Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | Acasti Pharma Inc. |
Entity Central Index Key | 0001444192 |
Trading Symbol | acst |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 78,132,734 |
Document Type | 20-F |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Shell Company | false |
Statements of Financial Positio
Statements of Financial Position - CAD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 22,521,000 | $ 8,223,000 |
Marketable securities | 11,865,000 | |
Receivables | 1,586,000 | 759,000 |
Other Assets | 65,000 | 104,000 |
Deferred financing costs | 179,000 | |
Prepaid expenses | 1,115,000 | 406,000 |
Total current assets | 37,331,000 | 9,492,000 |
Marketable securities | 27,000 | 26,000 |
Other asset | 557,000 | 555,000 |
Equipment | 2,813,000 | 2,821,000 |
Intangible assets | 7,743,000 | 10,065,000 |
Total assets | 48,471,000 | 22,959,000 |
Current liabilities: | ||
Trade and other payables | 16,429,000 | 6,697,000 |
Unsecured convertible debentures | 1,817,000 | |
Total current liabilities | 18,246,000 | 6,697,000 |
Derivative warrant liabilities | 16,263,000 | 6,426,000 |
Unsecured convertible debentures | 1,612,000 | |
Total liabilities | 34,509,000 | 14,735,000 |
Equity: | ||
Share capital | 129,318,000 | 73,338,000 |
Other equity | 309,000 | 309,000 |
Contributed surplus | 8,280,000 | 6,956,000 |
Deficit | (123,945,000) | (72,379,000) |
Total equity | 13,962,000 | 8,224,000 |
Commitments and contingencies | ||
Total liabilities and equity | $ 48,471,000 | $ 22,959,000 |
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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Research and development expenses, net of government assistance | $ (426) | $ (38,366) | $ (15,669) | $ (7,227) | $ (7,653) |
General and administrative expenses | (292) | (6,649) | (4,027) | (3,265) | (3,557) |
Loss from operating activities | (718) | (45,015) | (19,696) | (10,492) | (11,210) |
Financial expenses | (51) | (6,551) | (1,808) | (115) | (166) |
Net loss and comprehensive loss before income tax | (769) | (51,566) | (21,504) | (10,607) | (11,376) |
Deferred income tax recovery | 129 | 129 | |||
Net loss and total comprehensive loss | $ (769) | $ (51,566) | $ (21,504) | $ (10,478) | $ (11,247) |
Basic and diluted loss per share (in CAD per share) | $ (0.05) | $ (0.95) | $ (1.23) | $ (0.97) | $ (1.01) |
Weighted average number of shares outstanding (in shares) | 14,702,556 | 54,290,295 | 17,486,515 | 10,788,075 | 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 |
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 | (10,478) | (10,478) | |||
Public offering (in shares) | 3,930,518 | ||||
Public offering | $ 4,509 | 144 | 4,653 | ||
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 | |
Issue of unsecured convertible debentures, net of deferred 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. 28, 2017 | 14,702,556 | ||||
Balance at Feb. 28, 2017 | $ 66,576 | 309 | 5,607 | (50,106) | 22,386 |
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) | |||
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 |
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] | |||||
Net loss and total comprehensive loss for the period | (769) | (769) | |||
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 |
Statement Line Items [Line Items] | |||||
61,973 | 4,875 | (50,875) | 15,973 | ||
Net loss and total comprehensive loss for the period | (21,504) | (21,504) | |||
Public offering (in shares) | 10,667,169 | ||||
Public offering | $ 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 | |||
Issuance of shares for payment of interest on convertible debentures (in shares) | 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 |
Statement Line Items [Line Items] | |||||
66,576 | 309 | 5,693 | (72,379) | 199 | |
Net loss and total comprehensive loss for the period | (51,566) | (51,566) | |||
Public offering (in shares) | 51,612,000 | ||||
Public offering | $ 54,124 | 283 | $ 54,407 | ||
Warrants exercised (in shares) | 772,474 | 772,474 | |||
Warrants exercised | $ 1,733 | $ 1,733 | |||
Share-based payment transactions for the period (in shares) | 4,167 | ||||
Share-based payment transactions for the period | $ 3 | 1,041 | 1,044 | ||
Issuance of shares for payment of interest on convertible debentures (in shares) | 105,878 | ||||
Amount | $ 120 | 120 | |||
Total contributions by and distributions to equity holders (in shares) | 52,494,519 | ||||
Total contributions by and distributions to equity holders | $ 55,980 | 1,324 | 57,304 | ||
Balance (in shares) at Mar. 31, 2019 | 78,132,734 | ||||
