denominated monetary assets and liabilities as of December 31, 2016 US Denominated China Denominated USD RMB Cash 17,652 1,786 Accounts receivable 2,267,036 - Accounts payable 88,352 - d. Liquidity Risk The Company manages its liquidity risk by preparing and monitoring forecasts of cash expenditures to ensure that it will have sufficient liquidity to meet liabilities when due. The Company’s accounts payable and accrued liabilities generally have maturities of less than 90 December 31, 2017, $327,434 2016 $84,303 $970,467 2016 $3,044,928 $980,318 2016 $731,159 e. Credit Risk Credit risk refers to the risk that one December 31, 2017, $970,467 2016 $3,044,928 not 1 |
Note 19 - Major Customer
Note 19 - Major Customer | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of major customers [text block] | 19. MAJOR CUSTOMER The Company had sales to a major customer in 2017 2016, 59% 2016 54%, 2015 39% December 31, 2017 84% 2016 52%, 2015 45% |
Note 20 - Capital Management
Note 20 - Capital Management | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 20. CAPITAL MANAGEMENT The Company’s primary objectives when managing capital are to (a) safeguard the Company’s ability to develop, market, distribute and sell English language learning products, and (b) provide a sound capital structure for raising capital at a reasonable cost for the funding of ongoing development of its products and new growth initiatives. The Board of Directors does not The Company includes equity, comprised of issued share capital, warrants, share-based payments reserve and deficit, in the definition of capital. The Company is dependent on cash flow from co-publishing and licensing agreements and external financing to fund its activities. In order to carry out planned development of its products and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There has been no 2017 2016. |
Note 21 - Segmented Information
Note 21 - Segmented Information | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 21. SEGMENTED INFORMATION The Company operates two Print-based English Language Learning: Lingo Learning is a print-based publisher of English language learning textbook programs in China. It earns significantly higher royalties from Licensing Sales compared to Finished Product Sales. Online English Language Learning: ELL Technologies is a global web-based educational technology (“EdTech”) English language learning, training, and assessment company. It earns training revenue by developing and hosting online English language learning solutions for its customers, both off the shelf and customized solution. Transactions between operating segments are recorded at the exchange amount and eliminated upon consolidation. 201 7 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 223,542 $ 1,310,530 $ 1,534,072 Segmented liabilities 458,698 521,620 980,318 Segmented revenue 1,088,197 1,688,571 2,776,768 Segmented direct costs 134,695 90,923 225,618 Segmented selling, general & administrative 1,420,502 679,905 2,100,407 Segmented intangible amortization 1,051,928 - 1,051,928 Segmented other expense 1,502 280,908 282,410 Segmented impairment 2,087,700 - 2,087,700 Segmented profit (loss) (6,380,956 ) 734,579 (5,646,377 ) 2016 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 5,043,729 $ 2,132,463 $ 7,176,192 Segmented liabilities 326,463 404,696 731,159 Segmented revenue 1,456,421 1,738,800 3,195,221 Segmented direct costs 167,597 217,787 385,384 Segmented selling, general & administrative 625,512 739,224 1,364,736 Segmented intangible amortization 1,003,485 - 1,003,485 Segmented other expense 1,513 193,489 195,002 Segmented profit (341,660 ) 588,274 246,614 Segmented intangible addition 1,798,687 - 1,798,687 2015 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 3,756,913 $ 1,476,038 $ 5,232,951 Segmented liabilities 717,139 469,028 1,186,167 Segmented revenue 2,954,614 1,971,121 4,925,735 Segmented direct costs 276,049 106,822 382,871 Segmented selling, general & administrative 337,756 721,947 1,059,703 Segmented intangible amortization 721,720 - 721,720 Segmented other expense 3,097 315,771 318,868 Segmented profit (loss) 1,615,992 826,581 2,442,573 Segmented intangible addition 2,071,440 - 2,071,440 Other Financial Items 201 7 2016 2015 Print-Based English Language Learning segment income $ 734,579 $ 588,274 $ 826,581 Online English Language Learning segment income (loss) (6,380,958 ) (341,660 ) 1,615,992 Foreign exchange gain (189,783 ) (146,599 ) 399,314 Interest and other financial (53,709 ) (35,768 ) (158,792 ) Share-based payments (371,513 ) - (151,038 ) Other comprehensive income (1,410 ) 60,173 (157,358 ) Total Comprehensive Income (Loss) $ (6,262,792 ) $ 124,420 $ 2,374,699 Revenue by Geographic Region 201 7 2016 2015 Latin America $ 997,661 $ 821,762 $ 2,660,535 China 1,712,079 2,252,170 2,069,253 Other 67,028 121,289 195,947 $ 2,776,768 $ 3,195,221 $ 4,925,735 Identifiable Non-Current Assets by Geographic Region 201 7 2016 2015 Canada $ 29,804 $ 3,467,115 $ 2,374,241 China 885 - - $ 30,689 $ 3,467,115 $ 2,374,241 |
Note 22 - Commitments and Conti
Note 22 - Commitments and Contingency | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 22. COMMITMENTS AND CONTINGENCY The Company has future minimum lease payments under operating leases for premises and equipment as follows: 2018 $ 217,393 2019 212,734 2020 212,734 2021 37,256 The rent expense associated with operating leases for premise and equipment is recognized on a straight-line basis. |
Note 23 - Supplemental Cash Flo
Note 23 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flow information [text block] | 23. SUPPLEMENTAL CASH FLOW INFORMATION 201 7 2016 2015 Income taxes and other taxes paid $ 178,022 $ 187,705 $ 310,289 Interest paid $ 41,650 $ 25,103 $ 106,731 |
Note 24 - Related Party Balance
Note 24 - Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 24. RELATED PARTY BALANCES AND TRANSACTIONS During the year, the Company had the following transactions with related parties, made in the normal course of operations, and accounted for at an amount of consideration established and agreed to by the Company and related parties. a. The Company charged $52,001 2016 $33,020, 2015 $8,000 two one b. Key management compensation was $360,023 2016 $480,577, 2015 $424,111 $3,121 2016 nil, 2015 $241,331 $508,000 2016 $nil, 2015 nil c. At the year end, the Company had loans payable bearing interest at 12% $150,000 2016 $50,000, 2015 $480,000 $4,586 2016 $351, 2015 $43,200 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for recognition of revenue [text block] | Revenue recognition Revenue from fee-based English language training and assessment services and licenses are recognized upon delivery based on the terms of the agreement and when the risk of ownership is transferred and collectability is reasonably assured. When the outcome of long-term service contracts cannot be reliably estimated, all contract related costs are expensed and revenues are recognized only to the extent that those costs are recoverable. When the uncertainties that prevented reliable estimation of the outcome of a contract no Revenue from royalty and licensing sales is recognized based on confirmation of finished products produced by the Company’s co-publishing partners and when collectability is reasonably assured. Royalty revenue from audiovisual products is recognized based on the confirmation of sales by its co-publishing partners, and when collectability is reasonably assured. Royalty revenues are not The Company does not |
