Document and Entity Information
Document and Entity Information | 24 Months Ended |
Dec. 31, 2020shares | |
Details | |
Registrant Name | Avricore Health Inc. |
Registrant CIK | 0001355736 |
SEC Form | 20-F |
Period End date | Dec. 31, 2020 |
Fiscal Year End | --12-31 |
Number of common stock shares outstanding | 0 |
Filer Category | Non-accelerated Filer |
Current with reporting | Yes |
Interactive Data Current | Yes |
Voluntary filer | No |
Well-known Seasoned Issuer | No |
Shell Company | false |
Emerging Growth Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 000-51848 |
Entity Address, Address Line One | 3500 – 1055 Dunsmuir Street |
Entity Address, Address Line Two | PO Box 49114 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V7X 1H7 |
Entity Address, Country | CA |
Contact Personnel Name | Hector Bremner |
Contact Personnel Email Address | hector.bremner@avricorehealth.com |
Document Accounting Standard | International Financial Reporting Standards |
Entity Incorporation, State or Country Code | A1 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Assets | |||
Cash and cash equivalents | $ 302,715 | $ 13,799 | |
Accounts receivable | [1] | 11,928 | 15,474 |
Prepaid expenses | [2] | 125,444 | 179,123 |
Current assets | 440,087 | 208,396 | |
Intangible assets | [3] | 3 | 3 |
Total Assets | 440,090 | 208,399 | |
Current Liabilities | |||
Accounts payable and accrued liabilities | [4] | 152,569 | 652,460 |
Lease liabilities | [5] | 0 | 21,390 |
Loans payable | [6] | 1,001,562 | 0 |
Liabilities | 1,154,131 | 673,850 | |
SHAREHOLDERS' EQUITY (DEFICIENCY) | |||
Share capital | [7] | 22,286,852 | 21,400,106 |
Subscription | 10,000 | 10,000 | |
Shares to be issued | [8] | 0 | 100,000 |
Reserves | [7] | 5,497,092 | 5,358,462 |
Deficit | (28,507,985) | (27,334,019) | |
Equity | (714,041) | (465,451) | |
Total Liabilities and Shareholders' Equity (Deficiency) | $ 440,090 | $ 208,399 | |
[1] | Note 5. | ||
[2] | Note 6. | ||
[3] | Note 10. | ||
[4] | Note 11. | ||
[5] | Note 12. | ||
[6] | Note 13. | ||
[7] | Note 14. | ||
[8] | Note 4. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss | 12 Months Ended | ||||||
Dec. 31, 2020$ / shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019$ / shares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018$ / shares | Dec. 31, 2018CAD ($)shares | ||
Details | |||||||
Revenue | $ 33,030 | $ 33,000 | $ 15,295 | ||||
Cost of Sales | 15,550 | 18,502 | 16,258 | ||||
Gross profit (loss) | 17,480 | 14,498 | (963) | ||||
Expenses | |||||||
Amortization | 0 | 180,469 | 526,243 | ||||
Consulting | [1] | 174,321 | 509,734 | 494,783 | |||
General and administrative | [2] | 120,577 | 198,837 | 377,690 | |||
Management fees | [1] | 270,000 | 175,000 | 150,000 | |||
Marketing and communications | [3] | 31,251 | 247,243 | 283,587 | |||
Professional fees | [1] | 159,593 | 219,948 | 268,621 | |||
Share-based compensation | [1] | 130,219 | 86,420 | 372,137 | |||
Expenses, by nature | 885,961 | 1,617,651 | 2,473,061 | ||||
Other income (expense) | |||||||
Finance costs | [4] | (158,952) | (5,144) | (102) | |||
Gain on settlement of liabilities | 33,899 | 3,058 | 5,119 | ||||
Interest income | 0 | 405 | 1,715 | ||||
Write down of intangible assets | [5] | 0 | (313,514) | (946,173) | |||
Write down of inventories | [6] | (180,432) | 0 | 0 | |||
Write down of equipment | 0 | 0 | (45,114) | ||||
Other income | 0 | 2,096 | 438 | ||||
Net loss from continuing operations | (1,173,966) | (1,916,252) | (3,458,141) | ||||
Loss from discontinued operations | [7] | 0 | (189,356) | (678,661) | |||
Net loss and comprehensive loss for the year | $ (1,173,966) | $ (2,105,608) | $ (4,136,802) | ||||
Basic and Diluted Loss Per Share | |||||||
Continuing operations | $ / shares | $ (0.02) | $ (0.04) | $ (0.10) | ||||
Discontinued operations | $ / shares | $ 0 | $ 0 | $ (0.02) | ||||
Weighted Average Number of Common Shares Outstanding | shares | 60,449,165 | 47,292,091 | 33,869,642 | ||||
[1] | Note 18. | ||||||
[2] | Note 16. | ||||||
[3] | Note 15. | ||||||
[4] | Note 13. | ||||||
[5] | Note 10. | ||||||
[6] | Note 7. | ||||||
[7] | Note 17. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) | Issued capital | Shares to be Issued | Shares Subscribed | Warrant Reserve | Option Reserve | Deficit | Total |
Equity at beginning of period at Dec. 31, 2017 | $ 18,340,491 | $ 973,333 | $ 0 | $ 221,388 | $ 4,054,494 | $ (21,091,609) | $ 2,498,097 |
Number of shares outstanding at beginning of period at Dec. 31, 2017 | 27,860,623 | ||||||
Issue of equity | $ 771,504 | 0 | 0 | 9,332 | 0 | 0 | 780,836 |
Shares issued for Cash | 5,327,335 | ||||||
Exercise of warrants | $ 603,310 | 0 | 0 | (8,210) | 0 | 0 | 595,100 |
Shares issued for Exercise of Warrants | 2,975,500 | ||||||
Exercise of stock options | $ 69,001 | 0 | 0 | 0 | (40,181) | 0 | 28,820 |
Shares issued for Exercise of Options | 131,000 | ||||||
Shares issued for services | $ 43,915 | 11,167 | 0 | 0 | 0 | 0 | 55,082 |
Shares issued for services | 233,450 | ||||||
Shares issued for acquisition of HealthTab Inc, Value | $ 773,333 | 0 | 0 | 0 | 0 | 0 | |
Shares issued for acquisition of HealthTab Inc, Shares | 2,666,667 | ||||||
Shares issued for cquisition of Corozon Platform, Value | $ 181,818 | 0 | 0 | 0 | 0 | 0 | 181,818 |
Shares issued for cquisition of Corozon Platform, Shares | 909,090 | ||||||
Acquisition of distribution rights, Value | $ 0 | 0 | 0 | 510,878 | 0 | 0 | 510,878 |
Acquisition of distribution rights, Shares | 0 | ||||||
Share issuance costs | 0 | ||||||
Increase (decrease) through share-based payment transactions, equity | $ 0 | 0 | 0 | 0 | 372,137 | 0 | 372,137 |
Net loss and comprehensive loss for the year | $ 0 | 0 | 0 | 0 | 0 | (4,136,802) | (4,136,802) |
Number of shares outstanding at end of period at Dec. 31, 2018 | 40,103,665 | ||||||
Equity at end of period at Dec. 31, 2018 | $ 20,783,372 | 211,167 | 0 | 733,388 | 4,386,450 | (25,228,411) | 885,966 |
Issue of equity | $ 465,760 | 0 | 0 | 171,310 | 0 | 0 | 637,070 |
Shares issued for Cash | 11,058,835 | ||||||
Exercise of stock options | $ 39,807 | 0 | 0 | 0 | (19,106) | 0 | 20,701 |
Shares issued for Exercise of Options | 73,928 | ||||||
Shares issued for services | $ 11,167 | 0 | 0 | 0 | 0 | 0 | |
Shares issued for services | 125,081 | ||||||
Shares issued for acquisition of HealthTab Inc, Value | $ 100,000 | 0 | 0 | 0 | 0 | 0 | |
Shares issued for acquisition of HealthTab Inc, Shares | 1,111,110 | ||||||
Share subscriptions received | $ 0 | 0 | 10,000 | 0 | 0 | 0 | 10,000 |
Share issuance costs | 0 | ||||||
Increase (decrease) through share-based payment transactions, equity | 0 | 0 | 0 | 0 | 86,420 | 0 | 86,420 |
Net loss and comprehensive loss for the year | $ 0 | 0 | 0 | 0 | 0 | (2,105,608) | (2,105,608) |
Number of shares outstanding at end of period at Dec. 31, 2019 | 52,472,619 | ||||||
Equity at end of period at Dec. 31, 2019 | $ 21,400,106 | 100,000 | 10,000 | 904,698 | 4,453,764 | (27,334,019) | (465,451) |
Issue of equity | $ 626,000 | 0 | 0 | 0 | 0 | 0 | 626,000 |
Shares issued for Cash | 6,260,000 | ||||||
Exercise of stock options | $ 6,672 | 0 | 0 | 0 | (1,422) | 0 | 5,250 |
Shares issued for Exercise of Options | 105,000 | ||||||
Shares issued for services | $ 136,949 | 0 | 0 | 0 | 0 | 126,949 | |
Shares issued for services | 5,477,965 | ||||||
Share subscriptions received | $ 0 | 0 | 10,000 | 0 | 0 | 0 | 10,000 |
Bonus shares for loan, Value | $ 52,200 | 0 | 0 | 0 | 0 | 0 | 52,200 |
Bonus shares for loan, Shares | 3,480,000 | ||||||
Acquisition of HealthTab Inc, Value | $ 100,000 | 0 | 0 | 0 | 0 | 0 | |
Acquisition of HealthTab Inc, Shares | 2,000,000 | ||||||
Share issuance costs | $ (35,075) | 0 | 0 | 9,833 | 0 | 0 | (25,242) |
Increase (decrease) through share-based payment transactions, equity | 0 | 0 | 0 | 0 | 130,219 | 0 | 130,219 |
Net loss and comprehensive loss for the year | $ 0 | 0 | 0 | 0 | 0 | (1,173,966) | (1,173,966) |
Number of shares outstanding at end of period at Dec. 31, 2020 | 69,795,584 | ||||||
Equity at end of period at Dec. 31, 2020 | $ 22,286,852 | $ 0 | $ 10,000 | $ 914,531 | $ 4,582,561 | $ (28,507,985) | $ (714,041) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Operating Activities | ||||
Net Income (Loss) Attributable to Parent | $ (1,173,966) | $ (1,916,252) | $ (3,458,141) | |
Adjustments to reconcile profit (loss) | ||||
Adjustments for amortisation expense | 0 | 180,469 | 526,243 | |
Finance cost | 144,488 | 5,144 | 0 | |
Adjustments for share-based payments | 130,219 | 86,420 | 372,137 | |
Write down of intangible assets | [1] | 0 | 313,514 | 946,173 |
Write down of inventories | [2] | 180,432 | 0 | 0 |
Write down of equipment | 0 | 0 | 45,114 | |
Gain on debt settlement | (33,899) | (3,058) | (5,119) | |
Services paid/to be paid in shares | 0 | 0 | 55,082 | |
Changes in Non-Cash Working Capital Items | ||||
Adjustment for change in Accounts Receivable | 3,546 | 0 | 0 | |
Adjustment for change in Prepaid expenses and deposits | 45,259 | 107,123 | 161,269 | |
Adjustment for change in Inventories | (180,432) | 0 | 0 | |
Adjustment for change in Accounts payable and Accrued liabilities | (339,043) | 364,306 | (53,648) | |
Net cash used in operating activities | (1,223,396) | (862,334) | (1,410,890) | |
Net cash provided by (used in) operating activities of discontinued operations | 0 | 175,927 | (314,157) | |
Investing Activities | ||||
Intangible assets | 0 | 0 | (50,000) | |
Acquisition net of cash received | 0 | 0 | (100,000) | |
Net cash used in investing activities | 0 | 0 | (150,000) | |
Net cash used in investing activities of discontinued operations | 0 | 0 | (5,000) | |
Financing Activities | ||||
Proceeds from issuance of shares, net | 626,000 | 637,070 | 780,836 | |
Share subscriptions received | 10,000 | 10,000 | 0 | |
Proceeds from exercise of options | 5,250 | 20,701 | 28,820 | |
Proceeds from exercise of warrants | 0 | 0 | 595,100 | |
Share issuance costs | (25,242) | 0 | 0 | |
Loan proceeds | 940,000 | 0 | 0 | |
Change in Finance Costs | (30,000) | 0 | 0 | |
Lease payments | (13,696) | (52,007) | 0 | |
Net cash provided by financing activities | 1,512,312 | 615,764 | 1,404,756 | |
Increase (Decrease) in Cash | 288,916 | (70,643) | (475,291) | |
Cash and cash equivalents at beginning of period | 13,799 | 84,442 | 559,733 | |
Cash and cash equivalents at end of period | $ 302,715 | $ 13,799 | $ 84,442 | |
[1] | Note 10. | |||
[2] | Note 7. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Cash and Cash Equivalents - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents Consist of: | |||
Cash | $ 292,715 | $ 13,799 | $ 67,494 |
Guaranteed Investment Certificates | 10,000 | 0 | 16,948 |
Cash and cash equivalents | $ 302,715 | $ 13,799 | $ 84,442 |
1. NATURE OF OPERATIONS AND GOI
1. NATURE OF OPERATIONS AND GOING CONCERN | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
1. NATURE OF OPERATIONS AND GOING CONCERN | 1. NATURE OF OPERATIONS AND GOING CONCERN Avricore Health Inc. (the “Company”) was incorporated under the Company Act of British Columbia on May 30, 2000. The Company’s common shares trade on the TSX Venture Exchange (the “Exchange”) under the symbol “AVCR” and are quoted on the OTCIQ Market as “NUVPF”. The Company’s registered office is at 700 – 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5. The Company is involved in the business of health data and point-of-care technologies (“POCT”). The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operations for the foreseeable future and be able to realize assets and satisfy liabilities in the normal course of business. The Company has always experienced operating losses and negative operating cash flows. Operations have been funded by the issuance of share capital. These conditions may cast substantial doubt on the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon its ability to generate revenue from its operations, or raise additional financing to cover ongoing cash requirements. The consolidated financial statements do not reflect any adjustments, which could be material, to the carrying values of assets and liabilities, which may be required should the Company be unable to continue as a going concern. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 $ $ $ Deficit (28,507,985) (27,334,019) (25,228,411) Working capital (714,044) (465,454) 439,228 In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a global pandemic. Since then, several measures have been implemented in Canada and the rest of the world in response to the increased impact from COVID-19. The Company continues to operate the business forward at this time. While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on the Company’s operations, including the duration and impact on the Company’s future plans, cannot be reasonably estimated at this time. |