Balance at Mar. 31, 2019 | $ 129,318 | 309 | 8,280 | (123,945) | 13,962 |
Statement Line Items [Line Items] | |||||
$ 73,338 | $ 309 | $ 6,956 | $ (123,945) | $ (43,342) |
Statements of Changes In Equi_2
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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | 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) $ in Millions | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2017CAD ($) | Mar. 31, 2017CAD ($) | |
Statement Line Items [Line Items] | |||||
Cash flows used in operating activities: | $ (769,000) | $ (51,566,000) | $ (21,504,000) | $ (10,478,000) | $ (11,247,000) |
Amortization of intangible assets | 194,000 | 2,322,000 | 2,323,000 | 2,323,000 | 2,517,000 |
Depreciation of equipment | 32,000 | 505,000 | 349,000 | 189,000 | 221,000 |
Stock-based compensation | 86,000 | 1,041,000 | 929,000 | 588,000 | 674,000 |
Net financial expenses | 51,000 | 6,551,000 | 1,808,000 | 115,000 | 166,000 |
Realized foreign exchange gain (loss) | (12,000) | 581,000 | (7,000) | 60,000 | 48,000 |
Deferred income tax recovery | (129,000) | (129,000) | |||
Total adjustments | (418,000) | (40,566,000) | (16,102,000) | (7,332,000) | (7,750,000) |
Changes in working capital items | (328,000) | 8,090,000 | 3,583,000 | 1,120,000 | 792,000 |
Net cash used in operating activities | (746,000) | (32,476,000) | (12,519,000) | (6,212,000) | (6,958,000) |
Cash flows from (used in) investing activities: | |||||
Interest received | 4,000 | 384,000 | 70,000 | 146,000 | 150,000 |
Acquisition of equipment | (24,000) | (700,000) | (455,000) | (2,503,000) | (2,527,000) |
Acquisition of short-term investments | (12,765,000) | (12,765,000) | |||
Acquisition of marketable securities | (23,753,000) | (26,000) | |||
Maturity of short-term investments | 22,030,000 | 22,030,000 | |||
Maturity of marketable securities | 11,933,000 | ||||
Net cash (used in) investing activities | (20,000) | (12,136,000) | (411,000) | 6,908,000 | 6,888,000 |
Cash flows from (used in) financing activities: | |||||
Net proceeds from public offering | (34,000) | 57,892,000 | 11,065,000 | 5,044,000 | 5,010,000 |
Net proceeds from private placement | (10,000) | (40,000) | 1,882,000 | 1,872,000 | |
Proceeds from exercise of warrants | 1,011,000 | 384,000 | |||
Share based payment | 3,000 | ||||
Interest paid | (44,000) | (3,000) | (18,000) | (18,000) | |
Net cash from (used in) financing activities | (44,000) | 58,862,000 | 11,406,000 | 6,908,000 | 6,864,000 |
Foreign exchange (loss) gain on cash and cash equivalents held in foreign currencies | 9,000 | 48,000 | (25,000) | (58,000) | (49,000) |
Net increase (decrease) in cash and cash equivalents | (801,000) | 14,298,000 | (1,549,000) | 7,546,000 | 6,745,000 |
Cash and cash equivalents, beginning of period | 10,573,000 | 8,223,000 | 9,772,000 | 3,027,000 | 3,027,000 |
Cash and cash equivalents, end of period | 9,772,000 | 22,521,000 | 8,223,000 | 10,573,000 | 9,772,000 |
Cash | 6,778,000 | 1,896,000 | 1,583,000 | 7,584,000 | 6,778,000 |
Cash equivalents | $ 2,994,000 | $ 20,625,000 | $ 6,640,000 | $ 2,989,000 | $ 2,994,000 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 12 Months Ended |
Mar. 31, 2019 | |
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. The Corporation is subject to a number of risks associated with its ongoing priorities, including 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’s 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. Certain risks have been reduced for the longer term with the outcome of the Corporation’s actions, including its intellectual property strategy execution with filed patent applications in more than 20 20 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 and ultimately 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, 2019 | |
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 26, 2019. (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 12 (c) Going concern uncertainty: The Corporation has incurred operating losses and negative cash flows from operations since inception. The Corporation’s current assets of $37.3 March 31, 2019 $22.5 $11.9 $18.2 March 31, 2019 . Management projects that additional funds will be needed in the future, after TRILOGY phase 3 3 no may not not one may not 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: · 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: · Measurement of derivative warrant liabilities ( note 12 note 17 (f) Use of estimates and judgments (continued): 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, 2019 | |
