Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2018shares | |
Document Information [Line Items] | |
Entity Registrant Name | Acasti Pharma Inc. |
Entity Central Index Key | 1,444,192 |
Trading Symbol | acst |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 25,638,215 |
Document Type | 20-F |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Statements of Financial Positio
Statements of Financial Position (February 2017 Unaudited) $ in Thousands, $ in Thousands | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2017CAD ($) |
Current assets: | |||
Cash and cash equivalents | $ 8,223 | $ 9,772 | $ 10,573 |
Receivables | 759 | 206 | 166 |
Other Assets | 104 | ||
Prepaid expenses | 406 | 303 | 270 |
Total current assets | 9,492 | 10,281 | 11,009 |
Marketable securities | 26 | ||
Other Asset | 555 | ||
Equipment | 2,821 | 2,787 | 2,776 |
Intangible assets | 10,065 | 12,388 | 12,582 |
Total assets | 22,959 | 25,456 | 26,367 |
Current liabilities | |||
Trade and other payables | 6,697 | 2,138 | 2,405 |
Total current liabilities | 6,697 | 2,138 | 2,405 |
Derivative warrant liabilities | 6,426 | 209 | 187 |
Unsecured convertible debentures | 1,612 | 1,406 | 1,389 |
Total liabilities | 14,735 | 3,753 | 3,981 |
Equity: | |||
Share capital | 73,338 | 66,576 | 66,576 |
Other equity | 309 | 309 | 309 |
Contributed surplus | 6,956 | 5,693 | 5,607 |
Deficit | (72,379) | (50,875) | (50,106) |
Total equity | 8,224 | 21,703 | 22,386 |
Commitments and contingencies | |||
Total liabilities and equity | $ 22,959 | $ 25,456 | $ 26,367 |
Statements of Earnings and Comp
Statements of Earnings and Comprehensive Loss (Twelve Month and Month Ended 2017 Unaudited) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Research and development expenses, net of government assistance | $ (426) | $ (15,669) | $ (7,227) | $ (7,566) | $ (7,653) |
General and administrative expenses | (292) | (4,027) | (3,265) | (2,046) | (3,557) |
Loss from operating activities | (718) | (19,696) | (10,492) | (9,612) | (11,210) |
Change in fair value of warrant liabilities | (22) | (344) | (31) | 2,201 | (53) |
Other financial expenses | (29) | (1,464) | (84) | 1,094 | (113) |
Net financial expenses | (51) | (1,808) | (115) | 3,295 | (166) |
Net loss and comprehensive loss before income tax | (769) | (21,504) | (10,607) | (6,317) | (11,376) |
Deferred income tax recovery | 129 | 129 | |||
Net loss and total comprehensive loss | $ (769) | $ (21,504) | $ (10,478) | $ (6,317) | $ (11,247) |
Basic and diluted loss per share (in CAD per share) | $ (0.05) | $ (1.23) | $ (0.97) | $ (0.59) | $ (1.01) |
Weighted average number of shares outstanding (in shares) | 14,702,556 | 17,486,515 | 10,788,075 | 10,659,936 | 11,094,512 |
Statements of Changes in Equity
Statements of Changes in Equity (Twelve Month and Month Ended 2017 Unaudited) - CAD ($) $ in Thousands | Issued capital [member] | Other equity interest [member] | Additional paid-in capital [member] | Retained earnings [member] | Total |
Statement Line Items [Line Items] | |||||
Net loss and total comprehensive loss for the period | $ (6,317) | $ (6,317) | |||
Transactions with owners, recorded directly in equity | |||||
Issuance of shares (in shares) | 50,000 | ||||
Issuance of shares | $ 101 | (102) | (1) | ||
Share-based payment transactions for the period | 309 | 309 | |||
Total contributions by and distributions to equity holders (in shares) | 67,598 | ||||
Total contributions by and distributions to equity holders | $ 345 | (36) | 309 | ||
Balance (in shares) at Feb. 29, 2016 | 10,712,038 | ||||
Balance at Feb. 29, 2016 | $ 61,973 | 4,875 | (39,628) | 27,220 | |
Transactions with owners, recorded directly in equity | |||||
Net loss and total comprehensive loss for the period | (6,317) | (6,317) | |||
Balance (in shares) at Feb. 28, 2015 | 10,644,440 | ||||
Balance at Feb. 28, 2015 | $ 61,628 | 4,911 | (33,311) | 33,228 | |
Transactions with owners, recorded directly in equity | |||||
Share options exercised (in shares) | 250 | ||||
Share options exercised | $ 1 | 1 | |||
RSUs released (in shares) | 17,348 | ||||
RSUs released | $ 243 | (243) | |||
61,628 | 4,911 | (39,628) | 26,911 | ||
61,628 | 4,911 | (39,628) | 26,911 | ||
Net loss and total comprehensive loss for the period | (10,478) | (10,478) | |||
Share-based payment transactions for the period | 588 | 588 | |||
Total contributions by and distributions to equity holders (in shares) | 3,990,518 | ||||
Total contributions by and distributions to equity holders | $ 4,603 | 309 | 732 | 5,644 | |
Balance (in shares) at Feb. 28, 2017 | 14,702,556 | ||||
Balance at Feb. 28, 2017 | $ 66,576 | 309 | 5,607 | (50,106) | 22,386 |
Transactions with owners, recorded directly in equity | |||||
Net loss and total comprehensive loss for the period | (10,478) | (10,478) | |||
Balance (in shares) at Feb. 29, 2016 | 10,712,038 | ||||
Balance at Feb. 29, 2016 | $ 61,973 | 4,875 | (39,628) | 27,220 | |
Statement Line Items [Line Items] | |||||
Net loss and total comprehensive loss for the period | (11,247) | (11,247) | |||
Transactions with owners, recorded directly in equity | |||||
Issuance of shares (in shares) | 3,930,518 | ||||
Issuance of shares | $ 4,509 | 144 | 4,653 | ||
Share-based payment transactions for the period | 674 | 674 | |||
Total contributions by and distributions to equity holders (in shares) | 3,990,518 | ||||
Total contributions by and distributions to equity holders | $ 4,603 | 309 | 818 | 5,730 | |
Balance (in shares) at Mar. 31, 2017 | 14,702,556 | ||||
Balance at Mar. 31, 2017 | $ 66,576 | 309 | 5,693 | (50,875) | 21,703 |
Transactions with owners, recorded directly in equity | |||||
Net loss and total comprehensive loss for the period | (11,247) | (11,247) | |||
Issue of unsecured convertible debentures, net of deferred income tax expense of $129 income tax expense of $129 | $ 309 | 309 | |||
Equity settled non-employee share-based payment (in shares) | 60,000 | ||||
Equity settled non-employee share-based payment | 94 | 94 | |||
Balance (in shares) at Feb. 29, 2016 | 10,712,038 | ||||
Balance at Feb. 29, 2016 | $ 61,973 | 4,875 | (39,628) | 27,220 | |
Statement Line Items [Line Items] | |||||
Net loss and total comprehensive loss for the period | (769) | (769) | |||
Transactions with owners, recorded directly in equity | |||||
Share-based payment transactions for the period | 86 | 86 | |||
Total contributions by and distributions to equity holders | 86 | 86 | |||
Balance (in shares) at Mar. 31, 2017 | 14,702,556 | ||||
Balance at Mar. 31, 2017 | $ 66,576 | 309 | 5,693 | (50,875) | 21,703 |
Transactions with owners, recorded directly in equity | |||||
Net loss and total comprehensive loss for the period | (769) | (769) | |||
Balance (in shares) at Feb. 28, 2017 | 14,702,556 | ||||
Balance at Feb. 28, 2017 | $ 66,576 | 309 | 5,607 | (50,106) | 22,386 |
Statement Line Items [Line Items] | |||||
61,973 | 4,875 | (50,875) | 15,973 | ||
Transactions with owners, recorded directly in equity | |||||
61,973 | 4,875 | (50,875) | 15,973 | ||
Net loss and total comprehensive loss for the period | (21,504) | (21,504) | |||
Issuance of shares (in shares) | 10,667,169 | ||||
Issuance of shares | $ 6,169 | 406 | 6,575 | ||
Warrants exercised (in shares) | 178,721 | ||||
Warrants exercised | $ 456 | (72) | 384 | ||
Share-based payment transactions for the period | 929 | $ 929 | |||
Number of shares (in shares) | 89,769 | 89,769 | |||
Amount | $ 137 | $ 137 | |||
Total contributions by and distributions to equity holders (in shares) | 10,935,659 | ||||
Total contributions by and distributions to equity holders | $ 6,762 | 1,263 | 8,025 | ||
Balance (in shares) at Mar. 31, 2018 | 25,638,215 | ||||
Balance at Mar. 31, 2018 | $ 73,338 | 309 | 6,956 | (72,379) | 8,224 |
Transactions with owners, recorded directly in equity | |||||
Net loss and total comprehensive loss for the period | (21,504) | (21,504) | |||
Balance (in shares) at Mar. 31, 2017 | 14,702,556 | ||||
Balance at Mar. 31, 2017 | $ 66,576 | 309 | 5,693 | (50,875) | 21,703 |
Statement Line Items [Line Items] | |||||
66,576 | 309 | 5,693 | (72,379) | 199 | |
Transactions with owners, recorded directly in equity | |||||
$ 66,576 | $ 309 | $ 5,693 | $ (72,379) | $ 199 |
Statements of Changes in Equit5
Statements of Changes in Equity (Twelve Month and Month Ended 2017 Unaudited) (Parentheticals) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Deferred income tax recovery | $ 129 | $ 129 |
Statements of Cash Flows (Twelv
Statements of Cash Flows (Twelve Month and Month Ended 2017 Unaudited) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Cash flows used in operating activities: | |||||
Net loss for the period | $ (769) | $ (21,504) | $ (10,478) | $ (6,317) | $ (11,247) |
Adjustments: | |||||
Amortization of intangible assets | 194 | 2,323 | 2,323 | 2,336 | 2,517 |
Depreciation of equipment | 32 | 349 | 189 | 59 | 221 |
Impairment loss related to intangible assets | 339 | ||||
Stock-based compensation | 86 | 929 | 588 | 309 | 674 |
Net financial expenses | 51 | 1,808 | 115 | (3,295) | 166 |
Realized foreign exchange gain (loss) | (12) | (7) | 60 | 36 | 48 |
Deferred income tax recovery | (129) | (129) | |||
Total adjustments | (418) | (16,102) | (7,332) | (6,533) | (7,750) |
Changes in working capital items | (328) | 3,583 | 1,120 | (41) | 792 |
Net cash used in operating activities | (746) | (12,519) | (6,212) | (6,574) | (6,958) |
Cash flows from (used in) investing activities: | |||||
Interest received | 4 | 70 | 146 | 114 | 150 |
Acquisition of intangible assets | (92) | ||||
Acquisition of equipment | (24) | (455) | (2,503) | (276) | (2,527) |
Acquisition of short-term investments | (12,765) | (11,954) | (12,765) | ||
Acquisition of marketable securities | (26) | ||||
Maturity of short-term investments | 22,030 | 20,437 | 22,030 | ||
Net cash (used in) investing activities | (20) | (411) | 6,908 | 8,229 | 6,888 |
Cash flows from (used in) financing activities: | |||||
Net proceeds from public offering | (34) | 11,065 | 5,044 | 5,010 | |
Net proceeds from private placement | (10) | (40) | 1,882 | 1,872 | |
Proceeds from exercise of warrants | 384 | ||||
Share issue costs | (1) | ||||
Interest paid | (3) | (18) | (2) | (18) | |
Net cash from (used in) financing activities | (44) | 11,406 | 6,908 | (3) | 6,864 |
Foreign exchange (loss) gain on cash and cash equivalents held in foreign currencies | 9 | (25) | (58) | 64 | (49) |
Net increase (decrease) in cash and cash equivalents | (801) | (1,549) | 7,546 | 1,716 | 6,745 |
Cash and cash equivalents, beginning of period | 10,573 | 9,772 | 3,027 | 1,311 | 3,027 |
Cash and cash equivalents, end of period | 9,772 | 8,223 | 10,573 | 3,027 | 9,772 |
Cash | 6,778 | 1,583 | 7,584 | 3,027 | 6,778 |
Cash equivalents | $ 2,994 | $ 6,640 | $ 2,989 | $ 2,994 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of basis of consolidation [text block] | 1. Reporting entity Acasti Pharma Inc. ( Acasti Corporation Business Corporations Act 1A Companies Act 545, H7T 0A3. Neptune 19.8% Common Shares December 27, 2017 ( 6 13 34.0% Pursuant to a license agreement entered into with Neptune in August 2008, December 2012, 2014. no August 8, 2017, Aker 2022, not third The Corporation is subject to a number of risks associated with the conduct of its clinical program and its results, the establishment of strategic alliances and the development of new pharmaceutical products and their marketing. The Corporation also knows that its current product in development requires approval from the U.S Food and Drug Administration and equivalent regulatory organizations in other countries before their sale can be authorized. The Corporation has incurred significant operating losses and negative cash flows from operations since inception. To date, the Corporation has financed its operations through the public offering and private placement of Common Shares, units consisting of Common Shares and warrants and convertible debt, the proceeds from research grants and research tax credits, and the exercises of warrants, rights and options. To achieve the objectives of its business plan, Acasti plans to raise the necessary funds through additional securities offerings and the establishment of strategic alliances as well as additional research grants and research tax credits. The ability of the Corporation to complete the needed financing andultimately achieve profitable operations is dependent on a number of factors outside of the Corporation’s control. |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. Basis of preparation (a) Statement of compliance: These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Beginning in fiscal 2017, March 31. 2017 thirteen March 1, 2016 March 31, 2017. two one March 31, 2017 twelve February 28, 2017. thirteen March 31, 2017. The financial statements were approved by the Board of Directors on June 27, 2018. (b) Basis of measurement: The financial statements have been prepared on the historical cost basis, except for: · Stock-based compensation which is measured pursuant to IFRS 2, Share-based payments Note 3 · Derivative warrant liabilities measured at fair value on a recurring basis (Note 11 2. Basis of preparation (continued): (c) Going concern uncertainty: The Corporation has incurred operating losses and negative cash flows from operations since inception. The Corporation’s current assets of $9.5 March 31, 2018 $8.2 December 27, 2017. $6.7 March 31, 2018 March 31, 2018 $10.0 May 2018 24 twelve 3 3 twelve March 31, 2018. no not not one may not The Corporation currently has no The financial statements have been prepared on a going concern basis, which assumes the Corporation will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the ordinary course of business. These financial statements do not may not (d) Functional and presentation currency: These financial statements are presented in Canadian dollars, which is the Corporation’s functional currency. (e) Use of estimates and judgments: The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may Estimates are based on management’s best knowledge of current events and actions that the Corporation may Critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements include the following: · Identification of triggering events indicating that the intangible assets might be impaired. · The use of the going concern basis of preparation of the financial statements. At the end of each reporting period, management assesses the basis of preparation of the financial statements (Note 2 Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following: · Determination of the recoverable amount of the Corporation’s cash generating unit (“CGU”). · Measurement of derivative warrant liabilities ( note 11 note 16 Also, management uses judgment to determine which research and development (“R&D”) expenses qualify for R&D tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and therefore, could be different from the amounts recorded. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 3. Significant accounting policies: The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Financial instruments: A financial instrument is any contract that gives rise to a financial asset of one (i) Non-derivative financial assets: The Corporation has the following non-derivative financial assets: cash, cash equivalents, marketable securities and receivables. The Corporation determines the classification of its financial assets at initial recognition. The subsequent measurement of financial assets depends on their classification. Financial assets and liabilities are offset and the net amount presented in the statements of financial position when, and only when, the Corporation has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Loans and receivables The classification “loans and receivables” comprises financial assets with fixed or determinable payments that are not Cash, cash equivalents, marketable securities and receivables with maturities of less than one Cash and cash equivalents comprise cash balances and highly liquid investments purchased three (ii) Non-derivative financial liabilities: The Corporation has the following non-derivative financial liabilities: trade and other payables, and unsecured convertible debentures. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Corporation derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Compound financial instruments: Compound financial instruments are instruments that can be converted to share capital at the option of the holder, and the number of shares to be issued is fixed. The unsecured convertible debentures are compound instruments and have been separated into liability and equity components. The liability component is recognized initially at the fair value of a similar liability that does not not (iv) Share capital: Common Shares Class A Common Shares are classified as equity. Incremental costs directly attributable to the issue of Common Shares and share options are recognized as a deduction from share capital, net of any tax effects. (v) Derivative financial instruments: The Corporation has issued liability-classified derivatives over its own equity. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit and loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and all changes in their fair value are recognized immediately in profit or loss. (vi) Other equity instruments: Warrants, options and rights over the Corporation’s equity issued outside of share-based payment transactions that do not (b) Equipment: (i) Recognition and measurement: Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment, and are recognized net within ''other income or expenses'' in profit or loss. (ii) Subsequent costs: The cost of replacing a part of an equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (iii) Depreciation: Depreciation is recognized in profit or loss on either a straight-line basis or a declining basis over the estimated useful lives of each part of an item of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not The estimated useful lives and rates for the current and comparative periods are as follows: Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment (in years) Straight-line 10 Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted prospectively if appropriate. (c) Intangible assets: (i) Research and development: Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and borrowing costs on qualifying assets. Other development expenditures are recognized in profit or loss as incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. As of the reporting periods presented, the Corporation has not (ii) Other intangible assets: Patent costs Patents for technologies that are no Licenses Licenses that are acquired by the Corporation and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. (iii) Subsequent expenditure: Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. (iv) Amortization: Amortization is calculated over the cost of the intangible asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Assets Period (in years) Patents 20 License 8 to 14 (d) Impairment: (i) Financial assets: A financial asset not An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against the financial asset. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. (ii) Non-financial assets: The carrying amounts of the Corporation’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit, or “CGU”). The Corporation’s corporate assets do not may An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no not no (e) Employee benefits: (i) Short-term employee benefits: Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Corporation has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (ii) Share-based payment transactions: The grant date fair value of share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in contributed surplus, over the period that the employees unconditionally become entitled to the awards. The grant date fair value takes into consideration market performance conditions when applicable. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. Share-based payment arrangements in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Corporation. (iii) Termination benefits: Termination benefits are recognized as an expense when the Corporation is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Corporation has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 (f) Provisions: A provision is recognized if, as a result of a past event, the Corporation has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. (i) Onerous contracts: A provision for onerous contracts is recognized when the expected benefits to be derived by the Corporation from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Corporation recognizes any impairment loss on the assets associated with that contract. (ii) Contingent liability: A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one not not not (g) Government grants: Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Corporation has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Grants that compensate the Corporation for expenses incurred are recognized in profit or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Corporation for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. (h) Lease payments: Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. (i) Foreign currency: Transactions in foreign currencies are translated into the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Foreign currency differences arising on translation are recognized in profit or loss. (j) Finance income and finance expense: Finance income comprises interest income on funds invested. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Finance costs comprise interest expense, accretion on borrowings, unwinding of the discount on provisions, impairment losses recognized on financial assets and transaction costs for issuance of derivative warrant liabilities. Borrowing costs that are not Foreign currency gains and losses are reported on a net basis. The Corporation recognizes interest income as a component of investing activities and interest expense as a component of financing activities in the statements of cash flows. (k) Income tax: Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not no (l) Earnings per share: The Corporation presents basic and diluted earnings per share (“EPS”) data for its Class A shares (or “Common Shares”). Basic EPS is calculated by dividing the profit or loss attributable to the holders of Class A shares (Common Shares) of the Corporation by the weighted average number of Common Shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to the holders of Class A shares (Common Shares) and the weighted average number of Class A shares (Common Shares) outstanding adjusted for the effects of all dilutive potential Common Shares, which comprise warrants, rights and share options granted to employees. (m) Segment reporting: An operating segment is a component of the Corporation that engages in business activities from which it may one one $2,077 March 31, 2017- $2,394 (n) Change in accounting policy: Future accounting change: The following new standards, and amendments to standards and interpretations, are not March 31, 2018, not New standards and interpretations not (i) Financial instruments: On July 24, 2014, 9, Financial Instruments, 39, Financial Instruments: Recognition and Measurement 9 39. 39 9. 9 39. IFRS 9 January 1, 2018, 9 April 1, 2018. The Company’s preliminary analysis has not not (ii) Amendments to IFRS 2 On June 20, 2016, 2, Share-Based Payment January 1, 2018. 2 April 1, 2018. not 2. |
Note 4 - Receivables
Note 4 - Receivables | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 4. Receivables: March 31, 2018 March 31, 2017 February 28, 2017 Notes $ $ (Unaudited) Sales tax receivables 470 89 83 Government assistance and tax credits receivable 7 282 115 81 Other receivables 7 2 2 Total receivables 759 206 166 |
Note 5 - Other Assets
Note 5 - Other Assets | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 5. Other Assets During the year, the Corporation purchased a reserve of krill oil amounting to $970 NKPL66 $259 March 31, 2018, $52 $659 $104 twelve |
Note 6 - Related Parties
Note 6 - Related Parties | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 6. Related parties: (a) Administrative and research and development expenses: The Corporation intends to continue to rely on the support of Neptune for a portion of its general and administrative needs; however, the continuance of this support is outside of the Corporation’s control. The Corporation was charged by Neptune for the purchase of research supplies and for certain costs incurred by Neptune for the benefit of the Corporation, as follows: Thirteen-months Month ended Twelve-months March 31, 2018 March 31, 2017 March 31, 2017 February 28, 2017 February 29, 2016 (Unaudited) (Unaudited) $ $ $ $ $ Research and development expenses Supplies and incremental costs 7 - - - 5 Shared service agreement 20 60 1 59 366 Total 27 60 1 59 371 General and administrative expenses Supplies and incremental costs 239 293 16 277 299 Shared service agreement 121 325 25 300 491 Total 360 618 41 577 790 Total related parties expenses 387 678 42 636 1,161 Where Neptune incurs specific incremental costs for the benefit of the Corporation, it charges those amounts directly. Neptune provides Acasti with the services of personnel for certain administrative work as part of a shared service agreement. The employees’ salaries and benefits are charged proportionally to the time allocation agreed upon within the shared service agreement. For the year ended March 31, 2018 $44 March 31, 2018, $12 March 31, 2017, $15 February 29, 2016, no not may not not Historically, Neptune has provided the Corporation with the krill oil needed to produce CaPre for Acasti’s clinical programs, including all of the krill oil projected as needed for its Phase 3 August 7, 2017. 3 5 March 31, 2018, (b) Interest revenue: On January 7, 2016 $2 9% first six 11% September 20, 2016, nil March 31, 2018 $89 thirteen March 31, 2017, nil March 31, 2017, $89 twelve February 28, 2017 $27 February 29, 2016. (c) Key management personnel compensation: The key management personnel are the officers of the Corporation and the members of the Board of Directors of the Corporation. They control in the aggregate less than 1% 2% 2017 1% 2016 Key management personnel compensation includes the following for the year ended March 31, 2018 thirteen one March 31, 2017, twelve February 28, 2017, February 29, 2016. Thirteen- Month ended Twelve- March 31, March 31, March 31, February 28, February 29, (Unaudited) (Unaudited) $ $ $ $ $ Compensation 1,754 1,510 146 1,364 688 Severance - - - - 103 Share-based compensation costs 826 619 78 541 120 Total key management personnel compensation 2,580 2,129 224 1,905 911 |
Note 7 - Government Assistance
Note 7 - Government Assistance | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 7. Government assistance: Thirteen- Month ended Twelve- March 31, March 31, March 31, 2017 February 28, 2017 February 29, 2016 (Unaudited) (Unaudited) $ $ $ $ $ Investment tax credit 409 103 8 95 169 Government grant - 227 37 190 180 Total government assistance 409 330 45 285 349 Government assistance is comprised of a government grant from the federal government and research and development investment tax credits receivable from the provincial government which relate to qualifiable research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received may Unrecognized federal tax credits may $ 2029 11 2030 30 2031 45 2032 431 2033 441 2034 436 2035 519 2036 286 2037 315 2038 345 2,859 |
Note 8 - Equipment
Note 8 - Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 8. Equipment: Furniture and Computer Laboratory Production Total $ $ $ $ $ Cost: Balance at February 28, 2015 59 3 60 — 122 Additions — — 276 — 276 Balance at February 29, 2016 59 3 336 — 398 Additions for the twelve-month period (Unaudited) — 8 186 2,484 2,678 Balance at February 28, 2017 (Unaudited) 59 11 522 2,484 3,076 Additions for the one-month period (Unaudited) — — — 43 43 Additions for the thirteen-month period — 8 186 2,527 2,721 Balance at March 31, 2017 59 11 522 2,527 3,119 Additions 4 6 192 181 383 Balance at March 31, 2018 63 17 714 2,708 3,502 Accumulated depreciation: Balance at February 28, 2015 49 3 — — 52 Depreciation for the year 3 — 56 — 59 Balance at February 29, 2016 52 3 56 — 111 Depreciation for the twelve-month period (Unaudited) 7 1 129 52 189 Balance at February 28, 2017 (Unaudited) 59 4 185 52 300 Depreciation for the one-month period (Unaudited) — — 11 21 32 Depreciation for thirteen-month period 7 1 140 73 221 Balance at March 31, 2017 59 4 196 73 332 Depreciation — 3 107 239 349 Balance at March 31, 2018 59 7 303 312 681 Net carrying amounts: February 28, 2017 (Unaudited) — 7 337 2,432 2,776 March 31, 2017 — 7 326 2,454 2,787 March 31, 2018 4 10 411 2,396 2,821 Depreciation expense for the period end March 31, 2018 thirteen one March 31, 2017 twelve February 28, 2017 During the year a reclassification of $94 thirteen March 31, 2017 No |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 9. Intangible assets : Patents License Total $ $ $ Cost: Balance at February 28, 2015 278 24,330 24,608 Additions 84 — 84 Balance at February 29, 2016, February 28, 2017 (Unaudited) and March 31, 2017 362 24,330 24,692 Additions — — — Balance at March 31, 2018 362 24,330 24,692 Accumulated amortization: Balance at February 28, 2015 10 7,102 7,112 Amortization for the year 13 2,323 2,336 Impairment loss 339 — 339 Balance at February 29, 2016 362 9,425 9,787 Amortization for the twelve-month period (Unaudited) — 2,323 2,323 Balance at February 28, 2017 (Unaudited) 362 11,748 12,110 Amortization for the one-month period (Unaudited) — 194 194 Amortization for the thirteen-month period — 2,517 2,517 Balance at March 31, 2017 362 11,942 12,304 Amortization for the year — 2,323 2,323 Balance at March 31, 2018 362 14,265 14,627 Net carrying amounts: February 28, 2017 (Unaudited) — 12,582 12,582 March 31, 2017 — 12,388 12,388 March 31, 2018 — 10,065 10,065 Amortization expense and impairment loss for the period ended March 31, 2018 thirteen one March 31, 2017, twelve February 28, 2017 |
Note 10 - Trade and Other Payab
Note 10 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 10. Trade and other payables: March 31, 2018 March 31, 2017 February 28, 2017 $ $ $ Trade payables 3,420 259 534 Accrued liabilities and other payables 2,479 1,354 1,372 Employee salaries and benefits payable 754 513 484 Payable to Neptune 44 12 15 Total trade and other payables 6,697 2,138 2,405 The Corporation’s exposure to currency and liquidity risks related to trade and other payables is presented in Note 20. |
Note 11 - Derivative Warrant Li
Note 11 - Derivative Warrant Liabilities | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of derivative financial instruments [text block] | 11. Derivative warrant liabilities: Warrants issued as part of a public offering of units composed of class A share (Common Share) and Common Share purchase warrants on both December 27, 2017 December 3, 2013 The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: Warrant liabilities issued December 27, 2017 Thirteen-month period Month ended Twelve-month period March 31, 2018 Ended, March 31, 2017 March 31, 2017 ended February 28, 2017 $ $ $ $ Balance – beginning of period - - - - Issued during period (note 13b) 5,873 - - - Change in fair value of derivative warrant liabilities 532 - - - Balance – end of period 6,405 - - - Warrant liabilities issued December 3, 2013 1 Thirteen-month period Month ended Twelve-month period March 31, 2018 ended, March 31, 2017 March 31, 2017 ended February 28, 2017 $ $ $ $ Balance – beginning of period 209 156 187 156 Change in fair value of derivative warrant liabilities (188 ) 53 22 31 Balance – end of period 21 209 209 187 ( 1 one 10 The fair value of the derivative warrant liabilities was estimated using the Black-Scholes option pricing model and based on the following assumptions: Warrant liabilities issued December 27, 2017 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price US $1.26 — — Share price US $1.02 — — Dividend — — — Risk-free interest 2.56 % — — Estimated life (in years) 4.75 — — Expected volatility 95.16 % — — The fair value of the warrants issued was determined to be $0.65 nil March 31, 2017 February 28, 2017). Warrant liabilities issued December 3, 2013 1 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price US $1.50 US $1.50 US $1.50 Share price (1) US $1.02 US $1.36 US $1.25 Dividend — — — Risk-free interest 2.19 % 1.22 % 1.24 % Estimated life (in years) 0.68 1.68 1.76 Expected volatility 133.86 % 108.35 % 107.36 % ( 1 one 10 The fair value of the warrants issued was determined to be $0.01 $0.11 March 31, 2017 $0.10 February 28, 2017). |
Note 12 - Unsecured Convertible
Note 12 - Unsecured Convertible Debentures | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 12. Unsecured convertible debentures Concurrent with the Public Offering described in note 11, February 21, 2017, $2,000 February 21, 2020 1,052,630 may . $1.90 $1.90 3.5% $1,930. The convertible debentures provide the Corporation an accelerated conversion right whereby the Corporation may, four $2.65, 20 The interest to be paid on the convertible debentures under the terms of the agreement is 8% March 31, 2017. $0.10 The proceeds of the Private Placement were split between the liability and the equity at the time of issuance of the Private Placement. Both the conversion option and contingent warrants are considered the equity component of the Private Placement. The fair value of the liability component was determined through a discounted cash flow analysis using a discount rate of 20% not The split between the liability and equity component portions of the Private Placement are summarized below: Liability component Equity component Total Private $ $ $ Components at date of issue 1,519 481 2,000 Transaction costs and debt discount (134 ) (43 ) (177 ) Deferred income tax expense (note 18) — (129 ) (129 ) Effective interest for the twelve-month period (Unaudited) 8 — 8 Interest payable (Unaudited) (4 ) — (4 ) February 28, 2017 (Unaudited) 1,389 309 1,698 Effective interest for the one-month period (Unaudited) 31 — 31 Interest payable (Unaudited) (14 ) — (14 ) Effective interest for the thirteen-month period 39 — 39 Interest payable during the period (18 ) — (18 ) March 31, 2017 1,406 309 1,715 Effective interest for the twelve-month period 366 — 366 Interest payable during the period (160 ) — (160 ) March 31, 2018 1,612 309 1,921 |
Note 13 - Capital and Other Com