Description of accounting policy for comprehensive income [text block] | Comprehensive income (loss) Comprehensive income (loss) measures net profit for the period plus other comprehensive income. Other comprehensive income (loss) consists of changes in equity, such as changes to foreign currency translation adjustments of foreign operations during the period. Amounts reported as other comprehensive income are accumulated in a separate component of shareholders’ equity as accumulated other comprehensive income. |
Description of accounting policy for property, plant and equipment [text block] | Property and equipment Property and equipment are initially recorded at cost. Depreciation is provided using methods outlined below at rates intended to depreciate the cost of assets over their estimated useful lives. Method Rate Computer and office equipment Declining balance 20 |
Description of accounting policy for software and web development costs [text block] | Software and web development costs The Company capitalizes all costs related to the development of its fee-based English Language Learning products and services when the feasibility and profitability of the project can be reasonably considered certain. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalized includes the cost of material, and direct labour. Other development expenditure is recognized in the statement of comprehensive income (loss) as an expense as incurred. Capitalized development expenditure is stated at cost less accumulated amortization and impairment losses. The software and web development cost are being amortized on a straight-line basis over the useful life of the asset, which is estimated to be 3 |
Description of accounting policy for content development costs [text block] | Content development costs The Company capitalizes all costs related to content development of its fee-based English Language Learning products and services when the feasibility and profitability of the project can be reasonably considered certain. Expenditure on content development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalized includes the cost of material, and direct labour. Other development expenditure is recognized in the statement of comprehensive income (loss) as an expense as incurred. Capitalized content development expenditure is stated at cost less accumulated amortization and impairment losses. The content development costs are being amortized on a straight-line basis over the useful life of the asset, which is estimated to be 5 |
Description of accounting policy for goodwill [text block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets of an acquired business. The Company measures goodwill as the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the venture, less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in net profit. The Company elects on a transaction-by-transaction basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of the identifiable net assets, at the acquisition date. Transaction costs, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. |
Description of accounting policy for government grants [text block] | Government grants The Company receives government grants based on certain eligibility criteria for book publishing industry development in Canada. These government grants are recognized quarterly and are recorded as a reduction of general and administrative expenses to offset direct costs funded by the grant during the period in which the criteria to receive the grant is met. The Company records a liability for the repayment of the grants and a charge to operations in the period in which conditions arise that will cause the government grants to be repayable. |
Description of accounting policy for income tax [text block] | Current and deferred income taxes Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred taxation is recognized using the liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. However, the deferred taxation is not A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to offset current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation Foreign currency transactions are initially recorded in the functional currency at the transaction date exchange rate. At the balance sheet date, monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the reporting date exchange rate. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year-end exchange rates are recognized in the income statement. Non-monetary items measured at historical cost are translated using the historical exchange rate. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. Financial statements of subsidiaries, affiliates and joint ventures for which the functional currency is not Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income (loss). |
Description of accounting policy for earnings per share [text block] | Earnings (loss) per share Earnings (loss) per share is computed by dividing the earnings (loss) for the year by the weighted average number of common shares outstanding during the year, including contingently issuable shares which are included when the conditions necessary for issuance have been met. Diluted earnings per share is calculated in a similar manner, except that the weighted average number of common shares outstanding is increased to include potentially issuable common shares from the assumed exercise of common share purchase options and warrants, if dilutive. |
Description of accounting policy for share-based payment transactions [text block] | Share-based compensation plan The share-based compensation plan allows the Company employees and consultants to acquire shares of the Company. The fair value of share-based payment awards granted is recognized as an employee or consultant expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value is measured at grant date and each tranche is recognized on a graded vesting basis over the period during which the share purchase options vest. The fair value of the share-based payment awards granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the awards were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of awards, for which the related service and non-market vesting conditions are expected to be met. For equity-settled share-based payment transactions with non-employees, the Company measures the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which cases, the Company measures their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. |