2. BASIS OF PRESENTATION
2. BASIS OF PRESENTATION | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
2. BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION a) Statement of Compliance and basis of presentation The consolidated financial statements for the year ended December 31, 2020 have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). b) Basis of presentation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where applicable. The significant accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented. The consolidated financial statements are presented in Canadian dollars, which is also the Company’s functional currency, unless other indicated. The preparation of consolidated financial statements in accordance with IFRS requires the Company’s management to make estimates, judgments and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes to the consolidated financial statements. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3(l). Actual results might differ from these estimates. The Company’s management reviews these estimates and underlying judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the year in which the estimates are revised. c) Basis of consolidation Consolidated financial statements include the assets, liabilities and results of operations of all entities controlled by the Company. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the Company’s the consolidated financial statements. Where control of an entity is obtained during a financial year, its results are included in the consolidated statements of operations and comprehensive loss from the date on which control commences. Where control of an entity ceases during a financial year, its results are included for that part of the year during which control exists. These consolidated financial statements include the accounts of the Company and its controlled wholly owned subsidiaries, Vanc Marine Pharmaceuticals Inc. and HealthTab Inc. |
3. SUMMARY OF SIGNIFICANT ACCOU
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Revenue recognition The Company’s revenues are generated from operating leases of the POC system and sale of testing panels. Revenue comprises the fair value of the consideration received or receivable and it is shown net of tax and discounts. The Company also earned revenue from the sale of over-the-counter pharmaceuticals (“OTC”), however, the Company discontinued this segment during the year ended December 31, 2019 (see Note 17). The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps: • • • • • Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset. The Company's arrangements with clients can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under IFRS 15, Revenue from Contracts with Customers. The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company's go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices. The Company generally receives payment from its clients after invoicing within the normal 28-day commercial terms. If a client is specifically identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected. a) Leases A contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessor’s identified asset for a period of time in exchange for consideration. The Company as a lessee A lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the lease liability. Key areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include: - - The Company as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. All other leases are classified as finance leases. Leases of the Company’s POC systems to customers are classified are operating leases. Lease payments from operating leases are recognized as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized as an expense. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets subject to operating leases is in accordance with depreciation policy for the Company’s equipment. b) Foreign currency These consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the Company and its subsidiaries. Foreign currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the dates of the transactions. 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 profit or loss. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. c) Cash equivalents Cash equivalents include short-term guaranteed investment certificates readily convertible into a known amount of cash, which is subject to insignificant change in value. d) Intangible assets All intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets comprise of intellectual property, trademarks and web domains and distribution rights, which are amortized on a straight-line basis over 3 years. Amortization rates are reviewed annually to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets. e) Share-based payments The Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share- based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. f) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method. Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded in share capital, and any related amount recorded in warrants reserve is transferred to share capital. h) Loss per share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Basic and diluted loss per share are the same for the periods presented. i) Income taxes Income tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. j) Financial Instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. The Company has classified its cash and cash equivalents as FVTPL and accounts receivable, accounts payable, loans payable and lease liabilities as amortized cost. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the profit or loss in the period in which they arise. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. The Company provides information about its financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair value: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs) k) Impairment of equipment and intangible assets At the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are independent from other group assets. If any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount, the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications that impairment exists. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as income immediately. l) Significant accounting estimates and judgments Estimates Significant estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Inventory valuation The Company estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by regulatory changes or other market-driven changes that may reduce future selling prices. In determining net realizable value, the Company considers such factors as turnover, historical experience, expiry dates and shelf life of the products. A change to these assumptions could impact the Company’s inventory valuation and gross margin. The Company attempts to sell products with short shelf life with significant rebates. Any unsold products with short shelf life and expired products are written-off. Share-based payments The Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest. The fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk free interest rate and dividend yield. Changes in these assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable measure of the fair value of the Company’s options and warrants issued. Management must also make significant judgments or assessments as to how financial assets and liabilities are categorized. Judgements Significant judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Revenue recognition Revenue is recognized when the revenue recognition criteria expressed in the accounting policy stated above for Revenue Recognition have been met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple deliverables. Deferred tax assets Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full. Going concern The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. The factors considered by management are disclosed in Note 1. m) Reclassifications Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation on the consolidated statements of financial position, comprehensive loss and changes in equity. n) New accounting standards adopted In October 2018, the IASB issued amendments to IFRS 3, Business Combinations that narrowed and clarified the definition of a business. The amendments permit a simplified assessment of whether an acquired set of activities and assets is a group of assets rather than a business. The amendments are effective January 1, 2020 with earlier adoption permitted. The amendments apply to business combinations after the date of adoption. At January 1, 2020, the Company adopted this standard and there was no material impact on the Company's consolidated financial statements. In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments make minor changes to the definition of the term "material" and align the definition across all IFRS Standards. Materiality is used in making judgments related to the preparation of consolidated financial statements. The amendments are effective January 1, 2020 with earlier adoption permitted. At January 1, 2020, the Company adopted this standard and there was no material impact on the Company's consolidated financial statements. o) Accounting standards issued but not yet effective There are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the Company’s consolidated financial statements. |
4. ACQUISITION
4. ACQUISITION | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
4. ACQUISITION | 4. ACQUISITION On December 28, 2017, the Company completed the acquisition of all the common shares of HealthTab Inc. (“HealthTab”). HealthTab’s primary asset is intellectual property and certain trademarks and web domains related to the design of the HealthTab system, being a lab-accurate, point of care testing platform. Under the share purchase agreement, the consideration to be paid by the Company is as follows: · · · · · · · This acquisition has been accounted for as an acquisition of assets and liabilities as HealthTab did not meet the definition of a business under IFRS 3, Business Combinations. |
5. ACCOUNTS RECEIVABLE
5. ACCOUNTS RECEIVABLE | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
5. ACCOUNTS RECEIVABLE | 5. ACCOUNTS RECEIVABLE The CompanyÂ’s accounts receivable consists of the following: December 31, 2020 December 31, 2019 $ $ Trade receivables 9,800 12,375 GST receivable 2,128 3,099 11,928 15,474 |
6. PREPAID EXPENSES AND DEPOSIT
6. PREPAID EXPENSES AND DEPOSITS | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
6. PREPAID EXPENSES AND DEPOSITS | 6. PREPAID EXPENSES AND DEPOSITS The balance consists of prepaid expenses to vendors of $103,967 (2019 - $152,704), office security deposit of $nil (2019 - $8,420), prepaid business insurance of $9,477 (2019 - $5,999) and security deposits of $12,000 (2019 - $12,000). |
7. INVENTORIES
7. INVENTORIES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
7. INVENTORIES | 7. INVENTORIES During the year ended December 31, 2020, the Company recorded an inventory write-down of $180,432 related to hand sanitizers purchased during the year. |
8. RIGHT-OF-USE ASSET
8. RIGHT-OF-USE ASSET | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
8. RIGHT-OF-USE ASSET | 8. RIGHT-OF-USE ASSET Office Lease $ Cost Balance, December 31, 2018 - Recognized on adoption of IFRS 16 68,253 Additions - Balance, December 31, 2019 and 2020 68,253 Accumulated Amortization Balance, December 31, 2018 - Amortization 68,253 Balance, December 31, 2019 and 2020 68,253 Carrying value as at December 31, 2019 and 2020 - Right-of-use asset comprised of the CompanyÂ’s leased office space. During the year ended December 31, 2019, the Company determined it would terminate the remaining lease, and accordingly fully amortized 100% of the right-of-use asset. During the year ended December 31, 2020, the Company terminated its lease agreement for its office premise. Pursuant to the cancelation, the Company forfeited its deposit of $8,420 and paid the outstanding rent for the months of January to March, 2020. |
9. EQUIPMENT
9. EQUIPMENT | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
