Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Entity Registrant Name | NEULION, INC. | |
Entity Central Index Key | 1,387,713 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 282,246,151 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current | ||
Cash and cash equivalents | $ 61,516 | $ 53,413 |
Accounts receivable, net of allowance of doubtful accounts of $550 and $688 | 11,363 | 12,967 |
Other receivables | 849 | 604 |
Inventory | 181 | 199 |
Prepaid expenses and deposits | 2,878 | 2,928 |
Due from related parties | 306 | 304 |
Total current assets | 77,093 | 70,415 |
Property, plant and equipment, net | 6,868 | 6,585 |
Intangible assets, net | 22,254 | 23,627 |
Goodwill | 11,496 | 11,496 |
Deferred tax assets | 29,946 | 30,614 |
Other assets | 1,195 | 1,413 |
Total assets | 148,852 | 144,150 |
Current | ||
Accounts payable | 9,558 | 10,006 |
Accrued liabilities | 10,345 | 10,230 |
Due to related parties | 2 | 18 |
Deferred revenue | 13,676 | 11,570 |
Total current liabilities | 33,581 | 31,824 |
Long-term deferred revenue | 1,572 | 1,067 |
Deferred rent liabilities | 1,554 | 1,649 |
Deferred tax liabilities | 1,093 | 1,425 |
Other long-term liabilities | 114 | 127 |
Total liabilities | 37,914 | 36,092 |
Stockholders' equity | ||
Common stock (par value: $0.01; shares authorized: 300,000,000; shares issued and outstanding: 2016: 282,243,652 and 2015: 280,903,667) | 2,822 | 2,809 |
Additional paid-in capital | 168,490 | 167,705 |
Promissory notes receivable | (209) | (209) |
Accumulated deficit | (60,165) | (62,247) |
Total stockholders' equity | 110,938 | 108,058 |
Total liabilities and stockholders' equity | $ 148,852 | $ 144,150 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 550 | $ 688 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 282,243,652 | 280,903,667 |
Common stock, shares outstanding | 282,243,652 | 280,903,667 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Revenue | $ 26,293 | $ 21,675 |
Costs and expenses | ||
Cost of revenue, exclusive of depreciation and amortization shown separately below | 4,654 | 4,326 |
Selling, general and administrative, including stock-based compensation | 11,905 | 9,914 |
Research and development | 4,354 | 5,316 |
Depreciation and amortization | 1,974 | 1,527 |
Costs and expenses | 22,887 | 21,083 |
Operating income | 3,406 | 592 |
Other income (expense) | ||
Gain (loss) on foreign exchange | 294 | (191) |
Investment income, net | $ 33 | 95 |
Interest on convertible note, including amortization of debt discount | (326) | |
Gain on conversion of convertible note and revaluation of related derivative, net | 207 | |
Other income (expense) | $ 327 | (215) |
Net and comprehensive income before income taxes | 3,733 | 377 |
Income tax expense | (1,651) | (886) |
Net and comprehensive income (loss) | $ 2,082 | $ (509) |
Net income (loss) per weighted average number of shares of common stock outstanding - basic | $ 0.01 | $ 0 |
Weighted average number of shares of common stock outstanding - basic | 281,827,663 | 202,910,903 |
Net income (loss) per weighted average number of shares of common stock outstanding - diluted | $ 0.01 | $ 0 |
Weighted average number of shares of common stock outstanding - diluted | 294,537,707 | 202,910,903 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common stock [Member] | Additional paid-in capital [Member] | Promissory notes [Member] | Accumulated deficit [Member] | Total |
Balance at Dec. 31, 2015 | $ 2,809 | $ 167,705 | $ (209) | $ (62,247) | $ 108,058 |
Balance, shares at Dec. 31, 2015 | 280,903,667 | 280,903,667 | |||
Exercise of stock options | $ 2 | 42 | $ 44 | ||
Exercise of stock options, shares | 201,985 | ||||
Stock-based compensation: | |||||
Stock options | 373 | 373 | |||
Restricted stock | $ 11 | 322 | 333 | ||
Restricted stock, shares | 1,138,000 | ||||
Directors compensation | $ 48 | 48 | |||
Net income | $ 2,082 | 2,082 | |||
Balance at Mar. 31, 2016 | $ 2,822 | $ 168,490 | $ (209) | $ (60,165) | $ 110,938 |
Balance, shares at Mar. 31, 2016 | 282,243,652 | 282,243,652 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 2,082 | $ (509) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,974 | 1,527 |
Stock-based compensation | $ 754 | 327 |
Amortization of debt discount | 60 | |
Gain on revaluation of convertible note derivative | (207) | |
Income tax expense | $ 750 | 795 |
Changes in operating assets and liabilities, net of acquisitions | ||
Accounts receivable | $ 1,604 | 548 |
Income tax receivable | 3,597 | |
Other receivables | $ (352) | (230) |
Inventory | 18 | 36 |
Prepaid expenses, deposits and other assets | 268 | 444 |
Due from related parties | (2) | (170) |
Accounts payable | (448) | (3,141) |
Accrued liabilities | (192) | (2,466) |
Deferred revenue | 2,611 | (1,163) |
Deferred rent liability | (95) | 18 |
Long-term liabilities | (13) | (21) |
Due to related parties | (16) | 10 |
Cash provided (used in) by operating activities | $ 8,943 | (545) |
INVESTING ACTIVITIES | ||
Cash acquired from acquisition of DivX Corporation | 9,718 | |
Purchase of property, plant and equipment | $ (884) | (314) |
Cash (used in) provided byinvesting activities | (884) | 9,404 |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | $ 44 | 450 |