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 party and a financial liability or equity instrument of another party. (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. Cash, cash equivalents, marketable securities and receivables with maturities of less than one year are classified at amortized cost as they meet both of the following conditions; they are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amount outstanding. Cash and cash equivalents comprise cash balances and highly liquid investments purchased three months or less from maturity. (ii) Non-derivative financial liabilities: The Corporation has the following non-derivative financial liabilities: trade and other payables. 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 have an equity conversion option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured subsequent to initial recognition. (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 as a component of finance expense (income). (vi) Other equity instruments: Warrants, options and rights over the Corporation’s equity issued outside of share-based payment transactions that do not meet the definition of a liability instrument are recognized in equity. (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 yet in service, from the date they are ready for their intended use. 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 capitalized any development expenditure. (ii) Other intangible assets: Patent costs Patents for technologies that are no longer in the research phase are recorded at cost. Patent costs include legal fees to obtain patents and patent application fees. When the technology is still in the research and development phase, those costs are expensed as incurred. 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: The Corporation assesses at each reporting date the expected credit loss for calculating impairment of financial assets and recognizes expected credit losses as loss allowances for assets measured at amortized cost. (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 generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. 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 longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (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 months after the reporting year, then they are discounted to their present value. (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 a component of finance expense (income). (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 or more uncertain future events not within the control of the Corporation; or a present obligation that arises from past events (and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation; or the amount of the obligation cannot be estimated reliably. (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, transaction costs for issuance of derivative warrant liabilities and changes of fair value of derivative warrant liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. 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 recognized for temporary differences arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the tax rates, enacted or substantively enacted, that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (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 earn revenues and incur expenses. The Corporation has one reportable operating segment: the development and commercialization of pharmaceutical applications of its licensed rights for cardiovascular diseases. The majority of the Corporation’s assets are located in Canada, while one major production unit, with a carrying value of $1,831 ( March 31, 2018 - $2,077 ), is located in France. (n) Change in accounting policy: Adoption of new accounting standards The accounting policies used in these annual financial statements are consistent with those applied by the Corporation in its March 31, 2018 annual financial statements except for the amendments to certain accounting standards which are relevant to the Corporation and were adopted by the Corporation as of April 1, 2018 as described below. (i) Financial instruments: IFRS 9, Financial Instruments, replaces IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 introduces a revised approach for the classification of financial assets based on how an entity manages financial assets and the characteristics of the contractual cash flows of the financial assets replacing the multiple rules in IAS 39. Most of the requirements in IAS 39 for classification and measurement of financial liabilities have been carried forward in IFRS 9. IFRS 9 also introduces a new hedge accounting model that is more closely aligned with risk-management activities and a