9. EQUIPMENT | 9. EQUIPMENT Office Furniture and Equipment Computer equipment and Systems Laboratory Equipment Leasehold Improvements Total $ $ $ $ $ Cost Balance, December 31, 2018 10,854 3,898 38,896 24,182 77,830 Write down (10,854) (3,898) (38,896) (24,182) (77,830) Balance, December 31, 2019 and 2020 - - - - - Accumulated Amortization Balance, December 31, 2018 4,381 2,552 29,409 20,483 56,825 Amortization 1,942 404 2,845 1,110 6,301 Write down (6,323) (2,956) (32,254) (21,593) (63,126) Balance, December 31, 2019 and 2020 - - - - - Carrying value As at December 31, 2019 and 2020 - - - - - The write-off of equipment of $14,704 during the year ended December 31, 2019 is included in the loss from discontinued operations in the consolidated statements of operations and comprehensive loss. |
10. INTANGIBLE ASSETS
10. INTANGIBLE ASSETS | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
10. INTANGIBLE ASSETS | 10. INTANGIBLE ASSETS HealthTab Corozon Emerald Total $ $ $ $ Cost Balance, December 31, 2018 1 1 510,878 510,880 Write down - - (510,877) (510,877) Balance, December 31, 2019 and 2020 1 1 1 3 Accumulated Amortization Balance, December 31, 2018 - - 85,147 85,147 Amortization - - 112,216 112,216 Write down - - (197,363) (197,363) Balance, December 31, 2019 and 2020 - - - - Carrying value As at December 31, 2019 and 2020 1 1 1 3 During the year ended December 31, 2019 the Company performed an assessment and determined that the carrying value of the intangible assets exceeded the recoverable amount and accordingly recognized impairment of the intangible assets related to Emerald acquisition in the amount of $313,514. The impairment can be reversed in future periods when there is a change in circumstances and the estimates used to determine the asset's recoverable amount. |
11. ACCOUNTS PAYABLE AND ACCRUE
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at December 31, 2020 and 2019, the CompanyÂ’s accounts payable and accrued costs consist of the following: December 31, 2020 December 31, 2019 $ $ Trade accounts payable 126,569 625,460 Accrued liabilities 26,000 27,000 152,569 652,460 |
12. LEASE LIABILITIES
12. LEASE LIABILITIES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
12. LEASE LIABILITIES | 12. LEASE LIABILITIES $ Balance, December 31, 2018 - Recognized on adoption of IFRS 16 68,253 Finance cost 5,144 Lease payments (52,007) Balance, December 31, 2019 21,390 Finance cost 726 Lease payments (22,116) Balance, December 31, 2020 - |
13. LOANS PAYABLE
13. LOANS PAYABLE | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
13. LOANS PAYABLE | 13. LOANS PAYABLE During the year ended December 31, 2020, the Company entered into a loan agreement with a third party for a secured loan in the amount of $1,000,000. The Loan is for a term of one year from the date of receipt of the funds, bears interest at a rate of 10% per annum and is secured with all of the present and after-acquired property of the Company. The loan is subject to an interest reserve of $100,000 held back from the loan advance. The Company has the right to repay all or any portion of the loan at any time without penalty. The Company paid a loan application fee in the amount of $30,000 and issued 3,480,000 bonus shares with a fair value of $52,500, which was recorded against the carrying value of the loan. During the year ended December 31, 2020, the Company recorded $78,904 as interest expense and recorded $64,158 as accretion expense on the loan which was been included in finance cost in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2020, the Company received a Canada Emergency Business Account loan of $40,000 to be repaid on or before December 31, 2025. The loan is interest-free until December 31, 2022. Thereafter, the outstanding loan balance will bear interest at the rate of 5% per annum. |
14. SHAREHOLDERS' EQUITY
14. SHAREHOLDERS' EQUITY | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
14. SHAREHOLDERS' EQUITY | 14. SHAREHOLDERSÂ’ EQUITY Authorized share capital Authorized: Unlimited number of common shares without par value. Issued share capital During the year ended December 31, 2020: The Company closed a tranche of a non-brokered private placement and issued 6,260,000 units at a price of $0.10 per unit for gross proceeds of $626,000. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to acquire an additional common share of the Company at a price of $0.15 per share for a period of 12 months from the date of closing subject to an accelerated expiry condition. The Company paid finderÂ’s fee totaling $22,500 and issued 225,000 finderÂ’s warrants valued at $9,833. The CompanyÂ’s directors and officers participated in the private placement. The Company issued 5,477,965 common shares in exchange for services received and to settle accounts payables of $136,949. An aggregate of 1,900,000 shares were issued in settlement of $47,500 in amounts owing to certain directors and officers of the Company. The common shares issued to the related parties are subject to a four month plus one day hold period. The Company issued 105,000 common shares pursuant to the exercise of stock options for gross proceeds of $5,250. $1,422 was reclassified from reserves to share capital on exercise of the options. The Company issued 2,000,000 common shares valued at $100,000 related to the acquisition of HealthTab (see Note 4). The Company issued 3,480,000 common shares valued at $52,200 as bonus shares pursuant to a loan agreement (see Note 13). During the year ended December 31, 2019: The Company issued 1,111,110 common shares valued at $100,000 related to the acquisition of HealthTab (see Note 4). The Company issued 73,928 common shares pursuant to the exercise of 73,928 stock options for gross proceeds of $20,701. $19,108 was reclassified from reserves to share capital on exercise of the options. The Company issued 125,081 common shares to a vendor valued at $11,167 in consideration for services rendered pursuant to the terms of a service agreement entered into on April 10, 2018. The Company closed a private placement 4,206,435 common shares at a price of $0.07 per share for gross proceeds of $294,450. The Company closed a private placement and issued 6,852,400 units at a price of $0.05 per unit for gross proceeds of $342,620. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to acquire an additional common share of the Company at a price of $0.15 per share until August 13, 2021. The fair value of common shares was $171,310 based on share price and, the residual value of $171,310 was allocated to the warrants. During the year ended December 31, 2018: The Company issued 2,666,667 common shares valued at $773,733 related to the acquisition of HealthTab (Note 4). The Company issued 909,090 common shares valued at $181,818 related to the acquisition of the Corozon Platform. The Company issued 233,450 common shares to Lampyon valued at $43,915 in consideration for services rendered pursuant to the terms of a service agreement entered into on April 10, 2018. The Company closed a private placement and issued 5,327,335 units at a price of $0.15 per unit for gross proceeds of $799,100. Each unit consisted of one common share and one share purchase warrant entitling the holder thereof to acquire additional common share of the Company at a price of $0.33 per share until July 27, 2020. The Company paid finderÂ’s fees of $18,264 in cash and issued 88,800 finderÂ’s warrants valued at $9,332. The finderÂ’s warrants are exercisable to purchase one common share of the Company at $0.33 per share until July 31, 2020. The Company issued 131,000 common shares for exercise of 131,000 stock options for gross proceeds of $28,820. $40,181 was reclassified from reserves to share capital on exercise of options. The Company issued 2,975,500 common shares for exercise of 2,975,500 warrants for gross proceeds of $595,100. $8,210 was reclassified from reserves to share capital on exercise of warrants. The Company granted 3,030,330 warrants valued at $510,878 to Emerald as consideration for a supply and distribution agreement. Stock options The Company has adopted an incentive share purchase option plan under the rules of the Exchange pursuant to which it is authorized to grant options to executive officers, directors, employees and consultants, enabling them to acquire up to 10% of the issued and outstanding common shares of the Company. The options can be granted for a maximum term of ten years and generally vest either immediately or in specified increments of up to 25% in any three-month period. The changes in share options including those granted to directors, officers, employees and consultants during years ended December 31, 2020, 2019 and 2018 are summarized as follows: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Beginning Balance 5,241,072 $0.13 2,539,000 $0.24 2,420,000 $0.24 Options granted 1,730,000 $0.08 3,095,000 $0.06 665,000 $0.23 Expired/Cancelled (160,000) $0.07 (319,000) $0.22 (415,000) $0.24 Exercised (105,000) $0.05 (73,928) $0.28 (131,000) $0.22 Ending Balance 6,706,072 $0.08 5,241,072 $0.13 2,539,000 $0.24 Exercisable 6,706,072 $0.08 5,241,072 $0.13 2,536,500 $0.24 The following table summarizes information about share options outstanding and exercisable as at December 31, 2020: Exercise Price Expiry date Options Outstanding Exercisable $0.10 (1) July 20, 2022 150,000 150,000 $0.10 (1) September 27, 2022 150,000 150,000 $0.10 (1) November 20, 2022 150,000 150,000 $0.10 (2) December 8, 2022 1,151,072 1,151,072 $0.10 (3) March 27, 2023 200,000 200,000 $0.10 (4) April 11, 2023 150,000 150,000 $0.10 (5) September 12, 2023 140,000 140,000 $0.075 January 24, 2024 280,000 280,000 $0.08 February 28, 2024 140,000 140,000 $0.06 April 1, 2024 610,000 610,000 $0.05 October 1, 2024 1,855,000 1,855,000 $0.08 November 18, 2025 1,020,000 1,020,000 $0.08 December 8, 2025 710,000 710,000 6,706,072 6,706,072 (1) (2) (3) (4) (5) The weighted average remaining life of the stock options outstanding at December 31, 2020 is 3.43 years. Share-based compensation Share-based compensation of $130,219 was recognized during the year ended December 31, 2020 (2019 - $86,420; 2018 - $372,137) for stock options granted and vested during the current period. Options issued to directors and officers of the Company vested immediately, while those issued to consultants vest over one year, however, the Board may change such provisions at its discretion or as required on a grant-by-grant basis. Share-based payments for options granted was measured using the Black-Scholes option pricing model with the following assumptions: Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Expected life 2 - 5 years 5 years 5 years Volatility 141% - 180% 110% - 143% 142% - 157% Dividend yield 0% 0% 0% Risk-free interest rate 0.23% - 0.47% 1.58% - 1.86% 2.03% - 2.24% Option pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates. Warrants The Company has issued warrants entitling the holders to acquire common shares of the Company. The summary of changes in warrants is presented below. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Beginning Balance 20,704,664 $0.24 13,852,264 $0.28 8,381,326 $0.20 Warrants issued 6,485,000 $0.15 6,852,400 $0.15 8,446,438 $0.33 Expired/Cancelled (8,446,438) $0.33 - - - - Exercised - - - - (2,975,500) $0.20 Outstanding 18,743,226 $0.16 20,704,664 $0.24 13,852,264 $0.28 The following table summarizes information about warrants outstanding and exercisable as at December 31, 2020: Exercise Price Expiry date Warrants Outstanding $0.20 June 26, 2022 1,791,159 $0.20 August 3, 2022 742,667 $0.20 November 27, 2022 2,872,000 $0.15 November 19, 2021 3,060,000 $0.15 November 13, 2021 3,425,000 $0.15 August 13, 2021 6,852,400 18,743,226 The weighted average remaining life of the warrants outstanding at December 31, 2020 is 1.03 years. |
15. MARKETING AND COMMUNICATION
15. MARKETING AND COMMUNICATIONS EXPENSES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
15. MARKETING AND COMMUNICATIONS EXPENSES | 15. MARKETING AND COMMUNICATIONS EXPENSES Year ended December 31, 2020 2019 2018 $ $ $ Marketing and advertising 2,279 44,693 164,420 Shareholder communications 28,972 202,550 119,167 31,251 247,243 283,587 |
16. GENERAL AND ADMINISTRATIVE
16. GENERAL AND ADMINISTRATIVE EXPENSES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