Proceeds from exercise of broker units | 18 | |
Cash provided by financing activities | $ 44 | 468 |
Net increase in cash and cash equivalents, during the period | 8,103 | 9,327 |
Cash and cash equivalents, beginning of period | 53,413 | 25,898 |
Cash and cash equivalents, end of period | 61,516 | 35,225 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $ 916 | 91 |
Supplemental disclosure of non-cash activities: | ||
Par value of shares of common stock issued upon exercise of cashless warrants | 19 | |
Accretion of issuance costs on Class 4 Preference Shares | 8 | |
Issuance of shares of common stock upon acquisition of DivX Corporation | 31,905 | |
Issuance of convertible note upon acquisition of DivX Corporation | $ 27,000 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2016 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. Nature of Operations NeuLion, Inc. (“NeuLion” or the “Company”) is a leading provider of digital video solutions and services with the mission to deliver and enable the highest quality on-demand and live digital content experiences anywhere and on any device. The NeuLion Digital Platform is a proprietary, cloud-based, fully-integrated, turnkey solution that enables the distribution and monetization of digital video content. Through the Company’s comprehensive solution suite, including the NeuLion Digital Platform, the DivX video viewing solution and the MainConcept advanced media processing products, NeuLion serves enterprise customers throughout the digital video ecosystem. The Company is headquartered in Plainview, New York and was domesticated under Delaware law on November 30, 2010. The Company’s common stock is listed on the Toronto Stock Exchange (“TSX”) under the symbol NLN. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies The Company’s accounting policies are consistent with those presented in its annual consolidated financial statements as at December 31, 2015. These interim unaudited condensed consolidated financial statements do not include all footnote disclosures required by U.S. generally accepted accounting principles (“GAAP”) for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2015, as they appear in the Company’s Annual Report on Form 10-K. These financial statements are prepared in conformity with U.S. GAAP, which requires management to make certain estimates that affect the reported amounts in the interim unaudited condensed consolidated financial statements, and the disclosures made in the accompanying notes. Despite the Company’s intention to establish accurate estimates and use reasonable assumptions, actual results may differ from these estimates. All significant intercompany transactions and accounts have been eliminated on consolidation. In the opinion of management, these interim unaudited condensed consolidated financial statements contain all of the adjustments of a normal and recurring nature necessary to present fairly the Company’s financial position as at March 31, 2016 and December 31, 2015 and the results of operations and cash flows for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire year. The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the interim unaudited condensed consolidated financial statements. As of March 31, 2016, the Company’s significant accounting policies and estimates, which are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, since that date have not changed. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on revenue recognition. This guidance provided that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also required more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance was to be effective for interim and annual reporting periods beginning after December 15, 2016 and was required to be applied retrospectively or modified retrospectively. Early adoption was not permitted. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for the Company beginning in the first quarter of 2018. Early adoption is now permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the impact of this guidance on its operations and therefore have not yet determined the impact the adoption of this guidance will have on its financial position, results of operations or cash flows. In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for periods beginning after December 15, 2015, including interim periods within those fiscal years. The new guidance must be applied prospectively to adjustments to provisional amounts that occur after the effective date of the ASU, with early adoption permitted. The adoption of this standard did not have a material effect on the Company’s financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Income Taxes” (ASU 2015-17), which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments. For public business entities, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. If an entity applies the guidance prospectively, the entity should disclose in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted. If an entity applies the guidance retrospectively, the entity should disclose in the first interim and first annual period of change the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. The Company adopted this guidance on a prospective basis effective October 1, 