Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-41319 |
Entity Registrant Name | POET TECHNOLOGIES INC. |
Entity Central Index Key | 0001437424 |
Entity Address, Address Line One | 1107 – 120 Eglinton Avenue East |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M4P 1E2 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | POET |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 42,488,045 |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 688 |
Auditor Name | Marcum LLP |
Auditor Location | Hartford, CT |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1107 – 120 Eglinton Avenue East |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M4P 1E2 |
City Area Code | 416 |
Local Phone Number | 368 9411 |
Contact Personnel Name | Suresh Venkatesan |
Contact Personnel Email Address | svv@poet-technologies.com |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current | |||
Cash and cash equivalents (Note 2) | $ 3,019,069 | $ 9,229,845 | $ 14,941,775 |
Short-term investments (Note 2) | 6,366,828 | ||
Accounts receivable (Notes 3) | 62,842 | ||
Prepaids and other current assets (Note 4) | 150,676 | 275,507 | 480,523 |
Total current assets | 3,169,745 | 9,568,194 | 21,789,126 |
Investment in joint venture (Note 5) | 1,445,251 | ||
Property and equipment (Note 6) | 4,623,228 | 5,070,507 | 3,064,234 |
Patents and licenses (Note 7) | 502,055 | 510,705 | 528,476 |
Right of use asset (Note 8) | 482,389 | 241,047 | 326,890 |
Total assets | 8,777,417 | 15,390,453 | 27,153,977 |
Current | |||
Accounts payable and accrued liabilities (Note 9) | 2,301,457 | 3,362,430 | 1,791,222 |
Covid-19 government support loans (Note 23) | 30,200 | 29,520 | 31,660 |
Lease liability (Note 8) | 204,939 | 150,951 | 101,074 |
Contract liabilities (Note 3) | 274,192 | ||
Total current liabilities | 2,536,596 | 3,817,093 | 1,923,956 |
Non-current lease liability (Note 8) | 307,141 | 128,312 | 258,274 |
Derivative warrant liability (Note 10 and 11(b)) | 1,002,264 | ||
Total liabilities | 3,846,001 | 3,945,405 | 2,182,230 |
Shareholders’ Equity | |||
Share capital (Note 11(b)) | 165,705,423 | 151,206,539 | 147,729,846 |
Warrants and compensation options (Note 12) | 670,115 | 5,905,642 | 5,328,455 |
Contributed surplus (Note 13) | 55,447,961 | 51,016,808 | 46,954,333 |
Accumulated other comprehensive loss | (2,601,058) | (2,660,281) | (2,053,917) |
Deficit | (214,291,025) | (194,023,660) | (172,986,970) |
Total equity | 4,931,416 | 11,445,048 | 24,971,747 |
Total equity and liabilities | $ 8,777,417 | $ 15,390,453 | $ 27,153,977 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Deficit - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenue (Note 21) | $ 465,777 | $ 552,748 | $ 209,100 |
Operating expenses | |||
Selling, marketing and administration (Note 20) | 10,795,155 | 9,516,271 | 9,055,528 |
Research and development (Note 20) | 10,077,930 | 10,746,743 | 8,165,128 |
Operating expenses | 20,873,085 | 20,263,014 | 17,220,656 |
Operating loss before the following | (20,407,308) | (19,710,266) | (17,011,556) |
Interest expense (Notes 8) | (70,182) | (49,738) | (364,619) |
Other income, including interest | 234,990 | 188,320 | 75,084 |
Forgiveness of Covid-19 government support loans (Note 23) | 186,747 | ||
Gain on contribution of intellectual property to joint venture (Note 5) | 1,031,807 | 1,746,987 | 2,587,500 |
Share of loss in joint venture (Note 5) | (1,031,807) | (3,211,993) | (1,142,249) |
Fair value adjustment to derivative warrant liability (Note 10 and 11(b)) | (24,865) | ||
Net loss | (20,267,365) | (21,036,690) | (15,669,093) |
Deficit, beginning of year | (194,023,660) | (172,986,970) | (157,317,877) |
Net loss | (20,267,365) | (21,036,690) | (15,669,093) |
Deficit, end of year | $ (214,291,025) | $ (194,023,660) | $ (172,986,970) |
Basic net loss per share | $ (0.51) | $ (0.57) | $ (0.45) |
Diluted net loss per share | $ (0.51) | $ (0.57) | $ (0.45) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Net loss | $ (20,267,365) | $ (21,036,690) | $ (15,669,093) |
Other comprehensive (loss) - net of income taxes Items that may in the future be reclassified to profit (loss): | |||
Exchange differences on translating foreign operations | 59,223 | (606,364) | (70,705) |
Comprehensive loss | $ (20,208,142) | $ (21,643,054) | $ (15,739,798) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) | Issued capital [member] | Equity Componentof Convertible Debentures [Member] | Warrants And Compensation Options [Member] | Contributed Surplus [Member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Total |
Beginning balance at Dec. 31, 2020 | $ 114,586,260 | $ 565,121 | $ 5,557,002 | $ 44,407,679 | $ (1,983,212) | $ (157,317,877) | |
IfrsStatementLineItems [Line Items] | |||||||
Funds from the exercise of stock options | 3,124,392 | $ 3,124,392 | |||||
Fair value of stock options exercised | 2,699,042 | (2,699,042) | |||||
Fair value of expired warrants and compensation options | 12,994,358 | 160,470 | 12,994,358 | ||||
Fair value of warrants and compensation warrants exercised | 5,351,586 | (5,351,586) | |||||
Conversion of convertible debentures | 3,571,342 | ||||||
Fair value of warrants issued on conversion of convertible debentures | (1,229,305) | ||||||
Funds from common shares issued through ATM Financing | |||||||
Funds from common shares issued on public or private offerings | 11,815,595 | ||||||
Share issue costs | (1,143,034) | ||||||
Common shares issued to settle accounts payable | 13,814 | ||||||
Fair value of warrants issued on private placement | (3,766,007) | 3,766,007 | |||||
Fair value of broker warrant issued as share issue costs | (288,197) | ||||||
Fair value effect of conversion of convertible debentures | (565,121) | 550,856 | |||||
Fair value of expired warrants and compensation options | (160,470) | ||||||
Fair value of warrants issued on the exercise of convertible debentures | 1,229,305 | ||||||
Fair value of broker warrants issued as share issue costs | 288,197 | ||||||
Stock-based compensation | 4,534,370 | ||||||
Other comprehensive (loss) attributable to common shareholders - translation adjustment | (70,705) | ||||||
Net loss | (15,669,093) | (15,669,093) | |||||
Total Shareholders’ Equity at Dec. 31, 2021 | 147,729,846 | 5,328,455 | 46,954,333 | (2,053,917) | (172,986,970) | 24,971,747 | |
IfrsStatementLineItems [Line Items] | |||||||
Funds from the exercise of stock options | 418,845 | 418,845 | |||||
Fair value of stock options exercised | 374,129 | (374,129) | |||||
Fair value of expired warrants and compensation options | 284,437 | 284,437 | |||||
Fair value of warrants and compensation warrants exercised | 79,547 | (79,547) | |||||
Conversion of convertible debentures | |||||||
Fair value of warrants issued on conversion of convertible debentures | |||||||
Funds from common shares issued through ATM Financing | |||||||
Funds from common shares issued on public or private offerings | 3,184,332 | ||||||
Share issue costs | (247,892) | ||||||
Common shares issued to settle accounts payable | 40,029 | ||||||
Fair value of warrants issued on private placement | (656,734) | 656,734 | |||||
Fair value of broker warrant issued as share issue costs | |||||||
Fair value effect of conversion of convertible debentures | |||||||
Fair value of expired warrants and compensation options | |||||||
Fair value of warrants issued on the exercise of convertible debentures | |||||||
Fair value of broker warrants issued as share issue costs | |||||||
Stock-based compensation | 4,436,604 | ||||||
Other comprehensive (loss) attributable to common shareholders - translation adjustment | (606,364) | ||||||
Net loss | (21,036,690) | (21,036,690) | |||||
Total Shareholders’ Equity at Dec. 31, 2022 | 151,206,539 | 5,905,642 | 51,016,808 | (2,660,281) | (194,023,660) | 11,445,048 | |
IfrsStatementLineItems [Line Items] | |||||||
Funds from the exercise of stock options | 668,259 | 668,259 | |||||
Fair value of stock options exercised | 587,035 | (587,035) | |||||
Fair value of expired warrants and compensation options | 7,767,067 | 816,744 | 7,767,067 | ||||
Fair value of warrants and compensation warrants exercised | 4,418,783 | (4,418,783) | |||||
Conversion of convertible debentures | |||||||
Fair value of warrants issued on conversion of convertible debentures | |||||||
Funds from common shares issued through ATM Financing | 983,194 | ||||||
Funds from common shares issued on public or private offerings | 1,607,400 | ||||||
Share issue costs | (578,317) | ||||||
Common shares issued to settle accounts payable | |||||||
Fair value of warrants issued on private placement | (954,537) | ||||||
Fair value of broker warrant issued as share issue costs | |||||||
Fair value effect of conversion of convertible debentures | |||||||
Fair value of expired warrants and compensation options | (816,744) | ||||||
Fair value of warrants issued on the exercise of convertible debentures | |||||||
Fair value of broker warrants issued as share issue costs | |||||||
Stock-based compensation | 4,201,444 | ||||||
Other comprehensive (loss) attributable to common shareholders - translation adjustment | 59,223 | ||||||
Net loss | (20,267,365) | (20,267,365) | |||||
Total Shareholders’ Equity at Dec. 31, 2023 | $ 165,705,423 | $ 670,115 | $ 55,447,961 | $ (2,601,058) | $ (214,291,025) | $ 4,931,416 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net loss | $ (20,267,365) | $ (21,036,690) | $ (15,669,093) |
Adjustments for: | |||
Depreciation of property and equipment (Note 6) | 1,653,798 | 1,054,264 | 840,366 |
Amortization of patents and licenses (Note 7) | 87,761 | 80,246 | 69,560 |
Amortization of right of use asset (Note 8) | 180,602 | 158,648 | 190,596 |
Fair value adjustment to derivative warrant liability (Note 10) | 24,865 | ||
Accretion of debt discount on convertible debentures and non-cash interest (Notes 8) | 53,614 | 49,738 | 213,843 |
Stock-based compensation (Note 13) | 4,201,444 | 4,436,604 | 4,534,370 |
Non-cash settled operating costs (Notes 6 and 11) | 40,029 | 13,814 | |
Gain on contribution of intellectual property to joint venture (Note 5) | (1,031,807) | (1,746,987) | (2,587,500) |
Share of loss in joint venture (Note 5) | 1,031,807 | 3,211,993 | 1,142,249 |
Forgiveness of covid-19 government support loans (Note 23) | (186,747) | ||
Total adjustments to reconcile profit (loss) | (14,065,281) | (13,752,155) | (11,438,542) |
Net change in non-cash working capital accounts: | |||
Accounts receivable | 62,000 | (61,099) | |
Prepaid and other current assets | 126,936 | (356,199) | 134,926 |
Accounts payable and accrued liabilities | (1,256,925) | 1,596,690 | 70,323 |
Contract liabilities | (274,192) | 246,853 | |
Cash flows from operating activities | (15,407,462) | (12,325,910) | (11,233,293) |
INVESTING ACTIVITIES | |||
Maturity (purchase) of short-term investments (Note 2) | 6,366,828 | (6,366,828) | |
Purchase of property and equipment (Note 6) | (1,167,953) | (3,011,562) | (771,523) |
Purchase of patents and licenses (Note 7) | (79,111) | (62,475) | (159,359) |
Cash flows from investing activities | (1,247,064) | 3,292,791 | (7,297,710) |
FINANCING ACTIVITIES | |||
Issue of common shares for cash, net of issue costs (Note 11) | 10,447,603 | 3,639,722 | 26,791,311 |
Payment of lease liability (Note 8) | (252,103) | (204,518) | (237,634) |
Cash flows from financing activities | 10,195,500 | 3,435,204 | 26,553,677 |
Effect of exchange rate on cash | 248,250 | (114,015) | 46,207 |
Net change in cash and cash equivalents | (6,210,776) | (5,711,930) | 8,068,881 |
Cash and cash equivalents, beginning of year | 9,229,845 | 14,941,775 | 6,872,894 |
Cash and cash equivalents, end of year | $ 3,019,069 | $ 9,229,845 | $ 14,941,775 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS POET Technologies Inc. is incorporated in the Province of Ontario. POET Technologies Inc. and its subsidiaries (the “Company”) design and develop the POET Optical Interposer and Photonic Integrated Circuits for the data center and tele-communications markets. The Company’s head office is located at 120 Eglinton Avenue East, Suite 1107, Toronto, Ontario, Canada M4P 1E2. These audited consolidated financial statements of the Company were approved by the Board of Directors of the Company on March 15, 2024. These financial statements have been prepared on the going concern basis which assumes that the Company will have sufficient cash to pay its debts, as and when they become payable, for a period of at least 12 months from the date the financial report was authorised for issue. As of December 31, 2023, the Company has accumulated losses of $ (214,291,025) 633,149 (15,407,462) To address the future funding requirements, management has undertaken the following initiatives: 1. Raised CA$ 6,219,667 4,607,161 1.52 2. Raised $ 1,607,400 1.12 3. Established a strict budgetary process with a focus on maintaining an appropriate level of corporate overheads in line with the Company’s available cash resources. The Company’s financial statements do not include any adjustments to the assets’ carrying amount, to the expenses presented and to the reclassification of the balance sheets items that could be necessary should the Company be unable to continue its operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements of the Company and its subsidiaries were prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below: Basis of presentation These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. (“ODIS”), Opel Solar Inc. (“OPEL”), BB Photonics Inc. (“BB Photonics”), POET Technologies Pte Ltd. (“PTS”) and POET Optoelectronics Shenzhen Co., Ltd (“POET Shenzhen”). All intercompany balances and transactions have been eliminated on consolidation. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards. Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain. Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred. Foreign currency translation These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s presentation currency. Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the functional currency of an entity are recognized in the statement of operations and deficit. Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders’ equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates. Financial instruments Financial assets held with an objective to hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest are measured at amortised cost using the effective interest method. Debt investments held with an objective to hold both assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of fair value are measured at FVTOCI. All other financial assets are classified and measured at fair value through profit or loss (“FVTPL”). Financial liabilities are classified as either FVTPL or other financial liabilities, and the portion of the change in fair value that relates to the Company’s credit risk is presented in other comprehensive income (loss). Instruments classified as FVTPL are measured at fair value with unrealized gains and losses recognized in net income (loss). Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss). Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. Financial liabilities A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company’s financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities. The following table outlines the classification of financial instruments under IFRS 9: SCHEDULE OF CLASSIFICATION OF FINANCIAL INSTRUMENTS Financial Assets Cash and cash equivalents Amortized cost Short-term investments Amortized cost Accounts receivable Amortized cost Financial Liabilities Accounts payable and accrued liabilities Amortized cost Contract liabilities Amortized cost Covid-19 government support loans Amortized cost Derivative warrant liability Fair value through profit and loss (FVTPL) Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost. Cash and cash equivalents Cash and cash equivalents consist of cash in current accounts of $ 1,249,116 1,981,765 4,216,911 1,769,953 7,248,080 10,724,864 0.20 0.25 Short-term investments The short-term investments of nil nil 6,366,828 0.75 1.44 Property and equipment Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIFE Machinery and equipment Straight Line, 5 Leasehold improvements Straight Line, 5 Office equipment Straight Line, 3 5 Patents and licenses Patents and licenses are recorded at cost and amortized on a straight line basis over 12 Impairment of long-lived assets The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. An assessment is made at each reporting date whether there is any indication that an asset may be impaired. An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit (“CGU”) to which the asset belongs. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. No Income taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product or service to a customer. Sale of goods Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured. Service revenue The Company provides contract services, primarily in the form of non-recurring revenue (“NRE”) where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are not limited to the delivery of sample products, design reports and test reports. The customer makes payment when it has approved the delivery of the milestone. The Company must determine if the contract is made up of a series of independent performance obligations or a single performance obligation. Where NRE contracts contain multiple performance obligations for which a standalone transaction price can be assessed, revenue is recognized as each performance obligation is satisfied. Where NRE contracts contain a single performance obligation to be settled over time, revenue is recognized progressively based on the output method. Other income Interest income Interest income on cash is recognized as earned using the effective interest method. Wage subsidies Wages subsidies received from the Singaporean government are netted against R&D related wages and benefits on the consolidated statements of operations and deficit. Government Grants Loans received exclusively from governmental agencies to support the Company throughout the COVID-19 pandemic qualify to be forgiven if certain conditions are met. Forgiveness of COVID-19 related loans will be recognized as other income on the consolidated statements of operations and deficit. Intangible assets Research and development costs Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS 38, Intangible Assets In-Process Research and Development Under IFRS, in-process research and development (“IPR&D”) acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company does not capitalize its IPR&D. Stock-based compensation Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. Loss per share Basic loss per share, net of taxes is calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method. Joint Venture A joint arrangement is an arrangement among two or more parties where the parties are bound by a contractual arrangement and the contractual arrangement gives the parties joint control of the arrangement. A joint venture is a form of joint arrangement where an entity is independently formed and the parties jointly have rights to the net assets of the arrangement and therefore account for their interests under the equity method. The Company has a joint venture in China and uses the equity method to account for its share of the joint venture’s operations. Share Consolidation On February 24, 2022, the Company filed Articles of Amendment to consolidate its common shares on a ten-for-one basis. For further clarity, for every ten (10) pre-consolidated common shares, shareholders received one (1) post-consolidated common share. On February 28, 2022 the Company’s common shares began trading on the TSX Venture Exchange on a post consolidation basis. The Company’s name and trading symbol remained unchanged. All references to share and per share amounts in these consolidated financial statements and accompanying notes to the consolidated financial statements have been retroactively restated to reflect the ten-for-one share consolidation. POET TECHNOLOGIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Expressed in US Dollars) |
ACCOUNTS RECEIVABLE AND CONTRAC
ACCOUNTS RECEIVABLE AND CONTRACT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable And Contract Liabilities | |
ACCOUNTS RECEIVABLE AND CONTRACT LIABILITIES | 3. ACCOUNTS RECEIVABLE AND CONTRACT LIABILITIES Revenue Contract Balances SCHEDULE OF REVENUE CONTRACT BALANCES Contract Receivables Liabilities Opening balance, January 1, 2022 $ - $ - Customer deposits - (779,870 ) Changes due to payment, fulfillment of performance obligations or revenues recognized 62,842 489,906 Effect of changes in foreign exchange rates - 15,772 Balance, December 31, 2022 $ 62,842 $ (274,192 ) Changes due to payment, fulfillment of performance obligations or revenues recognized (62,842 ) 271,069 Effect of changes in foreign exchange rates - 3,123 Balance, December 31, 2023 $ - $ - |
PREPAIDS AND OTHER CURRENT ASSE
PREPAIDS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PREPAIDS AND OTHER CURRENT ASSETS | 4. PREPAIDS AND OTHER CURRENT ASSETS The following table reflects the details of prepaids and other current assets at December 31: SCHEDULE OF PRREPAIDS AND OTHER CURRENT ASSETS 2023 2022 2021 Sales tax recoverable and other current assets $ 57,200 $ 128,321 $ 141,568 Deposits on equipment - - 288,287 Prepaid expenses 93,476 147,186 50,668 Prepaids and other current assets $ 150,676 $ 275,507 $ 480,523 |
JOINT VENTURE
JOINT VENTURE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
JOINT VENTURE | 5. JOINT VENTURE On October 20, 2020, the Company signed a Joint Venture Agreement (“JVA”) establishing a joint venture, Super Photonics Xiamen Co., Ltd (“SPX”) Xiamen Sanan Integrated Circuit Co. Ltd. (“Sanan IC”) whose purpose is to design, develop, manufacture and sell 100G, 200G and 400G optical engines based on POET’s proprietary Optical Interposer platform technology The Company’s contribution of intellectual property to SPX was independently valued at $ 22,500,000 1,031,807 1,746,987 2,587,500 17,133,706 8,159,632 19,912,500 23.9 76.1 19.3 80.7 11.5 88.5 SPX was determined to be a joint venture as both Sanan IC and POET exercise joint control over SPX. All relevant activity of SPX require unanimous consent. The Company’s investment in joint venture during the year can be summarized as follows: SCHEDULE OF INVESTMENT IN JOINT VENTURE Balance, January 1, 2021 $ - Contribution of intellectual property 22,500,000 Unrecognized gain on contribution of intellectual property (19,912,500 ) Share of loss in joint venture for the year ended December 31, 2021 (1,142,249 ) Investment balance, December 31, 2021 1,445,251 Recognized gain on contribution of intellectual property 1,746,987 Share of loss in joint venture for the year ended December 31, 2022 (3,211,993 ) Effect of changes in foreign exchange rates 19,755 Investment balance, December 31, 2022 - Recognized gain on contribution of intellectual property 1,031,807 Share of loss in joint venture for the year ended December 31, 2023 (1,031,807 ) Effect of changes in foreign exchange rates - Investment balance, December 31, 2023 $ - Summarized financial information of the joint venture is as follows: SCHEDULE OF FINANCIAL INFORMATION OF JOINT VENTURE December 31, 2023 2022 2021 Current assets $ 1,758,587 $ 1,951,654 $ 2,287,252 Intangible assets 16,155,786 18,708,065 22,500,000 Liabilities (149,306 ) (180,897 ) (44,683 ) Owners Equity (17,765,067 ) (20,478,822 ) (24,742,569 ) Net loss $ 3,830,962 $ 4,319,857 $ 1,212,417 The Company recognizes its share of SPX’s profits or losses using the equity method. On a weighted average basis, the Company’s share of the net operating loss was 78.9 3,026,408 1,031,807 83.7 3,211,993 95.3 1,142,249 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT SCHEDULE OF PROPERTY AND EQUIPMENT Equipment not ready for use Leasehold improvements Machinery and equipment Office equipment Total Cost Balance, January 1, 2021 $ 227,147 $ 71,928 $ 3,994,657 $ 128,185 $ 4,421,917 Additions,net of returns (128,575 ) - 842,877 57,221 771,523 Reclassification (96,334 ) 47,393 48,941 - - Effect of changes in foreign exchange rates (2,238 ) (2,206 ) (56,455 ) (2,137 ) (63,036 ) Balance,December 31, 2021 - 117,115 4,830,020 183,269 5,130,404 Additions, net of returns (1) 1,902,713 - 1,087,414 21,435 3,011,562 Reclassification (141,702 ) - 162,917 (21,215 ) - Effect of changes in foreign exchange rates 54,898 6,544 11,270 (5,587 ) 67,125 Balance, December 31, 2022 1,815,909 123,659 6,091,621 177,902 8,209,091 Property and equipment at cost, beginning 1,815,909 123,659 6,091,621 177,902 8,209,091 Additions 206,018 - 949,551 12,384 1,167,953 Additions, net of returns 206,018 - 949,551 12,384 1,167,953 Reclassification (2,013,090 ) - 2,013,090 - - Effect of changes in foreign exchange rates (8,837 ) 597 41,246 5,560 38,566 Balance, December 31, 2023 - 124,256 9,095,508 195,846 9,415,610 Property and equipment at cost, ending - 124,256 9,095,508 195,846 9,415,610 Equipment not ready for use Leasehold improvements Machinery and equipment Office equipment Total Accumulated Depreciation Balance, January 1, 2021 - 10,777 1,146,014 79,372 1,236,163 Depreciation for the year - 18,891 794,834 26,641 840,366 Effect of changes in foreign exchange rates - (142 ) (10,122 ) (95 ) (10,359 ) Balance, December 31, 2021 - 29,526 1,930,726 105,918 2,066,170 Depreciation for the year - 24,079 1,000,085 30,100 1,054,264 Effect of changes in foreign exchange rates - 2,529 27,727 (12,106 ) 18,150 Balance, December 31, 2022 - 56,134 2,958,538 123,912 3,138,584 Property and equipment, accumulated depreciation, beginning - 56,134 2,958,538 123,912 3,138,584 Depreciation for the year - 24,684 1,600,981 28,133 1,653,798 Balance, December 31, 2023 - 80,818 4,559,519 152,045 4,792,382 Property and equipment, accumulated depreciation, ending - 80,818 4,559,519 152,045 4,792,382 Carrying Amounts At December 31, 2021 $ - $ 87,589 $ 2,899,294 $ 77,351 $ 3,064,234 At December 31, 2022 $ 1,815,909 $ 67,525 $ 3,133,083 $ 53,990 $ 5,070,507 At December 31, 2023 $ - $ 43,438 $ 4,535,989 $ 43,801 $ 4,623,228 Property and equipment, carrying amounts $ - $ 43,438 $ 4,535,989 $ 43,801 $ 4,623,228 (1) During 2022, the Company returned $ 196,490 |
PATENTS AND LICENSES
PATENTS AND LICENSES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PATENTS AND LICENSES | 7. PATENTS AND LICENSES SCHEDULE OF PATENTS AND LICENSES Cost Balance, January 1, 2021 $ 837,102 Additions 159,359 Balance, December 31, 2021 996,461 Additions 62,475 Balance, December 31, 2022 1,058,936 Patents and licenses, cost, beginning 1,058,936 Additions 79,111 Balance, December 31, 2023 1,138,047 Patents and licenses, cost, ending 1,138,047 Accumulated Amortization Balance, January 1, 2021 398,425 Amortization 69,560 Balance, December 31, 2021 467,985 Amortization 80,246 Balance, December 31, 2022 548,231 Patents and licenses, accumulated amortization, beginning 548,231 Amortization 87,761 Balance, December 31, 2023 635,992 Patents and licenses, accumulated amortization, ending 635,992 Carrying Amounts At December 31, 2021 $ 528,476 At December 31, 2022 $ 510,705 At December 31, 2023 $ 502,055 Patents and licenses, carrying amounts $ 502,055 |
RIGHT OF USE ASSET AND LEASE LI
RIGHT OF USE ASSET AND LEASE LIABILITY | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RIGHT OF USE ASSET AND LEASE LIABILITY | 8. RIGHT OF USE ASSET AND LEASE LIABILITY The Company recognizes a lease liability and right of use asset relating to its commercial leases. The lease liability is measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate of 12 SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY Right of use asset Building Cost Balance, January 1, 2021 $ 653,232 Effect of changes in foreign exchange rates (4,122 ) Balance, December 31, 2021 649,110 Lease modification 81,542 Balance, December 31, 2022 730,652 Right of use asset, cost, beginning 730,652 Addition 420,806 Balance, December 31, 2023 1,151,458 Right of use asset, cost, ending 1,151,458 Accumulated Amortization Balance, January 1, 2021 132,546 Amortization 190,596 Effect of changes in foreign exchange rates (922 ) Balance, December 31, 2021 322,220 Amortization 158,648 Effect of changes in foreign exchange rates 8,737 Balance, December 31, 2022 489,605 Right of use asset, accumulated amortization, beginning 489,605 Amortization 180,602 Effect of changes in foreign exchange rates (1,138 ) Balance, December 31, 2023 669,069 Balance, December 31, 2023 669,069 Carrying Amounts At December 31, 2021 $ 326,890 At December 31, 2022 $ 241,047 At December 31, 2023 $ 482,389 Carrying Amounts $ 482,389 Lease liability Balance, January 1, 2021 $ 531,997 Interest expense 67,675 Lease payments (237,634 ) Effect of changes in foreign exchange rates (2,690 ) Balance, December 31, 2021 359,348 Interest expense 49,738 Lease modification 81,542 Lease payments (204,518 ) Effect of changes in foreign exchange rates (6,847 ) Balance, December 31, 2022 279,263 Lease liability, beginning 279,263 Interest expense 53,613 Lease modification - Additions 424,021 Lease payments (252,103 ) Effect of changes in foreign exchange rates 7,286 Balance, December 31, 2023 $ 512,080 Lease liability, ending $ 512,080 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities at December 31 was as follows: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2023 2022 2021 Trade payables $ 1,370,658 $ 2,723,531 $ 987,498 Payroll related liabilities 563,588 452,751 521,692 Accrued liabilities 367,211 186,148 282,032 Total accounts payable and accrued liabilities $ 2,301,457 $ 3,362,430 $ 1,791,222 |
DERIVATIVE WARRANT LIABILITY
DERIVATIVE WARRANT LIABILITY | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Warrant Liability | |