16. GENERAL AND ADMINISTRATIVE EXPENSES | 16. GENERAL AND ADMINISTRATIVE EXPENSES Year ended December 31, 2020 2019 2018 $ $ $ Bad debt 2,977 - - Bank service charges 5,910 5,916 3,969 Filing and registration fees 37,715 72,076 94,029 Foreign exchange 6,350 150 692 Insurance 38,283 33,557 18,147 Investor relations 1,265 1,990 9,974 Office maintenance 17,550 49,713 86,700 Payroll - - 68,417 Rent 5,268 15 50,336 Travel 5,259 35,420 45,426 120,577 198,837 377,690 |
17. DISCONTINUED OPERATIONS
17. DISCONTINUED OPERATIONS | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
17. DISCONTINUED OPERATIONS | 17. DISCONTINUED OPERATIONS During the year ended December 31, 2019, the Company discontinued operations of its OTC pharmaceuticals products business division business segment. During the year ended December 31, 2020, 2019 and 2018, the loss attributable to the discontinued operations are as follows: Year ended December 31, 2020 2019 2018 $ $ $ Sales - 129,776 812,666 Marketing, promotional activities - (27,842) (317,929) Net Revenue - 101,934 494,737 Cost of Sales - 33,481 172,136 Gross profit (loss) - 68,453 322,601 Expenses Amortization - 6,301 9,266 Product registration and development - 5,458 251,508 General and administrative - - 40,967 Selling and marketing - 121,405 472,496 - 133,164 774,237 Other income (expense) Write-down of inventories - (109,941) (227,025) Write-down of equipment - (14,704) - Net loss from discontinued operations - (189,356) (678,661) The net cash flows attributable to the discontinued operations are as follows: Year ended December 31, 2020 2019 2018 $ $ $ Operating Activities Net loss from discontinued operations - (189,356) (678,661) Adjustment for the non-cash items: Amortization - 6,301 9,266 Write-down of inventories - 109,941 227,025 Write-down of equipment - 14,704 - Change in working capital items: Accounts receivable - 264,806 170,157 Prepaid expenses and deposits - - 5,438 Inventories - (7,442) (118,299) Accounts payable and accrued liabilities - (23,027) 70,917 - 175,927 (314,157) Investing Activities Purchase of equipment - - (5,000) Increase (Decrease) in Cash - 175,927 (319,157) |
18. RELATED PARTY TRANSACTIONS
18. RELATED PARTY TRANSACTIONS | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
18. RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS For the years ended December 31, 2020, 2019 and 2018, the Company recorded the following transactions with related parties: a) b) c) d) e) f) g) h) Related party transactions not otherwise described in the consolidated financial statements are shown below. The remuneration of the CompanyÂ’s directors and other members of key management, who have the authority and responsibility for planning, directing and controlling the activities of the Company, consist of the following: Year ended December 31, 2020 2019 2018 $ $ $ Consulting fees 120,000 218,936 - Management fees 270,000 175,000 150,000 Professional fees 120,000 89,000 37,440 Share-based compensation 58,158 41,383 289,008 568,159 524,319 476,448 As at December 31, 2020 and 2019, the following amounts due to related parties were included in accounts payable and accrued liabilities: Due to 2020 2019 $ $ President and former Chief Executive Officer - 134,339 Chief Executive Officer - 59,304 Company controlled by the CFO - 5,513 Officer of HealthTab Inc. - 122,500 Total - 321,656 |
19. CAPITAL DISCLOSURES
19. CAPITAL DISCLOSURES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
19. CAPITAL DISCLOSURES | 19. CAPITAL DISCLOSURES The Company includes shareholdersÂ’ equity in the definition of capital. The CompanyÂ’s objective when managing capital is to maintain sufficient cash resources to support its day-to-day operations. The availability of capital is solely through the issuance of the CompanyÂ’s common shares. The Company will not issue additional equity until such time when funds are needed and the market conditions become favorable to the Company. There are no assurances that funds will be made available to the Company when required. The Company makes every effort to safeguard its capital and minimize its dilution to its shareholders. The Company is not subject to any externally imposed capital requirements. There were no changes in the CompanyÂ’s approach to capital management during the year ended December 31, 2020. |
20. SEGMENTED INFORMATION
20. SEGMENTED INFORMATION | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
20. SEGMENTED INFORMATION | 20. SEGMENTED INFORMATION At December 31, 2020, the Company has only one segment, being the HealthTab - Point of Care Business in Canada. During the year ended December 31, 2019, the Company discontinued its over-the-counter (OTC) pharmaceutical products business (see Note 17). |
21. SUPPLEMENTAL CASH FLOW INFO
21. SUPPLEMENTAL CASH FLOW INFORMATION | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
21. SUPPLEMENTAL CASH FLOW INFORMATION | 21. SUPPLEMENTAL CASH FLOW INFORMATION During the year ended December 31, 2020, the Company: - - - During the year ended December 31, 2019 the Company: - - During the year ended December 31, 2018, the Company: - - - - - |
22. INCOME TAXES
22. INCOME TAXES | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
22. INCOME TAXES | 22. INCOME TAXES The following table reconciles the expected income tax expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Loss for the year $ (1,173,966) $ (2,105,608) $ (4,136,802) Expected income tax (recovery) $ (317,000) $ (569,000) $ (1,117,000) Change in statutory, foreign tax, foreign exchange rates and other (3,000) 25,000 (133,000) Permanent differences 35,000 24,000 103,000 Share issue cost (5,000) (5,000) (5,000) Adjustment to prior years provision versus statutory tax returns & expiry of non-capital losses 1,000 572,000 (9,000) Change in unrecognized deductible temporary differences 289,000 (47,000) 1,161,000 Total income tax expense (recovery) $ - $ - $ - The significant components of the CompanyÂ’s deferred tax assets and liabilities are as follows: 2020 2019 $ $ Deferred tax assets (liabilities) Share issue costs 8,000 4,000 Property and equipment 164,000 164,000 Intangible asset 157,000 157,000 Non-capital losses 5,301,000 5,016,000 Total 5,630,000 5,341,000 Unrecognized deferred tax assets (5,630,000) (5,341,000) Total income tax expense (recovery) - - The Company has approximately $19,633,000 in non-capital losses for Canadian tax purposes which begin expiring in 2026. |
23. FINANCIAL INSTRUMENTS AND F
23. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
23. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 23. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, loans payable and lease liabilities. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company’s activities. The Company has exposure to credit risk, liquidity risk and market risk as a result of its use of financial instruments. This note presents information about the Company’s exposure to each of the above risks and the Company’s objectives, policies and processes for measuring and managing these risks. Further quantitative disclosures are included throughout the consolidated financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Board has implemented and monitors compliance with risk management policies. a) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises primarily from the Company’s cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are held through a large Canadian financial institution. The cash equivalent is composed of a guaranteed investment certificate and is issued by a Canadian bank with high investment-grade ratings. The Company does not have financial assets that are invested in asset-backed commercial paper. The Company performs ongoing credit evaluations of its accounts receivable but does not require collateral. The Company establishes an allowance for doubtful accounts based on the credit risk applicable to particular customers and historical data. Approximately 45% of trade receivables are due from one customer at December 31, 2020 (2019 – 45% from one customer). b) Liquidity risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company’s reputation. Due to the ongoing COVID-19 pandemic, liquidity risk has been assessed as high. The Company monitors its spending plans, repayment obligations and cash resources, and takes actions with the objective of ensuring that there is sufficient capital in order to meet short-term business requirements. To facilitate its expenditure program, the Company raises funds primarily through public equity financing. The Company anticipates it will have adequate liquidity to fund its financial liabilities through future equity contributions, however, there can be no guarantees that sufficient funds will be raised. As at December 31, 2020, the Company’s liabilities were comprised of accounts payable and accrued liabilities, and loans payable of $1,154,131 (2019 - $673,850). c) Market risk Market risk for the Company consists of currency risk and interest rate risk. The objective of market risk management is to manage and control market risk exposure within acceptable limits, while maximizing returns. Currency risk Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. As all of the Company’s purchases and sales are denominated in Canadian dollars, and it has no significant cash balances denominated in foreign currencies, the Company is not exposed to foreign currency risk at this time. Interest rate risk Interest rate risk is the risk that fair values or future cash flows will fluctuate as a result of changes in market interest rates. In respect of financial assets, the Company’s policy is to invest cash at floating interest rates and cash reserves are to be maintained in cash equivalents in order to maintain liquidity, while achieving a satisfactory return for shareholders. The Company is not exposed to significant interest rate risk. The Company’s loans payable bear fixed interest rate. d) Fair value of financials instruments The fair values of financial assets and financial liabilities are determined as follows: Cash and cash equivalents are measured at fair value. For accounts receivable, accounts payable, and loans payable carrying amounts approximate fair value due to their short-term maturity; The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities and amounts resulting from direct arm’s length transactions. Cash and cash equivalents are valued using quoted market prices or from amounts resulting from direct arm’s length transactions. As a result, these financial assets have been included in Level 1 of the fair value hierarchy. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full contractual term. Derivatives are included in Level 2 of the fair value hierarchy as they are valued using price models. These models require a variety of inputs, including, but not limited to, contractual terms, market prices, forward price curves, yield curves and credit spreads. The Company’s lease liabilities are at this level. Level 3: Inputs for the asset or liability are not based on observable market data. Currently, the Company has no financial instruments at this level. |
24. SUBSEQUENT EVENTS
24. SUBSEQUENT EVENTS | 24 Months Ended |
Dec. 31, 2020 | |
Notes | |
24. SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS a) b) c) d) e) f) g) |
2. BASIS OF PRESENTATION_ a) St
2. BASIS OF PRESENTATION: a) Statement of Compliance and basis of presentation (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
a) Statement of Compliance and basis of presentation | a) Statement of Compliance and basis of presentation The consolidated financial statements for the year ended December 31, 2020 have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). |
2. BASIS OF PRESENTATION_ b) Ba
2. BASIS OF PRESENTATION: b) Basis of presentation (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
b) Basis of presentation | b) Basis of presentation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where applicable. The significant accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented. The consolidated financial statements are presented in Canadian dollars, which is also the CompanyÂ’s functional currency, unless other indicated. The preparation of consolidated financial statements in accordance with IFRS requires the CompanyÂ’s management to make estimates, judgments and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes to the consolidated financial statements. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3(l). Actual results might differ from these estimates. The CompanyÂ’s management reviews these estimates and underlying judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the year in which the estimates are revised. |