2015. In February 2016, the FASB issued new accounting guidance on leases. The guidance, which is effective January 1, 2019, with early adoption permitted, requires virtually all leases to be recognized on the Consolidated Balance Sheets and requires retrospective presentation. The Company is currently evaluating the impact this guidance will have on its financial position, results of operations and cash flows, among other items. In March 2016, the FASB issued ASU 2016-09, “ Reclassification of Comparative Amounts Certain items previously reported have been reclassified to conform to the current period’s reporting format. |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination | 3. Business Combination On January 30, 2015, the Company completed the acquisition of 100% of the outstanding securities of DivX Corporation (“DivX”) for total consideration of $59,018. The Company also assumed an earn-out liability based on the achievement of certain revenue milestones over the three-year period following March 31, 2014. On January 30, 2015, management valued the earn-out liability at zero due to the historical performance and forecast of DivX. On closing, the Company issued 35,890,216 shares of common stock of the Company valued at $31,905 on the issuance date and a $27,000 two-year convertible promissory note (the “Note”). At the Company’s Annual Meeting of Stockholders on June 4, 2015, the Company’s stockholders approved the conversion of the Note. Upon such approval, the Note principal of $27,000 automatically converted into 25,840,956 shares of common stock. The acquisition was accounted for using the purchase method of accounting in accordance with Accounting Standards Codification 805 — Business Combinations . Accordingly, the results of operations of DivX have been included in the accompanying consolidated financial statements since the date of the acquisition. The purchase price has been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of the acquisition and are based on assumptions that the Company’s management believes are reasonable given the information currently available. The process for estimating the fair values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates. The Company incurred approximately $0 and $360 of acquisition-related expenses during the three months ended March 31, 2016 and 2015, respectively, that are included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. The total purchase price for DivX has been allocated as follows: Cash $ 9,718 Accounts receivable 7,094 Contracts receivable 16,668 Income tax receivable 4,317 Other receivables 247 Prepaid expenses 1,342 Deferred tax asset 384 Other assets 334 Property and equipment, net 3,592 Intangible assets 28,500 Goodwill 169 Accounts payable (721 ) Accrued liabilities (5,560 ) Deferred revenue (3,000 ) Deferred tax liability (2,154 ) Deferred rent liability (1,912 ) Net assets acquired $ 59,018 The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on valuations: Useful Life Amount (years) Developed technology $ 14,400 5 Customer relationships 9,400 5 Trademarks 4,700 7 $ 28,500 The fair value of the intangible assets has been estimated using the income approach in which the after-tax cash flows are discounted to present value. The cash flows are based on estimates used to price the transaction, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model as well as the weighted-average cost of capital. The estimated amortization expense for each of the five succeeding years is as follows: 2016 $ 5,431 2017 5,431 2018 5,431 2019 5,431 2020 1,798 $ 23,522 Contracts Receivable The purchase price allocation includes estimated contracts receivable of $16,668, which are attributable to an adjustment to record the fair value of assumed contractual payments due to DivX for which no additional obligation exists in order to receive such payments. These contractual payments are for fixed multi-year site licenses and guaranteed minimum-royalty licenses. DivX’s revenue is primarily derived from royalties paid by licensees to acquire intellectual property rights. Revenue in such transactions is recognized during the period in which such customers report the number of royalty-eligible units that they have shipped. As the first royalty reports received from customers post-acquisition were for shipments made prior to the acquisition, these amounts did not meet the requirements for the Company to recognize the revenue; however, the cash payments associated with these reports were received by the Company subsequently. In certain multi-year site licenses and guaranteed minimum-royalty licenses, DivX, under previous ownership, entered into extended payment programs. Revenue related to such extended payment programs was recognized at the earlier of when cash was received or when periodic payments became due. In each case, the payment terms extend over the term of the multi-year license, and the remaining contractual payments that existed at the acquisition date were received by the Company subsequently. As the Company assumed no additional obligations under such contracts, these payments were considered a fixed payment stream, rather than revenue. This fixed payment stream was accounted for as an element of accounts receivable