DERIVATIVE WARRANT LIABILITY | 10. DERIVATIVE WARRANT LIABILITY On December 4, 2023, the Company raised gross proceeds of $ 1,607,400 1,786,000 1,786,000 1,786,000 1.12 Because the functional currency of the entity issuing the warrant is Canadian dollars but the warrants are exercisable in United States dollars, the Company may receive a variable amount in Canadian dollars when the warrants are exercised as the foriegn exchange may vary over the warrant exercise period. The variability in potential future cashflows resulted in a derivative warrant liability which will be periodically remeasured with any gains or losses charged to the consolidated statements of operations and deficit. The fair value of the share purchase warrants was estimated on the date of issuance using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0 3.54 75.66 5 954,537 24,865 The following table presents the details of the derivative warrant liability: SCHEDULE OF DERIVATIVE WARRANT LIABILITY December 31, 2023 December 4, Stock price ($CA) $ 1.25 $ 1.22 Exercise price ($CA) $ 1.52 $ 1.52 Expected life in years 5.00 5.00 Volatility 75.66 % 75.66 % Dividend yield 0 % 0 % Risk free interest rate 3.54 % 3.54 % Fair value of derivative warrant liability $ 1,002,264 $ 954,537 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SHARE CAPITAL | 11. SHARE CAPITAL (a) AUTHORIZED Unlimited number of common shares One special voting share (b) COMMON SHARES ISSUED SCHEDULE OF COMMON SHARES ISSUED Number of Shares Amount Balance, January 1, 2021 29,461,811 $ 114,586,260 Funds from the exercise of stock options 1,001,519 3,124,392 Fair value of stock options exercised - 2,699,042 Issued on the conversion of convertible debentures (Note 10) 1,119,750 3,571,342 Fair value of warrants issued upon conversion of convertible debentures - (1,229,305 ) Funds from the exercise of warrants 3,144,750 12,994,358 Fair value of warrants exercised - 5,351,586 Funds from Common shares issued on private placement 1,764,720 11,815,595 Fair value of warrants issued on private placement - (3,766,007 ) Share issue costs - (1,143,034 ) Fair value of broker warrants issued as share issue costs - (288,197 ) Shares issued to settle accounts payable 1,678 13,814 Balance, December 31, 2021 36,494,228 147,729,846 Funds from Common shares issued on private placement 1,126,635 3,184,332 Fair value of warrants issued on private placement - (656,734 ) Share issue costs - (247,892 ) Shares issued to settle accounts payable 5,422 40,029 Funds from the exercise of stock options 143,437 418,845 Fair value of stock options exercised - 374,129 Funds from the exercise of warrants and compensation warrants 72,500 284,437 Fair value of warrants and compensation warrants exercised - 79,547 Adjustment for 10 for 1 share consolidation (272 ) - Balance, December 31, 2022 37,841,950 151,206,539 Funds from common shares issued through ATM financing 227,673 983,194 Funds from Common shares issued on private placement 1,786,000 1,607,400 Fair value of warrants issued on private placement - (954,537 ) Share issue costs - (578,317 ) Funds from the exercise of stock options 268,356 668,259 Fair value of stock options exercised - 587,035 Funds from the exercise of warrants and compensation warrants 2,364,066 7,767,067 Fair value of warrants and compensation warrants exercised - 4,418,783 Balance, December 31, 2023 42,488,045 $ 165,705,423 2021 On February 11, 2021, the Company completed a brokered private placement offering of 1,764,720 6.70 8.50 11,815,595 15,000,120 9.00 11.50 18.10 23.00 708,667 900,007 6 105,883 6.70 8.50 434,367 The fair value of the share purchase warrants and broker warrants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0 0.19 75.26 2 years 3,766,007 288,197 2022 In 2020, the Company engaged with a firm to assist with its shareholder communications strategy. The terms of the agreement require the Company to issue common shares at certain pre-determined dates in satisfaction of past services rendered. During the year ended December 31, 2022, the Company settled $ 40,029 13,814 5,422 1,678 7.38 9.38 8.20 10.10 On December 2, 2022, the Company completed a non-brokered private placement offering of 1,126,635 2.78 3.81 3,184,332 4,292,479 Each unit consists of one common share and one half common share purchase warrant. 3.61 4.95 42,090 57,897 205,802 One director subscribed for 10,000 27,800 38,100 The fair value of the share purchase warrants and broker warrants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0 3.48 69.93 3 years 656,734 2023 During the year ended December 31, 2023, the Company raised gross proceeds of $ 983,194 227,673 30 3 29,486 291,226 On December 4, 2023, the Company raised gross proceeds of $ 1,607,400 1,786,000 1,600,000 1,600,000 0.90 1.12 240,000 240,000 186,000 186,000 7 112,518 145,089 The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0 3.54 75.66 5 years 954,537 Share Consolidation On February 24, 2022, the Company filed Articles of Amendment to consolidate its common shares on a ten-for-one basis. For further clarity, for every ten (10) pre-consolidated common shares, shareholders received one (1) post-consolidated common share. On February 28, 2022, the Company’s common shares began trading on the TSX Venture Exchange on a post consolidation basis. The Company’s name and trading symbol remained unchanged. All references to share and per share amounts in these consolidated financial statements and accompanying notes to the consolidated financial statements have been retroactively restated to reflect the ten-for-one share consolidation. |
WARRANTS AND COMPENSATION OPTIO
WARRANTS AND COMPENSATION OPTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
WARRANTS AND COMPENSATION OPTIONS | 12. WARRANTS AND COMPENSATION OPTIONS The following table reflects the continuity of warrants and compensation options: SCHEDULE OF WARRANTS AND COMPENSATION OPTIONS Historical Number of Historical Balance, January 1, 2021 $ 3.90 3,269,050 $ 5,557,002 Fair value of warrant issued on private placement (Note 11) 9.00 1,764,720 3,766,007 Fair value of broker warrants issued on private placement 6.70 105,883 288,197 Fair value of warrants issued on conversion of convertible debentures 3.80 1,119,750 1,229,305 Historical fair value assigned to warrants exercised 3.90 (3,144,750 ) (5,351,586 ) Fair value of expired warrants 3.90 (93,300 ) (160,470 ) Balance, December 31, 2021 7.10 3,021,353 5,328,455 Fair value of warrant issued on private placement 1.17 563,318 656,734 Historical fair value assigned to warrants exercised 3.90 (72,500 ) (79,547 ) Balance, December 31, 2022 6.15 3,512,171 5,905,642 Historical fair value assigned to warrants exercised 3.27 (2,364,066 ) (4,418,783 ) Fair value of expired warrants 4.50 (584,787 ) (816,744 ) Fair value of warrant issued on public offering - 1,786,000 - Balance, December 31, 2023 $ 1.77 2,349,318 $ 670,115 |
STOCK OPTIONS AND CONTRIBUTED S
STOCK OPTIONS AND CONTRIBUTED SURPLUS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
STOCK OPTIONS AND CONTRIBUTED SURPLUS | 13. STOCK OPTIONS AND CONTRIBUTED SURPLUS Stock Options On June 30, 2023, shareholders of the Company approved a fixed 20 8,056,055 20 Stock option transactions and the number of stock options outstanding were as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number of Historical Weighted Average Exercise Price Balance, January 1, 2021 5,114,449 $ 3.30 Expired/cancelled (166,438 ) 3.40 Exercised (1,001,519 ) 3.00 Granted 1,013,125 8.50 Balance, December 31, 2021 4,959,617 4.40 Expired/cancelled (117,438 ) 6.02 Exercised (143,437 ) 2.85 Granted 2,043,083 3.32 Balance, December 31, 2022 6,741,825 4.10 Expired/cancelled (182,750 ) 4.66 Exercised (268,356 ) 2.49 Granted 1,002,170 4.11 Balance, December 31, 2023 7,292,889 $ 3.92 During the year ended December 31, 2023, the Company recorded stock-based compensation of $ 4,201,444 4,436,604 4,534,370 The stock options granted were valued using the Black-Scholes option pricing model using the following assumptions: SCHEDULE OF STOCK OPTIONS ASSUMPTIONS 2023 2022 2021 Weighted average exercise price $ 4.11 $ 3.32 $ 8.50 Weighted average risk-free interest rate 2.88 3.48 1.80 3.48 0.80 1.48 Weighted average dividend yield 0 % 0 % 0 % Weighted average volatility 82.17 82.45 % 83.51 % 90.68 % Weighted average estimated life 10 years 10 years 10 years Weighted average share price $ 4.11 $ 3.32 $ 8.50 Share price on the various grant dates: $ 4.05 4.63 $ 2.72 6.71 $ 6.20 9.50 Weighted average fair value $ 3.42 $ 2.70 $ 7.50 13. STOCK OPTIONS AND CONTRIBUTED SURPLUS (Continued) The underlying expected volatility was determined by reference to the Company’s historical share price movements, its dividend policy and dividend yield and past experience relating to the expected life of granted stock options. The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at December 31, 2023 are as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS Options Outstanding Options Exercisable Exercise Number Historical Weighted Average Exercise Weighted Number Historical Weighted Average Exercise $ 0.83 1.97 7,000 $ 1.97 4.59 7,000 $ 1.97 $ 1.98 2.80 1,851,073 $ 2.45 6.17 1,328,577 $ 2.36 $ 2.81 9.02 5,434,816 $ 4.44 7.21 3,373,128 $ 4.38 7,292,889 $ 3.92 6.95 4,708,705 $ 3.81 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
LOSS PER SHARE | 14. LOSS PER SHARE SCHEDULE OF INCOME (LOSS) PER SHARE 2023 2022 2021 Numerator Net loss $ (20,267,365 ) $ (21,036,690 ) $ (15,669,093 ) Denominator Weighted average number of common shares outstanding 40,099,752 36,739,857 34,545,752 Weighted average number of common shares outstanding - diluted 40,099,752 36,739,857 34,545,752 Basic and diluted loss per share $ (0.51 ) $ (0.57 ) $ (0.45 ) The effect of common share purchase options, warrants, compensation warrants and shares to be issued on the net loss in 2023, 2022 and 2021 is not reflected as they are anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES The Company has operating leases on four facilities; head office located in Toronto, Canada, design and testing operations located in Allentown, Pennsylvania (formerly in San Jose, California) and operating facilities located in Singapore and China. The Company’s design and testing operations was initiated on April 1, 2021 and expires on September 30, 2025. The lease on the Company’s operating facilities in Singapore terminated on May 31, 2023. The lease was renewed on June 1, 2023 and expires on March 31, 2027. The lease on the Company’s operating facilities in China was initiated in November 19, 2021 and expired on November 18, 2023. The lease on the operating facility in China was renewed for another three year term, expiring on November 18, 2026. As of December 31, 2023, the Company’s head office was on a month to month lease term. Remaining annual lease payments to the lease expiration dates are as follows: SCHEDULE OF REMAINING ANNUAL RENTAL PAYMENTS LEASE 2024 $ 281,048 2025 and beyond 390,873 Remaining minimum annual rental payments $ 671,921 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS Compensation to key management personnel were as follows: SCHEDULE OF COMPENSATION TO KEY MANAGEMENT PERSONNEL 2023 2022 2021 Salaries $ 2,044,920 $ 2,010,479 $ 1,782,297 Share-based payments (1) 1,771,078 1,711,716 2,077,333 Total $ 3,815,998 $ 3,722,195 $ 3,859,630 (1) Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model. All transactions with related parties have occurred in the normal course of operations and are measured at the exchange amounts, which are the amounts of consideration established and agreed to by the related parties. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT INFORMATION | 17. SEGMENT INFORMATION The Company and its subsidiaries operate in a single segment; the design, manufacture and sale of semi-conductor products and services for commercial applications. The Company’s operating and reporting segment reflects the management reporting structure of the organization and the manner in which the chief operating decision maker regularly assesses information for decision making purposes, including the allocation of resources. A summary of the Company’s operations is below: OPEL, ODIS, POET Shenzhen and PTS OPEL, ODIS, POET Shenzhen and PTS are the designers and developers of the POET Optical Interposer platform and optical engines based on the POET Optical Interposer platform. BB Photonics BB Photonics developed photonic integrated components for the datacom and telecom markets utilizing embedded dielectric technology that enabled the partial integration of active and passive devices into photonic integrated circuits. BB Photonics’ operation is currently dormant. On a consolidated basis, the Company operates geographically in Singapore, China (collectively “Asia”), the United States and Canada. Geographical information is as follows: SCHEDULE OF GEOGRAPHICAL INFORMATION 2023 As of December 31, Asia US Canada Consolidated Current assets $ 326,926 $ 149,227 $ 2,693,592 $ 3,169,745 Property and equipment 4,089,653 533,575 - 4,623,228 Patents and licenses - 502,055 - 502,055 Right of use asset 379,462 102,927 - 482,389 Total Assets $ 4,796,041 $ 1,287,784 $ 2,693,592 $ 8,777,417 Year Ended December 31, Asia US Canada Consolidated Revenue $ 465,777 $ - $ - $ 465,777 Selling, marketing and administration (2,753,484 ) (6,226,291 ) (1,815,380 ) (10,795,155 ) Research and development (6,249,120 ) (3,662,418 ) (166,392 ) (10,077,930 ) Gain on contribution of intellectual property to joint venture 1,031,807 - - 1,031,807 Interest expense (27,906 ) (42,276 ) - (70,182 ) Loss on fair value of derivative warrant liability - - (24,865 ) (24,865 ) Other income, including interest - - 234,990 234,990 Share of loss in joint venture (1,031,807 ) - - (1,031,807 ) Net loss $ (8,564,733 ) $ (9,930,985 ) $ (1,771,647 ) $ (20,267,365 ) 2022 As of December 31, Asia US Canada Consolidated Current assets $ 664,658 $ 133,501 $ 8,770,035 $ 9,568,194 Investment in joint venture - - - - Property and equipment 4,496,734 573,773 - 5,070,507 Patents and licenses - 510,705 - 510,705 Right of use asset 55,775 185,272 - 241,047 Total Assets $ 5,217,167 $ 1,403,251 $ 8,770,035 $ 15,390,453 The Year Ended December 31, Asia US Canada Consolidated Revenue $ 552,748 $ - $ - $ 552,748 Selling, marketing and administration (2,121,596 ) (5,885,970 ) (1,508,705 ) (9,516,271 ) Research and development (6,344,016 ) (4,205,177 ) (197,550 ) (10,746,743 ) Gain on contribution of intellectual property to joint venture 1,746,987 - - 1,746,987 Interest expense (17,701 ) (32,037 ) - (49,738 ) Forgiveness of Covid-19 government support loans - - - - Other income, including interest - - 188,320 188,320 Share of loss in joint venture (3,211,993 ) - - (3,211,993 ) Net loss $ (9,395,571 ) $ (10,123,184 ) $ (1,517,935 ) $ (21,036,690 ) As of December 31, Asia US Canada Consolidated 2021 As of December 31, Asia US Canada Consolidated Current assets $ 537,647 $ 291,772 $ 20,959,707 $ 21,789,126 Investment in joint venture 1,445,251 - - 1,445,251 Property and equipment 2,787,273 276,961 - 3,064,234 Patents and licenses - 528,476 - 528,476 Right of use asset 150,134 176,756 - 326,890 Total Assets $ 4,920,305 $ 1,273,965 $ 20,959,707 $ 27,153,977 The Year Ended December 31, Asia US Canada Consolidated Revenue $ 209,100 $ - $ - $ 209,100 Selling, marketing and administration $ (1,563,829 ) $ (5,460,917 ) $ (2,030,784 ) $ (9,055,530 ) Research and development (4,849,553 ) (2,679,452 ) (636,123 ) (8,165,128 ) Forgiveness of Covid-19 government support loans - 186,747 - 186,747 Interest expense (35,043 ) (32,632 ) (296,944 ) (364,619 ) Gain on contribution of intellectual to joint venture 2,587,500 - - 2,587,500 Other income, including interest - - 75,084 75,084 Share of loss in joint venture (1,142,249 ) - - (1,142,249 ) Net loss $ (4,794,074 ) $ (7,986,254 ) $ (2,888,767 ) $ (15,669,095 ) |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company’s financial instruments consist of cash and cash equivalents, short-term investments, covid-19 government support loans, derivative warrant liability and accounts payable and accrued liabilities. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest risk arising from these financial instruments. The Company estimates that carrying value of these instruments approximates fair value due to their short term nature. The Company has classified financial assets and (liabilities) as follows at December 31: SCHEDULE OF CLASSIFIED FINANCIAL ASSETS AND LIABILITIES 2023 2022 2021 Financial assets, measured at amortized cost: Cash and cash equivalents $ 3,019,069 $ 9,229,845 $ 14,941,775 Short-term investments $ - $ - $ 6,366,828 Accounts receivable, measured at amortized cost: Accounts receivable $ - $ 62,842 $ - Other liabilities, measured at amortized cost: Accounts payable and accrued liabilities $ (2,301,457 ) $ (3,362,430 ) $ (1,791,222 ) Covid-19 government support loans $ (30,200 ) $ (29,520 ) $ (31,660 ) Contract liabilities $ - $ (274,192 ) $ - Fair value through profit or loss (FVTPL): Derivative warrant liability $ (1,002,264 ) $ - $ - Exchange Rate Risk The functional currency of each of the entities included in the accompanying consolidated financial statements is the local currency where the entity is domiciled. Functional currencies include the Chinese Yuan, US, Singapore and Canadian dollar. Most transactions within the entities are conducted in functional currencies. As such, none of the entities included in the consolidated financial statements engage in hedging activities. The Company is exposed to a foreign currency risk when its subsidiaries hold current assets or current liabilities in currencies other than its functional currency. A 10 198,000 Liquidity Risk The Company currently does not maintain credit facilities. The Company’s existing cash and cash resources are not considered sufficient to fund operating and investing activities beyond one year from the date of these consolidated financial statements. The Company may, however, need to seek additional financing in the future. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