Note 13 - Capital and Other Components of Equity | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 13. Capital and other components of equity (a) Share capital: Authorized capital stock: Unlimited number of shares: Ø Class A shares (Common Shares), voting ( one Ø Class B shares, voting ( ten 5% one one $0.80 ( 1 Ø Class C shares, non-voting, non-participating, without par value and maximum annual non-cumulative dividend of 5% one one $0.20 ( 1 Ø Class D and E shares, non-voting, non-participating, without par value and maximum monthly non-cumulative dividend between 0.5% 2% one one ( 1 ( 1 None (b) Public offering – December 27, 2017: On December 27, 2017, 9,900,990 US$1.01 $12.6 US$10 9,900,990 8,910,891 one nil 892,044 US$1.26. On January 22, 2018, 766,179 US$1.01 $963 US$773 The Warrants forming part of the Units are derivative liabilities (“Derivative Warrant Liabilities”) for accounting purposes due to the currency of the exercise price being different from the Corporation’s functional currency. The proceeds of the offering are required to be split between the Derivative Warrant Liabilities and the equity-classified Class A share at the time of issuance of the Units. The fair value of the Derivative Warrant Liabilities at the time of issuance was determined to be $5.9 $2.7 The fair value of the public offering warrants in 2017 December 27, Exercise price US $1.26 Share price US $0.97 Risk-free interest 2.22 % Estimated life (in years) 5 Expected volatility 93.52 % The fair value of the public offering warrants issued was determined to be $0.60 December 27, 2017. As part of the transaction, the Company also issued broker warrants to purchase up to 495,050 one US$1.2625, December 27, 2022. 2, not December 27, Exercise price US $1.2625 Share price US $0.97 Risk-free interest 2.22 % Estimated life (in years) 5 Expected volatility 93.52 % The total cost associated with the Broker Warrants amounted to $406 (c) Public offering - February 21, 2017: Concurrent with the private placement described in Note 12, February 21, 2017, 3,930,518 $1.45 $5,699. one one one one $2.15 February 21, 2022. $1,190. As part of the transaction, the Company also issued broker warrants (the “Broker Warrants”) to purchase up to 234,992 one $2.15 February 21, 2018. 2, $144 The warrants issued as part of the Units of the Public Offering and the broker warrants include an “Acceleration Right”, related to the Corporation’s right to accelerate the expiry date of the warrants. The Acceleration Right clause means the right of the Corporation to accelerate the expiry date to a date that is not 30 four $2.65 20 Furthermore, as part of the February 2017 60,000 $1.57 $94. $85 $9 The value of the broker warrants was estimated using the Black-Scholes option pricing model and based on the following assumptions: February 21, 2017 Exercise price $2.15 Share price $1.70 Dividend — Risk-free interest 0.79 % Estimated life (in years) 1.00 Expected volatility 112.09 % The total cost associated with the Broker Warrants amounted to $144 (d) Issuance of shares: The following table summarizes the shares issued to settle the payment of accrued interest on the unsecured convertible debentures with the corresponding amount recorded to share capital. Accrued interest as at Share issuance date Number of shares Amount March 31, 2017 April 7, 2017 9,496 17 June 30, 2017 August 15, 2017 23,885 40 September 30, 2017 December 27, 2017 22,783 40 December 31, 2017 March 27, 2018 33,605 40 89,769 137 (e) Warrants: The warrants of the Corporation are composed of the following as at March 31, 2018, March 31, 2017 February 28, 2017: March 31, 2018 March 31, 2017 February 28, 2017 February 29, 2016 Number Amount Number Amount Number outstanding Amount Number outstanding Amount $ $ $ $ Liability Series December 2017 US public offering Warrants 2017 (i) 9,802,935 6,405 — — — — — — Series 8 Public offering Warrants December 2013 (note 11) (ii) 18,400,000 21 18,400,000 209 18,400,000 187 18,400,000 156 28,202,935 6,426 18,400,000 209 18,400,000 187 18,400,000 156 Equity Public offering warrants Series December 2017 US Broker warrants (v) 495,050 406 — — — — — — Series 2017 BW Broker warrants (iii) — — 234,992 144 234,992 144 — — Public offering warrants February 2017 (iv) 1,904,034 — 1,965,259 — 1,965,259 — — — Private Placement – contingent warrants 2017 Unsecured convertible debenture conversion option and contingent warrants (vi) 1,052,630 309 1,052,630 309 1,052,630 309 — — Series 9 Private Placement warrants 2013 (vii) 161,654 — 161,654 — 161,654 — 161,654 — 3,613,368 715 3,414,535 453 3,414,535 453 161,654 — (i) Warrant to acquire one US$1.26, December 27, 2022. (ii) In order to obtain one US$15.00, 10 December 3, 2018. (iii) Warrant to acquire one 2.15 February 21, 2018. 117,496 $71 November 2017 117,496 February 21, 2018. (iv) Warrant to acquire one US$1.2625, December 27, 2022. 61,225 $132 November 2017. (v) Warrant to acquire one $2.15, February 21, 2022. (vi) Warrant to acquire one $1.90 February 21, 2020, $129. (vii) Warrant to acquire one $13.30, December 3, 2018. |
Note 14 - Personnel Expenses
Note 14 - Personnel Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of personnel expenses [text block | 14. Personnel expenses: Thirteen- Month ended Twelve-month March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Salaries and other short-term employee benefits 3,281 2,491 214 2,277 1,902 Share-based compensation costs 929 674 86 588 309 Severance — — — — 210 Total personnel expenses 4,210 3,165 300 2,865 2,421 |
Note 15 - Financial Expenses
Note 15 - Financial Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 15. Financial expenses: Thirteen- Month ended Twelve-month March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Interest income 72 125 6 119 73 Foreign exchange gain - - - - 1,023 Financial income 72 125 6 119 1,096 Foreign exchange loss (32 ) (180 ) (3 ) (177 ) - Interest payable on convertible debenture during the period (160 ) (17 ) (14 ) (3 ) - Accretion of interest on convertible debenture (206 ) (22 ) (17 ) (5 ) - Transaction costs related to derivative warrant liabilities (1,134 ) - - - - Other charges (4 ) (19 ) (1 ) (18 ) (2 ) Financial expenses (1,536 ) (238 ) (35 ) (203 ) (2 ) Other net financial expenses (1,464 ) (113 ) (29 ) (84 ) 1,094 Change in fair value of warrant liabilities (344 ) (53 ) (22 ) (31 ) 2,201 Net Financial expenses (1,808 ) (166 ) (51 ) (115 ) 3,295 |
Note 16 - Share-based Payments
Note 16 - Share-based Payments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 16. Share-based payments: At March 31, 2018, (a) Corporation stock option plan: The Corporation has in place a stock option plan for directors, officers, employees and consultants of the Corporation. The plan provides for the granting of options to purchase Class A shares (Common Shares). The exercise price of the stock options granted under this plan is not may 2,940,511, 20% February 29, 2016. ten no 18 not one 2% not 10% one twelve 5% The following tables summarize information about activities within the stock option plan: March 31, 2018 Thirteen-month period ended Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of period 2.58 1,424,788 13.52 454,151 Granted 1.75 1,121,500 1.69 1,300,400 Forfeited 1.89 (199,800 ) 13.27 (190,138 ) Expired 18.06 (62,100 ) 15.38 (139,625 ) Outstanding at end of period 1.81 2,284,388 2.58 1,424,788 Exercisable at end of period 1.92 591,113 6.44 238,482 Month ended Twelve-month period ended (Unaudited) (Unaudited) Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of period 2.59 1,427,288 13.52 454,151 Granted — — 1.69 1,300,400 Forfeited 11.50 (2,500 ) 13.29 (187,638 ) Expired — — 15.38 (139,625 ) Outstanding at end of period 2.58 1,424,788 2.59 1,427,288 Exercisable at end of period 6.44 238,482 6.49 240,982 February 29, 2016 Weighted average Number of $ Outstanding at beginning of period 15.33 429,625 Granted 4.65 109,188 Exercised 2.50 (250 ) Forfeited 9.40 (66,912 ) Expired 18.57 (17,500 ) Outstanding at end of period 13.52 454,151 Exercisable at end of period 15.28 375,563 The weighted average of the fair value of the options granted to employees and directors of the Company during the period ended March 31, 2018 $1.22 thirteen March 31, 2017 $1.40 twelve February 28, 2017 $1.40 2016 $2.14 no March 31, 2017 no thirteen March 31, 2017 February 29, 2016. No March 31, 2018 ( nil thirteen March 31, 2017). February 29, 2016 $4.20. March 31, 2018 $929 thirteen one March 31, 2017 $674 $86 $588 twelve February 28, 2017 $234 2016 The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for options granted during the periods ended: Thirteen-month Twelve-month March 31, 2018 March 31, 2017 February 28, 2017 February 29, 2016 Exercise price $1.75 $1.69 $1.69 $4.65 Share price $1.75 $1.69 $1.69 $4.65 Dividend — — — — Risk-free interest 1.21 % 0.87 % 0.87 % 0.66 % Estimated life (in years) 5.89 4.94 4.94 4.20 Expected volatility 82.4 % 123.5 % 123.5 % 65.63 % The expected life of the stock options is based on historical data and current expectation and is not may may not The following tables summarize the status of the outstanding and exercisable options of the Corporation: March 31, 2018 Options outstanding Exercisable options Exercise price Weighted remaining Number of options Weighted average Number of options $1.56 - $1.58 5.11 525,000 1.56 306,250 $1.59 - $1.71 8.90 415,000 1.65 141,667 $1.72 - $1.88 9.20 992,500 - - $1.89 - $2.25 5.16 286,700 1.99 95,568 $2.26 - $6.50 3.67 65,188 4.87 47,628 7.54 2,284,388 1.92 591,113 Share-based payment transactions and broker warrants: The fair value of share-based payment transaction is measured using the Black-Scholes valuation model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience and general option holder behaviour unless no not b) Corporation equity incentive plan: The Corporation established an equity incentive plan for employees, directors and consultants. The plan provides for the issuance of restricted share units (“RSU”), performance share units, restricted shares, deferred share units and other share-based awards, subject to restricted conditions as may no March 31, 2018, March 31, 2017, February 28, 2017 no March 31, 2018 ( nil one thirteen March 31, 2017 $64 twelve February 29, 2016 |
Note 17 - Loss Per Share
Note 17 - Loss Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 17. Loss per share: Diluted loss per share was the same amount as basic loss per share, as the effect of options, RSUs and warrants would have been anti-dilutive, because the Corporation incurred losses in each of the periods presented. All outstanding options, RSUs and warrants could potentially be dilutive in the future. |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Disclosure | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of additional information about understanding financial position and liquidity of entity [text block] | 18. Supplemental cash flow disclosure: (a) Changes in working capital items: Thirteen-months Month ended Twelve-months March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Receivables (553 ) 193 (40 ) 233 406 Receivable from corporation under common control - - - - 50 Inventories - - - - 88 Prepaid expenses (103 ) 247 (33 ) 280 (138 ) Other Assets (659 ) - - - - Trade and other payables 4,898 352 (255 ) 607 (447 ) Total changes in working capital items 3,583 792 (328 ) 1,120 (41 ) (b) Non-cash transactions: Thirteen-months Month Twelve-months March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Equity settled share-based payment included in equity 137 94 — 94 — Issuance of broker warrants included in net proceeds from public offering 406 144 — 144 — Public offering transaction costs included in trade and other payables 132 381 381 416 — Reduction in share issue costs from reduction in trade and other payables — 109 — 109 — Private Placement transaction costs included in trade and other payables — 40 40 50 — Equipment included in trade and other payables 216 288 288 269 — Interest payable included in trade and other payables 40 18 18 4 — Issuance of shares on settlement of a liability — — — — 103 Interest receivable included in payable to Neptune corporation — — — — 27 |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 19. Income taxes: Deferred tax (recovery) expense: Thirteen-months ended Month Twelve-months March 31, March 31, March 31, 2017 February 28, 2017 February 29, 2016 $ $ $ $ $ Origination and reversal of temporary differences 5,241 2,240 163 2,077 2,065 Change in unrecognized deductible temporary differences (5,241 ) (2,369 ) (163 ) (2,206 ) (2,065 ) Deferred tax (recovery) expense — (129 ) — (129 ) — Reconciliation of effective tax rate: Thirteen-months ended Month ended Twelve-months ended March 31, 2018 March 31, 2017 March 31, (Unaudited) February 28, 2017 (Unaudited) February 29, 2016 $ $ $ $ $ Loss before income taxes (21,504 ) (11,376 ) (769 ) (10,607 ) (6,317 ) Basic combined Canadian statutory income tax rate 1 26.78 % 26.87 % 26.80 % 26.88 % 26.90 % Computed income tax recovery (5,759 ) (3,057 ) (206 ) (2,851 ) (1,699 ) Increase resulting from: Change in unrecognized deductible temporary differences 5,241 2,369 162 2,207 2,065 Non-deductible stock-based compensation 248 178 23 155 83 Non-deductible change in fair value 92 14 6 8 (592 ) Permanent differences and other 118 166 12 154 143 Change in statutory income tax rate 60 201 3 198 — Total tax (recovery) expense — (129 ) — (129 ) — 1 Unrecognized deferred tax assets: At March 31, 2018, March 31, 2017 February 28, 2017, not not March 31, 2018 March 31, 2017 February 28, 2017 $ $ $ Deferred tax assets Tax losses carried forward 12,670 8,293 8,153 Research and development expenses 4,927 4,220 4,196 Property, plan and equipment and intangible assets 567 435 423 Other deductible temporary differences 884 522 539 Deferred tax assets 19,048 13,470 13,311 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value 67 122 126 Deferred tax liabilities 67 122 126 Net deferred tax assets 18,981 13,348 13,185 On initial recognition of the unsecured convertible debenture equity component on February 21, 2017, $129 As at March 31, 2018, March 31, 2018 Federal Provincial $ $ Tax losses carried forward 2029 714 714 2030 1,627 1,620 2031 2,071 2,063 2032 2,262 2,241 2033 1,854 1,825 2034 3,598 3,598 2035 4,595 4,459 2036 5,494 5,494 2037 8,584 8,456 2038 17,155 17,155 47,954 47,625 Research and development expenses, without time limitation 18,002 19,362 Other deductible temporary differences, without time limitation 5,224 5,224 |
Note 20 - Financial Instruments
Note 20 - Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 20. Financial instruments: This note provides disclosures relating to the nature and extent of the Corporation’s exposure to risks arising from financial instruments, including credit risk, foreign currency risk, interest rate risk and liquidity risk, and how the Corporation manages those risks. (a) Credit risk: Credit risk is the risk of a loss if a customer or counterparty to a financial asset fails to meet its contractual obligations. The Corporation has credit risk relating to cash and cash equivalents and short-term investments, which it manages by dealing only with highly-rated Canadian institutions. The carrying amount of financial assets, as disclosed in the statements of financial position, represents the Corporation’s credit exposure at the reporting date. (b) Currency risk: The Corporation is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degrees of volatility of those rates. Foreign currency risk is limited to the portion of the Corporation's business transactions denominated in currencies other than the Canadian dollar. Fluctuations related to foreign exchange rates could cause unforeseen fluctuations in the Corporation's operating results. A portion of the expenses, mainly related to research contracts and purchase of production equipment, is incurred in US dollars and in Euros, for which no The following table provides an indication of the Corporation’s significant foreign exchange currency exposures as stated in Canadian dollars at the following dates: March 31, 2018 March 31, 2017 February 28, 2017 US Euro US Euro US Euro Cash and cash equivalents 7,024 — 3,524 — 3,691 — Marketable securities 26 — — — — — Receivables 6 — 2 — 3 — Trade and other payables (3,924 ) (627 ) (503 ) (317 ) (376 ) (603 ) 3,132 (627 ) 3,023 (317 ) 3,318 (603 ) The following exchange rates are those applicable to the following periods and dates: March 31, 2018 March 31, 2017 February 28, 2017 Average Reporting Average Reporting Average Reporting CA$ per US$ 1.2834 1.2900 1.3134 1.3299 1.3113 1.3281 CA$ per Euro 1.5008 1.5898 1.4424 1.4251 1.4434 1.4066 Based on the Corporation’s foreign currency exposures noted above, varying the above foreign exchange rates to reflect a 5% March 31, 2018 March 31, 2017 February 29, 2017 $ $ $ Decrease in net loss 88 139 151 An assumed 5% (c) Interest rate risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates. The Corporation’s exposure to interest rate risk as at March 31, 2018, March 31, 2017and February 28, 2017 Cash and cash equivalents Short-term fixed interest rate Unsecured convertible debentures Long-term fixed interest rate The capacity of the Corporation to reinvest the short-term amounts with equivalent return will be impacted by variations in short-term fixed interest rates available on the market. Management believes that the risk the Corporation will realize a loss as a result of the decline in the fair value of its cash equivalents is limited because these investments have short-term maturities and are generally held to maturity. (d) Liquidity risk: Liquidity risk is the risk that the Corporation will not 22. 2 The following are the contractual maturities of financial liabilities as at March 31, 2018, March 31, 2017and February 28, 2017: March 31, 2018 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 6,697 6,697 6,697 — Unsecured convertible debentures 12 2,303 1,612 160 2,143 9,000 8,309 6,857 2,143 March 31, 2017 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 2,138 2,138 2,138 — Unsecured convertible debentures 12 2,463 1,406 160 2,303 4,601 3,544 2,298 2,303 February 28, 2017 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 2,405 2,405 2,405 — Unsecured convertible debentures 12 2,476 1,389 160 2,316 4,881 3,794 2,565 2,316 The Derivative warrant liabilities are excluded from the above tables as they will be settled in shares and not |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 21. Commitments and contingencies: Research and development contracts and contract research organizations agreements: The Company utilizes contract manufacturing organizations related to the development of clinical material and clinical research organizations to perform services related to the Company’s clinical trials. Pursuant to these agreements with manufacturing and contract research organizations, the Company has the right to terminate the agreements either without penalties or under certain penalty conditions. For agreements which contain penalty conditions, the Company would be required to pay penalties of approximately $172. During the year, the Company entered into a lease agreement, for its research and development and quality control laboratory facility located in Sherbrooke, Québec, resulting in a total commitment of $151 two $72 $79 second Contingencies: A former CEO of the Corporation is claiming the payment of approximately $8.5 not no February 28, 2015. The Corporation is also involved in other matters arising in the ordinary course of its business. Since management believes that all related claims are not not no not |