Description of accounting policy for financial instruments [text block] | Financial instruments All financial instruments are recorded initially at fair value. In subsequent periods, all financial instruments are measured based on the classification adopted for the financial instrument: fair value through profit and loss (“FVTPL”); held to maturity; loans and receivables; and available for sale or other financial liability. Financial assets: FVTPL assets are subsequently measured at fair value with the change in the fair value recognized in net profit during the period. Loans and receivables are subsequently measured at amortized cost using the effective interest rate method. Financial liabilities: Other financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Transaction costs are costs that are directly attributable to a financial instrument’s origination, acquisition, issuance or assumption, are included in the fair value adjustment of the financial instrument. These costs are amortized over the life of the financial instrument. The Company has classified its financial instruments as follows: Financial Instrument Classification Cash FVTPL Accounts and grants receivable Loans and receivables Accounts payable Other financial liabilities Accrued liabilities Other financial liabilities Loans payable Other financial liabilities The Company’s financial instruments measured at fair value on the balance sheet consist of cash, which is measured at level 1 three Level 1: Level 2: not Level 3: |
Description of accounting policy for impairment of assets [text block] | Impairment of long-lived assets The Company’s property and equipment and intangibles with finite lives are reviewed for an indication of impairment at each balance sheet date. The Company’s intangible assets that have an indefinite life or are not not An impairment loss, other than goodwill impairment, is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not no Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is allocated to each cash generating unit (“CGU”) or group of CGUs that are expected to benefit from the related business combination. A group of CGUs represents the lowest level within the entity at which the goodwill is monitored for internal management purposes, which is not For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may first An impairment loss recognized for goodwill is not |
Description of accounting policy for leases [text block] | Leases Leases are classified as either finance or operating. Leases that transfer substantially all of the risks and benefits of ownership of the leased asset to the Company are classified as finance leases. Finance leases are capitalized at the lease’s commencement at the lower of fair value of the leased asset and the present value of the minimum lease payments. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rental payments, net of any incentives received from the lessor, are charged to earnings on a straight-line basis over the period of the lease. |
Description of accounting policy for warrants [text block] | Warrants From time to time, the Company may |
Note 6 - Accounts and Grants 31
Note 6 - Accounts and Grants Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Schedule of accounts and grants receivable [text block] | December 31, 201 7 December 31, 2016 Trade receivable $ 947,911 $ 3,023,081 Government grants receivable (Note 17) 22,556 21,847 $ 970,467 $ 3,044,928 |
Note 7 - Property and Equipme32
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Computer and office equipment Cost, January 1 , 2016 $ 188,421 Additions 8,632 Disposal (114,624 ) Effect of foreign exchange (1,716 ) Cost, December 31, 2016 $ 80,713 Additions 9,923 Disposal - Effect of foreign exchange (849 ) Cost, December 31, 201 7 $ 89,787 Accumulated depreciation, January 1 , 201 6 $ 159,542 Charge for the year 7,297 Disposal (117,294 ) Effect of foreign exchange 3,680 Accumulated depreciation, December 31, 2016 $ 53,225 Charge for the year 6,644 Disposal - Effect of foreign exchange (771 ) Accumulated depreciation, December 31, 201 7 $ 59,098 Net book value, December 31, 201 6 $ 27,488 Net book value, December 31, 201 7 $ 30,689 |
Note 8 - Intangibles (Tables)
Note 8 - Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | Software and Web Development Content Platform Content Development Total Cost, January 1 , 2016 $ 8,631,006 $ 1,477,112 $ 1,288,495 $ 11,396,613 Additions 613,162 - 1,185,525 1,798,687 Effect of foreign exchange (5,081 ) - - (5,081 ) Cost, December 31, 2016 9,239,087 1,477,112 2,474,020 13,190,219 Cost, December 31, 2017 $ 9,239,087 $ 1,477,112 $ 2,474,020 $ 13,190,219 Software and Web Development Content Platform Content Development Total Accumulated amortization, January 1, 2016 $ 7,622,225 $ 1,477,112 $ 91,532 $ 9,190,869 Charge for the year 611,865 - 391,620 1,003,485 Effect of foreign exchange (4,144 ) - - (4,144 ) Accumulated amortization December 31, 2016 8,229,946 1,477,112 483,152 10,190,210 Charge for the year 557,124 - 494,804 1,051,928 Impairment 452,018 - 1,496,064 1,948,082 Accumulated amortization December 31, 2017 $ 9,239,088 $ 1,477,112 $ 2,474,020 $ 13,190,219 Net book value, December 31, 2016 $ 1,009,142 $ - $ 1,990,868 $ 3,000,009 Net book value, December 31, 2017 $ - $ - $ - $ - |
Note 11 - Loans Payable (Tables
Note 11 - Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | December 31, 20 17 December 31, 201 6 Loans payable, interest bearing at 8% per annum with monthly interest payments, due on April 30, 2017(i) - $ 150,000 Loans payable, interest bearing at 12% per annum with monthly interest payments, due on demand (ii) $ 300,000 - $ 300,000 $ 150,000 |
Note 13 - Share-based Payments
Note 13 - Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Life (Years) Outstanding as at January 1, 2015 3,767,500 $ 0.48 2.53 Granted 400,000 0.47 1.43 Forfeited (100,833 ) 0.70 0.16 Expired (25,000 ) 0.20 - Exercised (439,166 ) 0.15 1.80 Outstanding as at January 1, 2016 3,602,501 $ 0.33 1.35 Granted 700,000 0.69 0.64 Expired (957,500 ) 0.81 0.60 Forfeited (1,000,000 ) 0.66 0.53 Exercised (299,166 ) 0.18 -0.80 Outstanding as at January 1, 201 7 2,045,835 $ 0.18 0.86 Granted 4,012,000 0.21 2.76 Expired (2,049,085 ) 0.18 - Forfeited (9,750 ) 0.24 2.34 Exercised - - - Outstanding as at December 31, 201 7 3,999,000 $ 0.21 2.77 Options exercisable as at December 31, 201 5 3,301,168 $ 0.39 Options exercisable as at December 31, 201 6 1,820,835 $ 0.19 Options exercisable as at December 31, 201 7 2,577,000 $ 0.21 |
Note 14 - Warrants (Tables)
Note 14 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of warrant activity [text block] | Weighted Average Remaining Contractual Life (Years) Number of Warrants Weighted Average Exercise Price Issued 0.30 5,000,000 0.125 Exercised (1,700,000 ) 0.125 December 31, 2015 8,833,668 0.125 Exercised (5,711,683 ) 0.39 Expired (3,121,985 ) 0.75 December 31, 2016 and December 31, 2017 - - |
Note 15 - Earnings (Loss) Per37
Note 15 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 201 7 Number 2016 Number 2015 Number Weighted average number of common shares used as the denominator in calculating basic earnings per share 35,529,192 33,987,383 26,288,889 Adjustments for calculation of diluted earnings per share: Options - 814,609 1,521,831 Warrants - 149,701 1,273,020 Weighted average number of common shares and potential common shares used as the denominator in calculating diluted earnings per share 35,529,192 34,951,693 29,083,740 Basic earnings (loss) per share $ (0.18 ) $ 0.00 $ 0.10 Diluted earnings (loss) per share $ (0.18 ) $ 0.00 $ 0.09 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Schedule of effective income tax rate reconciliation [text block] | 201 7 2016 2015 Combined basic Canadian federal and provincial income tax rate 26.5 % 26.50 % 26.50 % Effective income tax taxes $ (1,659,267 ) $ 17,025 $ 753,222 Increase (decrease) resulting from change in the deferred tax assets not recognized 1,302,000 424,000 (693,585 ) Withholding tax 178,022 186,832 310,289 Non-deductible items 676,242 62,601 (11,204 ) Change in prior year estimates (318,975 ) (502,753 ) (48,433 ) $ 178,022 $ 187,705 $ 310,289 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 201 7 2016 Deferred tax assets: Loss carry forwards $ 6,307,000 $ 5,832,000 6,307,000 5,832,000 Deferred tax assets not recognized (6,306,000 ) (5,004,000 ) Deferred tax assets recognized 1,000 828,000 Intangibles - (832,000 ) Property and equipment 1,000 4,000 Net deferred tax assets $ - $ - |