CAPITAL MANAGEMENT | 19. CAPITAL MANAGEMENT In the management of capital, the Company includes shareholders’ equity (excluding accumulated other compehensive loss and deficit) and cash. The components of capital on December 31, 2023 were: SCHEDULE OF COMPONENTS OF CAPITAL Cash and cash equivalents $ 3,019,069 Shareholders’ equity $ 221,823,499 The Company’s objective in managing capital is to ensure that financial flexibility is present to increase shareholder value through growth and responding to changes in economic and/or market conditions; to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business and to safeguard the Company’s ability to obtain financing should the need arise. In maintaining its capital, the Company has a strict investment policy which includes investing its surplus capital only in highly liquid, highly rated financial instruments. The Company reviews its capital management approach on an ongoing basis. |
EXPENSES
EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EXPENSES | 20. EXPENSES Research and development costs can be analysed as follows: SCHEDULE OF EXPENSES BY NATURE 2023 2022 2021 Wages and benefits $ 4,298,207 $ 4,267,937 $ 3,270,528 Subcontract fees 1,864,122 2,946,729 1,516,343 Stock-based compensation 1,539,235 2,054,187 1,769,951 Supplies 2,376,366 1,477,890 1,608,306 Research and development costs $ 10,077,930 $ 10,746,743 $ 8,165,128 Selling, marketing and administration costs can be analysed as follows: Stock-based compensation $ 2,662,209 $ 2,382,417 $ 2,764,419 Wages and benefits 2,649,770 2,648,862 2,643,451 Professional fees 1,744,771 1,173,743 1,155,316 General expenses 1,681,899 1,860,762 1,304,690 Depreciation and amortization 1,922,140 1,293,158 1,100,522 Rent and facility costs 134,366 157,329 87,130 Selling, marketing and administration costs $ 10,795,155 $ 9,516,271 $ 9,055,528 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
REVENUE | 21. REVENUE Disaggregated Revenues The Company disaggregates revenue by timing of revenue recognition, that is, at a point in time and revenue over time. During the year ended December 31, 2023, the Company recognized $ 465,777 552,748 209,100 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INCOME TAXES | 22. INCOME TAXES The following table reconciles the expected income tax recovery at the Canadian statutory income tax rate of 26.5 26.5 26.5 SCHEDULE OF INCOME TAX RECOVERY For the Year Ended December 31, 2023 2022 2021 Net loss before taxes $ (20,267,365 ) $ (21,036,690 ) $ (15,669,093 ) Expected current income tax recovery 5,370,852 5,574,723 4,152,310 Adjustments to income tax recovery: For the Year Ended December 31, 2023 2022 2021 Amounts not deductible for tax purposes $ (1,113,000 ) $ (1,177,000 ) $ (1,201,600 ) Other non-deductible items (69,000 ) (66,000 ) (111,000 ) Other deductible items 191,000 161,000 157,000 Non-taxable gain (loss) - (388,000 ) 383,000 Non-taxable loan forgiveness - - 49,000 Deferred R&D expenses, net (459,000 ) (627,000 ) - Foreign tax differential (905,538 ) (828,000 ) (508,000 ) Unrecognized tax recovered (losses) (3,015,314 ) (2,649,723 ) (2,920,710 ) Income tax recovery recognized $ - $ - $ - The following table reflects future income tax assets at December 31: SCHEDULE OF FUTURE INCOME TAX ASSETS 2023 2022 2021 Resource assets $ 1,024,271 $ 1,024,271 $ 1,024,271 Gross unamortized share issue costs 810,000 1,081,250 1,114,604 Capitalized S.174 expenses 5,900,000 2,368,000 - Canadian non-capital losses 22,585,000 21,955,000 21,404,000 Canadian capital losses 5,300,000 5,156,000 5,565,125 US non-capital losses 95,300,000 93,000,000 86,073,000 Singapore non-capital losses 19,300,000 13,800,000 9,180,000 Unused income tax losses 150,219,271 138,384,521 124,361,000 Unrecognized deferred tax assets (150,219,271 ) (138,384,521 ) (124,361,000 ) Deferred income tax assets recognized $ - $ - $ - |
COVID-19 GOVERNMENT SUPPORT LOA
COVID-19 GOVERNMENT SUPPORT LOANS | 12 Months Ended |
Dec. 31, 2023 | |
Covid-19 Government Support Loans | |
COVID-19 GOVERNMENT SUPPORT LOANS | 23. COVID-19 GOVERNMENT SUPPORT LOANS In March 2020, the United States Congress passed the Paycheck Protection Program (“PPP”), authorizing loans to small businesses for use in paying employees that they continue to employ throughout the COVID-19 pandemic and for rent, utilities and interest on mortgages. Loans obtained through the PPP are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. On May 3, 2020, the Company received a loan in the amount of $ 186,747 On April 9, 2020, the Canadian government launched the Canada Emergency Business Account (“CEBA”) which is intended to support businesses during COVID-19 by providing interest free financing of up to $ 30,200 40,000 the Company received a loan in the amount of $ 30,200 5 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS On January 24, 2024, the Company raised gross proceeds of CA$ 6,219,667 4,607,161 5,098,088 1.22 0.90 5,098,088 1.52 1.12 43,829 32,466 Directors, management and employees acquired 459,522 560,617 415,272 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. (“ODIS”), Opel Solar Inc. (“OPEL”), BB Photonics Inc. (“BB Photonics”), POET Technologies Pte Ltd. (“PTS”) and POET Optoelectronics Shenzhen Co., Ltd (“POET Shenzhen”). All intercompany balances and transactions have been eliminated on consolidation. |
Business combinations | Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards. Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain. Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred. |
Foreign currency translation | Foreign currency translation These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s presentation currency. Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the functional currency of an entity are recognized in the statement of operations and deficit. Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders’ equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates. |
Financial instruments | Financial instruments Financial assets held with an objective to hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest are measured at amortised cost using the effective interest method. Debt investments held with an objective to hold both assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of fair value are measured at FVTOCI. All other financial assets are classified and measured at fair value through profit or loss (“FVTPL”). Financial liabilities are classified as either FVTPL or other financial liabilities, and the portion of the change in fair value that relates to the Company’s credit risk is presented in other comprehensive income (loss). Instruments classified as FVTPL are measured at fair value with unrealized gains and losses recognized in net income (loss). Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss). |
Derecognition | Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. Financial liabilities A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company’s financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities. The following table outlines the classification of financial instruments under IFRS 9: SCHEDULE OF CLASSIFICATION OF FINANCIAL INSTRUMENTS Financial Assets Cash and cash equivalents Amortized cost Short-term investments Amortized cost Accounts receivable Amortized cost Financial Liabilities Accounts payable and accrued liabilities Amortized cost Contract liabilities Amortized cost Covid-19 government support loans Amortized cost Derivative warrant liability Fair value through profit and loss (FVTPL) Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash in current accounts of $ 1,249,116 1,981,765 4,216,911 1,769,953 7,248,080 10,724,864 0.20 0.25 |
Short-term investments | Short-term investments The short-term investments of nil nil 6,366,828 0.75 1.44 |
Property and equipment | Property and equipment Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIFE Machinery and equipment Straight Line, 5 Leasehold improvements Straight Line, 5 Office equipment Straight Line, 3 5 |
Patents and licenses | Patents and licenses Patents and licenses are recorded at cost and amortized on a straight line basis over 12 |
Impairment of long-lived assets | Impairment of long-lived assets The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. An assessment is made at each reporting date whether there is any indication that an asset may be impaired. An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit (“CGU”) to which the asset belongs. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. No |
Income taxes | Income taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future. |
Revenue recognition | Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product or service to a customer. Sale of goods Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured. Service revenue The Company provides contract services, primarily in the form of non-recurring revenue (“NRE”) where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are not limited to the delivery of sample products, design reports and test reports. The customer makes payment when it has approved the delivery of the milestone. The Company must determine if the contract is made up of a series of independent performance obligations or a single performance obligation. Where NRE contracts contain multiple performance obligations for which a standalone transaction price can be assessed, revenue is recognized as each performance obligation is satisfied. Where NRE contracts contain a single performance obligation to be settled over time, revenue is recognized progressively based on the output method. |
Other income | Other income Interest income Interest income on cash is recognized as earned using the effective interest method. |
Wage subsidies | Wage subsidies Wages subsidies received from the Singaporean government are netted against R&D related wages and benefits on the consolidated statements of operations and deficit. |
Government Grants | Government Grants Loans received exclusively from governmental agencies to support the Company throughout the COVID-19 pandemic qualify to be forgiven if certain conditions are met. Forgiveness of COVID-19 related loans will be recognized as other income on the consolidated statements of operations and deficit. |
Intangible assets | Intangible assets Research and development costs Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS 38, Intangible Assets In-Process Research and Development Under IFRS, in-process research and development (“IPR&D”) acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company does not capitalize its IPR&D. |
Stock-based compensation | Stock-based compensation Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. |
Loss per share | Loss per share Basic loss per share, net of taxes is calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method. |
Joint Venture | Joint Venture A joint arrangement is an arrangement among two or more parties where the parties are bound by a contractual arrangement and the contractual arrangement gives the parties joint control of the arrangement. A joint venture is a form of joint arrangement where an entity is independently formed and the parties jointly have rights to the net assets of the arrangement and therefore account for their interests under the equity method. The Company has a joint venture in China and uses the equity method to account for its share of the joint venture’s operations. |
Share Consolidation | Share Consolidation On February 24, 2022, the Company filed Articles of Amendment to consolidate its common shares on a ten-for-one basis. For further clarity, for every ten (10) pre-consolidated common shares, shareholders received one (1) post-consolidated common share. On February 28, 2022 the Company’s common shares began trading on the TSX Venture Exchange on a post consolidation basis. The Company’s name and trading symbol remained unchanged. All references to share and per share amounts in these consolidated financial statements and accompanying notes to the consolidated financial statements have been retroactively restated to reflect the ten-for-one share consolidation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF CLASSIFICATION OF FINANCIAL INSTRUMENTS | The following table outlines the classification of financial instruments under IFRS 9: SCHEDULE OF CLASSIFICATION OF FINANCIAL INSTRUMENTS Financial Assets Cash and cash equivalents Amortized cost Short-term investments Amortized cost Accounts receivable Amortized cost Financial Liabilities Accounts payable and accrued liabilities Amortized cost Contract liabilities Amortized cost Covid-19 government support loans Amortized cost Derivative warrant liability Fair value through profit and loss (FVTPL) |
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIFE | Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIFE Machinery and equipment Straight Line, 5 Leasehold improvements Straight Line, 5 Office equipment Straight Line, 3 5 |
ACCOUNTS RECEIVABLE AND CONTR_2
ACCOUNTS RECEIVABLE AND CONTRACT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable And Contract Liabilities | |
SCHEDULE OF REVENUE CONTRACT BALANCES | Revenue Contract Balances SCHEDULE OF REVENUE CONTRACT BALANCES Contract Receivables Liabilities Opening balance, January 1, 2022 $ - $ - Customer deposits - (779,870 ) Changes due to payment, fulfillment of performance obligations or revenues recognized 62,842 489,906 Effect of changes in foreign exchange rates - 15,772 Balance, December 31, 2022 $ 62,842 $ (274,192 ) Changes due to payment, fulfillment of performance obligations or revenues recognized (62,842 ) 271,069 Effect of changes in foreign exchange rates - 3,123 Balance, December 31, 2023 $ - $ - |
PREPAIDS AND OTHER CURRENT AS_2
PREPAIDS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PRREPAIDS AND OTHER CURRENT ASSETS | The following table reflects the details of prepaids and other current assets at December 31: SCHEDULE OF PRREPAIDS AND OTHER CURRENT ASSETS 2023 2022 2021 Sales tax recoverable and other current assets $ 57,200 $ 128,321 $ 141,568 Deposits on equipment - - 288,287 Prepaid expenses 93,476 147,186 50,668 Prepaids and other current assets $ 150,676 $ 275,507 $ 480,523 |
JOINT VENTURE (Tables)
JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF INVESTMENT IN JOINT VENTURE | The Company’s investment in joint venture during the year can be summarized as follows: SCHEDULE OF INVESTMENT IN JOINT VENTURE Balance, January 1, 2021 $ - Contribution of intellectual property 22,500,000 Unrecognized gain on contribution of intellectual property (19,912,500 ) Share of loss in joint venture for the year ended December 31, 2021 (1,142,249 ) Investment balance, December 31, 2021 1,445,251 Recognized gain on contribution of intellectual property 1,746,987 Share of loss in joint venture for the year ended December 31, 2022 (3,211,993 ) Effect of changes in foreign exchange rates 19,755 Investment balance, December 31, 2022 - Recognized gain on contribution of intellectual property 1,031,807 Share of loss in joint venture for the year ended December 31, 2023 (1,031,807 ) Effect of changes in foreign exchange rates - Investment balance, December 31, 2023 $ - |
SCHEDULE OF FINANCIAL INFORMATION OF JOINT VENTURE | Summarized financial information of the joint venture is as follows: SCHEDULE OF FINANCIAL INFORMATION OF JOINT VENTURE December 31, 2023 2022 2021 Current assets $ 1,758,587 $ 1,951,654 $ 2,287,252 Intangible assets 16,155,786 18,708,065 22,500,000 Liabilities (149,306 ) (180,897 ) (44,683 ) Owners Equity (17,765,067 ) (20,478,822 ) (24,742,569 ) Net loss $ 3,830,962 $ 4,319,857 $ 1,212,417 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT Equipment not ready for use Leasehold improvements Machinery and equipment Office equipment Total Cost Balance, January 1, 2021 $ 227,147 $ 71,928 $ 3,994,657 $ 128,185 $ 4,421,917 Additions,net of returns (128,575 ) - 842,877 57,221 771,523 Reclassification (96,334 ) 47,393 48,941 - - Effect of changes in foreign exchange rates (2,238 ) (2,206 ) (56,455 ) (2,137 ) (63,036 ) Balance,December 31, 2021 - 117,115 4,830,020 183,269 5,130,404 Additions, net of returns (1) 1,902,713 - 1,087,414 21,435 3,011,562 Reclassification (141,702 ) - 162,917 (21,215 ) - Effect of changes in foreign exchange rates 54,898 6,544 11,270 (5,587 ) 67,125 Balance, December 31, 2022 1,815,909 123,659 6,091,621 177,902 8,209,091 Property and equipment at cost, beginning 1,815,909 123,659 6,091,621 177,902 8,209,091 Additions 206,018 - 949,551 12,384 1,167,953 Additions, net of returns 206,018 - 949,551 12,384 1,167,953 Reclassification (2,013,090 ) - 2,013,090 - - Effect of changes in foreign exchange rates (8,837 ) 597 41,246 5,560 38,566 Balance, December 31, 2023 - 124,256 9,095,508 195,846 9,415,610 Property and equipment at cost, ending - 124,256 9,095,508 195,846 9,415,610 Equipment not ready for use Leasehold improvements Machinery and equipment Office equipment Total Accumulated Depreciation Balance, January 1, 2021 - 10,777 1,146,014 79,372 1,236,163 Depreciation for the year - 18,891 794,834 26,641 840,366 Effect of changes in foreign exchange rates - (142 ) (10,122 ) (95 ) (10,359 ) Balance, December 31, 2021 - 29,526 1,930,726 105,918 2,066,170 Depreciation for the year - 24,079 1,000,085 30,100 1,054,264 Effect of changes in foreign exchange rates - 2,529 27,727 (12,106 ) 18,150 Balance, December 31, 2022 - 56,134 2,958,538 123,912 3,138,584 Property and equipment, accumulated depreciation, beginning - 56,134 2,958,538 123,912 3,138,584 Depreciation for the year - 24,684 1,600,981 28,133 1,653,798 Balance, December 31, 2023 - 80,818 4,559,519 152,045 4,792,382 Property and equipment, accumulated depreciation, ending - 80,818 4,559,519 152,045 4,792,382 Carrying Amounts At December 31, 2021 $ - $ 87,589 $ 2,899,294 $ 77,351 $ 3,064,234 At December 31, 2022 $ 1,815,909 $ 67,525 $ 3,133,083 $ 53,990 $ 5,070,507 At December 31, 2023 $ - $ 43,438 $ 4,535,989 $ 43,801 $ 4,623,228 Property and equipment, carrying amounts $ - $ 43,438 $ 4,535,989 $ 43,801 $ 4,623,228 (1) During 2022, the Company returned $ 196,490 |
PATENTS AND LICENSES (Tables)
PATENTS AND LICENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PATENTS AND LICENSES | SCHEDULE OF PATENTS AND LICENSES Cost Balance, January 1, 2021 $ 837,102 Additions 159,359 Balance, December 31, 2021 996,461 Additions 62,475 Balance, December 31, 2022 1,058,936 Patents and licenses, cost, beginning 1,058,936 Additions 79,111 Balance, December 31, 2023 1,138,047 Patents and licenses, cost, ending 1,138,047 Accumulated Amortization Balance, January 1, 2021 398,425 Amortization 69,560 Balance, December 31, 2021 467,985 Amortization 80,246 Balance, December 31, 2022 548,231 Patents and licenses, accumulated amortization, beginning 548,231 Amortization 87,761 Balance, December 31, 2023 635,992 Patents and licenses, accumulated amortization, ending 635,992 Carrying Amounts At December 31, 2021 $ 528,476 At December 31, 2022 $ 510,705 At December 31, 2023 $ 502,055 Patents and licenses, carrying amounts $ 502,055 |
RIGHT OF USE ASSET AND LEASE _2
RIGHT OF USE ASSET AND LEASE LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY | SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY Right of use asset Building Cost Balance, January 1, 2021 $ 653,232 Effect of changes in foreign exchange rates (4,122 ) Balance, December 31, 2021 649,110 Lease modification 81,542 Balance, December 31, 2022 730,652 Right of use asset, cost, beginning 730,652 Addition 420,806 Balance, December 31, 2023 1,151,458 Right of use asset, cost, ending 1,151,458 Accumulated Amortization Balance, January 1, 2021 132,546 Amortization 190,596 Effect of changes in foreign exchange rates (922 ) Balance, December 31, 2021 322,220 Amortization 158,648 Effect of changes in foreign exchange rates 8,737 Balance, December 31, 2022 489,605 Right of use asset, accumulated amortization, beginning 489,605 Amortization 180,602 Effect of changes in foreign exchange rates (1,138 ) Balance, December 31, 2023 669,069 Balance, December 31, 2023 669,069 Carrying Amounts At December 31, 2021 $ 326,890 At December 31, 2022 $ 241,047 At December 31, 2023 $ 482,389 Carrying Amounts $ 482,389 Lease liability Balance, January 1, 2021 $ 531,997 Interest expense 67,675 Lease payments (237,634 ) Effect of changes in foreign exchange rates (2,690 ) Balance, December 31, 2021 359,348 Interest expense 49,738 Lease modification 81,542 Lease payments (204,518 ) Effect of changes in foreign exchange rates (6,847 ) Balance, December 31, 2022 279,263 Lease liability, beginning 279,263 Interest expense 53,613 Lease modification - Additions 424,021 Lease payments (252,103 ) Effect of changes in foreign exchange rates 7,286 Balance, December 31, 2023 $ 512,080 Lease liability, ending $ 512,080 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | Accounts payable and accrued liabilities at December 31 was as follows: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2023 2022 2021 Trade payables $ 1,370,658 $ 2,723,531 $ 987,498 Payroll related liabilities 563,588 452,751 521,692 Accrued liabilities 367,211 186,148 282,032 Total accounts payable and accrued liabilities $ 2,301,457 $ 3,362,430 $ 1,791,222 |
DERIVATIVE WARRANT LIABILITY (T
DERIVATIVE WARRANT LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Warrant Liability | |
SCHEDULE OF DERIVATIVE WARRANT LIABILITY | The following table presents the details of the derivative warrant liability: SCHEDULE OF DERIVATIVE WARRANT LIABILITY December 31, 2023 December 4, Stock price ($CA) $ 1.25 $ 1.22 Exercise price ($CA) $ 1.52 $ 1.52 Expected life in years 5.00 5.00 Volatility 75.66 % 75.66 % Dividend yield 0 % 0 % Risk free interest rate 3.54 % 3.54 % Fair value of derivative warrant liability $ 1,002,264 $ 954,537 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF COMMON SHARES ISSUED | SCHEDULE OF COMMON SHARES ISSUED Number of Shares Amount Balance, January 1, 2021 29,461,811 $ 114,586,260 Funds from the exercise of stock options 1,001,519 3,124,392 Fair value of stock options exercised - 2,699,042 Issued on the conversion of convertible debentures (Note 10) 1,119,750 3,571,342 Fair value of warrants issued upon conversion of convertible debentures - (1,229,305 ) Funds from the exercise of warrants 3,144,750 12,994,358 Fair value of warrants exercised - 5,351,586 Funds from Common shares issued on private placement 1,764,720 11,815,595 Fair value of warrants issued on private placement - (3,766,007 ) Share issue costs - (1,143,034 ) Fair value of broker warrants issued as share issue costs - (288,197 ) Shares issued to settle accounts payable 1,678 13,814 Balance, December 31, 2021 36,494,228 147,729,846 Funds from Common shares issued on private placement 1,126,635 3,184,332 Fair value of warrants issued on private placement - (656,734 ) Share issue costs - (247,892 ) Shares issued to settle accounts payable 5,422 40,029 Funds from the exercise of stock options 143,437 418,845 Fair value of stock options exercised - 374,129 Funds from the exercise of warrants and compensation warrants 72,500 284,437 Fair value of warrants and compensation warrants exercised - 79,547 Adjustment for 10 for 1 share consolidation (272 ) - Balance, December 31, 2022 37,841,950 151,206,539 Funds from common shares issued through ATM financing 227,673 983,194 Funds from Common shares issued on private placement 1,786,000 1,607,400 Fair value of warrants issued on private placement - (954,537 ) Share issue costs - (578,317 ) Funds from the exercise of stock options 268,356 668,259 Fair value of stock options exercised - 587,035 Funds from the exercise of warrants and compensation warrants 2,364,066 7,767,067 Fair value of warrants and compensation warrants exercised - 4,418,783 Balance, December 31, 2023 42,488,045 $ 165,705,423 |
WARRANTS AND COMPENSATION OPT_2
WARRANTS AND COMPENSATION OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF WARRANTS AND COMPENSATION OPTIONS | The following table reflects the continuity of warrants and compensation options: SCHEDULE OF WARRANTS AND COMPENSATION OPTIONS Historical Number of Historical Balance, January 1, 2021 $ 3.90 3,269,050 $ 5,557,002 Fair value of warrant issued on private placement (Note 11) 9.00 1,764,720 3,766,007 Fair value of broker warrants issued on private placement 6.70 105,883 288,197 Fair value of warrants issued on conversion of convertible debentures 3.80 1,119,750 1,229,305 Historical fair value assigned to warrants exercised 3.90 (3,144,750 ) (5,351,586 ) Fair value of expired warrants 3.90 (93,300 ) (160,470 ) Balance, December 31, 2021 7.10 3,021,353 5,328,455 Fair value of warrant issued on private placement 1.17 563,318 656,734 Historical fair value assigned to warrants exercised 3.90 (72,500 ) (79,547 ) Balance, December 31, 2022 6.15 3,512,171 5,905,642 Historical fair value assigned to warrants exercised 3.27 (2,364,066 ) (4,418,783 ) Fair value of expired warrants 4.50 (584,787 ) (816,744 ) Fair value of warrant issued on public offering - 1,786,000 - Balance, December 31, 2023 $ 1.77 2,349,318 $ 670,115 |
STOCK OPTIONS AND CONTRIBUTED_2
STOCK OPTIONS AND CONTRIBUTED SURPLUS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF STOCK OPTIONS OUTSTANDING | Stock option transactions and the number of stock options outstanding were as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number of Historical Weighted Average Exercise Price Balance, January 1, 2021 5,114,449 $ 3.30 Expired/cancelled (166,438 ) 3.40 Exercised (1,001,519 ) 3.00 Granted 1,013,125 8.50 Balance, December 31, 2021 4,959,617 4.40 Expired/cancelled (117,438 ) 6.02 Exercised (143,437 ) 2.85 Granted 2,043,083 3.32 Balance, December 31, 2022 6,741,825 4.10 Expired/cancelled (182,750 ) 4.66 Exercised (268,356 ) 2.49 Granted 1,002,170 4.11 Balance, December 31, 2023 7,292,889 $ 3.92 |
SCHEDULE OF STOCK OPTIONS ASSUMPTIONS | The stock options granted were valued using the Black-Scholes option pricing model using the following assumptions: SCHEDULE OF STOCK OPTIONS ASSUMPTIONS 2023 2022 2021 Weighted average exercise price $ 4.11 $ 3.32 $ 8.50 Weighted average risk-free interest rate 2.88 3.48 1.80 3.48 0.80 1.48 Weighted average dividend yield 0 % 0 % 0 % Weighted average volatility 82.17 82.45 % 83.51 % 90.68 % Weighted average estimated life 10 years 10 years 10 years Weighted average share price $ 4.11 $ 3.32 $ 8.50 Share price on the various grant dates: $ 4.05 4.63 $ 2.72 6.71 $ 6.20 9.50 Weighted average fair value $ 3.42 $ 2.70 $ 7.50 |
SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS | The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at December 31, 2023 are as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS Options Outstanding Options Exercisable Exercise Number Historical Weighted Average Exercise Weighted Number Historical Weighted Average Exercise $ 0.83 1.97 7,000 $ 1.97 4.59 7,000 $ 1.97 $ 1.98 2.80 1,851,073 $ 2.45 6.17 1,328,577 $ 2.36 $ 2.81 9.02 5,434,816 $ 4.44 7.21 3,373,128 $ 4.38 7,292,889 $ 3.92 6.95 4,708,705 $ 3.81 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF INCOME (LOSS) PER SHARE | SCHEDULE OF INCOME (LOSS) PER SHARE 2023 2022 2021 Numerator Net loss $ (20,267,365 ) $ (21,036,690 ) $ (15,669,093 ) Denominator Weighted average number of common shares outstanding 40,099,752 36,739,857 34,545,752 Weighted average number of common shares outstanding - diluted 40,099,752 36,739,857 34,545,752 Basic and diluted loss per share $ (0.51 ) $ (0.57 ) $ (0.45 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF REMAINING ANNUAL RENTAL PAYMENTS LEASE | Remaining annual lease payments to the lease expiration dates are as follows: SCHEDULE OF REMAINING ANNUAL RENTAL PAYMENTS LEASE 2024 $ 281,048 2025 and beyond 390,873 Remaining minimum annual rental payments $ 671,921 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF COMPENSATION TO KEY MANAGEMENT PERSONNEL | Compensation to key management personnel were as follows: SCHEDULE OF COMPENSATION TO KEY MANAGEMENT PERSONNEL 2023 2022 2021 Salaries $ 2,044,920 $ 2,010,479 $ 1,782,297 Share-based payments (1) 1,771,078 1,711,716 2,077,333 Total $ 3,815,998 $ 3,722,195 $ 3,859,630 (1) Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE OF GEOGRAPHICAL INFORMATION | On a consolidated basis, the Company operates geographically in Singapore, China (collectively “Asia”), the United States and Canada. Geographical information is as follows: SCHEDULE OF GEOGRAPHICAL INFORMATION 2023 As of December 31, Asia US Canada Consolidated Current assets $ 326,926 $ 149,227 $ 2,693,592 $ 3,169,745 Property and equipment 4,089,653 533,575 - 4,623,228 Patents and licenses - 502,055 - 502,055 Right of use asset 379,462 102,927 - 482,389 Total Assets $ 4,796,041 $ 1,287,784 $ 2,693,592 $ 8,777,417 Year Ended December 31, Asia US Canada Consolidated Revenue $ 465,777 $ - $ - $ 465,777 Selling, marketing and administration (2,753,484 ) (6,226,291 ) (1,815,380 ) (10,795,155 ) Research and development (6,249,120 ) (3,662,418 ) (166,392 ) (10,077,930 ) Gain on contribution of intellectual property to joint venture 1,031,807 - - 1,031,807 Interest expense (27,906 ) (42,276 ) - (70,182 ) Loss on fair value of derivative warrant liability - - (24,865 ) (24,865 ) Other income, including interest - - 234,990 234,990 Share of loss in joint venture (1,031,807 ) - - (1,031,807 ) Net loss $ (8,564,733 ) $ (9,930,985 ) $ (1,771,647 ) $ (20,267,365 ) 2022 As of December 31, Asia US Canada Consolidated Current assets $ 664,658 $ 133,501 $ 8,770,035 $ 9,568,194 Investment in joint venture - - - - Property and equipment 4,496,734 573,773 - 5,070,507 Patents and licenses - 510,705 - 510,705 Right of use asset 55,775 185,272 - 241,047 Total Assets $ 5,217,167 $ 1,403,251 $ 8,770,035 $ 15,390,453 The Year Ended December 31, Asia US Canada Consolidated Revenue $ 552,748 $ - $ - $ 552,748 Selling, marketing and administration (2,121,596 ) (5,885,970 ) (1,508,705 ) (9,516,271 ) Research and development (6,344,016 ) (4,205,177 ) (197,550 ) (10,746,743 ) Gain on contribution of intellectual property to joint venture 1,746,987 - - 1,746,987 Interest expense (17,701 ) (32,037 ) - (49,738 ) Forgiveness of Covid-19 government support loans - - - - Other income, including interest - - 188,320 188,320 Share of loss in joint venture (3,211,993 ) - - (3,211,993 ) Net loss $ (9,395,571 ) $ (10,123,184 ) $ (1,517,935 ) $ (21,036,690 ) As of December 31, Asia US Canada Consolidated 2021 As of December 31, Asia US Canada Consolidated Current assets $ 537,647 $ 291,772 $ 20,959,707 $ 21,789,126 Investment in joint venture 1,445,251 - - 1,445,251 Property and equipment 2,787,273 276,961 - 3,064,234 Patents and licenses - 528,476 - 528,476 Right of use asset 150,134 176,756 - 326,890 Total Assets $ 4,920,305 $ 1,273,965 $ 20,959,707 $ 27,153,977 The Year Ended December 31, Asia US Canada Consolidated Revenue $ 209,100 $ - $ - $ 209,100 Selling, marketing and administration $ (1,563,829 ) $ (5,460,917 ) $ (2,030,784 ) $ (9,055,530 ) Research and development (4,849,553 ) (2,679,452 ) (636,123 ) (8,165,128 ) Forgiveness of Covid-19 government support loans - 186,747 - 186,747 Interest expense (35,043 ) (32,632 ) (296,944 ) (364,619 ) Gain on contribution of intellectual to joint venture 2,587,500 - - 2,587,500 Other income, including interest - - 75,084 75,084 Share of loss in joint venture (1,142,249 ) - - (1,142,249 ) Net loss $ (4,794,074 ) $ (7,986,254 ) $ (2,888,767 ) $ (15,669,095 ) |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF CLASSIFIED FINANCIAL ASSETS AND LIABILITIES | The Company has classified financial assets and (liabilities) as follows at December 31: SCHEDULE OF CLASSIFIED FINANCIAL ASSETS AND LIABILITIES 2023 2022 2021 Financial assets, measured at amortized cost: Cash and cash equivalents $ 3,019,069 $ 9,229,845 $ 14,941,775 Short-term investments $ - $ - $ 6,366,828 Accounts receivable, measured at amortized cost: Accounts receivable $ - $ 62,842 $ - Other liabilities, measured at amortized cost: Accounts payable and accrued liabilities $ (2,301,457 ) $ (3,362,430 ) $ (1,791,222 ) Covid-19 government support loans $ (30,200 ) $ (29,520 ) $ (31,660 ) Contract liabilities $ - $ (274,192 ) $ - Fair value through profit or loss (FVTPL): Derivative warrant liability $ (1,002,264 ) $ - $ - |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF COMPONENTS OF CAPITAL | In the management of capital, the Company includes shareholders’ equity (excluding accumulated other compehensive loss and deficit) and cash. The components of capital on December 31, 2023 were: SCHEDULE OF COMPONENTS OF CAPITAL Cash and cash equivalents $ 3,019,069 Shareholders’ equity $ 221,823,499 |
EXPENSES (Tables)
EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF EXPENSES BY NATURE | Research and development costs can be analysed as follows: SCHEDULE OF EXPENSES BY NATURE 2023 2022 2021 Wages and benefits $ 4,298,207 $ 4,267,937 $ 3,270,528 Subcontract fees 1,864,122 2,946,729 1,516,343 Stock-based compensation 1,539,235 2,054,187 1,769,951 Supplies 2,376,366 1,477,890 1,608,306 Research and development costs $ 10,077,930 $ 10,746,743 $ 8,165,128 Selling, marketing and administration costs can be analysed as follows: Stock-based compensation $ 2,662,209 $ 2,382,417 $ 2,764,419 Wages and benefits 2,649,770 2,648,862 2,643,451 Professional fees 1,744,771 1,173,743 1,155,316 General expenses 1,681,899 1,860,762 1,304,690 Depreciation and amortization 1,922,140 1,293,158 1,100,522 Rent and facility costs 134,366 157,329 87,130 Selling, marketing and administration costs $ 10,795,155 $ 9,516,271 $ 9,055,528 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF FUTURE INCOME TAX ASSETS | SCHEDULE OF INCOME TAX RECOVERY For the Year Ended December 31, 2023 2022 2021 Net loss before taxes $ (20,267,365 ) $ (21,036,690 ) $ (15,669,093 ) Expected current income tax recovery 5,370,852 5,574,723 4,152,310 Adjustments to income tax recovery: For the Year Ended December 31, 2023 2022 2021 Amounts not deductible for tax purposes $ (1,113,000 ) $ (1,177,000 ) $ (1,201,600 ) Other non-deductible items (69,000 ) (66,000 ) (111,000 ) Other deductible items 191,000 161,000 157,000 Non-taxable gain (loss) - (388,000 ) 383,000 Non-taxable loan forgiveness - - 49,000 Deferred R&D expenses, net (459,000 ) (627,000 ) - Foreign tax differential (905,538 ) (828,000 ) (508,000 ) Unrecognized tax recovered (losses) (3,015,314 ) (2,649,723 ) (2,920,710 ) Income tax recovery recognized $ - $ - $ - The following table reflects future income tax assets at December 31: SCHEDULE OF FUTURE INCOME TAX ASSETS 2023 2022 2021 Resource assets $ 1,024,271 $ 1,024,271 $ 1,024,271 Gross unamortized share issue costs 810,000 1,081,250 1,114,604 Capitalized S.174 expenses 5,900,000 2,368,000 - Canadian non-capital losses 22,585,000 21,955,000 21,404,000 Canadian capital losses 5,300,000 5,156,000 5,565,125 US non-capital losses 95,300,000 93,000,000 86,073,000 Singapore non-capital losses 19,300,000 13,800,000 9,180,000 Unused income tax losses 150,219,271 138,384,521 124,361,000 Unrecognized deferred tax assets (150,219,271 ) (138,384,521 ) (124,361,000 ) Deferred income tax assets recognized $ - $ - $ - |
SCHEDULE OF FUTURE INCOME TAX ASSETS | The following table reflects future income tax assets at December 31: SCHEDULE OF FUTURE INCOME TAX ASSETS 2023 2022 2021 Resource assets $ 1,024,271 $ 1,024,271 $ 1,024,271 Gross unamortized share issue costs 810,000 1,081,250 1,114,604 Capitalized S.174 expenses 5,900,000 2,368,000 - Canadian non-capital losses 22,585,000 21,955,000 21,404,000 Canadian capital losses 5,300,000 5,156,000 5,565,125 US non-capital losses 95,300,000 93,000,000 86,073,000 Singapore non-capital losses 19,300,000 13,800,000 9,180,000 Unused income tax losses 150,219,271 138,384,521 124,361,000 Unrecognized deferred tax assets (150,219,271 ) (138,384,521 ) (124,361,000 ) Deferred income tax assets recognized $ - $ - $ - |
SCHEDULE OF CLASSIFICATION OF F
SCHEDULE OF CLASSIFICATION OF FINANCIAL INSTRUMENTS (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Financial Assets, Cash and cash equivalents | Amortized cost |
Financial Assets, Short-term investments | Amortized cost |
Financial Assets, Accounts receivable | Amortized cost |
Financial Liabilities, Accounts payable and accrued liabilities | Amortized cost |
Financial Liabilities, Contract liabilities | Amortized cost |
Financial Liabilities, Covid-19 government support loans | Amortized cost |
Financial Liabilities, Covid-19 government support loans | Fair value through profit and loss (FVTPL) |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended | ||||||
Jan. 24, 2024 USD ($) | Jan. 24, 2024 CAD ($) $ / shares | Dec. 04, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
IfrsStatementLineItems [Line Items] | |||||||
Accumulated losses | $ (214,291,025) | $ (194,023,660) | $ (172,986,970) | $ (157,317,877) | |||
Working capital | 633,149 | ||||||
Cash flows from operations | $ (15,407,462) | ||||||
Issuance of warrants exercise price | $ / shares | $ 1.12 | $ 4.11 | $ 3.32 | $ 8.50 | |||
Gross funding from public offering | $ 1,607,400 | ||||||
Events Occurring After Reporting Date [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Gross funding from private placement | $ 4,607,161 | $ 6,219,667 | |||||
Issuance of warrants exercise price | $ / shares | $ 1.52 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIFE (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Machinery [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life of asset | 5 years |
Leasehold improvements [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life of asset | 5 years |
Office equipment [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life of asset | 3 years |
Office equipment [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life of asset | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Cash | $ 1,249,116 | $ 1,981,765 | $ 4,216,911 |
Short-term investments | 6,366,828 | ||
Impairment loss | |||
Patents and Licenses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life, intangible assets (Year) | 12 years | ||
U.S. term deposits [member] | |||
IfrsStatementLineItems [Line Items] | |||
Term deposits | $ 1,769,953 | $ 7,248,080 | $ 10,724,864 |
US and Canadian Term Deposits [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investment interest rate range | 0.20% | ||
US and Canadian Term Deposits [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investment interest rate range | 0.25% | ||
Guaranteed Investment Certificates [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investment interest rate range | 0.75% | ||
Guaranteed Investment Certificates [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Investment interest rate range | 1.44% |
SCHEDULE OF REVENUE CONTRACT BA
SCHEDULE OF REVENUE CONTRACT BALANCES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable And Contract Liabilities | ||
Balance, receivables | $ 62,842 | |
Balance, liabilities | 274,192 | |
Customer deposits, receivables | ||
Customer deposits, liabilities | (779,870) | |
Changes due to payment, fulfillment of performance obligations or revenues recognized, receivables | (62,842) | 62,842 |
Changes due to payment, fulfillment of performance obligations or revenues recognized, liabilities | 271,069 | 489,906 |
Effect of changes in foreign exchange rates, receivables | ||
Effect of changes in foreign exchange rates, liabilities | 3,123 | 15,772 |
Balance, liabilities | (274,192) | |
Balance, receivables | 62,842 | |
Balance, liabilities | $ (274,192) |
SCHEDULE OF PRREPAIDS AND OTHER
SCHEDULE OF PRREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Notes and other explanatory information [abstract] | |||
Sales tax recoverable and other current assets | $ 57,200 | $ 128,321 | $ 141,568 |
Deposits on equipment | 288,287 | ||
Prepaid expenses | 93,476 | 147,186 | 50,668 |
Prepaids and other current assets | $ 150,676 | $ 275,507 | $ 480,523 |
SCHEDULE OF INVESTMENT IN JOINT
SCHEDULE OF INVESTMENT IN JOINT VENTURE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Investment balance | $ 1,445,251 | ||
Contribution of intellectual property | 22,500,000 | ||
Unrecognized gain on contribution of intellectual property | (19,912,500) | ||
Share of loss in joint ventures | (1,031,807) | (3,211,993) | (1,142,249) |
Recognized gain on contribution of intellectual property | 1,031,807 | 1,746,987 | |
Effect of changes in foreign exchange rates | 19,755 | ||
Investment balance | $ 1,445,251 |
SCHEDULE OF FINANCIAL INFORMATI
SCHEDULE OF FINANCIAL INFORMATION OF JOINT VENTURE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Current assets | $ 3,169,745 | $ 9,568,194 | $ 21,789,126 |
Liabilities | (3,846,001) | (3,945,405) | (2,182,230) |
Joint ventures [member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 1,758,587 | 1,951,654 | 2,287,252 |
Intangible assets | 16,155,786 | 18,708,065 | 22,500,000 |
Liabilities | (149,306) | (180,897) | (44,683) |
Owners Equity | (17,765,067) | (20,478,822) | (24,742,569) |
Net loss | $ 3,830,962 | $ 4,319,857 | $ 1,212,417 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment at cost, beginning | $ 8,209,091 | $ 5,130,404 | $ 4,421,917 | |
Additions, net of returns | 1,167,953 | 3,011,562 | [1] | 771,523 |
Reclassification | ||||
Effect of changes in foreign exchange rates | 38,566 | 67,125 | (63,036) | |
Property and equipment at cost, ending | 9,415,610 | 8,209,091 | 5,130,404 | |
Property and equipment, accumulated depreciation, beginning | 3,138,584 | 2,066,170 | 1,236,163 | |
Depreciation for the year | 1,653,798 | 1,054,264 | 840,366 | |
Effect of changes in foreign exchange rates | 18,150 | (10,359) | ||
Property and equipment, accumulated depreciation, ending | 4,792,382 | 3,138,584 | 2,066,170 | |
Property and equipment, carrying amounts | 4,623,228 | 5,070,507 | 3,064,234 | |
Equipment Not Ready For Use [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment at cost, beginning | 1,815,909 | 227,147 | ||
Additions, net of returns | 206,018 | 1,902,713 | [1] | (128,575) |
Reclassification | (2,013,090) | (141,702) | (96,334) | |
Effect of changes in foreign exchange rates | (8,837) | 54,898 | (2,238) | |
Property and equipment at cost, ending | 1,815,909 | |||
Property and equipment, accumulated depreciation, beginning | ||||
Depreciation for the year | ||||
Effect of changes in foreign exchange rates | ||||
Property and equipment, accumulated depreciation, ending | ||||
Property and equipment, carrying amounts | 1,815,909 | |||
Leasehold improvements [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment at cost, beginning | 123,659 | 117,115 | 71,928 | |
Additions, net of returns | [1] | |||
Reclassification | 47,393 | |||
Effect of changes in foreign exchange rates | 597 | 6,544 | (2,206) | |
Property and equipment at cost, ending | 124,256 | 123,659 | 117,115 | |
Property and equipment, accumulated depreciation, beginning | 56,134 | 29,526 | 10,777 | |
Depreciation for the year | 24,684 | 24,079 | 18,891 | |
Effect of changes in foreign exchange rates | 2,529 | (142) | ||
Property and equipment, accumulated depreciation, ending | 80,818 | 56,134 | 29,526 | |
Property and equipment, carrying amounts | 43,438 | 67,525 | 87,589 | |
Machinery And Equipments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment at cost, beginning | 6,091,621 | 4,830,020 | 3,994,657 | |
Additions, net of returns | 949,551 | 1,087,414 | [1] | 842,877 |
Reclassification | 2,013,090 | 162,917 | 48,941 | |
Effect of changes in foreign exchange rates | 41,246 | 11,270 | (56,455) | |
Property and equipment at cost, ending | 9,095,508 | 6,091,621 | 4,830,020 | |
Property and equipment, accumulated depreciation, beginning | 2,958,538 | 1,930,726 | 1,146,014 | |
Depreciation for the year | 1,600,981 | 1,000,085 | 794,834 | |
Effect of changes in foreign exchange rates | 27,727 | (10,122) | ||
Property and equipment, accumulated depreciation, ending | 4,559,519 | 2,958,538 | 1,930,726 | |
Property and equipment, carrying amounts | 4,535,989 | 3,133,083 | 2,899,294 | |
Office equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment at cost, beginning | 177,902 | 183,269 | 128,185 | |
Additions, net of returns | 12,384 | 21,435 | [1] | 57,221 |
Reclassification | (21,215) | |||
Effect of changes in foreign exchange rates | 5,560 | (5,587) | (2,137) | |
Property and equipment at cost, ending | 195,846 | 177,902 | 183,269 | |
Property and equipment, accumulated depreciation, beginning | 123,912 | 105,918 | 79,372 | |
Depreciation for the year | 28,133 | 30,100 | 26,641 | |
Effect of changes in foreign exchange rates | (12,106) | (95) | ||
Property and equipment, accumulated depreciation, ending | 152,045 | 123,912 | 105,918 | |
Property and equipment, carrying amounts | $ 43,801 | $ 53,990 | $ 77,351 | |
[1]During 2022, the Company returned $ 196,490 |
SCHEDULE OF PROPERTY AND EQUI_3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Notes and other explanatory information [abstract] | |
Cost of equipment returned to vendor | $ 196,490 |
SCHEDULE OF PATENTS AND LICENSE
SCHEDULE OF PATENTS AND LICENSES (Details) - Patents and Licenses [member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Patents and licenses, cost, beginning | $ 1,058,936 | $ 996,461 | $ 837,102 |
Additions | 79,111 | 62,475 | 159,359 |
Patents and licenses, cost, ending | 1,138,047 | 1,058,936 | 996,461 |
Patents and licenses, accumulated amortization, beginning | 548,231 | 467,985 | 398,425 |
Amortization | 87,761 | 80,246 | 69,560 |
Patents and licenses, accumulated amortization, ending | 635,992 | 548,231 | 467,985 |
Patents and licenses, carrying amounts | $ 502,055 | $ 510,705 | $ 528,476 |
JOINT VENTURE (Details Narrativ
JOINT VENTURE (Details Narrative) - USD ($) | 12 Months Ended | ||||
Oct. 20, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||||
Amount of investment in joint venture | $ 1,445,251 | ||||