new expected credit loss model for calculating impairment on financial assets replacing the incurred loss model in IAS 39. The Corporation adopted IFRS 9 as of April 1, 2018 and assessed the impact of the adoption on its financial statements, and determined there was no material impact. The Corporation does not apply hedge accounting. (ii) Amendments to IFRS 2 – Classification and Measurement of Share-Based Payment Transactions: On June 20, 2016, the IASB issued amendments to IFRS 2, Share-Based Payment, clarifying how to account for certain types of share-based payment transactions. The amendments provide requirements on the accounting for: the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; share-based payment transactions with a net settlement feature for withholding tax obligations; and a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Corporation adopted the amendments to IFRS 2 as of April 1, 2018 and assessed the impact of the adoption of IFRS 2 on its financial statements, and determined that there was no material impact. Future accounting change: The following new standards, and amendments to standards and interpretations, are not yet effective for the period ended March 31, 2019, and have not been applied in preparing these financial statements. New standards and interpretations not yet adopted: (i) Leases – IFRS 16 IFRS 16, Leases (“IFRS 16” ) In January 2016, the IASB issued IFRS 16, a new standard that replaces IAS 17, Leases. IFRS 16 is a major revision of the way in which companies account for leases and will no longer permit off balance sheet leases. Adoption of IFRS 16 is mandatory and will be effective for the Corporation’s fiscal year beginning on April 1, 2019. The Corporation is assessing the impact of adoption of IFRS 16, and currently there is only one lease that will be impacted by this new standard and the impact is expected to be minimal. |
Note 4 - Receivables
Note 4 - Receivables | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 4. Receivables: March 31, 2019 March 31, 2018 Notes $ $ Sales tax receivables 618 470 Government assistance and tax credits receivable 8 872 282 Interest receivable 80 - Other receivables 16 7 Total receivables 1,586 759 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of marketable securities [text block] | 5. Marketable Securities The corporation holds various marketable securities with maturities greater than 90 March 31, 2019 March 31, 2018 $ $ Term deposit issued in US currency [US $20], earning interest at 2.23% and maturing on March 13, 2019 - 26 Term deposits issued in US currency [US $2,020], earning interest at 2.50% and maturing on various dates from April 8, 2019 to March 12, 2020 2,696 - Treasury bills issued in CAD currencyearning interest at rates ranging from 1.83% to 1.90% and maturing on various dates from April 2, 2019 to July 25, 2019 9,196 - Total Marketable securities 11,892 26 Current marketable securities 11,865 - Marketable securities 27 26 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 6. Other Assets During the year, the Corporation owned a reserve of krill oil in which amounts are expensed as it is being used. The following table summarizes information regarding activities of amounts of the krill oil usage in the R&D production processes and for NKPL66 7 March 31, 2019 March 31, 2018 $ $ Balance – beginning of year 659 - Purchased 68 970 Used (105 ) (311 ) Balance – end of year 622 659 Current other asset 65 104 Other asset 557 555 |
Note 7 - Related Parties
Note 7 - Related Parties | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 7. Related parties: Neptune Technologies (Neptune) Acasti’s former parent company, owned approximately 6.5% March 31, 2019. December 2017 January 2018. (a) Administrative and research and development expenses: The Corporation has significantly reduced its reliance on the support of Neptune for a portion of its general and administrative needs; however, it will continue to utilize their IT support for the near term. 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- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Research and development expenses Supplies and incremental costs - 7 - - - Shared service agreement - 20 60 1 59 Total - 27 60 1 59 General and administrative expenses Supplies and incremental costs 211 239 293 16 277 Shared service agreement 34 121 325 25 300 Total 245 360 618 41 577 Total related parties expenses 245 387 678 42 636 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. Effective September 30, 2017, $2 March 31, 2019 $44 March 31, 2018, 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 to be needed for its Phase 3 August 7, 2017. 