and included as part of the acquisition accounting. The fair value of the remaining payments due under the applicable contracts was estimated by calculating the discounted cash flows associated with such future billings. Although the Company has not recognized revenue as it collects the corresponding site license payments under these pre-acquisition contracts, the Company has recognized interest income at the discount rate of the contracts receivable. Interest income recognized during the three months ended March 31, 2016 and 2015 was $19 and $85, respectively. Pro Forma Financial Information The unaudited financial information in the table below summarizes the combined results of operations of the Company and DivX, on a pro forma basis, as though the Company had acquired DivX on January 1, 2015. The pro forma information for all periods presented also includes the effects of business combination accounting resulting from the acquisition, including amortization charges from acquired intangibles assets. Three months ended March 31, 2016 (1) 2015 Total revenue $ 26,293 $ 23,914 Net income (loss) $ 2,082 $ (2,734 ) Income (loss) per share – basic and diluted $ 0.01 $ 0.00 (1) The figures for the three months ended March 31, 2016 are actual results. |
Economic Dependence and Concent
Economic Dependence and Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Economic Dependence and Concentration of Credit Risk | 4. Economic Dependence and Concentration of Credit Risk For the three months ended March 31, 2016, the National Hockey League (“NHL”) accounted for 16% of revenues. For the three months ended March 31, 2015, the NHL and LG Electronics accounted for 25% of revenue: 13% and 12%, respectively. As at March 31, 2016, Samsung Companies and Rogers Media accounted for 31% of accounts receivable: 19% and 12%, respectively. As at December 31, 2015, Samsung Companies and Toshiba Companies accounted for 33% of accounts receivable: 19% and 14%, respectively. As at March 31, 2016, the Ultimate Fighting Championship (“UFC”) accounted for 47% of accounts payable. As at December 31, 2015, the UFC and the National Basketball Association (“NBA”) accounted for 51% of accounts payable: 37% and 14%, respectively. As at March 31, 2016, approximately 45% of the Company’s cash and cash equivalents were held in accounts with U.S. banks that received a A-2 rating from Standard and Poor’s and an P-1 rating from Moody’s and 32% of the Company’s cash and cash equivalents were held in accounts with a U.S. bank that received a AA- rating from Standard and Poor’s and an Aa1 rating from Moody’s. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions The Company has entered into certain transactions and agreements in the normal course of operations with related parties. Significant related party transactions are as follows: KyLin TV KyLin TV is an IPTV company that is controlled by the Chairman of the Board of Directors of the Company. On June 1, 2008, the Company entered into an agreement with KyLin TV to build and deliver the setup and back office operations for KyLin TV’s IPTV service. Effective April 1, 2012, the Company amended its agreement with KyLin TV, such that, in addition to the services previously provided, KyLin TV was appointed the exclusive distributor of the Company’s business to consumer (“B2C”) IPTV interests. As exclusive distributor, KyLin TV obtains, advertises and markets all of the Company’s B2C content, in accordance with the terms of the amendment. Accordingly, KyLin TV records the gross revenues from the Company’s B2C content as well as the associated license fees, whereas the Company records revenues in accordance with the revised fee schedule in the amendment. The Company also provides and charges KyLin TV for administrative and general corporate support. The amounts charged for the administrative and general corporate support services provided by the Company for the three months ended March 31, 2016 and 2015 were $23 and $30, respectively, and were recorded as a recovery in selling, general and administrative expense. New York Islanders Hockey Club, L.P. (“New York Islanders”) The Company provides IT-related professional services and administrative services to the New York Islanders, a professional hockey club that is majority-owned by the Chairman of the Board of Directors of the Company. Renaissance Property Associates, LLC (“Renaissance”) The Company provides IT-related professional services to Renaissance, a real estate management company owned by the Chairman of the Board of Directors of the Company. In June 2009, the Company signed a sublease agreement with Renaissance for office space in Plainview, New York. The sublease agreement expires in December 2016. Rent expense paid by the Company to Renaissance of $108, Smile Train, Inc. (“Smile Train”) The Company provides IT-related professional services to Smile Train, a public charity whose founder and significant benefactor is the Chairman of the Board of Directors of the Company. The Company recognized revenue from related parties as follows: Three months ended March 31, 2016 2015 New York Islanders $ 70 $ 79 Renaissance 30 30 Smile Train 24 24 KyLinTV 93 165 $ 217 $ 298 The amounts due from (to) related parties are as follows: As of March 31, December 31, 2016 2015 New York Islanders $ (2 ) $ (18 ) Renaissance 1 - KyLin TV 305 304 $ 304 $ 286 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 6. Earnings (Loss) Per Share Basic earnings per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of preferred stock, restricted stock, stock options and warrants. The following table presents the calculation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015. Three months ended March 31, 2016 2015 Net income (loss) $ 2,082 $ (509 ) Weighted average shares of common stock outstanding used in calculating basic EPS 281,827,663 202,910,903 Effect of dilutive preferred stock, restricted stock, stock options and warrants 12,710,044 - Weighted average shares of common stock outstanding used in calculating diluted EPS 294,537,707 202,910,903 Basic EPS $ 0.01 $ 0.00 Diluted EPS $ 0.01 $ 0.00 The following table summarizes the securities convertible into common stock that were outstanding as at March 31, 2016 and 2015. The underlying shares of common stock (i) were included in the computation of diluted income per share for the three months ended March 31, 2016 and (ii) were not included in the computation of diluted income per share for the three months ended March 31, 2015 because their effect would have been anti-dilutive. As at March 31, 2016 2015 Class 3 Preference Shares - 17,176,818 Class 4 Preference Shares - 10,912,265 Options – 2012 Omnibus Securities and Incentive Plan 24,145,925 17,162,245 Restricted Stock – 2012 Omnibus Securities and Incentive Plan 9,275,000 - Options – Fourth Amended and Restated Stock Option Plan 4,608,300 6,162,175 Warrants 1,924,741 3,819,482 |
Segmented Information
Segmented Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segmented Information | 7. Segmented Information The Company’s assets and operations are located primarily in the United States. The Company operates in one segment. Our chief operating decision-maker reviews our operating results on an aggregate basis and manages our operations as a single operating segment. Total revenue from customers, based on the location of the customers, was as follows: Three months ended March 31, 2016 2015 North America $ 18,346 70 % $ 15,774 73 % Asia 5,209 20 % 3,934 18 % Europe 1,936 7 % 1,142 5 % Australia 802 3 % 825 4 % $ 26,293 100 % $ 21,675 100 % As at March 31, 2016 and December 31, 2015, property and equipment at locations outside the U.S. was not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The tax provision for the three months ended March 31, 2016 is $1,651, compared to $886 for the three months ended March 31, 2015. The provision for income taxes during 2016 is primarily comprised of current and deferred tax expense in the U.S. and in profitable cost-plus foreign jurisdictions, and foreign withholding taxes. The provision for income taxes during 2015 is primarily comprised of current and deferred tax expense in profitable cost-plus foreign jurisdictions, changes in deferred tax liabilities that cannot be offset by deferred tax assets, and foreign withholding taxes. Due to the full valuation allowance in 2015 on our U.S. net deferred tax assets, we did not incur significant U.S. income tax expense or benefit. At December 31, 2015, based on the weight of available evidence, including profitability in recent periods and the availability of expected future taxable income, the Company concluded that it is more likely than not that the benefits of federal deferred income tax assets will be realized. Accordingly, the Company reduced the valuation allowances on its federal and some state related deferred income tax assets. As of March 31, 2016, the Company continues to maintain a valuation allowance to offset certain foreign and state deferred tax assets, as realization of such assets do not meet the more-likely-than-not threshold. The Company does not believe there are any material uncertain tax provisions under ASC 740. The Company's federal and state tax returns remain open for the years 2012, 2013, 2014 and 2015. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Share Repurchase Program | 9. Share Repurchase Program On March 8, 2016, the Company announced that its Board of Directors authorized the repurchase of up to $10 million of the Company’s shares of common stock over the next 12 months through a normal course issuer bid (“NCIB”) for up to 14,109,057 shares of common stock. On March 24, 2016, the Company announced that it had received the TSX’s approval to commence the NCIB, and that the NCIB would commence on April 1, 2016. During April 2016, a broker, on behalf of the Company, purchased 842,304 shares of the Company’s common stock on the Toronto Stock Exchange at a total cost of CDN$1,083. The Company intends to settle with the broker and cancel these shares shortly after filing this Quarterly Report on Form 10-Q. |
Basis of Presentation and Sig16