Schedule of unusued tax losses [text block] | 2026 407,000 2027 895,000 2028 2,163,000 2029 2,991,000 2030 4,356,000 2031 4,646,000 2032 1,188,000 2033 806,000 2034 436,000 2035 1,000 2036 850,000 2037 2,914,000 $ 21,653,000 |
Note 18 - Financial Instrumen39
Note 18 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | US Denominated USD Cash 122,319 Accounts receivable 518,999 Accounts payable 104,225 US Denominated China Denominated USD RMB Cash 17,652 1,786 Accounts receivable 2,267,036 - Accounts payable 88,352 - |
Note 21 - Segmented Informati40
Note 21 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | 201 7 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 223,542 $ 1,310,530 $ 1,534,072 Segmented liabilities 458,698 521,620 980,318 Segmented revenue 1,088,197 1,688,571 2,776,768 Segmented direct costs 134,695 90,923 225,618 Segmented selling, general & administrative 1,420,502 679,905 2,100,407 Segmented intangible amortization 1,051,928 - 1,051,928 Segmented other expense 1,502 280,908 282,410 Segmented impairment 2,087,700 - 2,087,700 Segmented profit (loss) (6,380,956 ) 734,579 (5,646,377 ) 2016 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 5,043,729 $ 2,132,463 $ 7,176,192 Segmented liabilities 326,463 404,696 731,159 Segmented revenue 1,456,421 1,738,800 3,195,221 Segmented direct costs 167,597 217,787 385,384 Segmented selling, general & administrative 625,512 739,224 1,364,736 Segmented intangible amortization 1,003,485 - 1,003,485 Segmented other expense 1,513 193,489 195,002 Segmented profit (341,660 ) 588,274 246,614 Segmented intangible addition 1,798,687 - 1,798,687 2015 Online English Language Learning Print-Based English Language Learning Total Segmented assets $ 3,756,913 $ 1,476,038 $ 5,232,951 Segmented liabilities 717,139 469,028 1,186,167 Segmented revenue 2,954,614 1,971,121 4,925,735 Segmented direct costs 276,049 106,822 382,871 Segmented selling, general & administrative 337,756 721,947 1,059,703 Segmented intangible amortization 721,720 - 721,720 Segmented other expense 3,097 315,771 318,868 Segmented profit (loss) 1,615,992 826,581 2,442,573 Segmented intangible addition 2,071,440 - 2,071,440 Other Financial Items 201 7 2016 2015 Print-Based English Language Learning segment income $ 734,579 $ 588,274 $ 826,581 Online English Language Learning segment income (loss) (6,380,958 ) (341,660 ) 1,615,992 Foreign exchange gain (189,783 ) (146,599 ) 399,314 Interest and other financial (53,709 ) (35,768 ) (158,792 ) Share-based payments (371,513 ) - (151,038 ) Other comprehensive income (1,410 ) 60,173 (157,358 ) Total Comprehensive Income (Loss) $ (6,262,792 ) $ 124,420 $ 2,374,699 |
Disclosure of geographical areas [text block] | 201 7 2016 2015 Latin America $ 997,661 $ 821,762 $ 2,660,535 China 1,712,079 2,252,170 2,069,253 Other 67,028 121,289 195,947 $ 2,776,768 $ 3,195,221 $ 4,925,735 201 7 2016 2015 Canada $ 29,804 $ 3,467,115 $ 2,374,241 China 885 - - $ 30,689 $ 3,467,115 $ 2,374,241 |
Note 22 - Commitments and Con41
Note 22 - Commitments and Contingency (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of finance lease and operating lease by lessee [text block] | 2018 $ 217,393 2019 212,734 2020 212,734 2021 37,256 |
Note 23 - Supplemental Cash F42
Note 23 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of supplemental cash flows schedule [text block] | 201 7 2016 2015 Income taxes and other taxes paid $ 178,022 $ 187,705 $ 310,289 Interest paid $ 41,650 $ 25,103 $ 106,731 |
Note 1 - Corporate Information
Note 1 - Corporate Information (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Number of reportable segments | 2 |
Note 4 - Summary of Significa44
Note 4 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Content development [member] | |
Statement Line Items [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
Computer and office equipment [member] | |
Statement Line Items [Line Items] | |
Depreciation percentage | 20.00% |
Property, plant and equipment, useful life | 3 years |
Note 6 - Accounts and Grants 45
Note 6 - Accounts and Grants Receivable (Details Textual) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Later than one month [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | $ 252,093 | $ 2,270,820 |
Note 6 - Accounts and Grants 46
Note 6 - Accounts and Grants Receivable - Schedule of Receivables (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Trade receivable | $ 947,911 | $ 3,023,081 | |
Government grants receivable (Note 17) | 22,556 | 21,847 | $ 20,273 |
$ 970,467 | $ 3,044,928 |
Note 7 - Property and Equipme47
Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Balance | $ 27,488 | |
Balance | 30,689 | $ 27,488 |
Computer and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance | 27,488 | |
Balance | 30,689 | 27,488 |
Gross carrying amount [member] | Computer and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance | 80,713 | 188,421 |
Additions | 9,923 | 8,632 |
Disposal | (114,624) | |
Effect of foreign exchange | (849) | (1,716) |
Balance | 89,787 | 80,713 |
Accumulated depreciation, amortisation and impairment [member] | Computer and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance | 53,225 | 159,542 |
Disposal | (117,294) | |
Effect of foreign exchange | (771) | 3,680 |
Charge for the year | 6,644 | 7,297 |
Balance | $ 59,098 | $ 53,225 |
Note 8 - Intangibles (Details T
Note 8 - Intangibles (Details Textual) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Purchase of intangible assets | $ 0 | $ 1,798,687 | $ 2,071,440 |
Note 8 - Intangibles - Schedule
Note 8 - Intangibles - Schedule of Intangibles (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Balance | $ 3,000,009 | ||
Impairment | 1,948,082 | ||
Balance | 3,000,009 | ||
Software and web development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,009,142 | ||
Balance | 1,009,142 | ||
Content platform [member] | |||
Statement Line Items [Line Items] | |||
Balance | |||
Balance | |||
Content development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,990,868 | ||
Balance | 1,990,868 | ||
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Balance | 13,190,219 | 11,396,613 | |
Additions | 1,798,687 | ||
Effect of foreign exchange | (5,081) | ||
Balance | 13,190,219 | 13,190,219 | 11,396,613 |
Gross carrying amount [member] | Software and web development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 9,239,087 | 8,631,006 | |
Additions | 613,162 | ||
Effect of foreign exchange | (5,081) | ||
Balance | 9,239,087 | 9,239,087 | 8,631,006 |
Gross carrying amount [member] | Content platform [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,477,112 | 1,477,112 | |
Additions | |||
Effect of foreign exchange | |||
Balance | 1,477,112 | 1,477,112 | 1,477,112 |
Gross carrying amount [member] | Content development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 2,474,020 | 1,288,495 | |