Note 22 - Determination of Fair
Note 22 - Determination of Fair Values | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of fair value measurement [text block] | 22. Determination of fair values: Certain of the Corporation’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Financial assets and liabilities: In establishing fair value, the Corporation uses a fair value hierarchy based on levels as defined below: · Level 1: · Level 2: · Level 3: no The Corporation has determined that the carrying values of its short-term financial assets and liabilities approximate their fair value given the short-term nature of these instruments. The fair value of the liability component of the convertible debenture is determined by discounting future cash flows using a rate that the Corporation could obtain for loans with similar terms, conditions and maturity dates. The fair value of this liability at March 31, 2018 3 Derivative warrant liabilities: The Corporation measured its derivative warrant liabilities at fair value on a recurring basis. These financial liabilities were measured using a level 3 (Note 11 As at March 31, 2018, 5% $241 $254, As at March 31, 2018, 5% $320. 5% |
Note 23 - Capital Management
Note 23 - Capital Management | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 23. Capital management: Since inception, the Corporation’s objective in managing capital is to ensure sufficient liquidity to finance its research and development activities, general and administrative expenses, expenses associated with intellectual property protection and its overall capital expenditures. The Corporation is not third (Note 12 Since the beginning of its operations, the Corporation has primarily financed its liquidity needs from funding provided through public offerings, private placements, from the exercise of warrants that were distributed to its related party’s shareholders, from a rights offering and from the issuance of options to employees. The Corporation defines capital to include total shareholders’ equity, derivative warrant liabilities and unsecured convertible debentures. The Corporation’s policy is to maintain a minimal level of debt. The following table summarizes the cash and cash equivalents of the Corporation: March 31, 2018 March 31, 2017 February 28, 2017 Cash 1,583 6,778 7,584 Cash equivalents 6,640 2,994 2,989 Total Cash and cash equivalents 8,223 9,772 10,573 As at March 31, 2018, four $4,193 $3,250 two $1,418 $1,099 one 1,029 $798 April 2, 2018 May 11, 2018, 1.26% 1.72% As at March 31, 2018, $26 $20 March 13, 2019 2.23%. As at March 31, 2017 February 28, 2017, two $2,994 $2,251 $2,990 US$2,251 March 31, 2017 April 11, 2017 April 25, 2017, 0.52% 0.53% February 28, 2017 March 12, 2017 March 28, 2017, 0.46% 0.45% |
Note 24 - Subsequent Event
Note 24 - Subsequent Event | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 24. Subsequent event On May 9, 2018, CA$1.05 CA$10 CA$8.7 9,530,000 one one May 9, 2023 CA$1.31 On May 14, 2018, $1.5 CA$1.3 1,429,500 CA$1.05 one one May 9, 2023 CA$1.31 As consideration of services rendered by the Underwriter in connection with this offering and its over-allotment exercise, the Company paid the Underwriter a cash commission equal to 7% 5% CA$1.05 547,975 547,975 CA$1.05. 476,500 May 9, 2023 71,475 May 14, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for financial instruments [text block] | (a) Financial instruments: A financial instrument is any contract that gives rise to a financial asset of one (i) Non-derivative financial assets: The Corporation has the following non-derivative financial assets: cash, cash equivalents, marketable securities and receivables. The Corporation determines the classification of its financial assets at initial recognition. The subsequent measurement of financial assets depends on their classification. Financial assets and liabilities are offset and the net amount presented in the statements of financial position when, and only when, the Corporation has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Loans and receivables The classification “loans and receivables” comprises financial assets with fixed or determinable payments that are not Cash, cash equivalents, marketable securities and receivables with maturities of less than one Cash and cash equivalents comprise cash balances and highly liquid investments purchased three (ii) Non-derivative financial liabilities: The Corporation has the following non-derivative financial liabilities: trade and other payables, and unsecured convertible debentures. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Corporation derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. (iii) Compound financial instruments: Compound financial instruments are instruments that can be converted to share capital at the option of the holder, and the number of shares to be issued is fixed. The unsecured convertible debentures are compound instruments and have been separated into liability and equity components. The liability component is recognized initially at the fair value of a similar liability that does not not (iv) Share capital: Common Shares Class A Common Shares are classified as equity. Incremental costs directly attributable to the issue of Common Shares and share options are recognized as a deduction from share capital, net of any tax effects. (v) Derivative financial instruments: The Corporation has issued liability-classified derivatives over its own equity. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit and loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and all changes in their fair value are recognized immediately in profit or loss. (vi) Other equity instruments: Warrants, options and rights over the Corporation’s equity issued outside of share-based payment transactions that do not |
Description of accounting policy for property, plant and equipment [text block] | (b) Equipment: (i) Recognition and measurement: Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment, and are recognized net within ''other income or expenses'' in profit or loss. (ii) Subsequent costs: The cost of replacing a part of an equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (iii) Depreciation: Depreciation is recognized in profit or loss on either a straight-line basis or a declining basis over the estimated useful lives of each part of an item of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not The estimated useful lives and rates for the current and comparative periods are as follows: Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment (in years) Straight-line 10 Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted prospectively if appropriate. |
Description of accounting policy for intangible assets and goodwill [text block] | (c) Intangible assets: (i) Research and development: Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and borrowing costs on qualifying assets. Other development expenditures are recognized in profit or loss as incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. As of the reporting periods presented, the Corporation has not (ii) Other intangible assets: Patent costs Patents for technologies that are no Licenses Licenses that are acquired by the Corporation and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. (iii) Subsequent expenditure: Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. (iv) Amortization: Amortization is calculated over the cost of the intangible asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Assets Period (in years) Patents 20 License 8 to 14 |
Description of accounting policy for impairment of assets [text block] | (d) Impairment: (i) Financial assets: A financial asset not An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account against the financial asset. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. (ii) Non-financial assets: The carrying amounts of the Corporation’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit, or “CGU”). The Corporation’s corporate assets do not may An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no not no |
Description of accounting policy for employee benefits [text block] | (e) Employee benefits: (i) Short-term employee benefits: Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Corporation has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (ii) Share-based payment transactions: The grant date fair value of share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in contributed surplus, over the period that the employees unconditionally become entitled to the awards. The grant date fair value takes into consideration market performance conditions when applicable. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. Share-based payment arrangements in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Corporation. (iii) Termination benefits: Termination benefits are recognized as an expense when the Corporation is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Corporation has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 |
Description of accounting policy for provisions [text block] | (f) Provisions: A provision is recognized if, as a result of a past event, the Corporation has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. (i) Onerous contracts: A provision for onerous contracts is recognized when the expected benefits to be derived by the Corporation from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Corporation recognizes any impairment loss on the assets associated with that contract. (ii) Contingent liability: A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one not not not |
Description of accounting policy for government grants [text block] | (g) Government grants: Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Corporation has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Grants that compensate the Corporation for expenses incurred are recognized in profit or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Corporation for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. |
Description of accounting policy for leases [text block] | (h) Lease payments: Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. |
Description of accounting policy for foreign currency translation [text block] | (i) Foreign currency: Transactions in foreign currencies are translated into the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Foreign currency differences arising on translation are recognized in profit or loss. |
Description of accounting policy for finance income and costs [text block] | (j) Finance income and finance expense: Finance income comprises interest income on funds invested. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Finance costs comprise interest expense, accretion on borrowings, unwinding of the discount on provisions, impairment losses recognized on financial assets and transaction costs for issuance of derivative warrant liabilities. Borrowing costs that are not Foreign currency gains and losses are reported on a net basis. The Corporation recognizes interest income as a component of investing activities and interest expense as a component of financing activities in the statements of cash flows. |
Description of accounting policy for income tax [text block] | (k) Income tax: Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not not no |
Description of accounting policy for earnings per share [text block] | (l) Earnings per share: The Corporation presents basic and diluted earnings per share (“EPS”) data for its Class A shares (or “Common Shares”). Basic EPS is calculated by dividing the profit or loss attributable to the holders of Class A shares (Common Shares) of the Corporation by the weighted average number of Common Shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to the holders of Class A shares (Common Shares) and the weighted average number of Class A shares (Common Shares) outstanding adjusted for the effects of all dilutive potential Common Shares, which comprise warrants, rights and share options granted to employees. |
Description of accounting policy for segment reporting [text block] | (m) Segment reporting: An operating segment is a component of the Corporation that engages in business activities from which it may one one $2,077 March 31, 2017- $2,394 |
Description of accounting policy for changes in accounting policy [text block] | (n) Change in accounting policy: Future accounting change: The following new standards, and amendments to standards and interpretations, are not March 31, 2018, not New standards and interpretations not (i) Financial instruments: On July 24, 2014, 9, Financial Instruments, 39, Financial Instruments: Recognition and Measurement 9 39. 39 9. 9 39. IFRS 9 January 1, 2018, 9 April 1, 2018. The Company’s preliminary analysis has not not (ii) Amendments to IFRS 2 On June 20, 2016, 2, Share-Based Payment January 1, 2018. 2 April 1, 2018. not 2. |
Note 3 - Significant Accounti32
Note 3 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of useful lives and rates [text block] | Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment (in years) Straight-line 10 Assets Period (in years) Patents 20 License 8 to 14 |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of trade and other receivables [text block] | March 31, 2018 March 31, 2017 February 28, 2017 Notes $ $ (Unaudited) Sales tax receivables 470 89 83 Government assistance and tax credits receivable 7 282 115 81 Other receivables 7 2 2 Total receivables 759 206 166 |
Note 6 - Related Parties (Table
Note 6 - Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of research and development expense [text block] | Thirteen-months Month ended Twelve-months March 31, 2018 March 31, 2017 March 31, 2017 February 28, 2017 February 29, 2016 (Unaudited) (Unaudited) $ $ $ $ $ Research and development expenses Supplies and incremental costs 7 - - - 5 Shared service agreement 20 60 1 59 366 Total 27 60 1 59 371 General and administrative expenses Supplies and incremental costs 239 293 16 277 299 Shared service agreement 121 325 25 300 491 Total 360 618 41 577 790 Total related parties expenses 387 678 42 636 1,161 |
Disclosure of information about key management personnel [text block] | Thirteen- Month ended Twelve- March 31, March 31, March 31, February 28, February 29, (Unaudited) (Unaudited) $ $ $ $ $ Compensation 1,754 1,510 146 1,364 688 Severance - - - - 103 Share-based compensation costs 826 619 78 541 120 Total key management personnel compensation 2,580 2,129 224 1,905 911 |
Note 7 - Government Assistance
Note 7 - Government Assistance (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about government grants and investment tax credits [text block] | Thirteen- Month ended Twelve- March 31, March 31, March 31, 2017 February 28, 2017 February 29, 2016 (Unaudited) (Unaudited) $ $ $ $ $ Investment tax credit 409 103 8 95 169 Government grant - 227 37 190 180 Total government assistance 409 330 45 285 349 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | $ 2029 11 2030 30 2031 45 2032 431 2033 441 2034 436 2035 519 2036 286 2037 315 2038 345 2,859 |
Note 8 - Equipment (Tables)