2. BASIS OF PRESENTATION_ c) Ba
2. BASIS OF PRESENTATION: c) Basis of consolidation (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
c) Basis of consolidation | c) Basis of consolidation Consolidated financial statements include the assets, liabilities and results of operations of all entities controlled by the Company. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the CompanyÂ’s the consolidated financial statements. Where control of an entity is obtained during a financial year, its results are included in the consolidated statements of operations and comprehensive loss from the date on which control commences. Where control of an entity ceases during a financial year, its results are included for that part of the year during which control exists. These consolidated financial statements include the accounts of the Company and its controlled wholly owned subsidiaries, Vanc Marine Pharmaceuticals Inc. and HealthTab Inc. |
3. SUMMARY OF SIGNIFICANT ACC_2
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a) Revenue recognition (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
a) Revenue recognition | a) Revenue recognition The Company’s revenues are generated from operating leases of the POC system and sale of testing panels. Revenue comprises the fair value of the consideration received or receivable and it is shown net of tax and discounts. The Company also earned revenue from the sale of over-the-counter pharmaceuticals (“OTC”), however, the Company discontinued this segment during the year ended December 31, 2019 (see Note 17). The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps: • • • • • Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset. The Company's arrangements with clients can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under IFRS 15, Revenue from Contracts with Customers. The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company's go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices. The Company generally receives payment from its clients after invoicing within the normal 28-day commercial terms. If a client is specifically identified as a credit risk, recognition of revenue is stopped except to the extent of fees that have already been collected. |
3. SUMMARY OF SIGNIFICANT ACC_3
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a) Leases (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
a) Leases | a) Leases A contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessorÂ’s identified asset for a period of time in exchange for consideration. The Company as a lessee A lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the lease liability. Key areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include: - - The Company as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. All other leases are classified as finance leases. Leases of the CompanyÂ’s POC systems to customers are classified are operating leases. Lease payments from operating leases are recognized as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized as an expense. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets subject to operating leases is in accordance with depreciation policy for the CompanyÂ’s equipment. |
3. SUMMARY OF SIGNIFICANT ACC_4
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: b) Foreign currency (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
b) Foreign currency | b) Foreign currency These consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the Company and its subsidiaries. Foreign currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the dates of the transactions. 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 profit or loss. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. |
3. SUMMARY OF SIGNIFICANT ACC_5
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: c) Cash equivalents (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
c) Cash equivalents | c) Cash equivalents Cash equivalents include short-term guaranteed investment certificates readily convertible into a known amount of cash, which is subject to insignificant change in value. |
3. SUMMARY OF SIGNIFICANT ACC_6
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: d) Intangible assets (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
d) Intangible assets | d) Intangible assets All intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets comprise of intellectual property, trademarks and web domains and distribution rights, which are amortized on a straight-line basis over 3 years. Amortization rates are reviewed annually to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets. |
3. SUMMARY OF SIGNIFICANT ACC_7
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: e) Share-based payments (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
e) Share-based payments | e) Share-based payments The Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share- based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. |
3. SUMMARY OF SIGNIFICANT ACC_8
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: f) Share capital (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
f) Share capital | f) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method. Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded in share capital, and any related amount recorded in warrants reserve is transferred to share capital. |
3. SUMMARY OF SIGNIFICANT ACC_9
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: h) Loss per share (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
h) Loss per share | h) Loss per share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Basic and diluted loss per share are the same for the periods presented. |
3. SUMMARY OF SIGNIFICANT AC_10
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: i) Income taxes (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
i) Income taxes | i) Income taxes Income tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
3. SUMMARY OF SIGNIFICANT AC_11
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: j) Financial Instruments (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
j) Financial Instruments | j) Financial Instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. The Company has classified its cash and cash equivalents as FVTPL and accounts receivable, accounts payable, loans payable and lease liabilities as amortized cost. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the profit or loss in the period in which they arise. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. The Company provides information about its financial instruments measured at fair value at one of three levels according to the relative reliability of the inputs used to estimate the fair value: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs) |
3. SUMMARY OF SIGNIFICANT AC_12
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: k) Impairment of equipment and intangible assets (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
k) Impairment of equipment and intangible assets | k) Impairment of equipment and intangible assets At the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are independent from other group assets. If any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount, the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications that impairment exists. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as income immediately. |
3. SUMMARY OF SIGNIFICANT AC_13
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: l) Significant accounting estimates and judgments (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
l) Significant accounting estimates and judgments | l) Significant accounting estimates and judgments Estimates Significant estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Inventory valuation The Company estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by regulatory changes or other market-driven changes that may reduce future selling prices. In determining net realizable value, the Company considers such factors as turnover, historical experience, expiry dates and shelf life of the products. A change to these assumptions could impact the CompanyÂ’s inventory valuation and gross margin. The Company attempts to sell products with short shelf life with significant rebates. Any unsold products with short shelf life and expired products are written-off. Share-based payments The Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest. The fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk free interest rate and dividend yield. Changes in these assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable measure of the fair value of the CompanyÂ’s options and warrants issued. Management must also make significant judgments or assessments as to how financial assets and liabilities are categorized. Judgements Significant judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Revenue recognition Revenue is recognized when the revenue recognition criteria expressed in the accounting policy stated above for Revenue Recognition have been met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple deliverables. Deferred tax assets Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full. Going concern The CompanyÂ’s management has made an assessment of the CompanyÂ’s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. The factors considered by management are disclosed in Note 1. |
3. SUMMARY OF SIGNIFICANT AC_14
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: m) Reclassifications (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
m) Reclassifications | m) Reclassifications Certain reclassifications have been made to the prior periodÂ’s consolidated financial statements to conform to the current periodÂ’s presentation on the consolidated statements of financial position, comprehensive loss and changes in equity. |
3. SUMMARY OF SIGNIFICANT AC_15
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: n) New accounting standards adopted (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
n) New accounting standards adopted | n) New accounting standards adopted In October 2018, the IASB issued amendments to IFRS 3, Business Combinations that narrowed and clarified the definition of a business. The amendments permit a simplified assessment of whether an acquired set of activities and assets is a group of assets rather than a business. The amendments are effective January 1, 2020 with earlier adoption permitted. The amendments apply to business combinations after the date of adoption. At January 1, 2020, the Company adopted this standard and there was no material impact on the Company's consolidated financial statements. In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments make minor changes to the definition of the term "material" and align the definition across all IFRS Standards. Materiality is used in making judgments related to the preparation of consolidated financial statements. The amendments are effective January 1, 2020 with earlier adoption permitted. At January 1, 2020, the Company adopted this standard and there was no material impact on the Company's consolidated financial statements. |
3. SUMMARY OF SIGNIFICANT AC_16
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: o) Accounting standards issued but not yet effective (Policies) | 24 Months Ended |
Dec. 31, 2020 | |
Policies | |
o) Accounting standards issued but not yet effective | o) Accounting standards issued but not yet effective There are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the CompanyÂ’s consolidated financial statements. |
1. NATURE OF OPERATIONS AND G_2
1. NATURE OF OPERATIONS AND GOING CONCERN: Schedule of Loss, Deficit and Working Capital (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Loss, Deficit and Working Capital | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 $ $ $ Deficit (28,507,985) (27,334,019) (25,228,411) Working capital (714,044) (465,454) 439,228 |
5. ACCOUNTS RECEIVABLE_ Schedul
5. ACCOUNTS RECEIVABLE: Schedule of Accounts Receivable (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Accounts Receivable | December 31, 2020 December 31, 2019 $ $ Trade receivables 9,800 12,375 GST receivable 2,128 3,099 11,928 15,474 |
8. RIGHT-OF-USE ASSET_ Schedule