Additions | 1,185,525 | ||
Effect of foreign exchange | |||
Balance | 2,474,020 | 2,474,020 | 1,288,495 |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Balance | 10,190,210 | 9,190,869 | |
Effect of foreign exchange | (4,144) | ||
Charge for the year | 1,051,928 | 1,003,485 | |
Impairment | 1,948,082 | ||
Balance | 13,190,219 | 10,190,210 | 9,190,869 |
Accumulated depreciation, amortisation and impairment [member] | Software and web development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 8,229,946 | 7,622,225 | |
Effect of foreign exchange | (4,144) | ||
Charge for the year | 557,124 | 611,865 | |
Impairment | 452,018 | ||
Balance | 9,239,088 | 8,229,946 | 7,622,225 |
Accumulated depreciation, amortisation and impairment [member] | Content platform [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,477,112 | 1,477,112 | |
Effect of foreign exchange | |||
Charge for the year | |||
Impairment | |||
Balance | 1,477,112 | 1,477,112 | 1,477,112 |
Accumulated depreciation, amortisation and impairment [member] | Content development [member] | |||
Statement Line Items [Line Items] | |||
Balance | 483,152 | 91,532 | |
Effect of foreign exchange | |||
Charge for the year | 494,804 | 391,620 | |
Impairment | 1,496,064 | ||
Balance | $ 2,474,020 | $ 483,152 | $ 91,532 |
Note 9 - Goodwill (Details Text
Note 9 - Goodwill (Details Textual) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 13, 2010 | |
Statement Line Items [Line Items] | ||||
Goodwill at end of period | $ 139,618 | |||
Impairment loss recognised in profit or loss, goodwill | 139,618 | |||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 1,948,082 | |||
ELL Technologies Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Total consideration transferred, acquisition-date fair value | $ 1,385,000 | |||
Goodwill at end of period | $ 139,618 | |||
Growth rate used to extrapolate cash flow projections | 7.00% | 8.00% | ||
Actuarial assumption of expected rates of inflation | 2.00% | |||
Discount rate applied to cash flow projections | 14.90% | 14.90% | ||
Impairment loss recognised in profit or loss, goodwill | $ 139,618 | $ 0 | ||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 1,948,082 | $ 0 |
Note 10 - Acquisition (Details
Note 10 - Acquisition (Details Textual) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Gain (loss) that relates to identifiable assets acquired or liabilities assumed in business combination and is of such size, nature or incidence that disclosure is relevant to understanding combined entity's financial statements | $ (80,818) | ||
Vizualize Technologies Corporation [member] | |||
Statement Line Items [Line Items] | |||
Financial assets recognised as of acquisition date | 100 | ||
Financial liabilities recognised as of acquisition date | 80,918 | ||
Gain (loss) that relates to identifiable assets acquired or liabilities assumed in business combination and is of such size, nature or incidence that disclosure is relevant to understanding combined entity's financial statements | $ 80,818 |
Note 11 - Loans Payable (Detail
Note 11 - Loans Payable (Details Textual) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Unsecured bridge loan [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 50,000 | $ 480,000 | |
Unsecured loan [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 150,000 | $ 50,000 |
Note 11 - Loans Payable - Sched
Note 11 - Loans Payable - Schedule of Loans Outstanding (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 27, 2014 | |
Statement Line Items [Line Items] | ||||
Loans payable | $ 300,000 | $ 150,000 | $ 880,000 | |
Unsecured bridge loan [member] | ||||
Statement Line Items [Line Items] | ||||
Loans payable | [1] | 150,000 | ||
Unsecured loan [member] | ||||
Statement Line Items [Line Items] | ||||
Loans payable | [2] | $ 300,000 | ||
[1] | The Company received an unsecured bridge loan in December 2016. Included in loans payable are loans amounting to $50,000 (2015 - $480,000) to related parties as disclosed in Note 25. | |||
[2] | The Company received an unsecured loan in December 2017. Included in loans payable are loans amounting to $150,000 (2016 - $50,000) to related parties as disclosed in Note 25. |
Note 11 - Loans Payable - Sch54
Note 11 - Loans Payable - Schedule of Loans Outstanding (Details) (Parentheticals) | Dec. 31, 2017 | Dec. 31, 2016 | |
Unsecured bridge loan [member] | |||
Statement Line Items [Line Items] | |||
Loan interest percentage | [1] | 8.00% | |
Unsecured loan [member] | |||
Statement Line Items [Line Items] | |||
Loan interest percentage | [2] | 12.00% | |
[1] | The Company received an unsecured bridge loan in December 2016. Included in loans payable are loans amounting to $50,000 (2015 - $480,000) to related parties as disclosed in Note 25. | ||
[2] | The Company received an unsecured loan in December 2017. Included in loans payable are loans amounting to $150,000 (2016 - $50,000) to related parties as disclosed in Note 25. |
Note 12 - Share Capital (Detail
Note 12 - Share Capital (Details Textual) | Apr. 17, 2015CAD ($)$ / sharesshares | Aug. 27, 2014CAD ($)shares | Feb. 21, 2014 | Sep. 08, 2013 | Sep. 08, 2012 | Aug. 23, 2012 | Sep. 11, 2011$ / shares | Sep. 08, 2011 | Jul. 05, 2011$ / shares | May 11, 2011CAD ($)$ / sharesshares | Mar. 04, 2011CAD ($)$ / sharesshares | Dec. 31, 2017CAD ($)$ / shares | Dec. 31, 2016CAD ($)$ / sharesshares | Dec. 31, 2015CAD ($) |
Statement Line Items [Line Items] | ||||||||||||||
Number of common shares purchasable from a warrant | shares | 1 | |||||||||||||
Class of warrant or right, exercised in period | shares | 5,711,683 | |||||||||||||
Proceeds from exercise of warrants | $ 2,221,262 | $ 212,500 | ||||||||||||
Current loans received and current portion of non-current loans received | $ 880,000 | $ 300,000 | $ 150,000 | |||||||||||
Term of loan extension | 1 year | 1 year | 1 year | |||||||||||
Issue of equity, shares, debt financing | shares | 600,000 | |||||||||||||
Weighted average share price | $ 0.10 | |||||||||||||
Number of share options exercised in share-based payment arrangement | 299,166 | 439,166 | ||||||||||||
Number of common shares exercisable per share option | shares | 1 | |||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.18 | $ 0.15 | ||||||||||||
Proceeds from exercise of options | 52,567 | $ 64,591 | ||||||||||||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | 0.18 | |||||||||||||
Weighted average share price for warrants exercised during period at date of exercise | $ 0.39 | |||||||||||||
Bottom of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.125 | |||||||||||||
Top of range [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.75 | |||||||||||||
Exercise price one [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.13 | |||||||||||||
Weighted average fair value at measurement date, share options granted | 0.0674 | |||||||||||||
Exercise price two [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 0.14 | |||||||||||||
Weighted average fair value at measurement date, share options granted | 0.0721 | |||||||||||||
Exercise price three [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 0.24 | |||||||||||||
Weighted average fair value at measurement date, share options granted | 0.1443 | |||||||||||||
Exercise price four [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 0.66 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ 0.5174 | |||||||||||||