Note 8 - Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Furniture and Computer Laboratory Production Total $ $ $ $ $ Cost: Balance at February 28, 2015 59 3 60 — 122 Additions — — 276 — 276 Balance at February 29, 2016 59 3 336 — 398 Additions for the twelve-month period (Unaudited) — 8 186 2,484 2,678 Balance at February 28, 2017 (Unaudited) 59 11 522 2,484 3,076 Additions for the one-month period (Unaudited) — — — 43 43 Additions for the thirteen-month period — 8 186 2,527 2,721 Balance at March 31, 2017 59 11 522 2,527 3,119 Additions 4 6 192 181 383 Balance at March 31, 2018 63 17 714 2,708 3,502 Accumulated depreciation: Balance at February 28, 2015 49 3 — — 52 Depreciation for the year 3 — 56 — 59 Balance at February 29, 2016 52 3 56 — 111 Depreciation for the twelve-month period (Unaudited) 7 1 129 52 189 Balance at February 28, 2017 (Unaudited) 59 4 185 52 300 Depreciation for the one-month period (Unaudited) — — 11 21 32 Depreciation for thirteen-month period 7 1 140 73 221 Balance at March 31, 2017 59 4 196 73 332 Depreciation — 3 107 239 349 Balance at March 31, 2018 59 7 303 312 681 Net carrying amounts: February 28, 2017 (Unaudited) — 7 337 2,432 2,776 March 31, 2017 — 7 326 2,454 2,787 March 31, 2018 4 10 411 2,396 2,821 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | Patents License Total $ $ $ Cost: Balance at February 28, 2015 278 24,330 24,608 Additions 84 — 84 Balance at February 29, 2016, February 28, 2017 (Unaudited) and March 31, 2017 362 24,330 24,692 Additions — — — Balance at March 31, 2018 362 24,330 24,692 Accumulated amortization: Balance at February 28, 2015 10 7,102 7,112 Amortization for the year 13 2,323 2,336 Impairment loss 339 — 339 Balance at February 29, 2016 362 9,425 9,787 Amortization for the twelve-month period (Unaudited) — 2,323 2,323 Balance at February 28, 2017 (Unaudited) 362 11,748 12,110 Amortization for the one-month period (Unaudited) — 194 194 Amortization for the thirteen-month period — 2,517 2,517 Balance at March 31, 2017 362 11,942 12,304 Amortization for the year — 2,323 2,323 Balance at March 31, 2018 362 14,265 14,627 Net carrying amounts: February 28, 2017 (Unaudited) — 12,582 12,582 March 31, 2017 — 12,388 12,388 March 31, 2018 — 10,065 10,065 |
Note 10 - Trade and Other Pay38
Note 10 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | March 31, 2018 March 31, 2017 February 28, 2017 $ $ $ Trade payables 3,420 259 534 Accrued liabilities and other payables 2,479 1,354 1,372 Employee salaries and benefits payable 754 513 484 Payable to Neptune 44 12 15 Total trade and other payables 6,697 2,138 2,405 |
Note 11 - Derivative Warrant 39
Note 11 - Derivative Warrant Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis for derivative financial liabilities [text block] | Warrant liabilities issued December 27, 2017 Thirteen-month period Month ended Twelve-month period March 31, 2018 Ended, March 31, 2017 March 31, 2017 ended February 28, 2017 $ $ $ $ Balance – beginning of period - - - - Issued during period (note 13b) 5,873 - - - Change in fair value of derivative warrant liabilities 532 - - - Balance – end of period 6,405 - - - Warrant liabilities issued December 3, 2013 1 Thirteen-month period Month ended Twelve-month period March 31, 2018 ended, March 31, 2017 March 31, 2017 ended February 28, 2017 $ $ $ $ Balance – beginning of period 209 156 187 156 Change in fair value of derivative warrant liabilities (188 ) 53 22 31 Balance – end of period 21 209 209 187 |
Derivative warrant liabilities [member] | |
Statement Line Items [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Warrant liabilities issued December 27, 2017 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price US $1.26 — — Share price US $1.02 — — Dividend — — — Risk-free interest 2.56 % — — Estimated life (in years) 4.75 — — Expected volatility 95.16 % — — Warrant liabilities issued December 3, 2013 1 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price US $1.50 US $1.50 US $1.50 Share price (1) US $1.02 US $1.36 US $1.25 Dividend — — — Risk-free interest 2.19 % 1.22 % 1.24 % Estimated life (in years) 0.68 1.68 1.76 Expected volatility 133.86 % 108.35 % 107.36 % |
Note 12 - Unsecured Convertib40
Note 12 - Unsecured Convertible Debentures (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Liability component Equity component Total Private $ $ $ Components at date of issue 1,519 481 2,000 Transaction costs and debt discount (134 ) (43 ) (177 ) Deferred income tax expense (note 18) — (129 ) (129 ) Effective interest for the twelve-month period (Unaudited) 8 — 8 Interest payable (Unaudited) (4 ) — (4 ) February 28, 2017 (Unaudited) 1,389 309 1,698 Effective interest for the one-month period (Unaudited) 31 — 31 Interest payable (Unaudited) (14 ) — (14 ) Effective interest for the thirteen-month period 39 — 39 Interest payable during the period (18 ) — (18 ) March 31, 2017 1,406 309 1,715 Effective interest for the twelve-month period 366 — 366 Interest payable during the period (160 ) — (160 ) March 31, 2018 1,612 309 1,921 |
Note 13 - Capital and Other C41
Note 13 - Capital and Other Components of Equity (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of convertible debentures [text block] | Accrued interest as at Share issuance date Number of shares Amount March 31, 2017 April 7, 2017 9,496 17 June 30, 2017 August 15, 2017 23,885 40 September 30, 2017 December 27, 2017 22,783 40 December 31, 2017 March 27, 2018 33,605 40 89,769 137 |
Class of warrant or right outstanding [text block] | March 31, 2018 March 31, 2017 February 28, 2017 February 29, 2016 Number Amount Number Amount Number outstanding Amount Number outstanding Amount $ $ $ $ Liability Series December 2017 US public offering Warrants 2017 (i) 9,802,935 6,405 — — — — — — Series 8 Public offering Warrants December 2013 (note 11) (ii) 18,400,000 21 18,400,000 209 18,400,000 187 18,400,000 156 28,202,935 6,426 18,400,000 209 18,400,000 187 18,400,000 156 Equity Public offering warrants Series December 2017 US Broker warrants (v) 495,050 406 — — — — — — Series 2017 BW Broker warrants (iii) — — 234,992 144 234,992 144 — — Public offering warrants February 2017 (iv) 1,904,034 — 1,965,259 — 1,965,259 — — — Private Placement – contingent warrants 2017 Unsecured convertible debenture conversion option and contingent warrants (vi) 1,052,630 309 1,052,630 309 1,052,630 309 — — Series 9 Private Placement warrants 2013 (vii) 161,654 — 161,654 — 161,654 — 161,654 — 3,613,368 715 3,414,535 453 3,414,535 453 161,654 — |
Warrants [member] | |
Statement Line Items [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | December 27, Exercise price US $1.26 Share price US $0.97 Risk-free interest 2.22 % Estimated life (in years) 5 Expected volatility 93.52 % December 27, Exercise price US $1.2625 Share price US $0.97 Risk-free interest 2.22 % Estimated life (in years) 5 Expected volatility 93.52 % February 21, 2017 Exercise price $2.15 Share price $1.70 Dividend — Risk-free interest 0.79 % Estimated life (in years) 1.00 Expected volatility 112.09 % |
Note 14 - Personnel Expenses (T
Note 14 - Personnel Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of components of personnel expenses [text block] | Thirteen- Month ended Twelve-month March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Salaries and other short-term employee benefits 3,281 2,491 214 2,277 1,902 Share-based compensation costs 929 674 86 588 309 Severance — — — — 210 Total personnel expenses 4,210 3,165 300 2,865 2,421 |
Note 15 - Financial Expenses (T
Note 15 - Financial Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure for components of finance income (cost) [text block] | Thirteen- Month ended Twelve-month March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Interest income 72 125 6 119 73 Foreign exchange gain - - - - 1,023 Financial income 72 125 6 119 1,096 Foreign exchange loss (32 ) (180 ) (3 ) (177 ) - Interest payable on convertible debenture during the period (160 ) (17 ) (14 ) (3 ) - Accretion of interest on convertible debenture (206 ) (22 ) (17 ) (5 ) - Transaction costs related to derivative warrant liabilities (1,134 ) - - - - Other charges (4 ) (19 ) (1 ) (18 ) (2 ) Financial expenses (1,536 ) (238 ) (35 ) (203 ) (2 ) Other net financial expenses (1,464 ) (113 ) (29 ) (84 ) 1,094 Change in fair value of warrant liabilities (344 ) (53 ) (22 ) (31 ) 2,201 Net Financial expenses (1,808 ) (166 ) (51 ) (115 ) 3,295 |
Note 16 - Share-based Payments
Note 16 - Share-based Payments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | March 31, 2018 Thirteen-month period ended Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of period 2.58 1,424,788 13.52 454,151 Granted 1.75 1,121,500 1.69 1,300,400 Forfeited 1.89 (199,800 ) 13.27 (190,138 ) Expired 18.06 (62,100 ) 15.38 (139,625 ) Outstanding at end of period 1.81 2,284,388 2.58 1,424,788 Exercisable at end of period 1.92 591,113 6.44 238,482 Month ended Twelve-month period ended (Unaudited) (Unaudited) Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of period 2.59 1,427,288 13.52 454,151 Granted — — 1.69 1,300,400 Forfeited 11.50 (2,500 ) 13.29 (187,638 ) Expired — — 15.38 (139,625 ) Outstanding at end of period 2.58 1,424,788 2.59 1,427,288 Exercisable at end of period 6.44 238,482 6.49 240,982 February 29, 2016 Weighted average Number of $ Outstanding at beginning of period 15.33 429,625 Granted 4.65 109,188 Exercised 2.50 (250 ) Forfeited 9.40 (66,912 ) Expired 18.57 (17,500 ) Outstanding at end of period 13.52 454,151 Exercisable at end of period 15.28 375,563 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | Thirteen-month Twelve-month March 31, 2018 March 31, 2017 February 28, 2017 February 29, 2016 Exercise price $1.75 $1.69 $1.69 $4.65 Share price $1.75 $1.69 $1.69 $4.65 Dividend — — — — Risk-free interest 1.21 % 0.87 % 0.87 % 0.66 % Estimated life (in years) 5.89 4.94 4.94 4.20 Expected volatility 82.4 % 123.5 % 123.5 % 65.63 % |
Disclosure of range of exercise prices of outstanding share options [text block] | March 31, 2018 Options outstanding Exercisable options Exercise price Weighted remaining Number of options Weighted average Number of options $1.56 - $1.58 5.11 525,000 1.56 306,250 $1.59 - $1.71 8.90 415,000 1.65 141,667 $1.72 - $1.88 9.20 992,500 - - $1.89 - $2.25 5.16 286,700 1.99 95,568 $2.26 - $6.50 3.67 65,188 4.87 47,628 7.54 2,284,388 1.92 591,113 |
Note 18 - Supplemental Cash F45
Note 18 - Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of changes in noncash operating items [Text Block] | Thirteen-months Month ended Twelve-months March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Receivables (553 ) 193 (40 ) 233 406 Receivable from corporation under common control - - - - 50 Inventories - - - - 88 Prepaid expenses (103 ) 247 (33 ) 280 (138 ) Other Assets (659 ) - - - - Trade and other payables 4,898 352 (255 ) 607 (447 ) Total changes in working capital items 3,583 792 (328 ) 1,120 (41 ) |
Disclosure of noncash transactions [Text Block] | Thirteen-months Month Twelve-months March 31, March 31, March 31, February 28, February 29, $ $ $ $ $ Equity settled share-based payment included in equity 137 94 — 94 — Issuance of broker warrants included in net proceeds from public offering 406 144 — 144 — Public offering transaction costs included in trade and other payables 132 381 381 416 — Reduction in share issue costs from reduction in trade and other payables — 109 — 109 — Private Placement transaction costs included in trade and other payables — 40 40 50 — Equipment included in trade and other payables 216 288 288 269 — Interest payable included in trade and other payables 40 18 18 4 — Issuance of shares on settlement of a liability — — — — 103 Interest receivable included in payable to Neptune corporation — — — — 27 |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Changes in deferred tax liability (asset) [Text Block] | Thirteen-months ended Month Twelve-months March 31, March 31, March 31, 2017 February 28, 2017 February 29, 2016 $ $ $ $ $ Origination and reversal of temporary differences 5,241 2,240 163 2,077 2,065 Change in unrecognized deductible temporary differences (5,241 ) (2,369 ) (163 ) (2,206 ) (2,065 ) Deferred tax (recovery) expense — (129 ) — (129 ) — |
Reconciliation of accounting profit multiplied by applicable tax rates [Text Block] | Thirteen-months ended Month ended Twelve-months ended March 31, 2018 March 31, 2017 March 31, (Unaudited) February 28, 2017 (Unaudited) February 29, 2016 $ $ $ $ $ Loss before income taxes (21,504 ) (11,376 ) (769 ) (10,607 ) (6,317 ) Basic combined Canadian statutory income tax rate 1 26.78 % 26.87 % 26.80 % 26.88 % 26.90 % Computed income tax recovery (5,759 ) (3,057 ) (206 ) (2,851 ) (1,699 ) Increase resulting from: Change in unrecognized deductible temporary differences 5,241 2,369 162 2,207 2,065 Non-deductible stock-based compensation 248 178 23 155 83 Non-deductible change in fair value 92 14 6 8 (592 ) Permanent differences and other 118 166 12 154 143 Change in statutory income tax rate 60 201 3 198 — Total tax (recovery) expense — (129 ) — (129 ) — |
Disclosure of unrecognized deferred tax assets [text block] | March 31, 2018 March 31, 2017 February 28, 2017 $ $ $ Deferred tax assets Tax losses carried forward 12,670 8,293 8,153 Research and development expenses 4,927 4,220 4,196 Property, plan and equipment and intangible assets 567 435 423 Other deductible temporary differences 884 522 539 Deferred tax assets 19,048 13,470 13,311 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value 67 122 126 Deferred tax liabilities 67 122 126 Net deferred tax assets 18,981 13,348 13,185 |
Tax attributes and temporary differences, which are available to reduce future years’ taxable income [Text Block] | March 31, 2018 Federal Provincial $ $ Tax losses carried forward 2029 714 714 2030 1,627 1,620 2031 2,071 2,063 2032 2,262 2,241 2033 1,854 1,825 2034 3,598 3,598 2035 4,595 4,459 2036 5,494 5,494 2037 8,584 8,456 2038 17,155 17,155 47,954 47,625 Research and development expenses, without time limitation 18,002 19,362 Other deductible temporary differences, without time limitation 5,224 5,224 |
Note 20 - Financial Instrumen47
Note 20 - Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | March 31, 2018 March 31, 2017 February 28, 2017 US Euro US Euro US Euro Cash and cash equivalents 7,024 — 3,524 — 3,691 — Marketable securities 26 — — — — — Receivables 6 — 2 — 3 — Trade and other payables (3,924 ) (627 ) (503 ) (317 ) (376 ) (603 ) 3,132 (627 ) 3,023 (317 ) 3,318 (603 ) March 31, 2018 March 31, 2017 February 28, 2017 Average Reporting Average Reporting Average Reporting CA$ per US$ 1.2834 1.2900 1.3134 1.3299 1.3113 1.3281 CA$ per Euro 1.5008 1.5898 1.4424 1.4251 1.4434 1.4066 March 31, 2018 March 31, 2017 February 29, 2017 $ $ $ Decrease in net loss 88 139 151 |
Disclosure of financial instruments by type of interest rate [text block] | Cash and cash equivalents Short-term fixed interest rate Unsecured convertible debentures Long-term fixed interest rate |
Disclosure of financial liabilities [text block] | March 31, 2018 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 6,697 6,697 6,697 — Unsecured convertible debentures 12 2,303 1,612 160 2,143 9,000 8,309 6,857 2,143 March 31, 2017 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 2,138 2,138 2,138 — Unsecured convertible debentures 12 2,463 1,406 160 2,303 4,601 3,544 2,298 2,303 February 28, 2017 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 10 2,405 2,405 2,405 — Unsecured convertible debentures 12 2,476 1,389 160 2,316 4,881 3,794 2,565 2,316 |
Note 23 - Capital Management (T
Note 23 - Capital Management (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | March 31, 2018 March 31, 2017 February 28, 2017 Cash 1,583 6,778 7,584 Cash equivalents 6,640 2,994 2,989 Total Cash and cash equivalents 8,223 9,772 10,573 |
Note 1 - Reporting Entity (Deta
Note 1 - Reporting Entity (Details Textual) | Dec. 27, 2017 | Dec. 26, 2017 |
Neptune Technologies and Bioressources Inc. [member] | Acasti Pharma Inc. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in associate | 19.80% | 34.00% |
Note 2 - Basis of Preparation (
Note 2 - Basis of Preparation (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | |||||
May 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2015 | |
Statement Line Items [Line Items] | ||||||
Total current assets | $ 9,492 | $ 10,281 | $ 11,009 | |||
Total cash and cash equivalents | 8,223 | 9,772 | 10,573 | $ 3,027 | $ 1,311 | |
Current liabilities | $ 6,697 | $ 2,138 | $ 2,405 | |||
Major ordinary share transactions [member] | ||||||
Statement Line Items [Line Items] | ||||||
Increase in current assets from a public financing | $ 10,000 |
Note 3 - Significant Accounti51
Note 3 - Significant Accounting Policies (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 |
Statement Line Items [Line Items] | |||
Assets at end of period | $ 22,959 | $ 25,456 | $ 26,367 |
FRANCE | |||
Statement Line Items [Line Items] | |||
Assets at end of period | $ 2,077 | $ 2,394 |
Note 3 - Significant Accounti52
Note 3 - Significant Accounting Policies - Estimated Useful Lives and Rates (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Patents [member] | |
Statement Line Items [Line Items] | |
Useful life, intangible assets (Year) | 20 years |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Furniture and office equipment | 30.00% |
Laboratory equipment [member] | |
Statement Line Items [Line Items] | |
Furniture and office equipment | 30.00% |