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recently issued accounting standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on revenue recognition. This guidance provided that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also required more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance was to be effective for interim and annual reporting periods beginning after December 15, 2016 and was required to be applied retrospectively or modified retrospectively. Early adoption was not permitted. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for the Company beginning in the first quarter of 2018. Early adoption is now permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the impact of this guidance on its operations and therefore have not yet determined the impact the adoption of this guidance will have on its financial position, results of operations or cash flows. In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for periods beginning after December 15, 2015, including interim periods within those fiscal years. The new guidance must be applied prospectively to adjustments to provisional amounts that occur after the effective date of the ASU, with early adoption permitted. The adoption of this standard did not have a material effect on the Company’s financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Income Taxes” (ASU 2015-17), which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments. For public business entities, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. If an entity applies the guidance prospectively, the entity should disclose in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted. If an entity applies the guidance retrospectively, the entity should disclose in the first interim and first annual period of change the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. The Company adopted this guidance on a prospective basis effective October 1, 2015. In February 2016, the FASB issued new accounting guidance on leases. The guidance, which is effective January 1, 2019, with early adoption permitted, requires virtually all leases to be recognized on the Consolidated Balance Sheets and requires retrospective presentation. The Company is currently evaluating the impact this guidance will have on its financial position, results of operations and cash flows, among other items. In March 2016, the FASB issued ASU 2016-09, “ |
Reclassification of Comparative Amounts | Reclassification of Comparative Amounts Certain items previously reported have been reclassified to conform to the current period’s reporting format. |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Total Purchase Price Allocation | The total purchase price for DivX has been allocated as follows: Cash $ 9,718 Accounts receivable 7,094 Contracts receivable 16,668 Income tax receivable 4,317 Other receivables 247 Prepaid expenses 1,342 Deferred tax asset 384 Other assets 334 Property and equipment, net 3,592 Intangible assets 28,500 Goodwill 169 Accounts payable (721 ) Accrued liabilities (5,560 ) Deferred revenue (3,000 ) Deferred tax liability (2,154 ) Deferred rent liability (1,912 ) Net assets acquired $ 59,018 |
Schedule of Identifiable Intangible Assets Acquired and Their Respective Useful Lives | The following are the identifiable intangible assets acquired and their respective useful lives, as determined based on valuations: Useful Life Amount (years) Developed technology $ 14,400 5 Customer relationships 9,400 5 Trademarks 4,700 7 $ 28,500 |
Schedule of Estimated Amortization Expense | The estimated amortization expense for each of the five succeeding years is as follows: 2016 $ 5,431 2017 5,431 2018 5,431 2019 5,431 2020 1,798 $ 23,522 |
Schedule of Pro Forma Information | The unaudited financial information in the table below summarizes the combined results of operations of the Company and DivX, on a pro forma basis, as though the Company had acquired DivX on January 1, 2015. The pro forma information for all periods presented also includes the effects of business combination accounting resulting from the acquisition, including amortization charges from acquired intangibles assets. Three months ended March 31, 2016 (1) 2015 Total revenue $ 26,293 $ 23,914 Net income (loss) $ 2,082 $ (2,734 ) Income (loss) per share – basic and diluted $ 0.01 $ 0.00 (1) The figures for the three months ended March 31, 2016 are actual results. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Revenue from Related Parties | The Company recognized revenue from related parties as follows: Three months ended March 31, 2016 2015 New York Islanders $ 70 $ 79 Renaissance 30 30 Smile Train 24 24 KyLinTV 93 165 $ 217 $ 298 |
Schedule of Amounts Due from (to) Related Parties | The amounts due from (to) related parties are as follows: As of March 31, December 31, 2016 2015 New York Islanders $ (2 ) $ (18 ) Renaissance 1 - KyLin TV 305 304 $ 304 $ 286 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | The following table presents the calculation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015. Three months ended March 31, 2016 2015 Net income (loss) $ 2,082 $ (509 ) Weighted average shares of common stock outstanding used in calculating basic EPS 281,827,663 202,910,903 Effect of dilutive preferred stock, restricted stock, stock options and warrants 12,710,044 - Weighted average shares of common stock outstanding used in calculating diluted EPS 294,537,707 202,910,903 Basic EPS $ 0.01 $ 0.00 Diluted EPS $ 0.01 $ 0.00 |