Units issued under the first financing [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity, private placement, number of units, excluding over-allotment | shares | 2,500,000 | |||||||||||||
Weighted average unit price | $ / shares | $ 0.60 | |||||||||||||
Issue of equity, private placement, number of over-allotment units | shares | 1,158,668 | |||||||||||||
Proceeds from issuing units | $ 2,195,200 | |||||||||||||
Number of common shares issued per private placement unit | shares | 1 | |||||||||||||
Number of warrants issued per private placement unit | shares | 1 | |||||||||||||
Number of common shares purchasable from a warrant | shares | 1 | |||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.75 | |||||||||||||
Callable warrant, share price trigger | $ / shares | $ 1.20 | |||||||||||||
Callable warrant, threshold consecutive trading days | 10 | |||||||||||||
Warrant expiration period, term extension | 2 years | 1 year 180 days | ||||||||||||
Class of warrant or right, exercised in period | shares | 600,000 | |||||||||||||
Proceeds from exercise of warrants | $ 450,000 | |||||||||||||
Units issued under the second financing [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity, private placement, number of units, excluding over-allotment | shares | 1,875,000 | |||||||||||||
Weighted average unit price | $ / shares | $ 0.60 | |||||||||||||
Proceeds from issuing units | $ 1,125,000 | |||||||||||||
Number of common shares issued per private placement unit | shares | 1 | |||||||||||||
Number of warrants issued per private placement unit | shares | 1 | |||||||||||||
Number of common shares purchasable from a warrant | shares | 1 | |||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.75 | |||||||||||||
Callable warrant, share price trigger | $ / shares | $ 1.20 | |||||||||||||
Callable warrant, threshold consecutive trading days | 10 | |||||||||||||
Warrant expiration period, term extension | 2 years | 1 year 180 days | ||||||||||||
Class of warrant or right, exercised in period | shares | 1,811,683 | |||||||||||||
Proceeds from exercise of warrants | $ 1,358,762 | |||||||||||||
Units issued under the third financing [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity, private placement, number of units, excluding over-allotment | shares | 5,000,000 | |||||||||||||
Weighted average unit price | $ / shares | $ 0.10 | |||||||||||||
Proceeds from issuing units | $ 500,000 | |||||||||||||
Number of common shares issued per private placement unit | shares | 1 | |||||||||||||
Number of warrants issued per private placement unit | shares | 1 | |||||||||||||
Number of common shares purchasable from a warrant | shares | 1 | |||||||||||||
Class of warrant or right, exercise price | $ / shares | $ 0.125 | |||||||||||||
Class of warrant or right, exercised in period | shares | 3,300,000 | |||||||||||||
Proceeds from exercise of warrants | $ 412,500 | |||||||||||||
Regulatory hold period for issued securities | 120 days | |||||||||||||
Units issued under the third financing [member] | Key management personnel of entity or parent [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Issue of equity, private placement, number of units, excluding over-allotment | shares | 400,000 | |||||||||||||
Proceeds from issuing units | $ 40,000 | |||||||||||||
Warrant 1 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average fair value at measurement date, warrants granted | 0.014 | |||||||||||||
Warrant 2 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average fair value at measurement date, warrants granted | 0.241 | |||||||||||||
Warrant 3 [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Weighted average fair value at measurement date, warrants granted | $ 0.272 | |||||||||||||
Preference shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share | $ / shares | $ 0 | |||||||||||||
Ordinary shares [member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Par value per share | $ / shares | $ 0 |
Note 13 - Share-based Payment56
Note 13 - Share-based Payments (Details Textual) | Dec. 31, 2011shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | Dec. 31, 2014 |
Statement Line Items [Line Items] | |||||
Option life, share options granted | 3 | 1.57 | 1.5 | ||
Weighted average remaining contractual life of outstanding share options | 2.77 | 0.86 | 1.35 | 2.53 | |
Share-based payment arrangements, option vesting period | 270 days | ||||
Share-based payment arrangements, option vesting period, required period before vesting begins | 90 days | ||||
Risk free interest rate, share options granted | 1.39% | 0.44% | 0.62% | ||
Expected dividend, share options granted | $ 0 | $ 0 | $ 0 | ||
Expected volatility, share options granted | 97.00% | 107.00% | 52.00% | ||
Forfeiture rate, share options granted | 0.00% | 0.00% | |||
Weighted average share price, share options granted | $ 0.20 | $ 0.70 | $ 0.58 | ||
Exercise price, share options granted | 0.21 | 0.69 | 0.58 | ||
Management, employees, directors and consultants [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average fair value at measurement date, share options granted | 0.12 | 0.26 | 0.15 | ||
Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price of outstanding share options | 0.23 | 0.24 | 1.70 | ||
Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price of outstanding share options | $ 0.20 | $ 0.14 | $ 0.13 | ||
The 2011 Stock Option Plan [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares reserved for issue under options and contracts for sale of shares | shares | 4,108,635 | ||||
Share reservation limitations, maximum percentage of allowed reserved shares | shares | 5 | ||||
The 2011 Stock Option Plan [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Option life, share options granted | 10 | ||||
Stock options vested immediately [member] | |||||
Statement Line Items [Line Items] | |||||
Share-based payment arrangement, Options, Vested, Number of Shares | shares | 1,995,000 | ||||
Stock options will vest upon achievements of non-market conditions [member] | |||||
Statement Line Items [Line Items] | |||||
Share-based payment arrangement, Options, Vested, Number of Shares | shares | 185,000 | ||||
Stock options that will vest quarterly over 3 years [member] | |||||
Statement Line Items [Line Items] | |||||
Share-based payment arrangement, Options, Vested, Number of Shares | shares | 1,832,000 | ||||
Share-based payment arrangements, option vesting period | 3 years |
Note 13 - Share-based Payment57
Note 13 - Share-based Payments - Options Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015CAD ($)shares | |
Statement Line Items [Line Items] | |||
Balance, number of options | 2,045,835 | 3,602,501 | 3,767,500 |
Balance, weighted average exercise price | $ 0.18 | $ 0.33 | $ 0.48 |
Balance, weighted average remaining contract life | 0.86 | 1.35 | 2.53 |
Granted, number of options | 4,012,000 | 700,000 | 400,000 |
Granted, weighted average exercise price | $ 0.21 | $ 0.69 | $ 0.47 |
Granted, weighted average remaining contract life (in shares) | shares | 2.76 | 0.64 | 1.43 |
Forfeited, number of options | 9,750 | 1,000,000 | (100,833) |
Forfeited, weighted average exercise price | $ 0.24 | $ 0.66 | $ 0.70 |
Forfeited, weighted average remaining contract life (in shares) | shares | 2.34 | 0.53 | 0.16 |