Production equipment [member] | |
Statement Line Items [Line Items] | |
Production equipment (in years) (Year) | 10 years |
Bottom of range [member] | Licences [member] | |
Statement Line Items [Line Items] | |
Useful life, intangible assets (Year) | 8 years |
Bottom of range [member] | Furniture and office equipment [member] | |
Statement Line Items [Line Items] | |
Furniture and office equipment | 20.00% |
Top of range [member] | Licences [member] | |
Statement Line Items [Line Items] | |
Useful life, intangible assets (Year) | 14 years |
Top of range [member] | Furniture and office equipment [member] | |
Statement Line Items [Line Items] | |
Furniture and office equipment | 30.00% |
Note 4 - Receivables - Schedule
Note 4 - Receivables - Schedule of Receivables (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 |
Statement Line Items [Line Items] | |||
Sales tax receivables | $ 470 | $ 89 | $ 83 |
Government assistance and tax credits receivable | 282 | 115 | 81 |
Other receivables | 7 | 2 | 2 |
Total receivables | $ 759 | $ 206 | $ 166 |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Research and development expense | $ 426 | $ 15,669 | $ 7,227 | $ 7,566 | $ 7,653 |
Other current assets | 104 | ||||
Krill oil [member] | |||||
Statement Line Items [Line Items] | |||||
Purchase of other assets | 970 | ||||
Research and development expense | 259 | ||||
Other assets damaged and received credit | 52 | ||||
Other assets | 659 | ||||
Other current assets | $ 104 |
Note 6 - Related Parties (Detai
Note 6 - Related Parties (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | Jan. 07, 2016 | |
Statement Line Items [Line Items] | ||||||
Current payables to related parties | $ 12 | $ 44 | $ 15 | $ 12 | ||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 1.72% | |||||
Neptune [member] | ||||||
Statement Line Items [Line Items] | ||||||
Current payables to related parties | 12 | $ 44 | $ 15 | 12 | ||
Parent [member] | Biodroga Nutraceuticals Inc. [member] | ||||||
Statement Line Items [Line Items] | ||||||
Contingent liabilities recognised in business combination at end of period | $ 2,000 | |||||
Interest income (expense) | $ 0 | $ 0 | $ 89 | $ 27 | $ 89 | |
Parent [member] | Biodroga Nutraceuticals Inc. [member] | Not later than six months [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 9.00% | |||||
Parent [member] | Biodroga Nutraceuticals Inc. [member] | Later than six months [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 11.00% | |||||
Key management personnel of entity or parent [member] | Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proportion of voting rights held by an associate | 1.00% | 1.00% | 2.00% |
Note 6 - Related Parties - Admi
Note 6 - Related Parties - Administrative and Research and Development Expenses (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Research and development expenses | $ 426 | $ 15,669 | $ 7,227 | $ 7,566 | $ 7,653 |
General and administrative expenses | 292 | 4,027 | 3,265 | 2,046 | 3,557 |
Neptune [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 1 | 27 | 59 | 371 | 60 |
General and administrative expenses | 41 | 360 | 577 | 790 | 618 |
Total related parties expenses | 42 | 387 | 636 | 1,161 | 678 |
Neptune [member] | Supplies and incremental costs [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 7 | 5 | |||
General and administrative expenses | 16 | 239 | 277 | 299 | 293 |
Neptune [member] | Shared service agreement [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 1 | 20 | 59 | 366 | 60 |
General and administrative expenses | $ 25 | $ 121 | $ 300 | $ 491 | $ 325 |
Note 6 - Related Parties - Key
Note 6 - Related Parties - Key Management Personnel Compensation (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Compensation | $ 146 | $ 1,754 | $ 1,364 | $ 688 | $ 1,510 |
Severance | 103 | ||||
Share-based compensation costs | 78 | 826 | 541 | 120 | 619 |
Total key management personnel compensation | $ 224 | $ 2,580 | $ 1,905 | $ 911 | $ 2,129 |
Note 7 - Government Assistanc58
Note 7 - Government Assistance - Government Grants and Investment Tax Credits (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Investment tax credit | $ 8 | $ 409 | $ 95 | $ 169 | $ 103 |
Government grant | 37 | 190 | 180 | 227 | |
Total government assistance | $ 45 | $ 409 | $ 285 | $ 349 | $ 330 |
Note 7 - Government Assistanc59
Note 7 - Government Assistance - Unrecognized Federal Tax Credits (Details) $ in Thousands | Mar. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | $ 2,859 |
Later than eleven years and not later than twelve years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 11 |
Later than twelve years and not later than thirteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 30 |
Later than thirteen years and not later than fourteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 45 |
Later than fourteen years and not later than fifteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 431 |
Later than fifteen years and not later than sixteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 441 |
Later than sixteen years and not later than seventeen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 436 |
Later than seventeen years and not later than eighteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 519 |
Later than eighteen years and not later than nineteen years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 286 |
Later than nineteen years and not later than twenty years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | 315 |
Later than twenty years and not later than twenty-one years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | $ 345 |
Note 8 - Equipment (Details Tex
Note 8 - Equipment (Details Textual) $ in Thousands | 13 Months Ended |
Mar. 31, 2017CAD ($) | |
Gross carrying amount [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) through transfers, property, plant and equipment | $ 94 |
Note 8 - Equipment - Components
Note 8 - Equipment - Components of Equipment (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Balance | $ 2,776 | $ 2,787 | |||
Balance | 2,787 | 2,821 | $ 2,776 | $ 2,787 | |
Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | |||||
Balance | 4 | ||||
Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 7 | 7 | |||
Balance | 7 | 10 | 7 | 7 | |
Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 337 | 326 | |||
Balance | 326 | 411 | 337 | 326 | |
Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 2,432 | 2,454 | |||
Balance | 2,454 | 2,396 | 2,432 | 2,454 | |
Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 3,076 | 3,119 | 398 | $ 122 | 398 |
Additions | 43 | 383 | 2,678 | 276 | 2,721 |
Balance | 3,119 | 3,502 | 3,076 | 398 | 3,119 |
Gross carrying amount [member] | Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 59 | 59 | 59 | 59 | 59 |
Additions | 4 | ||||
Balance | 59 | 63 | 59 | 59 | 59 |
Gross carrying amount [member] | Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 11 | 11 | 3 | 3 | 3 |
Additions | 6 | 8 | 8 | ||
Balance | 11 | 17 | 11 | 3 | 11 |
Gross carrying amount [member] | Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 522 | 522 | 336 | 60 | 336 |
Additions | 192 | 186 | 276 | 186 | |
Balance | 522 | 714 | 522 | 336 | 522 |
Gross carrying amount [member] | Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 2,484 | 2,527 | |||
Additions | 43 | 181 | 2,484 | 2,527 | |
Balance | 2,527 | 2,708 | 2,484 | 2,527 | |
Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 300 | 332 | 111 | 52 | 111 |
Balance | 332 | 681 | 300 | 111 | 332 |
Depreciation for the period | 32 | 349 | 189 | 59 | 221 |
Accumulated depreciation, amortisation and impairment [member] | Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 59 | 59 | 52 | 49 | 52 |
Balance | 59 | 59 | 59 | 52 | 59 |
Depreciation for the period | 7 | 3 | 7 | ||
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 4 | 4 | 3 | 3 | 3 |
Balance | 4 | 7 | 4 | 3 | 4 |
Depreciation for the period | 3 | 1 | 1 | ||
Accumulated depreciation, amortisation and impairment [member] | Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 185 | 196 | 56 | 56 | |
Balance | 196 | 303 | 185 | 56 | 196 |
Depreciation for the period | 11 | 107 | 129 | 56 | 140 |
Accumulated depreciation, amortisation and impairment [member] | Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 52 | 73 | |||
Balance | 73 | 312 | 52 | 73 | |
Depreciation for the period | $ 21 | $ 239 | $ 52 | $ 73 |
Note 9 - Intangible Assets - Co
Note 9 - Intangible Assets - Components of Intangible Assets (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | 25 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||||||
Balance | $ 12,582 | $ 12,388 | ||||
Balance | 12,388 | 10,065 | $ 12,582 | $ 12,388 | $ 12,388 | |
Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | ||||||
Balance | ||||||
Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 12,582 | 12,388 | ||||
Balance | 12,388 | 10,065 | 12,582 | 12,388 | 12,388 | |
Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 24,692 | $ 24,608 | 24,608 | |||
Additions | 84 | |||||
Balance | 24,692 | 24,692 | 24,692 | 24,692 | ||
Gross carrying amount [member] | Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 362 | 278 | 278 | |||
Additions | 84 | |||||
Balance | 362 | 362 | 362 | 362 | ||
Gross carrying amount [member] | Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 24,330 | 24,330 | 24,330 | |||
Additions | ||||||
Balance | 24,330 | 24,330 | 24,330 | 24,330 | ||
Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 12,110 | 12,304 | 9,787 | 7,112 | 9,787 | 7,112 |
Balance | 12,304 | 14,627 | 12,110 | 9,787 | 12,304 | 12,304 |
Amortization for the period | 194 | 2,323 | 2,323 | 2,336 | 2,517 | |
Impairment loss | 339 | |||||
Accumulated depreciation, amortisation and impairment [member] | Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 362 | 362 | 362 | 10 | 362 | 10 |
Balance | 362 | 362 | 362 | 362 | 362 | 362 |
Amortization for the period | 13 | |||||
Impairment loss | 339 | |||||
Accumulated depreciation, amortisation and impairment [member] | Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 11,748 | 11,942 | 9,425 | 7,102 | 9,425 | 7,102 |
Balance | 11,942 | 14,265 | 11,748 | 9,425 | 11,942 | $ 11,942 |
Amortization for the period | $ 194 | $ 2,323 | $ 2,323 | 2,323 | $ 2,517 | |
Impairment loss |
Note 10 - Trade and Other Pay63
Note 10 - Trade and Other Payables - Components of Trade and Other Payables (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 |
Statement Line Items [Line Items] | |||
Trade payables | $ 3,420 | $ 259 | $ 534 |
Accrued liabilities and other payables | 2,479 | 1,354 | 1,372 |
Employee salaries and benefits payable | 754 | 513 | 484 |
Current payables to related parties | 44 | 12 | 15 |
Total trade and other payables | $ 6,697 | $ 2,138 | $ 2,405 |
Note 11 - Derivative Warrant 64
Note 11 - Derivative Warrant Liabilities (Details Textual) - $ / shares | Mar. 31, 2018 | Dec. 27, 2017 | Mar. 31, 2017 | Feb. 28, 2017 |
Warrant liabilities issued December 27, 2017 [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value per shares issuable warrants | $ 0.65 | $ 0.60 | $ 0 | $ 0 |
Warrant liabilities issued December 3, 2013 [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value per shares issuable warrants | $ 0.01 | $ 0.11 | $ 0.10 | |
Number of required warrants to be exercised to obtain one common share | 10 |
Note 11 - Derivative Warrant 65
Note 11 - Derivative Warrant Liabilities - Reconciliation (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | ||
Statement Line Items [Line Items] | |||||
Balance – beginning of period | $ 187 | $ 209 | |||
Balance – end of period | 209 | 6,426 | $ 187 | $ 209 | |
Warrant liabilities issued December 27, 2017 [member] | |||||
Statement Line Items [Line Items] | |||||
Balance – beginning of period | |||||
Issued during period (note 13b) | 5,873 | ||||
Change in fair value of derivative warrant liabilities | 532 | ||||
Balance – end of period | 6,405 | ||||
Warrant liabilities issued December 3, 2013 [member] | |||||
Statement Line Items [Line Items] | |||||
Balance – beginning of period | [1] | 187 | 209 | 156 | 156 |
Change in fair value of derivative warrant liabilities | [1] | 22 | (188) | 31 | 53 |
Balance – end of period | [1] | $ 209 | $ 21 | $ 187 | $ 209 |
[1] | In order to obtain one Common Share, 10 warrants must be exercised. |
Note 11 - Derivative Warrant 66
Note 11 - Derivative Warrant Liabilities - Assumptions (Details) | Dec. 27, 2017USD ($) | Feb. 21, 2017CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2017CAD ($) | Feb. 28, 2017USD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2017USD ($) | |
Statement Line Items [Line Items] | |||||||||
Exercise price | $ 1.2625 | $ 2.15 | |||||||
Warrant liabilities issued December 27, 2017 [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Exercise price | $ 1.26 | ||||||||
Share price | [1] | $ 1.02 | |||||||
Dividend | |||||||||
Risk-free interest | 2.56% | 2.56% | |||||||
Estimated life (in years) | |||||||||
Expected volatility | 95.16% | 95.16% | |||||||
Warrant liabilities issued December 3, 2013 [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Exercise price | $ 1.50 | $ 1.50 | $ 1.50 | ||||||
Share price | [1] | $ 1.02 | $ 1.25 | $ 1.36 | |||||
Dividend | |||||||||
Risk-free interest | 2.19% | 2.19% | 1.24% | 1.24% | 1.22% | 1.22% | |||
Expected volatility | 133.86% | 133.86% | 107.36% | 107.36% | 108.35% | 108.35% | |||
[1] | In order to obtain one Common Share, 10 warrants must be exercised. |
Note 12 - Unsecured Convertib67
Note 12 - Unsecured Convertible Debentures (Details Textual) - Unsecured convertible debentures [member] $ / shares in Units, $ in Thousands | Feb. 21, 2017CAD ($)$ / sharesshares |
Statement Line Items [Line Items] | |
Notional amount | $ | $ 2,000 |
Maximum number of common shares issuable from contingent warrants | shares | 1,052,630 |
Borrowings, convertible, conversion price | $ 1.90 |
Warrants exercisable price per share after borrowings conversion | $ 1.90 |
Borrowings, discount of borrowing principal amount | 3.50% |
Proceeds from borrowings, classified as financing activities | $ | $ 1,930 |
Borrowings, accelerated conversion feature, minimum time after issuance date | 120 days |
Borrowings, accelerated conversion feature, weighted average share price minimum | $ 2.65 |
Borrowings, convertible, threshold consecutive trading days | 20 days |
Borrowings, interest rate | 8.00% |
Borrowings, convertible, equity issued, floor price | $ 0.10 |
Discount rate applied to cash flow projections | 20.00% |
Note 12 - Unsecured Convertib68
Note 12 - Unsecured Convertible Debentures - Liability and Equity Component Portions (Details) - CAD ($) $ in Thousands | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||||
Effective interest | $ 14 | $ 160 | $ 3 | $ 17 | ||
Liability portion of unsecured convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | $ 1,519 | 1,389 | 1,406 | |||
Transaction costs and debt discount | (134) | |||||
Deferred income tax expense (note 18) | ||||||
Effective interest | 8 | 31 | 366 | 39 | ||
Interest payable | (4) | (14) | (160) | (18) | ||
Balance | 1,389 | 1,406 | 1,612 | 1,389 | 1,406 | |
Equity component of unsecured convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 481 | 309 | 309 | |||
Transaction costs and debt discount | (43) | |||||
Deferred income tax expense (note 18) | (129) | |||||
Effective interest | ||||||
Interest payable | ||||||
Balance | 309 | 309 | 309 | 309 | 309 | |
Unsecured convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 2,000 | 1,698 | 1,715 | |||
Transaction costs and debt discount | (177) | |||||
Deferred income tax expense (note 18) | (129) | |||||
Effective interest | 8 | 31 | 366 | 39 | ||
Interest payable | (4) | (14) | (160) | (18) | ||
Balance | $ 1,698 | $ 1,715 | $ 1,921 | $ 1,698 | $ 1,715 |
Note 13 - Capital and Other C69
Note 13 - Capital and Other Components of Equity (Details Textual) | Jan. 22, 2018CAD ($)shares | Jan. 22, 2018USD ($)shares | Dec. 27, 2017CAD ($)$ / sharesshares | Dec. 27, 2017USD ($)shares | Feb. 21, 2017CAD ($)$ / sharesshares | Mar. 31, 2017CAD ($)$ / shares | Mar. 31, 2018CAD ($)$ / sharesshares | Mar. 31, 2018USD ($)shares | Feb. 28, 2017CAD ($)$ / shares | Feb. 28, 2017USD ($) | Feb. 29, 2016CAD ($) | Mar. 31, 2017CAD ($)$ / shares | Mar. 31, 2017USD ($) | Mar. 31, 2018$ / shares | Dec. 27, 2017$ / sharesshares | |
Statement Line Items [Line Items] | ||||||||||||||||
Number of units issued during period | shares | 9,900,990 | 9,900,990 | 3,930,518 | |||||||||||||
Unit issued, price per unit | (per share) | $ 1.45 | $ 1.01 | ||||||||||||||
Proceeds from issuing units | $ 12,600,000 | $ 10,000,000 | $ 5,699,000 | |||||||||||||
Number of shares called by warrants | shares | 495,050 | 234,992 | 495,050 | |||||||||||||
Exercise price, warrants issued | 1.2625 | $ 2.15 | ||||||||||||||
Proceeds from exercise of warrants | $ 384,000 | |||||||||||||||
Warrant costs | $ 406,000 | |||||||||||||||
Unit, shares of class A share | shares | 1 | |||||||||||||||
Unit, shares of class A share purchase warrant | shares | 0.5 | |||||||||||||||
Number of shares called by each warrant | shares | 1 | 1 | 1 | |||||||||||||
Unit issuance costs | $ 1,190,000 | |||||||||||||||
Warrants and rights outstanding | 144,000 | |||||||||||||||
Weighted average share price | $ 2.65 | |||||||||||||||