8. RIGHT-OF-USE ASSET: Schedule of Right of Use Asset (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Right of Use Asset | Office Lease $ Cost Balance, December 31, 2018 - Recognized on adoption of IFRS 16 68,253 Additions - Balance, December 31, 2019 and 2020 68,253 Accumulated Amortization Balance, December 31, 2018 - Amortization 68,253 Balance, December 31, 2019 and 2020 68,253 Carrying value as at December 31, 2019 and 2020 - |
9. EQUIPMENT_ Schedule of Equip
9. EQUIPMENT: Schedule of Equipment (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Equipment | Office Furniture and Equipment Computer equipment and Systems Laboratory Equipment Leasehold Improvements Total $ $ $ $ $ Cost Balance, December 31, 2018 10,854 3,898 38,896 24,182 77,830 Write down (10,854) (3,898) (38,896) (24,182) (77,830) Balance, December 31, 2019 and 2020 - - - - - Accumulated Amortization Balance, December 31, 2018 4,381 2,552 29,409 20,483 56,825 Amortization 1,942 404 2,845 1,110 6,301 Write down (6,323) (2,956) (32,254) (21,593) (63,126) Balance, December 31, 2019 and 2020 - - - - - Carrying value As at December 31, 2019 and 2020 - - - - - |
10. INTANGIBLE ASSETS_ Schedule
10. INTANGIBLE ASSETS: Schedule of Intangible Assets (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Intangible Assets | HealthTab Corozon Emerald Total $ $ $ $ Cost Balance, December 31, 2018 1 1 510,878 510,880 Write down - - (510,877) (510,877) Balance, December 31, 2019 and 2020 1 1 1 3 Accumulated Amortization Balance, December 31, 2018 - - 85,147 85,147 Amortization - - 112,216 112,216 Write down - - (197,363) (197,363) Balance, December 31, 2019 and 2020 - - - - Carrying value As at December 31, 2019 and 2020 1 1 1 3 |
11. ACCOUNTS PAYABLE AND ACCR_2
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: Schedule of accounts payable and accrued costs (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of accounts payable and accrued costs | December 31, 2020 December 31, 2019 $ $ Trade accounts payable 126,569 625,460 Accrued liabilities 26,000 27,000 152,569 652,460 |
12. LEASE LIABILITIES_ Schedule
12. LEASE LIABILITIES: Schedule of Lease Liabilities (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Lease Liabilities | $ Balance, December 31, 2018 - Recognized on adoption of IFRS 16 68,253 Finance cost 5,144 Lease payments (52,007) Balance, December 31, 2019 21,390 Finance cost 726 Lease payments (22,116) Balance, December 31, 2020 - |
14. SHAREHOLDERS' EQUITY_ Sched
14. SHAREHOLDERS' EQUITY: Schedule of changes in share options (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of changes in share options | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Beginning Balance 5,241,072 $0.13 2,539,000 $0.24 2,420,000 $0.24 Options granted 1,730,000 $0.08 3,095,000 $0.06 665,000 $0.23 Expired/Cancelled (160,000) $0.07 (319,000) $0.22 (415,000) $0.24 Exercised (105,000) $0.05 (73,928) $0.28 (131,000) $0.22 Ending Balance 6,706,072 $0.08 5,241,072 $0.13 2,539,000 $0.24 Exercisable 6,706,072 $0.08 5,241,072 $0.13 2,536,500 $0.24 |
14. SHAREHOLDERS' EQUITY_ Sch_2
14. SHAREHOLDERS' EQUITY: Schedule of share options outstanding and exercisable (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of share options outstanding and exercisable | Exercise Price Expiry date Options Outstanding Exercisable $0.10 (1) July 20, 2022 150,000 150,000 $0.10 (1) September 27, 2022 150,000 150,000 $0.10 (1) November 20, 2022 150,000 150,000 $0.10 (2) December 8, 2022 1,151,072 1,151,072 $0.10 (3) March 27, 2023 200,000 200,000 $0.10 (4) April 11, 2023 150,000 150,000 $0.10 (5) September 12, 2023 140,000 140,000 $0.075 January 24, 2024 280,000 280,000 $0.08 February 28, 2024 140,000 140,000 $0.06 April 1, 2024 610,000 610,000 $0.05 October 1, 2024 1,855,000 1,855,000 $0.08 November 18, 2025 1,020,000 1,020,000 $0.08 December 8, 2025 710,000 710,000 6,706,072 6,706,072 |
14. SHAREHOLDERS' EQUITY_ Sch_3
14. SHAREHOLDERS' EQUITY: Schedule of Share-based payments for options granted (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Share-based payments for options granted | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Expected life 2 - 5 years 5 years 5 years Volatility 141% - 180% 110% - 143% 142% - 157% Dividend yield 0% 0% 0% Risk-free interest rate 0.23% - 0.47% 1.58% - 1.86% 2.03% - 2.24% |
14. SHAREHOLDERS' EQUITY_ Sch_4
14. SHAREHOLDERS' EQUITY: Schedule of changes in warrants (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of changes in warrants | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Beginning Balance 20,704,664 $0.24 13,852,264 $0.28 8,381,326 $0.20 Warrants issued 6,485,000 $0.15 6,852,400 $0.15 8,446,438 $0.33 Expired/Cancelled (8,446,438) $0.33 - - - - Exercised - - - - (2,975,500) $0.20 Outstanding 18,743,226 $0.16 20,704,664 $0.24 13,852,264 $0.28 |
14. SHAREHOLDERS' EQUITY_ Sch_5
14. SHAREHOLDERS' EQUITY: Schedule of warrants outstanding and exercisable (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of warrants outstanding and exercisable | Exercise Price Expiry date Warrants Outstanding $0.20 June 26, 2022 1,791,159 $0.20 August 3, 2022 742,667 $0.20 November 27, 2022 2,872,000 $0.15 November 19, 2021 3,060,000 $0.15 November 13, 2021 3,425,000 $0.15 August 13, 2021 6,852,400 18,743,226 |
15. MARKETING AND COMMUNICATI_2
15. MARKETING AND COMMUNICATIONS EXPENSES: Schedule of Selling and Marketing Expense (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Selling and Marketing Expense | Year ended December 31, 2020 2019 2018 $ $ $ Marketing and advertising 2,279 44,693 164,420 Shareholder communications 28,972 202,550 119,167 31,251 247,243 283,587 |
16. GENERAL AND ADMINISTRATIV_2
16. GENERAL AND ADMINISTRATIVE EXPENSES: Schedule of General and Administrative Expenses (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of General and Administrative Expenses | Year ended December 31, 2020 2019 2018 $ $ $ Bad debt 2,977 - - Bank service charges 5,910 5,916 3,969 Filing and registration fees 37,715 72,076 94,029 Foreign exchange 6,350 150 692 Insurance 38,283 33,557 18,147 Investor relations 1,265 1,990 9,974 Office maintenance 17,550 49,713 86,700 Payroll - - 68,417 Rent 5,268 15 50,336 Travel 5,259 35,420 45,426 120,577 198,837 377,690 |
17. DISCONTINUED OPERATIONS_ Sc
17. DISCONTINUED OPERATIONS: Schedule of Loss attributable to Discontinued Operations (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Loss attributable to Discontinued Operations | Year ended December 31, 2020 2019 2018 $ $ $ Sales - 129,776 812,666 Marketing, promotional activities - (27,842) (317,929) Net Revenue - 101,934 494,737 Cost of Sales - 33,481 172,136 Gross profit (loss) - 68,453 322,601 Expenses Amortization - 6,301 9,266 Product registration and development - 5,458 251,508 General and administrative - - 40,967 Selling and marketing - 121,405 472,496 - 133,164 774,237 Other income (expense) Write-down of inventories - (109,941) (227,025) Write-down of equipment - (14,704) - Net loss from discontinued operations - (189,356) (678,661) |
17. DISCONTINUED OPERATIONS_ _2
17. DISCONTINUED OPERATIONS: Schedule of Net Cash Flows attributable to Discontinued Operations (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Net Cash Flows attributable to Discontinued Operations | Year ended December 31, 2020 2019 2018 $ $ $ Operating Activities Net loss from discontinued operations - (189,356) (678,661) Adjustment for the non-cash items: Amortization - 6,301 9,266 Write-down of inventories - 109,941 227,025 Write-down of equipment - 14,704 - Change in working capital items: Accounts receivable - 264,806 170,157 Prepaid expenses and deposits - - 5,438 Inventories - (7,442) (118,299) Accounts payable and accrued liabilities - (23,027) 70,917 - 175,927 (314,157) Investing Activities Purchase of equipment - - (5,000) Increase (Decrease) in Cash - 175,927 (319,157) |
18. RELATED PARTY TRANSACTIONS_
18. RELATED PARTY TRANSACTIONS: Schedule of Related Party Transactions (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Related Party Transactions | Year ended December 31, 2020 2019 2018 $ $ $ Consulting fees 120,000 218,936 - Management fees 270,000 175,000 150,000 Professional fees 120,000 89,000 37,440 Share-based compensation 58,158 41,383 289,008 568,159 524,319 476,448 |
18. RELATED PARTY TRANSACTION_2
18. RELATED PARTY TRANSACTIONS: Schedule of amounts due to related parties included in accounts payable and accrued liabilities (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of amounts due to related parties included in accounts payable and accrued liabilities | Due to 2020 2019 $ $ President and former Chief Executive Officer - 134,339 Chief Executive Officer - 59,304 Company controlled by the CFO - 5,513 Officer of HealthTab Inc. - 122,500 Total - 321,656 |
22. INCOME TAXES_ Schedule of I
22. INCOME TAXES: Schedule of Income Tax Reconciliation (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Income Tax Reconciliation | 2020 2019 2018 Loss for the year $ (1,173,966) $ (2,105,608) $ (4,136,802) Expected income tax (recovery) $ (317,000) $ (569,000) $ (1,117,000) Change in statutory, foreign tax, foreign exchange rates and other (3,000) 25,000 (133,000) Permanent differences 35,000 24,000 103,000 Share issue cost (5,000) (5,000) (5,000) Adjustment to prior years provision versus statutory tax returns & expiry of non-capital losses 1,000 572,000 (9,000) Change in unrecognized deductible temporary differences 289,000 (47,000) 1,161,000 Total income tax expense (recovery) $ - $ - $ - |
22. INCOME TAXES_ Schedule of C
22. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 24 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | 2020 2019 $ $ Deferred tax assets (liabilities) Share issue costs 8,000 4,000 Property and equipment 164,000 164,000 Intangible asset 157,000 157,000 Non-capital losses 5,301,000 5,016,000 Total 5,630,000 5,341,000 Unrecognized deferred tax assets (5,630,000) (5,341,000) Total income tax expense (recovery) - - |
1. NATURE OF OPERATIONS AND G_3
1. NATURE OF OPERATIONS AND GOING CONCERN (Details) | 24 Months Ended |
Dec. 31, 2020 | |
Name of reporting entity or other means of identification | Avricore Health Inc. |
Legal form of entity | incorporated |
Domicile of entity | British Columbia |
Entity Incorporation, Date of Incorporation | May 30, 2000 |
Entity Address, Address Line One | 3500 – 1055 Dunsmuir Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V7X 1H7 |
Description of nature of entity's operations and principal activities | The Company is involved in the business of health data and point-of-care technologies (“POCT”) |
Registered Office | |
Entity Address, Address Line One | 700 – 1199 West Hastings Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6E 3T5 |
1. NATURE OF OPERATIONS AND G_4
1. NATURE OF OPERATIONS AND GOING CONCERN: Schedule of Loss, Deficit and Working Capital (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Details | |||
Deficit | $ (28,507,985) | $ (27,334,019) | $ (25,228,411) |
Working capital | $ (714,044) | $ (465,454) | $ 439,228 |
5. ACCOUNTS RECEIVABLE_ Sched_2
5. ACCOUNTS RECEIVABLE: Schedule of Accounts Receivable (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Trade receivables | $ 9,800 | $ 12,375 | |
GST receivable | 2,128 | 3,099 | |
Accounts receivable | [1] | $ 11,928 | $ 15,474 |
[1] | Note 5. |
6. PREPAID EXPENSES AND DEPOS_2
6. PREPAID EXPENSES AND DEPOSITS (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2018 |
Details | ||
Deposits for inventory purchases and prepaid expense to vendors | $ 103,967 | $ 152,704 |
Prepaid security deposit for office | 0 | 8,420 |
Prepaid business insurance | 9,477 | 5,999 |
Security Deposit | $ 12,000 | $ 12,000 |
8. RIGHT-OF-USE ASSET_ Schedu_2
8. RIGHT-OF-USE ASSET: Schedule of Right of Use Asset (Details) - Office Lease | 24 Months Ended |
Dec. 31, 2020CAD ($) | |
Right of Use Assets, Starting balance | $ 0 |
Right of Use Asset, Recognized on adoption of IFRS 16 | 68,253 |
Right of Use Asset, Additions | 0 |
Right of Use Assets, Ending balance | 68,253 |
Right of Use Asset Accumulated Amortization, Starting value | 0 |
Right of Use Asset Amortization | 68,253 |
Right of Use Asset Accumulated Amortization, Ending value | 68,253 |
Right of Use Asset, Carrying Value | $ 0 |
9. EQUIPMENT_ Schedule of Equ_2
9. EQUIPMENT: Schedule of Equipment (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Equipment, Gross | $ 77,830 |
Equipment Write down | (77,830) |
Equipment, Gross | 0 |