Expired, number of options | (2,049,085) | (957,500) | (25,000) |
Expired, weighted average exercise price | $ 0.18 | $ 0.81 | $ 0.20 |
Expired, weighted average remaining contract life (in shares) | shares | 0.6 | ||
Exercised, number of options | (299,166) | (439,166) | |
Exercised, weighted average exercise price | $ 0.18 | $ 0.15 | |
Exercised, weighted average remaining contract life (in shares) | shares | 0.8 | 1.8 | |
Balance, number of options | 3,999,000 | 2,045,835 | 3,602,501 |
Balance, weighted average exercise price | $ 0.21 | $ 0.18 | $ 0.33 |
Balance, weighted average remaining contract life | 2.77 | 0.86 | 1.35 |
Forfeited, number of options | (9,750) | (1,000,000) | 100,833 |
Options exercisable, number of options | 2,577,000 | 1,820,835 | 3,301,168 |
Options exercisable, weighted average exercise price | $ 0.21 | $ 0.19 | $ 0.39 |
Note 14 - Warrants (Details Tex
Note 14 - Warrants (Details Textual) - CAD ($) | Apr. 17, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | ||||
Class of warrant or right, exercised in period | 5,711,683 | |||
Proceeds from exercise of warrants | $ 2,221,262 | $ 212,500 | ||
Series A warrants [member] | ||||
Statement Line Items [Line Items] | ||||
Class of warrant or right, exercised in period | 600,000 | |||
Class of warrant or right, exercise price | $ 0.75 | |||
Proceeds from exercise of warrants | $ 450,000 | |||
Series B warrants [member] | ||||
Statement Line Items [Line Items] | ||||
Class of warrant or right, exercised in period | 1,811,683 | |||
Class of warrant or right, exercise price | $ 0.75 | |||
Proceeds from exercise of warrants | $ 1,358,762 | |||
Warrants issued in 2015 [member] | ||||
Statement Line Items [Line Items] | ||||
Class of warrant or right, exercised in period | 3,300,000 | |||
Class of warrant or right, exercise price | $ 0.125 | |||
Proceeds from exercise of warrants | $ 412,500 | |||
Class of warrants and rights, issued | 5,000,000 | |||
Class of Warrants or Rights, Expired | 5,000,000 |
Note 14 - Warrants - Warrants O
Note 14 - Warrants - Warrants Outstanding (Details) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Statement Line Items [Line Items] | |||
Number of warrants Exercised (in shares) | (5,711,683) | ||
Warrants [member] | |||
Statement Line Items [Line Items] | |||
Issued, weighted average remaining contractual life | 0.3 | ||
Number of warrants Issued (in shares) | 5,000,000 | ||
Issued, number of warrants (in CAD per share) | $ / shares | $ 0.125 | ||
Number of warrants Exercised (in shares) | (1,700,000) | (5,711,683) | |
Exercised, number of warrants (in CAD per share) | $ / shares | $ 0.125 | $ 0.39 | |
Number of warrants outstanding (in shares) | 8,833,668 | 8,833,668 | |
Balance, number of warrants (in CAD per share) | $ / shares | $ 0.125 | $ 0.125 | |
Number of warrants Expired (in shares) | (3,121,985) | ||
Expired, number of warrants (in CAD per share) | $ / shares | $ 0.75 | ||
Number of warrants outstanding (in shares) | 8,833,668 | ||
Balance, number of warrants (in CAD per share) | $ / shares | $ 0.125 |
Note 15 - Earnings (Loss) Per60
Note 15 - Earnings (Loss) Per Share - Calculation of Basic and Diluted Income (Loss) Per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Weighted average number of common shares used as the denominator in calculating basic earnings per share (in shares) | 35,529,192 | 33,987,383 | 26,288,889 |
Adjustments for calculation of diluted earnings per share: | |||
Options (in shares) | 814,609 | 1,521,831 | |
Warrants (in shares) | 149,701 | 1,273,020 | |
Weighted average number of common shares and potential common shares used as the denominator in calculating diluted earnings per share (in shares) | 35,529,192 | 34,951,693 | 29,083,740 |
Basic earnings (loss) per share (in CAD per share) | $ (0.18) | $ 0 | $ 0.10 |
Diluted earnings (loss) per share (in CAD per share) | $ (0.18) | $ 0 | $ 0.09 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) | Dec. 31, 2017CAD ($) |
Statement Line Items [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 21,653,000 |
Capital loss [member] | |
Statement Line Items [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | 1,339,000 |
Allowance for credit losses [member] | |
Statement Line Items [Line Items] | |
Unused tax losses for which no deferred tax asset recognised | $ 2,000,000 |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Combined basic Canadian federal and provincial income tax rate | 26.50% | 26.50% | 26.50% |
Effective income tax taxes | $ (1,659,267) | $ 17,025 | $ 753,222 |
Increase (decrease) resulting from change in the deferred tax assets not recognized | 1,302,000 | 424,000 | (693,585) |
Withholding tax | 178,022 | 186,832 | 310,289 |
Non-deductible items | 676,242 | 62,601 | (11,204) |
Change in prior year estimates | (318,975) | (502,753) | (48,433) |
$ 178,022 | $ 187,705 | $ 310,289 |
Note 16 - Income Taxes - Tax Ef
Note 16 - Income Taxes - Tax Effect of Temporary Differences (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Loss carry forwards | $ 6,307,000 | $ 5,832,000 |
Deferred tax assets not recognized | (6,306,000) | (5,004,000) |
Deferred tax assets recognized | 1,000 | 828,000 |
Intangibles | (832,000) | |
Property and equipment | (1,000) | (4,000) |
Net deferred tax assets | ||
Unused tax losses [member] | ||
Deferred tax assets: | ||
Loss carry forwards | $ 6,307,000 | $ 5,832,000 |
Note 16 - Income Taxes - Non-ca
Note 16 - Income Taxes - Non-capital Losses Available for Carry Forward (Details) | Dec. 31, 2017CAD ($) |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | $ 21,653,000 |
2026 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 407,000 |
2027 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 895,000 |
2028 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 2,163,000 |
2029 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 2,991,000 |
2030 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 4,356,000 |
2031 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 4,646,000 |
2032 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 1,188,000 |
2033 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 806,000 |
2034 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 436,000 |
2035 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 1,000 |
2036 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | 850,000 |
2037 [member] | |
Statement Line Items [Line Items] | |
Non-capital losses available for carry forward | $ 2,914,000 |
Note 17 - Government Grants (De
Note 17 - Government Grants (Details Textual) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Government grants | $ 232,413 | $ 229,694 | $ 211,729 |
Current grants receivables | 22,556 | 21,847 | 20,273 |
Total revenue | $ 2,776,768 | 3,195,221 | 4,925,735 |
Development of comprehensive, interactive phonetic English learning solution project [member] | |||
Statement Line Items [Line Items] | |||
Royalty percentage | 2.50% | ||
Payments for royalties | $ 0 | 0 | 0 |
Total revenue | $ 0 | $ 0 | $ 0 |
Print-based English language learning segment [member] | |||
Statement Line Items [Line Items] | |||
Minimum threshold for the revenue of a period of three years for a grant liability to occur | 15.00% | 15.00% | 15.00% |
Total revenue | $ 1,688,571 | $ 1,738,800 | $ 1,971,121 |
Note 18 - Financial Instrumen66