Increase (decrease) from equity settled non-employee share-based payment, shares | shares | 60,000 | |||||||||||||||
Share issued, price per share | $ / shares | $ 1.57 | |||||||||||||||
Increase (decrease) from equity settled non-employee share-based payment | $ 94,000 | 94,000 | ||||||||||||||
Share-based payment costs allocated to share capital | 85,000 | |||||||||||||||
Share-based payment costs allocated to debt | $ 9,000 | |||||||||||||||
Public offering warrants 2017 related to liability [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Exercise price, warrants issued | $ 1.26 | |||||||||||||||
Series 8 December 2013 Public offering warrants related to liability [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Warrants and rights outstanding | [1] | 209,000 | 21,000 | 187,000 | 156,000 | 209,000 | ||||||||||
Exercise price for 10 warrants | $ / shares | $ 15 | |||||||||||||||
Series 2017-BW Broker warrants related to equity [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Warrants exercised, equity shares issued, amount | 71,000 | |||||||||||||||
Exercise price, warrants issued | 2.15 | |||||||||||||||
Warrants and rights outstanding | [2] | 144,000 | 144,000 | 144,000 | ||||||||||||
Warrants exercised, equity shares issued | shares | 117,496 | 117,496 | ||||||||||||||
Warrants expired | shares | 117,496 | 117,496 | ||||||||||||||
Public offering warrants February 2017, equity portion [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Warrants exercised, equity shares issued, amount | $ 132,000 | |||||||||||||||
Exercise price, warrants issued | $ 1.2625 | |||||||||||||||
Warrants and rights outstanding | [3] | |||||||||||||||
Warrants exercised, equity shares issued | shares | 61,225 | 61,225 | ||||||||||||||
Series December 2017 US Broker warrants, equity portion [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Exercise price, warrants issued | $ 2.15 | |||||||||||||||
Warrants and rights outstanding | [4] | 406,000 | ||||||||||||||
The 2017 Unsecured convertible debenture conversion option and contingent warrant related to equity [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Exercise price, warrants issued | 1.90 | |||||||||||||||
Warrants and rights outstanding | [5] | 309,000 | 309,000 | 309,000 | 309,000 | |||||||||||
Deferred tax expense (income) | 129,000 | |||||||||||||||
Series 9 Private Placement warrants 2013 related to equity [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Exercise price, warrants issued | 13.30 | |||||||||||||||
Warrants and rights outstanding | [6] | |||||||||||||||
Additional paid-in capital [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Warrant costs | $ 144 | |||||||||||||||
Underwriter [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Exercise price, warrants issued | $ 1.26 | |||||||||||||||
Underwriter [member] | Exercised portion of a over-allotment option [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Number of shares called by warrants | shares | 766,179 | 766,179 | ||||||||||||||
Exercise price, warrants issued | $ 1.01 | |||||||||||||||
Proceeds from exercise of warrants | $ 963,000 | $ 773,000 | ||||||||||||||
Underwriter [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Warrants exercised, equity shares issued, amount | $ 0 | |||||||||||||||
Number of shares called by warrants | shares | 892,044 | 892,044 | ||||||||||||||
Warrant liabilities issued December 27, 2017 [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Number of units issued during period | shares | 8,910,891 | 8,910,891 | ||||||||||||||
Exercise price, warrants issued | $ 1.26 | |||||||||||||||
Fair value per shares issuable warrants | $ / shares | $ 0.60 | $ 0 | $ 0.65 | $ 0 | $ 0 | |||||||||||
Number of shares called by each warrant | shares | 1 | 1 | ||||||||||||||
Derivative warrant liabilities [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Total financial liabilities at fair value through profit or loss | $ 5,900,000 | |||||||||||||||
Warrant costs | $ 2,700,000 | |||||||||||||||
Class A shares [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Number of units issued during period | shares | 9,900,990 | 9,900,990 | ||||||||||||||
Class B shares [Member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Non-cumulative dividend rate | 5.00% | |||||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Redeemable price per share | $ / shares | $ 0.80 | |||||||||||||||
Number of shares outstanding at end of period | shares | 0 | |||||||||||||||
Total number of shares issued | shares | 0 | |||||||||||||||
Class C shares [Member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Non-cumulative dividend rate | 5.00% | |||||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Redeemable price per share | $ / shares | $ 0.20 | |||||||||||||||
Number of shares outstanding at end of period | shares | 0 | |||||||||||||||
Total number of shares issued | shares | 0 | |||||||||||||||
Class D and E shares [Member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Number of shares outstanding at end of period | shares | 0 | |||||||||||||||
Total number of shares issued | shares | 0 | |||||||||||||||
Class D and E shares [Member] | Bottom of range [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Non-cumulative dividend rate | 0.50% | |||||||||||||||
Class D and E shares [Member] | Top of range [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Non-cumulative dividend rate | 2.00% | |||||||||||||||
Class A shares [member] | ||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||
Number of shares outstanding at end of period | shares | 0 | |||||||||||||||
Total number of shares issued | shares | 0 | |||||||||||||||
[1] | In order to obtain one Common Share of the Corporation at an exercise price of US$15.00, 10 warrants must be exercised. Warrants expire on December 3, 2018. | |||||||||||||||
[2] | Warrant to acquire one Common Share of the Corporation at an excersise price of 2.15 expiring on February 21, 2018. 117,496 warrants amounted to $71 were exercised in November 2017 and 117,496 warrants expired on February 21, 2018. | |||||||||||||||
[3] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.2625, expiring on December 27, 2022. 61,225 warrants amounted to $132 were exercised in November 2017. | |||||||||||||||
[4] | Warrant to acquire one Common Share of the Corporation at an exercise price of $2.15, expiring on February 21, 2022. | |||||||||||||||
[5] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.90 expiring on February 21, 2020, net of deferred tax expense of $129. | |||||||||||||||
[6] | Warrant to acquire one Common Share of the Corporation at an exercise price of $13.30, expiring on December 3, 2018. |
Note 13 - Capital and Other C70
Note 13 - Capital and Other Components of Equity - Assumptions (Details) | Dec. 27, 2017USD ($) | Feb. 21, 2017CAD ($) |
Statement Line Items [Line Items] | ||
Exercise price, warrants issued | $ 1.2625 | $ 2.15 |
Public offering warrants in 2017 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price, warrants issued | 1.26 | |
Share price | $ 0.97 | |
Risk-free interest | 2.22% | |
Estimated life (in years) (Year) | 5 years | |
Expected volatility | 93.52% | |
Broker warrants [member] | ||
Statement Line Items [Line Items] | ||
Exercise price, warrants issued | $ 1.2625 | 2.15 |
Share price | $ 0.97 | $ 1.70 |
Risk-free interest | 2.22% | 0.79% |
Estimated life (in years) (Year) | 5 years | 1 year |
Expected volatility | 93.52% | 112.09% |
Dividend |
Note 13 - Capital and Other C71
Note 13 - Capital and Other Components of Equity - Unsecured Convertible Debentures (Details) - CAD ($) $ in Thousands | Mar. 27, 2018 | Dec. 27, 2017 | Aug. 15, 2017 | Apr. 07, 2017 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||||
Number of shares (in shares) | 33,605 | 22,783 | 23,885 | 9,496 | 89,769 |
Amount | $ 40 | $ 40 | $ 40 | $ 17 | $ 137 |
Note 13 - Capital and Other C72
Note 13 - Capital and Other Components of Equity - Warrants Outstanding (Details) - CAD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 21, 2017 | Feb. 29, 2016 | |
Statement Line Items [Line Items] | ||||||
Warrants and rights outstanding | $ 144,000 | |||||
Series December 2017 US Broker warrants, liability portion [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [1] | 9,802,935 | ||||
Warrants and rights outstanding | [1] | $ 6,405,000 | ||||
Series 8 December 2013 Public offering warrants related to liability [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [2] | 18,400,000 | 18,400,000 | 18,400,000 | 18,400,000 | |
Warrants and rights outstanding | [2] | $ 21,000 | $ 209,000 | $ 187,000 | $ 156,000 | |
Warrants relating to liabilities [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | 28,202,935 | 18,400,000 | 18,400,000 | 18,400,000 | ||
Warrants and rights outstanding | $ 6,426,000 | $ 209,000 | $ 187,000 | $ 156,000 | ||
Series December 2017 US Broker warrants, equity portion [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [3] | 495,050 | ||||
Warrants and rights outstanding | [3] | $ 406,000 | ||||
Series 2017-BW Broker warrants related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [4] | 234,992 | 234,992 | |||
Warrants and rights outstanding | [4] | $ 144,000 | $ 144,000 | |||
Public offering warrants February 2017, equity portion [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [5] | 1,904,034 | 1,965,259 | 1,965,259 | ||
Warrants and rights outstanding | [5] | |||||
The 2017 Unsecured convertible debenture conversion option and contingent warrant related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [6] | 1,052,630 | 1,052,630 | 1,052,630 | ||
Warrants and rights outstanding | [6] | $ 309,000 | $ 309,000 | $ 309,000 | ||
Series 9 Private Placement warrants 2013 related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [7] | 161,654 | 161,654 | 161,654 | 161,654 | |
Warrants and rights outstanding | [7] | |||||
Warrants related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | 3,613,368 | 3,414,535 | 3,414,535 | 161,654 | ||
Warrants and rights outstanding | $ 715,000 | $ 453,000 | $ 453,000 | |||
[1] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.26, expiring on December 27, 2022. | |||||
[2] | In order to obtain one Common Share of the Corporation at an exercise price of US$15.00, 10 warrants must be exercised. Warrants expire on December 3, 2018. | |||||
[3] | Warrant to acquire one Common Share of the Corporation at an exercise price of $2.15, expiring on February 21, 2022. | |||||
[4] | Warrant to acquire one Common Share of the Corporation at an excersise price of 2.15 expiring on February 21, 2018. 117,496 warrants amounted to $71 were exercised in November 2017 and 117,496 warrants expired on February 21, 2018. | |||||
[5] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.2625, expiring on December 27, 2022. 61,225 warrants amounted to $132 were exercised in November 2017. | |||||
[6] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.90 expiring on February 21, 2020, net of deferred tax expense of $129. | |||||
[7] | Warrant to acquire one Common Share of the Corporation at an exercise price of $13.30, expiring on December 3, 2018. |
Note 14 - Personnel Expenses -
Note 14 - Personnel Expenses - Components of Personnel Expenses (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Salaries and other short-term employee benefits | $ 214 | $ 3,281 | $ 2,277 | $ 1,902 | $ 2,491 |
Share-based compensation costs | 86 | 929 | 588 | 309 | 674 |
Severance | 210 | ||||
Total personnel expenses | $ 300 | $ 4,210 | $ 2,865 | $ 2,421 | $ 3,165 |
Note 15 - Financial Expenses -
Note 15 - Financial Expenses - Components of Finance Income (Expenses) (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Interest income | $ 6 | $ 72 | $ 119 | $ 73 | $ 125 |
Foreign exchange gain | 1,023 | ||||
Financial income | 6 | 72 | 119 | 1,096 | 125 |
Foreign exchange loss | (3) | (32) | (177) | (180) | |
Interest payable on convertible debenture during the period | (14) | (160) | (3) | (17) | |
Accretion of interest on convertible debenture | (17) | (206) | (5) | (22) | |
Transaction costs related to derivative warrant liabilities | (1,134) | ||||
Other charges | (1) | (4) | (18) | (2) | (19) |
Financial expenses | (35) | (1,536) | (203) | (2) | (238) |
Other net financial expenses | (29) | (1,464) | (84) | 1,094 | (113) |
Change in fair value of warrant liabilities | (22) | (344) | (31) | 2,201 | (53) |
Net Financial expenses | $ (51) | $ (1,808) | $ (115) | $ 3,295 | $ (166) |
Note 16 - Share-based Payment75
Note 16 - Share-based Payments (Details Textual) | Feb. 21, 2017CAD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2018CAD ($)shares | Feb. 28, 2017CAD ($) | Feb. 29, 2016CAD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2018shares |
Statement Line Items [Line Items] | |||||||
Option life, share options granted | 5.89 | 4.94 | 4.2 | 4.94 | |||
Number of share options granted in share-based payment arrangement | 1,121,500 | 1,300,400 | 109,188 | 1,300,400 | |||
Number of share options exercised in share-based payment arrangement | 250 | ||||||
Weighted average share price | $ 2.65 | ||||||
Expense from share-based payment transactions with employees | $ 86,000 | $ 929,000 | $ 588,000 | $ 309,000 | $ 674,000 | ||
Corporation stock option plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Maximum number of shares authorized | shares | 2,940,511 | 2,940,511 | |||||
Maximum number of shares authorized as percentage | 20.00% | 20.00% | |||||
Option life, share options granted | 10 | ||||||
Weighted average grant date fair value options granted in share-based payment arrangement | $ 1.22 | 1.40 | $ 2.14 | $ 1.40 | |||
Number of share options granted in share-based payment arrangement | 0 | 0 | 0 | ||||
Number of share options exercised in share-based payment arrangement | 0 | 0 | |||||
Weighted average share price | $ 4.20 | ||||||
Expense from share-based payment transactions with employees | $ 86,000 | $ 929,000 | $ 588,000 | 234,000 | $ 674,000 | ||
Corporation stock option plan [member] | Related parties [member] | |||||||
Statement Line Items [Line Items] | |||||||
Maximum number of shares authorized as percentage | 10.00% | 10.00% | |||||
Corporation stock option plan [member] | Shareholders exceeding 5% issued and outstanding stock [member] | |||||||
Statement Line Items [Line Items] | |||||||
Maximum number of shares authorized as percentage | 5.00% | 5.00% | |||||
Corporation stock option plan [member] | Consultants [member] | |||||||
Statement Line Items [Line Items] | |||||||
Maximum number of shares authorized as percentage | 2.00% | 2.00% | |||||
Corporation stock option plan [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Description of vesting period, share option granted | 18 | ||||||
Corporation equity incentive plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Expense from share-based payment transactions with employees | $ 0 | $ 0 | $ 64,000 | $ 0 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 0 | 0 | 0 | 0 | 0 |
Note 16 - Share-based Payment76
Note 16 - Share-based Payments - Option Activity (Details) | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Mar. 31, 2017CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2017CAD ($) | Feb. 29, 2016CAD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2015CAD ($) | |
Statement Line Items [Line Items] | ||||||
Weighted average exercise price, outstanding | $ 2.58 | $ 1.81 | $ 2.59 | $ 13.52 | $ 2.58 | $ 15.33 |
Number of options outstanding | 1,424,788 | 2,284,388 | 1,427,288 | 454,151 | 1,424,788 | 429,625 |
Weighted average exercise price, granted | $ 1.75 | $ 1.69 | $ 4.65 | $ 1.69 | ||
Options, granted | 1,121,500 | 1,300,400 | 109,188 | 1,300,400 | ||
Weighted average exercise price, forfeited | $ 11.50 | $ 1.89 | $ 13.29 | $ 9.40 | $ 13.27 | |
Options, forfeited | (2,500) | (199,800) | (187,638) | (66,912) | (190,138) | |
Weighted average exercise price, expired | $ 18.06 | $ 15.38 | $ 18.57 | $ 15.38 | ||
Options, expired | (62,100) | (139,625) | (17,500) | (139,625) | ||
Weighted average exercise price, exercisable | $ 6.44 | $ 1.92 | $ 6.49 | $ 15.28 | $ 6.44 | |
Exercisable at end of period | 238,482 | 591,113 | 240,982 | 375,563 | 238,482 | |
Weighted average exercise price, exercised | $ 2.50 | |||||
Options, exercised | (250) |
Note 16 - Share-based Payment77
Note 16 - Share-based Payments - Weighted Average Assumptions (Details) - CAD ($) | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Exercise price | $ 1.75 | $ 1.69 | $ 4.65 | $ 1.69 |
Share price | $ 1.75 | $ 1.69 | $ 4.65 | $ 1.69 |
Dividend | ||||
Risk-free interest | 1.21% | 0.87% | 0.66% | 0.87% |
Estimated life (in years) | 5.89 | 4.94 | 4.2 | 4.94 |
Expected volatility | 82.40% | 123.50% | 65.63% | 123.50% |
Note 16 - Share-based Payment78
Note 16 - Share-based Payments - Outstanding and Exercisable Options (Details) | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2017CAD ($) | Feb. 29, 2016CAD ($) | Feb. 28, 2015 |
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 7.54 | ||||
Number of options outstanding | 2,284,388 | 1,424,788 | 1,427,288 | 454,151 | 429,625 |
Weighted average exercise price exercisable | $ 1.92 | $ 6.44 | $ 6.49 | $ 15.28 | |
Number of options exercisable | 591,113 | 238,482 | 240,982 | 375,563 | |
Range one of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 5.11 | ||||
Number of options outstanding | 525,000 | ||||