Accumulated Amortization | 56,825 |
Amortisation expense | 6,301 |
Amortization Write down | (63,126) |
Accumulated Amortization | 0 |
Office equipment | |
Equipment, Gross | 10,854 |
Equipment Write down | (10,854) |
Equipment, Gross | 0 |
Accumulated Amortization | 4,381 |
Amortisation expense | 1,942 |
Amortization Write down | (6,323) |
Accumulated Amortization | 0 |
Computer equipment | |
Equipment, Gross | 3,898 |
Equipment Write down | (3,898) |
Equipment, Gross | 0 |
Accumulated Amortization | 2,552 |
Amortisation expense | 404 |
Amortization Write down | (2,956) |
Accumulated Amortization | 0 |
Laboratory Equipment | |
Equipment, Gross | 38,896 |
Equipment Write down | (38,896) |
Equipment, Gross | 0 |
Accumulated Amortization | 29,409 |
Amortisation expense | 2,845 |
Amortization Write down | (32,254) |
Accumulated Amortization | 0 |
Leasehold Improvements | |
Equipment, Gross | 24,182 |
Equipment Write down | (24,182) |
Equipment, Gross | 0 |
Accumulated Amortization | 20,483 |
Amortisation expense | 1,110 |
Amortization Write down | (21,593) |
Accumulated Amortization | $ 0 |
10. INTANGIBLE ASSETS_ Schedu_2
10. INTANGIBLE ASSETS: Schedule of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
HealthTab | |
Intangible Assets, Gross, start of period | $ 1 |
Net Intangile Assets Write down | 0 |
Intangible Assets, Gross, end of period | 1 |
Intangible Assets, Accumulated Amortization, starting balance | 0 |
Intangible Assets, Amortization over period | 0 |
Intangible Assets Amortization Write down | 0 |
Intangible Assets, Accumulated Amortization, ending balance | 0 |
Corozon | |
Intangible Assets, Gross, start of period | 1 |
Net Intangile Assets Write down | 0 |
Intangible Assets, Gross, end of period | 1 |
Intangible Assets, Accumulated Amortization, starting balance | 0 |
Intangible Assets, Amortization over period | 0 |
Intangible Assets Amortization Write down | 0 |
Intangible Assets, Accumulated Amortization, ending balance | 0 |
Emerald | |
Intangible Assets, Gross, start of period | 510,878 |
Net Intangile Assets Write down | (510,877) |
Intangible Assets, Gross, end of period | 1 |
Intangible Assets, Accumulated Amortization, starting balance | 85,147 |
Intangible Assets, Amortization over period | 112,216 |
Intangible Assets Amortization Write down | (197,363) |
Intangible Assets, Accumulated Amortization, ending balance | 0 |
Intangible Assets, Gross, start of period | 510,880 |
Net Intangile Assets Write down | (510,877) |
Intangible Assets, Gross, end of period | 3 |
Intangible Assets, Accumulated Amortization, starting balance | 85,147 |
Intangible Assets, Amortization over period | 112,216 |
Intangible Assets Amortization Write down | (197,363) |
Intangible Assets, Accumulated Amortization, ending balance | $ 0 |
10. INTANGIBLE ASSETS (Details)
10. INTANGIBLE ASSETS (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Details | |
Impairment loss | $ 313,514 |
11. ACCOUNTS PAYABLE AND ACCR_3
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: Schedule of accounts payable and accrued costs (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Trade accounts payable | $ 126,569 | $ 625,460 | |
Accrued liabilities | 26,000 | 27,000 | |
Accounts payable and accrued liabilities | [1] | $ 152,569 | $ 652,460 |
[1] | Note 11. |
12. LEASE LIABILITIES_ Schedu_2
12. LEASE LIABILITIES: Schedule of Lease Liabilities (Details) - CAD ($) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Details | ||
Lease Liabilities, Starting balance | $ 0 | $ 0 |
Change in Lease Liabilities, Recognized on adoption of IFRS 16 | 68,253 | |
Change in Lease Liabilities, Finance cost | 5,144 | |
Change in Lease Liabilities, Lease payments | (52,007) | |
Lease Liabilities, Ending balance | $ 21,390 | 0 |
Lease liability - Finance cost | 726 | |
Lease liability - Lease payments | $ (22,116) |
13. LOANS PAYABLE (Details)
13. LOANS PAYABLE (Details) | 24 Months Ended |
Dec. 31, 2020CAD ($) | |
Debt Instrument #1 | |
Debt Instrument, Description | loan agreement |
Debt Instrument, Face Amount | $ 1,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Debt Instrument, Collateral | secured with all of the present and after-acquired property of the Company |
Debt Instrument, Payment Terms | Company has the right to repay all or any portion of the loan at any time without penalty |
Interest expense | $ 78,904 |
Accretion Expense | $ 64,158 |
Debt Instrument #2 | |
Debt Instrument, Description | Emergency Business Account loan |
Debt Instrument, Face Amount | $ 40,000 |
14. SHAREHOLDERS' EQUITY (Detai
14. SHAREHOLDERS' EQUITY (Details) | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2020CAD ($)shares | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($)shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019$ / sharesshares | ||
Number of shares issued | shares | 1,900,000 | 1,900,000 | ||||
Proceeds from issuance of shares, net | $ 626,000 | $ 637,070 | $ 780,836 | $ 47,500 | ||
Key management personnel compensation, share-based payment | 86,420 | $ 372,137 | $ 130,219 | |||
Weighted average remaining contractual life of outstanding share options | 1 year 11 days | |||||
Issue 1 | ||||||
Number of shares issued | shares | 6,260,000 | 6,260,000 | ||||
Proceeds from issuance of shares, net | $ 626,000 | |||||
Issue 2 | ||||||
Number of shares issued | shares | 5,477,965 | 5,477,965 | ||||
Proceeds from issuance of shares, net | $ 136,949 | |||||
Issue 3 | ||||||
Number of shares issued | shares | 105,000 | 105,000 | ||||
Proceeds from issuance of shares, net | $ 5,250 | |||||
Issue 4 | ||||||
Number of shares issued | shares | [1] | 2,000,000 | 2,000,000 | |||
Proceeds from issuance of shares, net | [1] | $ 100,000 | ||||
Issue 5 | ||||||
Number of shares issued | shares | [2] | 3,480,000 | 3,480,000 | |||
Proceeds from issuance of shares, net | [2] | $ 52,200 | ||||
Issue 6 | ||||||
Number of shares issued | shares | [1] | 1,111,110 | ||||
Proceeds from issuance of shares, net | [1] | 100,000 | ||||
Issue 7 | ||||||
Number of shares issued | shares | 73,928 | |||||
Proceeds from issuance of shares, net | 20,701 | |||||
Issue 8 | ||||||
Number of shares issued | shares | 125,081 | |||||
Proceeds from issuance of shares, net | 11,167 | |||||
Issue 9 | ||||||
Number of shares issued | shares | 4,206,435 | |||||
Proceeds from issuance of shares, net | 294,450 | |||||
Issue 10 | ||||||
Number of shares issued | shares | 6,852,400 | |||||
Proceeds from issuance of shares, net | $ 342,620 | |||||
Par value per share | $ / shares | $ 0.05 | |||||
Issue 11 | ||||||
Number of shares issued | shares | 2,666,667 | |||||
Proceeds from issuance of shares, net | $ 773,733 | |||||
Issue 12 | ||||||
Number of shares issued | shares | 909,090 | |||||
Proceeds from issuance of shares, net | $ 181,818 | |||||
Issue 13 | ||||||
Number of shares issued | shares | 233,450 | |||||
Proceeds from issuance of shares, net | $ 43,915 | |||||
Issue 14 | ||||||
Number of shares issued | shares | 5,327,335 | |||||
Proceeds from issuance of shares, net | $ 799,100 | |||||
Issue 15 | ||||||
Number of shares issued | shares | 131,000 | |||||
Proceeds from issuance of shares, net | $ 28,820 | |||||
Issue 16 | ||||||
Number of shares issued | shares | 2,975,500 | |||||
Proceeds from issuance of shares, net | $ 595,100 | |||||
Issue 17 | ||||||
Number of shares issued | shares | 3,030,330 | |||||
Proceeds from issuance of shares, net | $ 510,878 | |||||
Share-based payments for options granted | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black-Scholes option pricing model | |||||
[1] | Note 4. | |||||
[2] | Note 13. |
14. SHAREHOLDERS' EQUITY_ Sch_6
14. SHAREHOLDERS' EQUITY: Schedule of changes in share options (Details) - Share options including those granted to directors, officers, employees and consultants - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 5,241,072 | 2,539,000 | 2,420,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.13 | $ 0.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,730,000 | 3,095,000 | 665,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.08 | $ 0.06 | $ 0.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (160,000) | (319,000) | (415,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0.07 | $ 0.22 | $ 0.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (105,000) | (73,928) | (131,000) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0.05 | $ 0.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 6,706,072 | 5,241,072 | 2,539,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.08 | $ 0.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,706,072 | 5,241,072 | 2,536,500 |
Weighted Average Exercise price at end of period | $ 0.08 | $ 0.13 |
14. SHAREHOLDERS' EQUITY_ Sch_7
14. SHAREHOLDERS' EQUITY: Schedule of share options outstanding and exercisable (Details) | 24 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Share Option 1 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [1] |
Share Options, Expiry Date | Jul. 20, 2022 | |
Share Options, Outstanding | 150,000 | |
Share Options, Exercisable | 150,000 | |
Share Option 2 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [1] |
Share Options, Expiry Date | Sep. 27, 2022 | |
Share Options, Outstanding | 150,000 | |
Share Options, Exercisable | 150,000 | |
Share Option 3 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [1] |
Share Options, Expiry Date | Nov. 20, 2022 | |
Share Options, Outstanding | 150,000 | |
Share Options, Exercisable | 150,000 | |
Share Option 4 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [2] |
Share Options, Expiry Date | Dec. 8, 2022 | |
Share Options, Outstanding | 1,151,072 | |
Share Options, Exercisable | 1,151,072 | |
Share Option 5 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [3] |
Share Options, Expiry Date | Mar. 27, 2023 | |
Share Options, Outstanding | 200,000 | |
Share Options, Exercisable | 200,000 | |
Share Option 6 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [4] |
Share Options, Expiry Date | Apr. 11, 2023 | |
Share Options, Outstanding | 150,000 | |
Share Options, Exercisable | 150,000 | |
Share Option 7 | ||
Share Options, Exercise Price | $ / shares | $ 0.10 | [5] |
Share Options, Expiry Date | Sep. 12, 2023 | |
Share Options, Outstanding | 140,000 | |
Share Options, Exercisable | 140,000 | |
Share Option 8 | ||
Share Options, Exercise Price | $ / shares | $ 0.075 | |
Share Options, Expiry Date | Jan. 24, 2024 | |
Share Options, Outstanding | 280,000 | |
Share Options, Exercisable | 280,000 | |
Share Option 9 | ||
Share Options, Exercise Price | $ / shares | $ 0.08 | |
Share Options, Expiry Date | Feb. 28, 2024 | |
Share Options, Outstanding | 140,000 | |
Share Options, Exercisable | 140,000 | |
Share Option 10 | ||
Share Options, Exercise Price | $ / shares | $ 0.06 | |
Share Options, Expiry Date | Apr. 1, 2024 | |
Share Options, Outstanding | 610,000 | |
Share Options, Exercisable | 610,000 | |
Share Option 11 | ||
Share Options, Exercise Price | $ / shares | $ 0.05 | |
Share Options, Expiry Date | Oct. 1, 2024 | |
Share Options, Outstanding | 1,855,000 | |
Share Options, Exercisable | 1,855,000 | |
Share Option 12 | ||
Share Options, Exercise Price | $ / shares | $ 0.08 | |
Share Options, Expiry Date | Nov. 18, 2025 | |
Share Options, Outstanding | 1,020,000 | |
Share Options, Exercisable | 1,020,000 | |
Share Option 13 | ||
Share Options, Exercise Price | $ / shares | $ 0.08 | |
Share Options, Expiry Date | Dec. 8, 2025 | |
Share Options, Outstanding | 710,000 | |
Share Options, Exercisable | 710,000 | |
Share Options | ||
Share Options, Outstanding | 6,706,072 | |
Share Options, Exercisable | 6,706,072 | |
[1] | Options repriced from $0.15 to $0.10 during the year ended December 31, 2020 | |
[2] | Options repriced from $0.28 to $0.10 during the year ended December 31, 2020 | |
[3] | Options repriced from $0.24 to $0.10 during the year ended December 31, 2020 | |
[4] | Options repriced from $0.21 to $0.10 during the year ended December 31, 2020 | |
[5] | Options repriced from $0.125 to $0.10 during the year ended December 31, 2020 |
14. SHAREHOLDERS' EQUITY_ Sch_8
14. SHAREHOLDERS' EQUITY: Schedule of Share-based payments for options granted (Details) - Share-based payments for options granted | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Bottom of range | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 141.00% | 110.00% | 142.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.23% | 1.58% | 2.03% |