Schedule of Anti-dilutive Securities | The following table summarizes the securities convertible into common stock that were outstanding as at March 31, 2016 and 2015. The underlying shares of common stock (i) were included in the computation of diluted income per share for the three months ended March 31, 2016 and (ii) were not included in the computation of diluted income per share for the three months ended March 31, 2015 because their effect would have been anti-dilutive. As at March 31, 2016 2015 Class 3 Preference Shares - 17,176,818 Class 4 Preference Shares - 10,912,265 Options – 2012 Omnibus Securities and Incentive Plan 24,145,925 17,162,245 Restricted Stock – 2012 Omnibus Securities and Incentive Plan 9,275,000 - Options – Fourth Amended and Restated Stock Option Plan 4,608,300 6,162,175 Warrants 1,924,741 3,819,482 |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenue from Customers Based on Location | Total revenue from customers, based on the location of the customers, was as follows: Three months ended March 31, 2016 2015 North America $ 18,346 70 % $ 15,774 73 % Asia 5,209 20 % 3,934 18 % Europe 1,936 7 % 1,142 5 % Australia 802 3 % 825 4 % $ 26,293 100 % $ 21,675 100 % |
Business Combination (Narrative
Business Combination (Narratives) (Details) - Div X [Member] - USD ($) $ in Thousands | Jun. 04, 2015 | Jan. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | ||||
Ownership percentage | 100.00% | |||
Total consideration | $ 59,018 | |||
Earn-out consideration achievement of milestone period | 3 years | |||
Earn-out liability | ||||
Common stock issued for acquisition | 35,890,216 | |||
Value of common stock issued for acquisition | $ 31,905 | |||
Convertible promissory note incurred as consideration | $ 27,000 | |||
Term of convertible promissory note | 2 years | |||
Convertible note | $ 27,000 | |||
Number of share issued upon conversion of note | 25,840,956 | |||
Acquisition-related expenses | $ 360 | |||
Contracts receivable | $ 16,668 | |||
Interest income recognized | $ 19 | $ 85 |
Business Combination (Schedule
Business Combination (Schedule of Total Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jan. 30, 2015 |
Total purchase price allocation | |||
Goodwill | $ 11,496 | $ 11,496 | |
Div X [Member] | |||
Total purchase price allocation | |||
Cash | $ 9,718 | ||
Accounts receivable | 7,094 | ||
Contracts receivable | 16,668 | ||
Income tax receivable | 4,317 | ||
Other receivables | 247 | ||
Prepaid expenses | 1,342 | ||
Deferred tax asset | 384 | ||
Other assets | 334 | ||
Property and equipment, net | 3,592 | ||
Intangible assets | 28,500 | ||
Goodwill | 169 | ||
Accounts payable | (721) | ||
Accrued liabilities | (5,560) | ||
Deferred revenue | (3,000) | ||
Deferred tax liability | (2,154) | ||
Deferred rent liability | (1,912) | ||
Net assets acquired | $ 59,018 |
Business Combination (Schedul23
Business Combination (Schedule of Identifiable Intangible Assets Acquired and Their Respective Useful Lives) (Details) - Div X [Member] $ in Thousands | Jan. 30, 2015USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets acquired, Amount | $ 28,500 |
Developed technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets acquired, Amount | $ 14,400 |
Identifiable intangible assets acquired, Useful Life | 5 years |
Customer relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets acquired, Amount | $ 9,400 |
Identifiable intangible assets acquired, Useful Life | 5 years |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets acquired, Amount | $ 4,700 |
Identifiable intangible assets acquired, Useful Life | 7 years |
Business Combination (Schedul24
Business Combination (Schedule of Estimated Amortization Expense) (Details) - Div X [Member] $ in Thousands | Mar. 31, 2016USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 5,431 |
2,017 | 5,431 |
2,018 | 5,431 |
2,019 | 5,431 |
2,020 | 1,798 |
Total | $ 23,522 |
Business Combination (Schedul25
Business Combination (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pro forma information | ||
Total actual revenue | $ 26,293 | $ 21,675 |
Actual net loss | $ 2,082 | (509) |
Actual loss per share - basic and diluted | $ 0.01 | |
Div X [Member] | ||
Pro forma information | ||
Total revenue | 23,914 | |
Net loss | $ (2,734) | |
Earnings per share - basic and diluted | $ 0 |
Economic Dependence and Conce26
Economic Dependence and Concentration of Credit Risk (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 100.00% | 100.00% | |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 31.00% | 33.00% | |
Accounts Receivable [Member] | Samsung Companies [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 19.00% | 19.00% | |
Accounts Receivable [Member] | Rogers Media [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 12.00% | ||
Accounts Receivable [Member] | Toshiba Companies [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 14.00% | ||
Accounts Payable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 51.00% | ||
Accounts Payable [Member] | Ultimate Fighting Championship [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 47.00% | 37.00% | |
Accounts Payable [Member] | National Basketball Association [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 14.00% | ||
Cash and Cash Equivalents [Member] | Moody's, P-1 Rating [Member] | Standard and Poor's, A-2 Rating [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 45.00% | ||