Weighted average exercise price exercisable | $ 1.56 | ||||
Number of options exercisable | 306,250 | ||||
Range one of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.56 | ||||
Range one of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.58 | ||||
Range two of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 8.9 | ||||
Number of options outstanding | 415,000 | ||||
Weighted average exercise price exercisable | $ 1.65 | ||||
Number of options exercisable | 141,667 | ||||
Range two of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.59 | ||||
Range two of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.71 | ||||
Range three of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 9.2 | ||||
Number of options outstanding | 992,500 | ||||
Weighted average exercise price exercisable | |||||
Number of options exercisable | |||||
Range three of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.72 | ||||
Range three of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.88 | ||||
Range four of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 5.16 | ||||
Number of options outstanding | 286,700 | ||||
Weighted average exercise price exercisable | $ 1.99 | ||||
Number of options exercisable | 95,568 | ||||
Range four of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.89 | ||||
Range four of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 2.25 | ||||
Range five of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 3.67 | ||||
Number of options outstanding | 65,188 | ||||
Weighted average exercise price exercisable | $ 4.87 | ||||
Number of options exercisable | 47,628 | ||||
Range five of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 2.26 | ||||
Range five of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 6.50 |
Note 18 - Supplemental Cash F79
Note 18 - Supplemental Cash Flow Disclosure - Changes in Non-cash Operating Items (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Receivables | $ (40) | $ (553) | $ 233 | $ 406 | $ 193 |
Receivable from corporation under common control | 50 | ||||
Inventories | 88 | ||||
Prepaid expenses | (33) | (103) | 280 | (138) | 247 |
Other Assets | (659) | ||||
Trade and other payables | (255) | 4,898 | 607 | (447) | 352 |
Total changes in working capital items | $ (328) | $ 3,583 | $ 1,120 | $ (41) | $ 792 |
Note 18 - Supplemental Cash F80
Note 18 - Supplemental Cash Flow Disclosure - Non-cash Transactions (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Equity settled share-based payment included in equity | $ 137 | $ 94 | $ 94 | ||
Issuance of broker warrants included in net proceeds from public offering | 406 | 144 | 144 | ||
Public offering transaction costs included in trade and other payables | 381 | 132 | 416 | 381 | |
Reduction in share issue costs from reduction in trade and other payables | 109 | 109 | |||
Private Placement transaction costs included in trade and other payables | 40 | 50 | 40 | ||
Equipment included in trade and other payables | 288 | 216 | 269 | 288 | |
Interest payable included in trade and other payables | 18 | 40 | 4 | 18 | |
Issuance of shares on settlement of a liability | 103 | ||||
Interest receivable included in payable to Neptune corporation | $ 27 |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) $ in Thousands | Feb. 21, 2017CAD ($) |
Statement Line Items [Line Items] | |
Deferred tax relating to items credited (charged) directly to equity | $ 129 |
Note 19 - Income Taxes - Deferr
Note 19 - Income Taxes - Deferred Tax (Recovery) Expense (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Origination and reversal of temporary differences | $ 163 | $ 5,241 | $ 2,077 | $ 2,065 | $ 2,240 |
Change in unrecognized deductible temporary differences | (163) | (5,241) | (2,206) | (2,065) | (2,369) |
Total tax (recovery) expense | $ (129) | $ (129) |
Note 19 - Income Taxes - Reconc
Note 19 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 31, 2017 | ||
Statement Line Items [Line Items] | ||||||
Loss before income taxes | $ (769) | $ (21,504) | $ (10,607) | $ (6,317) | $ (11,376) | |
Basic combined Canadian statutory income tax rate 1 | [1] | 26.80% | 26.78% | 26.88% | 26.90% | 26.87% |
Computed income tax recovery | $ (206) | $ (5,759) | $ (2,851) | $ (1,699) | $ (3,057) | |
Change in unrecognized deductible temporary differences | 162 | 5,241 | 2,207 | 2,065 | 2,369 | |
Non-deductible stock-based compensation | 23 | 248 | 155 | 83 | 178 | |
Non-deductible change in fair value | 6 | 92 | 8 | (592) | 14 | |
Permanent differences and other | 12 | 118 | 154 | 143 | 166 | |
Change in statutory income tax rate | 3 | 60 | 198 | 201 | ||
Total tax (recovery) expense | $ (129) | $ (129) | ||||
[1] | The Canadian combined statutory income tax rate has decreased due to a reduction in the provincial statutory income tax rate. |
Note 19 - Income Taxes - Unreco
Note 19 - Income Taxes - Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 |
Statement Line Items [Line Items] | |||
Tax losses carried forward | $ 19,048 | $ 13,470 | $ 13,311 |
Tax basis of unsecured convertible debentures in excess of carrying value | 67 | 122 | 126 |
Net deferred tax assets | 18,981 | 13,348 | 13,185 |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Tax losses carried forward | 12,670 | 8,293 | 8,153 |
Research and development projects [member] | |||
Statement Line Items [Line Items] | |||
Tax losses carried forward | 4,927 | 4,220 | 4,196 |
Property, plan and equipment and intangible assets [Member] | |||
Statement Line Items [Line Items] | |||
Tax losses carried forward | 567 | 435 | 423 |
Other temporary differences [member] | |||
Statement Line Items [Line Items] | |||
Tax losses carried forward | 884 | 522 | 539 |
Tax basis of unsecured convertible debentures in excess of carrying value [Member] | |||
Statement Line Items [Line Items] | |||
Tax basis of unsecured convertible debentures in excess of carrying value | $ 67 | $ 122 | $ 126 |
Note 19 - Income Taxes - Tax at
Note 19 - Income Taxes - Tax attributes and Temporary Differences Available to Reduce Future Years' Taxable Income (Details) | Mar. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Research and development expenses, without time limitation | $ 2,859,000 |
Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 47,954,000 |
Research and development expenses, without time limitation | 18,002,000 |
Other deductible temporary differences, without time limitation | 5,224,000 |
Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 47,625,000 |
Research and development expenses, without time limitation | 19,362,000 |
Other deductible temporary differences, without time limitation | 5,224,000 |
2029 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 714,000 |
2029 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 714,000 |
2030 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,627,000 |
2030 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,620,000 |
2031 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,071,000 |
2031 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,063,000 |
2032 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,262,000 |
2032 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,241,000 |
2033 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,854,000 |
2033 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,825,000 |
2034 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 3,598,000 |
2034 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 3,598,000 |
2035 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 4,595,000 |
2035 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 4,459,000 |
2036 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 5,494,000 |
2036 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 5,494,000 |
2037 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 8,584,000 |
2037 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 8,456,000 |
2038 [member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 17,155 |
2038 [member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | $ 17,155 |
Note 20 - Financial Instrumen86
Note 20 - Financial Instruments - Currency Risk (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | |
Feb. 28, 2017CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Mar. 01, 2017CAD ($) | |
Currency risk for USD [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | $ 3,318 | $ 3,132 | $ 3,023 | |
Average exchange rate | 1.3113 | 1.2834 | 1.3134 | |
Closing exchange rate | 1.3281 | 1.29 | 1.3299 | |
Currency risk for USD [member] | Trade and other payables [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | $ (376) | $ (3,924) | $ (503) | |
Currency risk for USD [member] | Cash and cash equivalents [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | 3,691 | 7,024 | 3,524 | |
Currency risk for USD [member] | Marketable securities [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | 26 | |||
Currency risk for USD [member] | Receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | 3 | 6 | 2 | |
Currency risk for Euro [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | $ (603) | $ (627) | $ (317) | |
Average exchange rate | 1.4434 | 1.5008 | 1.4424 | |
Closing exchange rate | 1.4066 | 1.5898 | 1.4251 | |
Currency risk for Euro [member] | Trade and other payables [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | $ (603) | $ (627) | $ (317) | |
Currency risk for Euro [member] | Cash and cash equivalents [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | ||||
Currency risk for Euro [member] | Marketable securities [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | ||||
Currency risk for Euro [member] | Receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Foreign exchange currency exposures | ||||
Currency risk [member] | ||||
Statement Line Items [Line Items] | ||||
Decrease in net loss | $ 88 | $ 139 | $ 151 |
Note 20 - Financial Instrumen87
Note 20 - Financial Instruments - Interest Rate Risk (Details) | 1 Months Ended | 12 Months Ended | 13 Months Ended |
Feb. 28, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Unsecured convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | Long-term fixed interest rate | Long-term fixed interest rate | Long-term fixed interest rate |
Cash and cash equivalents [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | Short-term fixed interest rate | Short-term fixed interest rate | Short-term fixed interest rate |
Note 20 - Financial Instrumen88
Note 20 - Financial Instruments - Financial Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 |
Statement Line Items [Line Items] | |||
Financial liabilities | $ 8,309 | $ 3,544 | $ 3,794 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 6,857 | 2,298 | 2,565 |
Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 2,143 | 2,303 | 2,316 |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 9,000 | 4,601 | 4,881 |
Trade and other payables [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 6,697 | 2,138 | 2,405 |
Trade and other payables [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 6,697 | 2,138 | 2,405 |
Trade and other payables [member] | Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | |||
Trade and other payables [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 6,697 | 2,138 | 2,405 |
Unsecured convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 1,612 | 1,406 | 1,389 |
Unsecured convertible debentures [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 160 | 160 | 160 |
Unsecured convertible debentures [member] | Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | 2,143 | 2,303 | 2,316 |
Unsecured convertible debentures [member] | Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities | $ 2,303 | $ 2,463 | $ 2,476 |
Note 21 - Commitments and Con89
Note 21 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2018CAD ($) | |
Lease for laboratory facility located in Sherbrooke, Québec [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | $ 151 |
Description of life and other significant terms of arrangement involving legal form of lease | two-year lease term |
Lease for laboratory facility located in Sherbrooke, Québec [member] | Not later than one year [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | $ 72 |
Lease for laboratory facility located in Sherbrooke, Québec [member] | Later than one year and not later than two years [member] | |
Statement Line Items [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | 79 |
Research and development projects [member] | |
Statement Line Items [Line Items] | |
Estimated financial effect of contingent liabilities | 172 |
Former CEO [member] | |
Statement Line Items [Line Items] | |
Estimated financial effect of contingent liabilities | $ 8,500 |
Note 22 - Determination of Fa90
Note 22 - Determination of Fair Values (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2018CAD ($) | |
Statement Line Items [Line Items] | |
Significant unobservable inputs, increase in five percent of volatility would result in a loss | $ 241 |
Significant unobservable inputs, increase in five percent of volatility would result in a gain | 254 |
Significant unobservable inputs, five percent strengthen of foreign currency would result in a loss | $ 320 |
Note 23 - Capital Management (D
Note 23 - Capital Management (Details Textual) $ in Thousands, $ in Thousands | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017CAD ($) | Feb. 28, 2017USD ($) |
Statement Line Items [Line Items] | ||||||
Short-term deposits, classified as cash equivalents | $ 4,193 | $ 3,250 | $ 2,994 | $ 2,251 | $ 2,990 | $ 2,251 |
Commercial paper, classified as cash equivalents | 1,418 | 1,099 | ||||
Promissory note receivable, classified as cash equivalents | 1,029 | 798 | ||||
Long-term deposits | $ 26 | $ 20 | ||||
Long-term deposits, interest rate | 2.23% | 2.23% | ||||
Matures on April 11, 2017 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Deposits, interest rate | 0.52% | 0.52% | ||||
Matures on April 25, 2017 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Deposits, interest rate | 0.53% | 0.53% | ||||
Matures on March 12, 2017 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Deposits, interest rate | 0.46% | 0.46% | ||||
Matures on March 28, 2017 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Deposits, interest rate | 0.45% | 0.45% | ||||
Bottom of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 1.26% | 1.26% | ||||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 1.72% | 1.72% |
Note 23 - Capital Management -
Note 23 - Capital Management - Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 29, 2016 |
Statement Line Items [Line Items] | ||||
Cash | $ 1,583 | $ 6,778 | $ 7,584 | $ 3,027 |
Cash equivalents | 6,640 | 2,994 | 2,989 | |
Total Cash and cash equivalents | $ 8,223 | $ 9,772 | $ 10,573 |
Note 24 - Subsequent Event (Det
Note 24 - Subsequent Event (Details Textual) | May 14, 2018CAD ($)$ / sharesshares | May 09, 2018CAD ($)$ / sharesshares | Dec. 27, 2017CAD ($)shares | Dec. 27, 2017USD ($)$ / sharesshares | Feb. 21, 2017CAD ($)$ / sharesshares |
Statement Line Items [Line Items] | |||||
Unit issued, price per unit | (per share) | $ 1.01 | $ 1.45 | |||
Proceeds from issuing units | $ 12,600,000 | $ 10,000,000 | $ 5,699,000 | ||
Number of units issued during period | 9,900,990 | 9,900,990 | 3,930,518 | ||
Number of shares called by each warrant | 1 | 1 | |||
Exercise price, warrants issued | $ 1.2625 | $ 2.15 | |||
Number of shares called by warrants | 495,050 | 234,992 | |||
Broker warrants [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ 1.2625 | $ 2.15 | |||
Underwriter [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ | $ 1.26 | ||||
Major ordinary share transactions [member] | |||||
Statement Line Items [Line Items] | |||||
Unit issued, price per unit | $ / shares | $ 1.05 | ||||
Proceeds from issuing units | $ | $ 10,000,000 | ||||
Proceeds from issuing units, net | $ | $ 8,700,000 | ||||
Number of units issued during period | 9,530,000 | ||||
Number of shares called by each warrant | 1 | ||||
Exercise price, warrants issued | $ | $ 1.31 | ||||
Proceeds from issuing units, over-allotment option | $ | $ 1,500,000 | ||||
Proceeds from issuing units, over-allotment option, net | $ | $ 1,300,000 | ||||
Number of units issued during period, over-allotment option | 1,429,500 | ||||
Unit issued, price per unit, over-allotment option | $ / shares | $ 1.05 | ||||
Major ordinary share transactions [member] | Underwriter [member] | |||||
Statement Line Items [Line Items] | |||||
Payments for cash commission, percent of gross proceeds | 7.00% | ||||
Major ordinary share transactions [member] | Underwriter [member] | Non-transferable broker warrants [member] | |||||
Statement Line Items [Line Items] | |||||
Percent of warrants issued | 5.00% | ||||
Major ordinary share transactions [member] | Underwriter [member] | Broker warrants [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ | $ 1.05 | ||||
Number of warrants issued during period | 547,975 | ||||
Number of shares called by warrants | 547,975 | ||||
Major ordinary share transactions [member] | Underwriter [member] | Broker warrants expiring on May 9, 2023 [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares called by warrants | 476,500 | ||||
Major ordinary share transactions [member] | Underwriter [member] | Broker warrants expiring on May 14, 2023 [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares called by warrants | 71,475 |