Gain on joint venture | 1,031,807 | 1,746,987 | 2,587,500 | ||
Unrecognized gain loss on joint venture | 19,912,500 | ||||
Joint ventures [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Net operating loss | 3,830,962 | 4,319,857 | 1,212,417 | ||
Net operating loss recognized | 1,031,807 | ||||
Joint ventures [member] | Xiamen Sanan Integrated Circuit Co. Ltd. [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Name of joint venture | Super Photonics Xiamen Co., Ltd (“SPX”) | ||||
Description of nature of relationship with joint operation | Xiamen Sanan Integrated Circuit Co. Ltd. (“Sanan IC”) whose purpose is to design, develop, manufacture and sell 100G, 200G and 400G optical engines based on POET’s proprietary Optical Interposer platform technology | ||||
Amount of investment in joint venture | $ 22,500,000 | ||||
Gain on joint venture | 1,031,807 | 1,746,987 | 2,587,500 | ||
Unrecognized gain loss on joint venture | $ 17,133,706 | $ 8,159,632 | $ 19,912,500 | ||
Super Photonics Xiamen Co., Ltd [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Proportion of ownership interest in joint operation | 76.10% | 80.70% | 88.50% | ||
Percentage of weighted average net operating loss | 78.90% | 83.70% | 95.30% | ||
Net operating loss | $ 3,026,408 | $ 3,211,993 | $ 1,142,249 | ||
Super Photonics Xiamen Co., Ltd [Member] | Xiamen Sanan Integrated Circuit Co. Ltd. [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Proportion of ownership interest in joint operation | 23.90% | 19.30% | 11.50% |
SCHEDULE OF RIGHT OF USE ASSET
SCHEDULE OF RIGHT OF USE ASSET AND LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Right of use asset, cost, beginning | $ 730,652 | $ 649,110 | $ 653,232 |
Effect of changes in foreign exchange rates | (4,122) | ||
Lease modification | 81,542 | ||
Addition | 420,806 | ||
Right of use asset, cost, ending | 1,151,458 | 730,652 | 649,110 |
Right of use asset, accumulated amortization, beginning | 489,605 | 322,220 | 132,546 |
Amortization | 180,602 | 158,648 | 190,596 |
Effect of changes in foreign exchange rates | (1,138) | 8,737 | (922) |
Balance, December 31, 2023 | 669,069 | 489,605 | 322,220 |
Carrying Amounts | 482,389 | 241,047 | 326,890 |
Lease liability, beginning | 279,263 | 359,348 | 531,997 |
Interest expense | 53,613 | 49,738 | 67,675 |
Lease modification | 81,542 | (237,634) | |
Effect of changes in foreign exchange rates | 7,286 | (6,847) | (2,690) |
Lease payments | (252,103) | (204,518) | (237,634) |
Additions | 424,021 | ||
Lease liability, ending | $ 512,080 | $ 279,263 | $ 359,348 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Notes and other explanatory information [abstract] | |||
Trade payables | $ 1,370,658 | $ 2,723,531 | $ 987,498 |
Payroll related liabilities | 563,588 | 452,751 | 521,692 |
Accrued liabilities | 367,211 | 186,148 | 282,032 |
Total accounts payable and accrued liabilities | $ 2,301,457 | $ 3,362,430 | $ 1,791,222 |
RIGHT OF USE ASSET AND LEASE _3
RIGHT OF USE ASSET AND LEASE LIABILITY (Details Narrative) | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | |
Incremental borrowing rate | 12% |
SCHEDULE OF DERIVATIVE WARRANT
SCHEDULE OF DERIVATIVE WARRANT LIABILITY (Details) - USD ($) | 12 Months Ended | |||
Dec. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Warrant Liability | ||||
Stock price ($CA) | $ 1.22 | $ 1.25 | ||
Exercise price ($CA) | $ 1.52 | $ 1.52 | ||
Warrant expected life. | 5 years | 5 years | ||
Volatility | 75.66% | 75.66% | 83.51% | 90.68% |
Dividend yield | 0% | 0% | 0% | 0% |
Risk free interest rate | 3.54% | 3.54% | ||
Fair value of derivative warrant liability | $ 954,537 | $ 1,002,264 |
DERIVATIVE WARRANT LIABILITY (D
DERIVATIVE WARRANT LIABILITY (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Proceeds from issuing shares | $ 1,607,400 | |||
Number of shares issued | 1,786,000 | |||
Exercise price | $ 1.12 | |||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | 0% |
Risk free interest rate, share options granted | 3.54% | 3.54% | ||
Expected volatility, share options granted | 75.66% | 75.66% | 83.51% | 90.68% |
Description of expected estimated life | 5 years | |||
Derivative financial liabilities | $ 954,537 | |||
Increase (decrease) in reimbursement rights related to defined benefit obligation, resulting from gain (loss) on remeasurement | $ 24,865 | |||
Warrants [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 1,786,000 |
SCHEDULE OF COMMON SHARES ISSUE
SCHEDULE OF COMMON SHARES ISSUED (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Opening balance, shares | 37,841,950 | 36,494,228 | 29,461,811 |
Opening balance, value | $ 151,206,539 | $ 147,729,846 | $ 114,586,260 |
Funds from the exercise of stock options, shares | 268,356 | 143,437 | 1,001,519 |
Funds from the exercise of stock options, value | $ 668,259 | $ 418,845 | $ 3,124,392 |
Fair value of stock options exercised, shares | |||
[custom:FairValueOfStockOptionsExercised] | $ 587,035 | $ 374,129 | $ 2,699,042 |
Issued on the conversion of convertible debentures, shares | 1,119,750 | ||
Issued on the conversion of convertible debentures, value | $ 3,571,342 | ||
Fair value of warrants issued on conversion of convertible debentures, shares | |||
Fair value of warrants issued on conversion of convertible debentures, value | $ (1,229,305) | ||
Funds from the exercise of warrants, shares | 2,364,066 | 72,500 | 3,144,750 |
Funds from the exercise of warrants, value | $ 7,767,067 | $ 284,437 | $ 12,994,358 |
Fair value of exercised warrants, shares | |||
Fair value of exercised warrants, value | $ 4,418,783 | $ 79,547 | $ 5,351,586 |
Funds from Common shares issued on privale placement, shares | 1,786,000 | 1,126,635 | 1,764,720 |
Funds from Common shares issued on privale placement, value | $ 1,607,400 | $ 3,184,332 | $ 11,815,595 |
Fair value of warrants issued on private placement, shares | |||
Fair value of warrants issued on private placement, value | $ (954,537) | $ (656,734) | $ (3,766,007) |
Share issue costs, shares | |||
Share issue costs, value | $ (578,317) | $ (247,892) | $ (1,143,034) |
Fair value of broker warrants issued as share issue costs, shares | |||
Fair value of broker warrants issued as share issue costs, value | $ (288,197) | ||
Shares issued to settle accounts payable, shares | 5,422 | 1,678 | |
Shares issued to settle accounts payable, value | $ 40,029 | $ 13,814 | |
Adjustment of share for consolidation, shares | (272) | ||
Adjustment of share for consolidation, value | $ 983,194 | ||
Adjustment of share for consolidation, shares | 227,673 | ||
Ending balance, shares | 42,488,045 | 37,841,950 | 36,494,228 |
Ending balance, value | $ 165,705,423 | $ 151,206,539 | $ 147,729,846 |
SCHEDULE OF WARRANTS AND COMPEN
SCHEDULE OF WARRANTS AND COMPENSATION OPTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Warrants and Compensation Options, Historical Average Exercise Price Beginning Balance | $ 6.15 | $ 7.10 | $ 3.90 |
Warrants and Compensation Options, Number of Warrants/Compensation options Beginning Balance | 3,512,171 | 3,021,353 | 3,269,050 |
Warrants and Compensation Options, Historical Fair value Beginning Balance | $ 5,905,642 | $ 5,328,455 | $ 5,557,002 |
Fair value of warrant issued on private placement, Historical Average Exercise Price | $ 1.17 | $ 9 | |
Fair value of warrant issued on private placement, Number of Warrants/Compensation options | 563,318 | 1,764,720 | |
Fair value of warrant issued on private placement, Historical Fair value | $ 656,734 | $ 3,766,007 | |
Fair value of broker warrants issued on private placement, Historical Average Exercise Price | $ 6.70 | ||
Fair value of broker warrants issued on private placement, Number of Warrants/Compensation options | 105,883 | ||
Fair value of broker warrants issued on private placement, Historical Fair value | $ 288,197 | ||
Fair value of warrants issued on conversion of convertible debentures, Historical Average Exercise Price | $ 3.80 | ||
Fair value of warrants issued on conversion of convertible debentures, Number of Warrants/Compensation options | 1,119,750 | ||
Fair value of warrants issued on conversion of convertible debentures, Historical Fair value | $ 1,229,305 | ||
Historical fair value assigned to warrants exercised, Historical Average Exercise Price | $ 3.27 | $ 3.90 | $ 3.90 |
Historical fair value assigned to warrants exercised, Number of Warrants/Compensation options | (2,364,066) | (72,500) | (3,144,750) |
Historical fair value assigned to warrants exercised, Historical Fair value | $ (4,418,783) | $ (79,547) | $ (5,351,586) |
Fair value of expired warrants issued on public offering, Historical Average Exercise Price | $ 4.50 | $ 3.90 | |
Fair value of expired warrants issued on public offering, Number of Warrants/Compensation options | (584,787) | (93,300) | |
Fair value of expired warrants issued on public offering, Historical Fair value | $ (816,744) | $ (160,470) | |
Fair value of expired warrants issued on public offering, Historical Average Exercise Price | |||
Fair value of expired warrants issued on public offering, Number of Warrants/Compensation options | 1,786,000 | ||
Fair value of expired warrants issued on public offering, Historical Fair value | |||
Warrants and Compensation Options, Historical Average Exercise Price Ending Balance | $ 1.77 | $ 6.15 | $ 7.10 |
Warrants and Compensation Options, Number of Warrants/Compensation options Ending Balance | 2,349,318 | 3,512,171 | 3,021,353 |
Warrants and Compensation Options, Historical Fair value Ending Balance | $ 670,115 | $ 5,905,642 | $ 5,328,455 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) | 12 Months Ended | |||||||||||||
Dec. 04, 2023 USD ($) $ / shares shares | Dec. 02, 2022 USD ($) $ / shares shares | Dec. 02, 2022 CAD ($) | Feb. 11, 2021 USD ($) $ / shares shares | Feb. 11, 2021 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares | Dec. 02, 2022 $ / shares | Dec. 31, 2021 $ / shares | Jun. 12, 2021 $ / shares | Jun. 12, 2021 $ / shares | Feb. 11, 2021 $ / shares | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares issued | shares | 1,786,000 | |||||||||||||
Price per share | (per share) | $ 7.38 | $ 8.20 | $ 9.38 | $ 10.10 | ||||||||||
exercise price | $ / shares | $ 1.12 | |||||||||||||
Additional purchase | $ 240,000 | |||||||||||||
Warrant expected life | 5 years | 5 years | ||||||||||||
Shares issued to settle accounts payable, value | $ 40,029 | $ 13,814 | ||||||||||||
Shares issued to settle accounts payable, shares | shares | 5,422 | 1,678 | ||||||||||||
Gross proceeds, shares | $ 1,607,400 | |||||||||||||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.90 | |||||||||||||
Warrants [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Additional purchase | $ 186,000 | |||||||||||||
Common Stock [Member] | Private placement offering [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares issued | shares | 1,126,635 | 1,764,720 | ||||||||||||
Price per share | (per share) | $ 2.78 | $ 6.70 | $ 3.81 | $ 8.50 | ||||||||||
Commision paid | $ 3,184,332 | $ 4,292,479 | $ 11,815,595 | $ 15,000,120 | $ 983,194 | |||||||||
exercise price | (per share) | $ 3.61 | $ 9 | $ 4.95 | $ 18.10 | $ 23 | 11.50 | ||||||||
Cash commission | $ 42,090 | $ 57,897 | $ 708,667 | $ 900,007 | ||||||||||
Commission percentage | 6% | |||||||||||||
Additional purchase | $ 205,802 | $ 434,367 | ||||||||||||
Expected dividend as percentage, warrants | 0% | 0% | 0% | 0% | 0% | |||||||||
Risk free interest rate, warrants | 3.54% | 3.48% | 3.48% | 0.19% | 0.19% | |||||||||
Expected volatility, warrants | 75.66% | 69.93% | 69.93% | 75.26% | 75.26% | |||||||||
Warrant expected life | 5 years | 3 years | 3 years | 2 years | 2 years | |||||||||
Fair value of warrants | $ 954,537 | $ 656,734 | $ 3,766,007 | |||||||||||
Warrants to purchase common stock, description | Each unit consists of one common share and one half common share purchase warrant. | Each unit consists of one common share and one half common share purchase warrant. | ||||||||||||
Gross proceeds, shares | 227,673 | |||||||||||||
Finance costs | 145,089 | 291,226 | ||||||||||||
Common Stock [Member] | Private placement offering [member] | At The Market [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Commision paid | $ 112,518 | 29,486 | ||||||||||||
Gross proceeds | $ 30,000,000 | |||||||||||||
Commision paid percentage | 7% | 3% | ||||||||||||
Common Stock [Member] | Private placement offering [member] | Key management personnel of entity or parent [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares issued | shares | 10,000 | |||||||||||||
Commision paid | $ 27,800 | $ 38,100 | ||||||||||||
Common Stock [Member] | Private placement offering [member] | Broker Warrant [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
exercise price | (per share) | $ 6.70 | $ 8.50 | ||||||||||||
Cash commission | $ 105,883 | |||||||||||||
Fair value of warrants | $ 288,197 | |||||||||||||
Warrant reserve [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares issued | shares | 1,600,000 | |||||||||||||
Warrants [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Number of shares issued | shares | 1,786,000 | |||||||||||||
Number of shares purchased | shares | 1,600,000 |
SCHEDULE OF STOCK OPTIONS OUTST
SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Notes and other explanatory information [abstract] | |||
Number of Options, Outstanding, Beginning Balance | shares | 6,741,825 | 4,959,617 | 5,114,449 |
Historical Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 4.10 | $ 4.40 | $ 3.30 |
Number of Options, Expired/cancelled | shares | (182,750) | (117,438) | (166,438) |
Historical Weighted Average Exercise Price, Expired/cancelled | $ / shares | $ 4.66 | $ 6.02 | $ 3.40 |
Number of Options, Exercised | shares | (268,356) | (143,437) | (1,001,519) |
Historical Weighted Average Exercise Price, Exercised | $ / shares | $ 2.49 | $ 2.85 | $ 3 |
Number of Options, Granted | shares | 1,002,170 | 2,043,083 | 1,013,125 |
Historical Weighted Average Exercise Price, Granted | $ / shares | $ 4.11 | $ 3.32 | $ 8.50 |
Number of Options, Outstanding, Ending Balance | shares | 7,292,889 | 6,741,825 | 4,959,617 |
Historical Weighted Average Exercise Price, Ending Balance | $ / shares | $ 3.92 | $ 4.10 | $ 4.40 |
SCHEDULE OF STOCK OPTIONS ASSUM
SCHEDULE OF STOCK OPTIONS ASSUMPTIONS (Details) - $ / shares | 12 Months Ended | ||||
Dec. 04, 2023 | Dec. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||||
Weighted average exercise price | $ 1.12 | $ 4.11 | $ 3.32 | $ 8.50 | |
Weighted average risk-free interest rate | 3.54% | 3.54% | |||
Weighted average dividend yield | 0% | 0% | 0% | 0% | |
Weighted average volatility | 75.66% | 75.66% | 83.51% | 90.68% | |
Weighted average estimated life | 10 years | 10 years | 10 years | ||
Weighted average share price | $ 4.11 | $ 3.32 | $ 8.50 | ||
Weighted average fair value | $ 3.42 | $ 2.70 | $ 7.50 | ||
Bottom of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Weighted average risk-free interest rate | 2.88% | 1.80% | 0.80% | ||
Weighted average volatility | 82.17% | ||||
Share price on the various grant dates | $ 4.05 | $ 2.72 | $ 6.20 | ||
Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Weighted average risk-free interest rate | 3.48% | 3.48% | 1.48% | ||
Weighted average volatility | 82.45% | ||||
Share price on the various grant dates | $ 4.63 | $ 6.71 | $ 9.50 |
SCHEDULE OF WEIGHTED AVERAGE RE
SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS (Details) | 12 Months Ended | ||||
Dec. 31, 2023 shares $ / shares | Dec. 04, 2023 $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | $ 1.12 | ||||
Number Outstanding | shares | 7,292,889 | 6,741,825 | 4,959,617 | 5,114,449 | |