Cash and Cash Equivalents [Member] | Moody's, Aa1 Rating [Member] | Standard and Poor's, AA- Rating [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 32.00% | ||
Customer Concentration Risk [Member] | Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 25.00% | ||
Customer Concentration Risk [Member] | Revenue [Member] | National Hockey League [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 16.00% | ||
Customer Concentration Risk [Member] | Revenue [Member] | LG Electronics [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 13.00% | ||
Customer Concentration Risk [Member] | Revenue [Member] | National Football League [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percent | 12.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
KyLin TV [Member] | ||
Related Party Transaction [Line Items] | ||
Selling, general and administrative expense from related parties | $ 23 | $ 30 |
Renaissance Property Associates, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Selling, general and administrative expense from related parties | $ 108 | $ 108 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Revenue | $ 217 | $ 298 |
New York Islanders Hockey Club, LP [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 70 | 79 |
Renaissance Property Associates, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 30 | 30 |
Smile Train, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 24 | 24 |
KyLin TV [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | $ 93 | $ 165 |
Related Party Transactions (S29
Related Party Transactions (Schedule of Amounts Due from (to) Related Parties) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Amounts due from (to) related parties | $ 304 | $ 286 |
New York Islanders Hockey Club, LP [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due from (to) related parties | (2) | $ (18) |
Renaissance Property Associates, LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due from (to) related parties | 1 | |
KyLin TV [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due from (to) related parties | $ 305 | $ 304 |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 2,082 | $ (509) |
Weighted average shares of common stock outstanding used in calculating basic EPS | 281,827,663 | 202,910,903 |
Effect of dilutive preferred stock, restricted stock, stock options and warrants | 12,710,044 | |
Weighted average shares of common stock outstanding used in calculating diluted EPS | 294,537,707 | 202,910,903 |
Basic EPS | $ 0.01 | $ 0 |
Diluted EPS | $ 0.01 | $ 0 |
Earnings (Loss) Per Share (Sc31
Earnings (Loss) Per Share (Schedule of Anti-dilutive Securities) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Class 3 Preference Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 17,176,818 | |
Class 4 Preference Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 10,912,265 | |
Options - 2012 Omnibus Securities and Incentive Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 24,145,925 | 17,162,245 |
Restricted Stock - 2012 Omnibus Securities and Incentive Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 9,275,000 | |
Options - Fourth Amended and Restated Stock Option Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 4,608,300 | 6,162,175 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 1,924,741 | 3,819,482 |
Segmented Information (Details)
Segmented Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Segments | Mar. 31, 2015USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 26,293 | $ 21,675 |
Number of operating segments | Segments | 1 | |
Revenue [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue (as a percent) | 100.00% | 100.00% |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 18,346 | $ 15,774 |
North America [Member] | Revenue [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue (as a percent) | 70.00% | 73.00% |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 5,209 | $ 3,934 |
Asia [Member] | Revenue [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue (as a percent) | 20.00% | 18.00% |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 1,936 | $ 1,142 |
Europe [Member] | Revenue [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue (as a percent) | 7.00% | 5.00% |
Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 802 | $ 825 |
Australia [Member] | Revenue [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue (as a percent) | 3.00% | 4.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Income tax expense | $ 1,651 | $ 886 |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax years open for examination | 2,012 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax years open for examination | 2,015 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - Common stock [Member] CAD in Thousands, $ in Thousands | 1 Months Ended | |
Apr. 30, 2016CADshares | Mar. 08, 2016USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | ||
Total value of shares authorized to be repurchased | $ | $ 10,000 | |
Number of shares authorized to be repurchased | 14,109,057 | |
Subsequent Event [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchased during period, shares | 842,304 | |
Value of stock repurchased during period | CAD | CAD 1,083 |