Top of range | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 180.00% | 143.00% | 157.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.47% | 1.86% | 2.24% |
14. SHAREHOLDERS' EQUITY_ Sch_9
14. SHAREHOLDERS' EQUITY: Schedule of changes in warrants (Details) - Warrants entitling the holders to acquire common shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 20,704,664 | 13,852,264 | 8,381,326 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.24 | $ 0.28 | $ 0.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,485,000 | 6,852,400 | 8,446,438 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.15 | $ 0.15 | $ 0.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (8,446,438) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0.33 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 8,446,438 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | (2,975,500) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 18,743,226 | 20,704,664 | 13,852,264 |
Weighted Average Exercise price at end of period | $ 0.16 | $ 0.24 | $ 0.28 |
14. SHAREHOLDERS' EQUITY_ Sc_10
14. SHAREHOLDERS' EQUITY: Schedule of warrants outstanding and exercisable (Details) | 24 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Warrant 1 | |
Warrant Exercise Price | $ / shares | $ 0.20 |
Warrant Expiry Date | Jun. 26, 2022 |
Warrants outstanding | 1,791,159 |
Warrant 2 | |
Warrant Exercise Price | $ / shares | $ 0.20 |
Warrant Expiry Date | Aug. 3, 2022 |
Warrants outstanding | 742,667 |
Warrant 3 | |
Warrant Exercise Price | $ / shares | $ 0.20 |
Warrant Expiry Date | Nov. 27, 2022 |
Warrants outstanding | 2,872,000 |
Warrant 4 | |
Warrant Exercise Price | $ / shares | $ 0.15 |
Warrant Expiry Date | Nov. 19, 2021 |
Warrants outstanding | 3,060,000 |
Warrant 5 | |
Warrant Exercise Price | $ / shares | $ 0.15 |
Warrant Expiry Date | Nov. 13, 2021 |
Warrants outstanding | 3,425,000 |
Warrant 6 | |
Warrant Exercise Price | $ / shares | $ 0.15 |
Warrant Expiry Date | Aug. 13, 2021 |
Warrants outstanding | 6,852,400 |
Warrants | |
Warrants outstanding | 18,743,226 |
15. MARKETING AND COMMUNICATI_3
15. MARKETING AND COMMUNICATIONS EXPENSES: Schedule of Selling and Marketing Expense (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Details | ||||
Marketing and advertising | $ 2,279 | $ 44,693 | $ 164,420 | |
Shareholder communications | 28,972 | 202,550 | 119,167 | |
Marketing and communications | [1] | $ 31,251 | $ 247,243 | $ 283,587 |
[1] | Note 15. |
16. GENERAL AND ADMINISTRATIV_3
16. GENERAL AND ADMINISTRATIVE EXPENSES: Schedule of General and Administrative Expenses (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Details | ||||
Bad debt | $ 2,977 | $ 0 | $ 0 | |
Bank service charges | 5,910 | 5,916 | 3,969 | |
Filing and registration fees | 37,715 | 72,076 | 94,029 | |
Foreign exchange | 6,350 | 150 | 692 | |
Insurance | 38,283 | 33,557 | 18,147 | |
Investor relations | 1,265 | 1,990 | 9,974 | |
Office maintenance | 17,550 | 49,713 | 86,700 | |
Payroll | 0 | 0 | 68,417 | |
Rent | 5,268 | 15 | 50,336 | |
Travel | 5,259 | 35,420 | 45,426 | |
General and administrative | [1] | $ 120,577 | $ 198,837 | $ 377,690 |
[1] | Note 16. |
17. DISCONTINUED OPERATIONS_ _3
17. DISCONTINUED OPERATIONS: Schedule of Loss attributable to Discontinued Operations (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Details | ||||
Discontinued Operations - Sales | $ 0 | $ 129,776 | $ 812,666 | |
Discontinued Operations - Marketing, promotional activities | 0 | (27,842) | (317,929) | |
Discontinued Operations - Net Revenue | 0 | 101,934 | 494,737 | |
Discontinued Operations - Cost of Sales | 0 | 33,481 | 172,136 | |
Discontinued Operations - Gross profit (loss) | 0 | 68,453 | 322,601 | |
Expenses | ||||
Discontinued Operations - Amortization | 0 | 6,301 | 9,266 | |
Discontinued Operations - Product registration and development | 0 | 5,458 | 251,508 | |
Discontinued Operations - General and administrative | 0 | 0 | 40,967 | |
Discontinued Operations - Selling and marketing | 0 | 121,405 | 472,496 | |
Discontinued Operations - Expenses | 0 | 133,164 | 774,237 | |
Other income (expense) | ||||
Discontinued Operations - Write-down of inventories | 0 | (109,941) | (227,025) | |
Discontinued Operations - Write-down of equipment | 0 | (14,704) | 0 | |
Loss from discontinued operations | [1] | $ 0 | $ (189,356) | $ (678,661) |
[1] | Note 17. |
17. DISCONTINUED OPERATIONS_ _4
17. DISCONTINUED OPERATIONS: Schedule of Net Cash Flows attributable to Discontinued Operations (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Discontinued Operations - Net loss from discontinued operations | $ 0 | $ (189,356) | $ (678,661) |
Adjustments to reconcile profit (loss) | |||
Discontinued Operations - Amortization | 0 | 6,301 | 9,266 |
Discontinued Operations - Write-down of inventories | 0 | 109,941 | 227,025 |
Discontinued Operations - Write-down of equipment | 0 | 14,704 | 0 |
Changes in Non-Cash Working Capital Items | |||
Discontinued Operations - Accounts receivable | 0 | 264,806 | 170,157 |
Discontinued Operations - Prepaid expenses and deposits | 0 | 0 | 5,438 |
Discontinued Operations - Inventories | 0 | (7,442) | (118,299) |
Discontinued Operations - Accounts payable and accrued liabilities | 0 | (23,027) | 70,917 |
Discontinued Operations - Operating Activities | 0 | 175,927 | (314,157) |
Investing Activities | |||
Discontinued Operations - Purchase of equipment | 0 | 0 | (5,000) |
Discontinued Operations - Increase (Decrease) in Cash | $ 0 | $ 175,927 | $ (319,157) |
18. RELATED PARTY TRANSACTIONS
18. RELATED PARTY TRANSACTIONS (Details) - CAD ($) | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | ||
Professional fees | [1] | $ 159,593 | $ 219,948 | $ 268,621 | |
Number of shares issued | 1,900,000 | 1,900,000 | |||
Proceeds from issuance of shares, net | $ 626,000 | 637,070 | 780,836 | $ 47,500 | |
Chief Executive Officer and former Executive Vice President of the Company | |||||
Management Fee Expense | 150,000 | 31,250 | 0 | ||
Chief Executive Officer and former Executive Vice President | |||||
Professional fees | 0 | 45,000 | 0 | ||
Former President and Chief Executive Officer of the Company | |||||
Management Fee Expense | 120,000 | 143,750 | 150,000 | ||
A company controlled by the Chief Financial Officer of the Company | |||||
Professional fees | 120,000 | 75,000 | 0 | ||
An officer of the Company's subsidiary, HealthTab Inc | |||||
Professional fees | 120,000 | 126,667 | 0 | ||
A Company of which a former Chief Financial Officer and former Corporate Secretary of the Company are employees | |||||
Professional fees | 0 | 47,270 | 0 | ||
A Company controlled by a former Chief Financial Officer | |||||
Professional fees | $ 0 | $ 14,000 | $ 37,440 | ||
[1] | Note 18. |
18. RELATED PARTY TRANSACTION_3
18. RELATED PARTY TRANSACTIONS: Schedule of Related Party Transactions (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details | |||
Consulting fees | $ 120,000 | $ 218,936 | $ 0 |
Management and consulting fees | 270,000 | 175,000 | 150,000 |
Professional fees | 120,000 | 89,000 | 37,440 |
Share-based compensation | 58,158 | 41,383 | 289,008 |
Related Party Expenses | $ 568,159 | $ 524,319 | $ 476,448 |
18. RELATED PARTY TRANSACTION_4
18. RELATED PARTY TRANSACTIONS: Schedule of amounts due to related parties included in accounts payable and accrued liabilities (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2018 |
Due to | $ 0 | $ 321,656 |
President and former Chief Executive Officer | ||
Due to | 0 | 134,339 |
Chief Executive Officer | ||
Due to | 0 | 59,304 |
Company controlled by the CFO | ||
Due to | 0 | 5,513 |
Officer of HealthTab Inc | ||
Due to | $ 0 | $ 122,500 |
20. SEGMENTED INFORMATION (Deta
20. SEGMENTED INFORMATION (Details) | 24 Months Ended |
Dec. 31, 2020 | |
Details | |
Number of Operating Segments | 1 |
21. SUPPLEMENTAL CASH FLOW IN_2
21. SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Supplemental Cash Flow Information - 1 | ||||
Shares, Issued | [1] | 2,000,000 | ||
Stock Issued | [1] | $ 100,000 | ||
Supplemental Cash Flow Information - 2 | ||||
Shares, Issued | [2] | 3,480,000 | ||
Stock Issued | [2] | $ 52,200 | ||
Supplemental Cash Flow Information - 3 | ||||
Shares, Issued | 5,477,965 | |||
Stock Issued | $ 136,949 | |||
Supplemental Cash Flow Information - 4 | ||||
Shares, Issued | [3] | 1,111,110 | ||
Stock Issued | [3] | $ 100,000 | ||
Supplemental Cash Flow Information - 5 | ||||
Shares, Issued | 125,081 | |||
Stock Issued | $ 11,167 | |||
Supplemental Cash Flow Information - 6 | ||||
Warrants issued | 3,030,303 | |||
Warrants issued, fair value | $ 51,878 | |||
Supplemental Cash Flow Information - 7 | ||||
Shares, Issued | [3] | 2,666,667 | ||
Stock Issued | [3] | $ 773,333 | ||
Supplemental Cash Flow Information - 8 | ||||
Shares, Issued | [4] | 909,090 | ||
Stock Issued | [4] | $ 181,818 | ||
Supplemental Cash Flow Information - 9 | ||||
Shares, Issued | 233,450 | |||
Stock Issued | $ 43,915 | |||
Supplemental Cash Flow Information - 10 | ||||
Warrants issued | [5] | 88,800 | ||
Warrants issued, fair value | [5] | $ 9,332 | ||
[1] | see Notes 4 and 14 | |||
[2] | see Note 13 | |||
[3] | related to the acquisition of HealthTab (Notes 4 and 14) | |||
[4] | related to the acquisition of the Corozon Platform (Note 14) | |||
[5] | Note 14 |
22. INCOME TAXES_ Schedule of_2
22. INCOME TAXES: Schedule of Income Tax Reconciliation (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details | |||
Net loss and comprehensive loss for the year | $ (1,173,966) | $ (2,105,608) | $ (4,136,802) |
Expected income tax (recovery) | (317,000) | (569,000) | (1,117,000) |
Change in statutory, foreign tax, foreign exchange rates and other | (3,000) | 25,000 | (133,000) |
Permanent differences | 35,000 | 24,000 | 103,000 |
Share issue costs | (5,000) | (5,000) | (5,000) |
Adjustment to prior years provision versus statutory tax returns & expiry of non-capital losses | 1,000 | 572,000 | (9,000) |
Change in unrecognized deductible temporary differences | 289,000 | (47,000) | 1,161,000 |
Total income tax expense (recovery) | $ 0 | $ 0 | $ 0 |
22. INCOME TAXES_ Schedule of_3
22. INCOME TAXES: Schedule of Components of Income Tax Expense (Benefit) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2018 |
Details | ||
Share issue costs | $ 8,000 | $ 4,000 |
Property and equipment | 164,000 | 164,000 |
Intangible asset | 157,000 | 157,000 |
Non-capital losses | 5,301,000 | 5,016,000 |
Total | 5,630,000 | 5,341,000 |
Unrecognized deferred tax assets | (5,630,000) | (5,341,000) |
Total income tax expense (recovery) | $ 0 | $ 0 |
23. FINANCIAL INSTRUMENTS AND_2
23. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2018 |
Details | ||
Trade and other payables | $ 1,154,131 | $ 673,850 |
24. SUBSEQUENT EVENTS (Details)
24. SUBSEQUENT EVENTS (Details) | 24 Months Ended | |
Dec. 31, 2020CAD ($)shares | ||
Event 1 | ||
Subsequent Event, Date | Jan. 28, 2021 | |
Description of nature of non-adjusting event after reporting period | Company closed the final tranche of a non-brokered private placement | |
Shares, Issued | 8,740,000 | |
Stock Issued | $ | $ 874,000 | |
Event 2 | ||
Subsequent Event, Date | Jan. 28, 2021 | |
Description of nature of non-adjusting event after reporting period | Company granted 150,000 stock options to a consultant | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 150,000 | |
Event 3 | ||
Subsequent Event, Date | Feb. 12, 2021 | |
Description of nature of non-adjusting event after reporting period | Company completed a non-brokered private placement | |
Shares, Issued | 7,000,000 | |
Stock Issued | $ | $ 1,540,000 | |
Event 4 | ||
Description of nature of non-adjusting event after reporting period | Company issued 7,201,160 common shares upon exercise of warrants | |
Shares, Issued | 7,201,160 | |
Stock Issued | $ | $ 1,225,112 | |
Event 5 | ||
Description of nature of non-adjusting event after reporting period | Company issued 590,000 common shares upon exercise of stock options | |
Shares, Issued | 590,000 | |
Stock Issued | $ | $ 42,550 | |
Event 6 | ||
Subsequent Event, Date | Mar. 22, 2021 | |
Description of nature of non-adjusting event after reporting period | Company granted 1,800,000 stock options to the directors, officers and consultants of the Company | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,800,000 | |
Event 7 | ||
Description of nature of non-adjusting event after reporting period | Company repaid the $1,000,000 secured loan | [1] |
[1] | see Note 13 |