Historical Weighted Average Exercise Price | $ 3.92 | $ 4.10 | $ 4.40 | $ 3.30 | |
Weighted Average Remaining Remaining Life (years) | 6 years 11 months 12 days | ||||
Number Exercisable | shares | 4,708,705 | ||||
Historical Weighted Average Exercise Price | $ 3.81 | ||||
Exercise Range One [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number Outstanding | shares | 7,000 | ||||
Historical Weighted Average Exercise Price | $ 1.97 | ||||
Weighted Average Remaining Remaining Life (years) | 4 years 7 months 2 days | ||||
Number Exercisable | shares | 7,000 | ||||
Historical Weighted Average Exercise Price | $ 1.97 | ||||
Exercise Range One [member] | Bottom of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | 0.83 | ||||
Exercise Range One [member] | Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | $ 1.97 | ||||
Exercise Range Two [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number Outstanding | shares | 1,851,073 | ||||
Historical Weighted Average Exercise Price | $ 2.45 | ||||
Weighted Average Remaining Remaining Life (years) | 6 years 2 months 1 day | ||||
Number Exercisable | shares | 1,328,577 | ||||
Historical Weighted Average Exercise Price | $ 2.36 | ||||
Exercise Range Two [member] | Bottom of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | 1.98 | ||||
Exercise Range Two [member] | Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | $ 2.80 | ||||
Exercise Range Three [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number Outstanding | shares | 5,434,816 | ||||
Historical Weighted Average Exercise Price | $ 4.44 | ||||
Weighted Average Remaining Remaining Life (years) | 7 years 2 months 15 days | ||||
Number Exercisable | shares | 3,373,128 | ||||
Historical Weighted Average Exercise Price | $ 4.38 | ||||
Exercise Range Three [member] | Bottom of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | 2.81 | ||||
Exercise Range Three [member] | Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise Range | $ 9.02 |
SCHEDULE OF INCOME (LOSS) PER S
SCHEDULE OF INCOME (LOSS) PER SHARE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Net loss | $ (20,267,365) | $ (21,036,690) | $ (15,669,093) |
Weighted average number of common shares outstanding | 40,099,752 | 36,739,857 | 34,545,752 |
Weighted average number of common shares outstanding - diluted | 40,099,752 | 36,739,857 | 34,545,752 |
Basic, loss per share | $ (0.51) | $ (0.57) | $ (0.45) |
Diluted, loss per share | $ (0.51) | $ (0.57) | $ (0.45) |
SCHEDULE OF REMAINING ANNUAL RE
SCHEDULE OF REMAINING ANNUAL RENTAL PAYMENTS LEASE (Details) | Dec. 31, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Remaining minimum annual rental payments | $ 671,921 |
2024 [Member] | |
IfrsStatementLineItems [Line Items] | |
Remaining minimum annual rental payments | 281,048 |
2025 And Beyond [Member] | |
IfrsStatementLineItems [Line Items] | |
Remaining minimum annual rental payments | $ 390,873 |
SCHEDULE OF COMPENSATION TO KEY
SCHEDULE OF COMPENSATION TO KEY MANAGEMENT PERSONNEL (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Notes and other explanatory information [abstract] | ||||
Salaries | $ 2,044,920 | $ 2,010,479 | $ 1,782,297 | |
Share-based payments | [1] | 1,771,078 | 1,711,716 | 2,077,333 |
Total | $ 3,815,998 | $ 3,722,195 | $ 3,859,630 | |
[1]Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model. |
STOCK OPTIONS AND CONTRIBUTED_3
STOCK OPTIONS AND CONTRIBUTED SURPLUS (Details Narrative) - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Stock based compensation | $ 4,201,444 | $ 4,436,604 | $ 4,534,370 | |
2021 Plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Fixed stock option percentage | 20% | |||
Number of shares stock option granted | 8,056,055 | |||
Maximum percentage of issued and outstanding shares percentage | 20% |
SCHEDULE OF GEOGRAPHICAL INFORM
SCHEDULE OF GEOGRAPHICAL INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Current assets | $ 3,169,745 | $ 9,568,194 | $ 21,789,126 |
Property and equipment | 4,623,228 | 5,070,507 | 3,064,234 |
Right of use asset | 482,389 | 241,047 | 326,890 |
Total Assets | 8,777,417 | 15,390,453 | 27,153,977 |
Revenue | 465,777 | 552,748 | 209,100 |
Selling, marketing and administration | (10,795,155) | (9,516,271) | (9,055,528) |
Research and development | (10,077,930) | (10,746,743) | (8,165,128) |
Gain on contribution of intellectual to joint venture | 1,031,807 | 1,746,987 | 2,587,500 |
Interest expense | (70,182) | (49,738) | (364,619) |
Loss on fair value of derivative warrant liability | 24,865 | ||
Other income, including interest | 234,990 | 188,320 | 75,084 |
Net loss | (20,267,365) | (21,036,690) | (15,669,093) |
Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 3,169,745 | ||
Property and equipment | 4,623,228 | ||
Patents and licenses | 502,055 | ||
Right of use asset | 482,389 | ||
Total Assets | 8,777,417 | ||
Revenue | 465,777 | 552,748 | |
Selling, marketing and administration | (10,795,155) | (9,516,271) | |
Research and development | (10,077,930) | (10,746,743) | |
Gain on contribution of intellectual to joint venture | 1,031,807 | ||
Interest expense | (70,182) | (49,738) | |
Loss on fair value of derivative warrant liability | (24,865) | ||
Other income, including interest | 234,990 | 188,320 | |
Share of loss in joint venture | (1,031,807) | (3,211,993) | |
Net loss | (20,267,365) | (21,036,690) | |
Gain on contribution of intellectual property to joint venture | 1,746,987 | ||
Forgiveness of Covid-19 government support loans | |||
Asian [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 326,926 | 664,658 | 537,647 |
Property and equipment | 4,089,653 | 4,496,734 | 2,787,273 |
Patents and licenses | |||
Right of use asset | 379,462 | 55,775 | 150,134 |
Total Assets | 4,796,041 | 5,217,167 | 4,920,305 |
Revenue | 465,777 | 552,748 | 209,100 |
Selling, marketing and administration | (2,753,484) | (2,121,596) | (1,563,829) |
Research and development | (6,249,120) | (6,344,016) | (4,849,553) |
Gain on contribution of intellectual to joint venture | 1,031,807 | 2,587,500 | |
Interest expense | (27,906) | (17,701) | (35,043) |
Loss on fair value of derivative warrant liability | |||
Other income, including interest | |||
Share of loss in joint venture | (1,031,807) | (3,211,993) | (1,142,249) |
Net loss | (8,564,733) | (9,395,571) | (4,794,074) |
Investment in joint venture | 1,445,251 | ||
Gain on contribution of intellectual property to joint venture | 1,746,987 | ||
Forgiveness of Covid-19 government support loans | |||
United State [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 149,227 | 133,501 | 291,772 |
Property and equipment | 533,575 | 573,773 | 276,961 |
Patents and licenses | 502,055 | 510,705 | 528,476 |
Right of use asset | 102,927 | 185,272 | 176,756 |
Total Assets | 1,287,784 | 1,403,251 | 1,273,965 |
Revenue | |||
Selling, marketing and administration | (6,226,291) | (5,885,970) | (5,460,917) |
Research and development | (3,662,418) | (4,205,177) | (2,679,452) |
Gain on contribution of intellectual to joint venture | |||
Interest expense | (42,276) | (32,037) | (32,632) |
Loss on fair value of derivative warrant liability | |||
Other income, including interest | |||
Share of loss in joint venture | |||
Net loss | (9,930,985) | (10,123,184) | (7,986,254) |
Investment in joint venture | |||
Gain on contribution of intellectual property to joint venture | |||
Forgiveness of Covid-19 government support loans | 186,747 | ||
Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 2,693,592 | 8,770,035 | 20,959,707 |
Property and equipment | |||
Patents and licenses | |||
Right of use asset | |||
Total Assets | 2,693,592 | 8,770,035 | 20,959,707 |
Revenue | |||
Selling, marketing and administration | (1,815,380) | (1,508,705) | (2,030,784) |
Research and development | (166,392) | (197,550) | (636,123) |
Gain on contribution of intellectual to joint venture | |||
Interest expense | (296,944) | ||
Loss on fair value of derivative warrant liability | (24,865) | ||
Other income, including interest | 234,990 | 188,320 | 75,084 |
Share of loss in joint venture | |||
Net loss | $ (1,771,647) | (1,517,935) | (2,888,767) |
Investment in joint venture | |||
Gain on contribution of intellectual property to joint venture | |||
Forgiveness of Covid-19 government support loans | |||
Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Current assets | 9,568,194 | 21,789,126 | |
Property and equipment | 5,070,507 | 3,064,234 | |
Patents and licenses | 510,705 | 528,476 | |
Right of use asset | 241,047 | 326,890 | |
Total Assets | 15,390,453 | 27,153,977 | |
Revenue | 209,100 | ||
Selling, marketing and administration | (9,055,530) | ||
Research and development | (8,165,128) | ||
Gain on contribution of intellectual to joint venture | 2,587,500 | ||
Interest expense | (364,619) | ||
Other income, including interest | 75,084 | ||
Share of loss in joint venture | (1,142,249) | ||
Net loss | (15,669,095) | ||
Investment in joint venture | 1,445,251 | ||
Forgiveness of Covid-19 government support loans | $ 186,747 |
SCHEDULE OF CLASSIFIED FINANCIA
SCHEDULE OF CLASSIFIED FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes and other explanatory information [abstract] | ||||
Cash and cash equivalents | $ 3,019,069 | $ 9,229,845 | $ 14,941,775 | $ 6,872,894 |
Short-term investments | 6,366,828 | |||
Accounts receivable | 62,842 | |||
Accounts payable and accrued liabilities | (2,301,457) | (3,362,430) | (1,791,222) | |
Covid-19 government support loans | (30,200) | (29,520) | (31,660) | |
Contract liabilities | (274,192) | |||
Derivative warrant liability | $ (1,002,264) |
SCHEDULE OF COMPONENTS OF CAPIT
SCHEDULE OF COMPONENTS OF CAPITAL (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes and other explanatory information [abstract] | ||||
Cash and cash equivalents | $ 3,019,069 | $ 9,229,845 | $ 14,941,775 | $ 6,872,894 |
Shareholders' equity | $ 221,823,499 |
SCHEDULE OF EXPENSES BY NATURE
SCHEDULE OF EXPENSES BY NATURE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Wages and benefits | $ 4,298,207 | $ 4,267,937 | $ 3,270,528 |
Subcontract fees | 1,864,122 | 2,946,729 | 1,516,343 |
Stock-based compensation | 1,539,235 | 2,054,187 | 1,769,951 |
Supplies | 2,376,366 | 1,477,890 | 1,608,306 |
Research and development costs | 10,077,930 | 10,746,743 | 8,165,128 |
Stock-based compensation | 2,662,209 | 2,382,417 | 2,764,419 |
Wages and benefits | 2,649,770 | 2,648,862 | 2,643,451 |
Professional fees | 1,744,771 | 1,173,743 | 1,155,316 |
General expenses | 1,681,899 | 1,860,762 | 1,304,690 |
Depreciation and amortization | 1,922,140 | 1,293,158 | 1,100,522 |
Rent and facility costs | 134,366 | 157,329 | 87,130 |
Selling, marketing and administration costs | $ 10,795,155 | $ 9,516,271 | $ 9,055,528 |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Notes and other explanatory information [abstract] | |
Change in exchange rate risk | 10% |
Increase decrease in other comprehensive loss | $ 198,000 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Revenue | $ 465,777 | $ 552,748 | $ 209,100 |
SCHEDULE OF FUTURE INCOME TAX A
SCHEDULE OF FUTURE INCOME TAX ASSETS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net loss before taxes | $ (20,267,365) | $ (21,036,690) | $ (15,669,093) |
Expected current income tax recovery | 5,370,852 | 5,574,723 | 4,152,310 |
Amounts not deductible for tax purposes | 1,113,000 | 1,177,000 | 1,201,600 |
Other non-deductible items | 69,000 | 66,000 | 111,000 |
Other deductible items | 191,000 | 161,000 | 157,000 |
Non-taxable gain (loss) | (388,000) | 383,000 | |
Non-taxable loan forgiveness | 49,000 | ||
Deferred R&D expenses, net | (459,000) | (627,000) | |
Foreign tax differential | (905,538) | (828,000) | (508,000) |
Unrecognized tax recovered (losses) | 3,015,314 | 2,649,723 | 2,920,710 |
Income tax recovery recognized | |||
Unused income tax losses | 150,219,271 | 138,384,521 | 124,361,000 |
Unrecognized deferred tax assets | (150,219,271) | (138,384,521) | (124,361,000) |
Deferred income tax assets recognized | |||
Resource Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 1,024,271 | 1,024,271 | 1,024,271 |
Gross Unamortized Share Issue Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 810,000 | 1,081,250 | 1,114,604 |
Capitalized Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 5,900,000 | 2,368,000 | |
Canadian Non Capital Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 22,585,000 | 21,955,000 | 21,404,000 |
Canadian Capital Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 5,300,000 | 5,156,000 | 5,565,125 |
Us Non Capital Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | 95,300,000 | 93,000,000 | 86,073,000 |
Singapore Noncapital Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Singapore non-capital losses | $ 19,300,000 | $ 13,800,000 | $ 9,180,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26.50% | 26.50% | 26.50% |
COVID-19 GOVERNMENT SUPPORT L_2
COVID-19 GOVERNMENT SUPPORT LOANS (Details Narrative) | Apr. 15, 2020 USD ($) | Apr. 09, 2020 USD ($) | May 03, 2020 USD ($) | Apr. 09, 2020 CAD ($) |
Paycheck Protection Program [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Loans received | $ 30,200 | $ 30,200 | $ 186,747 | $ 40,000 |
Borrowings interest rate | 5% | |||
Canada Emergency Business Account [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Canada emergency business account description | the Company received a loan in the amount of $30,200 through the CEBA. If the loan has not been repaid by January 18, 2024, the outstanding amount will be automatically extended for an additional two years at 5% interest per annum payable monthly and maturing on December 31, 2025. The Company repaid 75% of the amount borrowed on January 15, 2024. | the Canadian government launched the Canada Emergency Business Account (“CEBA”) which is intended to support businesses during COVID-19 by providing interest free financing of up to $30,200 (CA$40,000) until December 31, 2023. If 75% of the loan is repaid by December 31, 2023 (extended to January 18, 2024), the loan recipient will be eligible for a loan forgiveness of the remaining 25% of the amount loaned. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 12 Months Ended | ||||||||
Jan. 24, 2024 USD ($) $ / shares shares | Jan. 24, 2024 CAD ($) | Dec. 04, 2023 USD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Jan. 24, 2024 $ / shares shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
IfrsStatementLineItems [Line Items] | |||||||||
Gross proceeds | $ 10,447,603 | $ 3,639,722 | $ 26,791,311 | ||||||
Gross proceeds from offering | $ 1,607,400 | ||||||||
Offering price per share | (per share) | $ 7.38 | $ 8.20 | $ 9.38 | $ 10.10 | |||||
Shares acquired | shares | 1,786,000 | ||||||||
Warrant reserve [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Shares acquired | shares | 1,600,000 | ||||||||
Events Occurring After Reporting Date [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Gross proceeds | $ 4,607,161 | $ 6,219,667 | |||||||
Gross proceeds from offering | $ 5,098,088 | ||||||||
Offering price per share | (per share) | $ 0.90 | $ 1.22 | |||||||
Maturity price per share | (per share) | $ 1.12 | $ 1.52 | |||||||
Finders fees | $ 32,466 | 43,829 | |||||||
Events Occurring After Reporting Date [Member] | Directors Management And Employees [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Gross proceeds from offering | $ 415,272 | $ 560,617 | |||||||
Shares acquired | shares | 459,522 | 459,522 | |||||||
Events Occurring After Reporting Date [Member] | Warrant reserve [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Gross proceeds from offering | $ 5,098,088 |