Note 18 - Financial Instruments (Details Textual) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Line Items [Line Items] | ||||
Total cash and cash equivalents | $ 327,434 | $ 84,303 | $ 409,022 | $ 477,001 |
Current Trade and Grants Receivable | 970,467 | 3,044,928 | ||
Currency risk [member] | ||||
Statement Line Items [Line Items] | ||||
Possible effect of 10% change in exchange rate regarding the USD to the net income (loss) | 67,000 | 294,858 | ||
Liquidity risk [member] | ||||
Statement Line Items [Line Items] | ||||
Total cash and cash equivalents | 327,434 | 84,303 | ||
Current Trade and Grants Receivable | 970,467 | 3,044,928 | ||
Current liabilities | 980,318 | 731,159 | ||
Credit risk [member] | ||||
Statement Line Items [Line Items] | ||||
Current Trade and Grants Receivable | $ 970,467 | $ 3,044,928 |
Note 18 - Financial Instrumen67
Note 18 - Financial Instruments - Denominated Monetary Assets and Liabilities (Details) - Currency risk [member] | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) |
Financial liabilities at amortised cost, category [member] | Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | $ 104,225 | $ 88,352 | |
Financial assets at fair value through profit or loss, category [member] | Cash and cash equivalents [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 122,319 | 17,652 | 1,786 |
Loans and receivables, category [member] | Trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | $ 518,999 | $ 2,267,036 |
Note 19 - Major Customer (Detai
Note 19 - Major Customer (Details Textual) - People’s Republic of China government agency [member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 59.00% | 54.00% | 39.00% |
Percentage of entity's receivables | 84.00% | 52.00% | 45.00% |
Note 21 - Segmented Informati69
Note 21 - Segmented Information (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Number of reportable segments | 2 |
Note 21 - Segmented Informati70
Note 21 - Segmented Information - Segment Earnings (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Segmented assets | $ 1,534,072 | $ 7,176,192 | |
Segmented liabilities | 980,318 | 731,159 | |
Total revenue | 2,776,768 | 3,195,221 | $ 4,925,735 |
Segmented direct costs | 225,618 | 385,384 | 382,871 |
Segmented selling, general & administrative | 1,368,153 | 1,364,736 | 1,059,703 |
Segmented intangible amortization | 1,051,928 | 1,003,485 | 721,720 |
Segmented profit (loss) | (6,261,382) | 64,247 | 2,532,057 |
Foreign exchange gain | (189,783) | (146,599) | 399,314 |
Interest and other financial | (53,709) | (35,768) | (158,792) |
Share-based payments | (371,513) | (151,038) | |
Other comprehensive income | (1,410) | 60,173 | (157,358) |
Total Comprehensive Income (Loss) | (6,262,792) | 124,420 | 2,374,699 |
Online English language learning segment [member] | |||
Statement Line Items [Line Items] | |||
Segmented assets | 223,542 | 5,043,729 | 3,756,913 |
Segmented liabilities | 458,698 | 326,463 | 717,139 |
Total revenue | 1,088,197 | 1,456,421 | 2,954,614 |
Segmented direct costs | 134,695 | 167,597 | 276,049 |
Segmented selling, general & administrative | 1,420,502 | 625,512 | 337,756 |
Segmented intangible amortization | 1,051,928 | 1,003,485 | 721,720 |
Segmented other expense | 1,502 | 1,513 | 3,097 |
Segmented impairment | 2,087,700 | ||
Segmented profit (loss) | (6,380,956) | (341,660) | 1,615,992 |
Segmented intangible addition | 1,798,687 | 2,071,440 | |
Print-based English language learning segment [member] | |||
Statement Line Items [Line Items] | |||
Segmented assets | 1,310,530 | 2,132,463 | 1,476,038 |
Segmented liabilities | 521,620 | 404,696 | 469,028 |
Total revenue | 1,688,571 | 1,738,800 | 1,971,121 |
Segmented direct costs | 90,923 | 217,787 | 106,822 |
Segmented selling, general & administrative | 679,905 | 739,224 | 721,947 |
Segmented intangible amortization | |||
Segmented other expense | 280,908 | 193,489 | 315,771 |
Segmented impairment | |||
Segmented profit (loss) | 734,579 | 588,274 | 826,581 |
Segmented intangible addition | |||
Total operating segments [member] | |||
Statement Line Items [Line Items] | |||
Segmented assets | 1,534,072 | 7,176,192 | 5,232,951 |
Segmented liabilities | 980,318 | 731,159 | 1,186,167 |
Total revenue | 2,776,768 | 3,195,221 | 4,925,735 |
Segmented direct costs | 225,618 | 385,384 | 382,871 |
Segmented selling, general & administrative | 2,100,407 | 1,364,736 | 1,059,703 |
Segmented intangible amortization | 1,051,928 | 1,003,485 | 721,720 |
Segmented other expense | 282,410 | 195,002 | 318,868 |
Segmented impairment | 2,087,700 | ||
Segmented profit (loss) | $ (5,646,377) | 246,614 | 2,442,573 |
Segmented intangible addition | $ 1,798,687 | $ 2,071,440 |
Note 21 - Segmented Informati71
Note 21 - Segmented Information - Geographical Information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Revenue | $ 2,776,768 | $ 3,195,221 | $ 4,925,735 |
Identifiable non-current assets | 30,689 | 3,467,115 | 2,374,241 |
Latin America [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 997,661 | 821,762 | 2,660,535 |
Country of domicile [member] | |||
Statement Line Items [Line Items] | |||
Identifiable non-current assets | 29,804 | 3,467,115 | 2,374,241 |
China [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 1,712,079 | 2,252,170 | 2,069,253 |
Identifiable non-current assets | 885 | ||
Other [member] | |||
Statement Line Items [Line Items] | |||
Revenue | $ 67,028 | $ 121,289 | $ 195,947 |
Note 22 - Commitments and Con72
Note 22 - Commitments and Contingency - Future Minimum Lease Payments (Details) | Dec. 31, 2017CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Future minimum lease payments | $ 217,393 |
Later than one year and not later than two years [member] | |
Statement Line Items [Line Items] | |
Future minimum lease payments | 212,734 |
Later than two years and not later than three years [member] | |
Statement Line Items [Line Items] | |
Future minimum lease payments | 212,734 |
Later than three years and not later than four years [member] | |
Statement Line Items [Line Items] | |
Future minimum lease payments | $ 37,256 |
Note 23 - Supplemental Cash F73
Note 23 - Supplemental Cash Flow Information - Schedule of Income Taxes and Interest Paid (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Income taxes and other taxes paid | $ 178,022 | $ 187,705 | $ 310,289 |
Interest paid | $ 41,650 | $ 25,103 | $ 106,731 |
Note 24 - Related Party Balan74
Note 24 - Related Party Balances and Transactions (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | |
Statement Line Items [Line Items] | |||
Key management personnel compensation | $ 360,023 | $ 480,577 | $ 424,111 |
Number of share options granted in share-based payment arrangement | 4,012,000 | 700,000 | 400,000 |
Two corporations under one related director [member] | Rent, administration, office charges and telecommunications [member] | |||
Statement Line Items [Line Items] | |||
Amounts receivable, related party transactions | $ 52,001 | $ 33,020 | $ 8,000 |
Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 3,121 | $ 0 | $ 241,331 |
Number of share options granted in share-based payment arrangement | 508,000 | 0 | 0 |
Corporations controlled by directors and officers of the entity [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 150,000 | $ 50,000 | $ 480,000 |
Borrowings, interest rate | 12.00% | ||
Interest income (expense) | $ (4,586) | $ (351) | $ (43,200) |