2017 3 6 March 31, 2019, (b) Interest revenue: On January 7, 2016 $2 9% first six 11% September 20, 2016, nil March 31, 2019 2018, $89 thirteen March 31, 2017, nil March 31, 2017, $89 twelve February 28, 2017. (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% 1% 2018 2% 2017 Key management personnel compensation includes the following for the years ended March 31, 2019 2018, thirteen one March 31, 2017 twelve February 28, 2017. Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Compensation 1,641 1,754 1,510 146 1,364 Share-based compensation costs 940 826 619 78 541 Total key management personnel compensation 2,581 2,580 2,129 224 1,905 |
Note 8 - Government Assistance
Note 8 - Government Assistance | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 8. Government assistance: Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Investment tax credit 588 409 103 8 95 Government grant 7 - 227 37 190 Total government assistance 595 409 330 45 285 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 324 2039 329 3,167 |
Note 9 - Equipment
Note 9 - Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 9. Equipment: Furniture and Computer Laboratory Production Total $ $ $ $ $ Cost: 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 Additions 5 13 219 260 497 Balance at March 31, 2019 68 30 933 2,968 3,999 Accumulated depreciation: 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 Depreciation 1 7 180 317 505 Balance at March 31, 2019 60 14 483 629 1,186 Net carrying amounts: March 31, 2018 4 10 411 2,396 2,821 March 31, 2019 8 16 450 2,339 2,813 Depreciation expense for the periods end March 31, 2019 2018, thirteen one March 31, 2017 twelve February 28, 2017 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 10. Intangible assets : In December 2012, 2022, not Patents License Total $ $ $ Cost: 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 Additions - - - Balance at March 31, 2019 362 24,330 24,692 Accumulated amortization: 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 Amortization for the year - 2,322 2,322 Balance at March 31, 2019 362 16,587 16,949 Net carrying amounts: March 31, 2018 - 10,065 10,065 March 31, 2019 - 7,743 7,743 Amortization expense and impairment loss for the period ended March 31, 2019 2018, thirteen one March 31, 2017, twelve February 28, 2017 |
Note 11 - Trade and Other Payab
Note 11 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 11. Trade and other payables: March 31, 2019 March 31, 2018 $ $ Trade payables 4,064 3,420 Accrued liabilities and other payables 10,319 2,479 Employee salaries and benefits payable 1,054 754 Legal settlement expected to be paid via common shares (note 25) 990 - Payable to Neptune 2 44 Total trade and other payables 16,429 6,697 The Corporation’s exposure to currency and liquidity risks related to trade and other payables is presented in Note 21. |
Note 12 - Derivative Warrant Li
Note 12 - Derivative Warrant Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of derivative financial instruments [text block] | 12. Derivative warrant liabilities: The warrants issued as part of the public offering of units composed of Common Share and Common Share purchase warrants on both May 9, 2018 May 14, 2018 ( see note 14 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 Warrant liabilities issued Warrant liabilities issued 1 March 31, March 31, March 31, March 31, March 31, March 31, $ $ $ $ $ $ Balance – beginning of period - - 6,405 - 21 209 Issued during period 4,272 - - 5,873 - - Exercised during period (722 ) - - - - - Change in fair value of derivative warrant liabilities 4,696 - 1,612 532 (21 ) (188 ) Balance – end of period 8,246 - 8,017 6,405 - 21 Fair value per share issuable 0.81 - 0.82 0.65 - 0.01 ( 1 In order to obtain one 10 December 3, 2018. 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 Warrant liabilities issued Warrant liabilities issued December 3, 2013 1 March 31, March 31, March 31, March 31, March 31, March 31, Exercise price $ 1.31 - US $1.26 US $1.26 - US $1.50 Share price $ 1.35 - US $1.02 US $1.02 - US $1.02 Risk-free interest 1.52 % - 2.23 % 2.56 % - 2.19 % Estimated life (in years) 4.11 - 3.75 4.75 - 0.68 Expected volatility 94.58 % - 107.57 % 95.15 % - 133.86 % ( 1 In order to obtain one 10 December 3, 2018. |
Note 13 - Unsecured Convertible
Note 13 - Unsecured Convertible Debentures | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 13. Unsecured convertible debentures Concurrent with the Public Offering described in note 14, 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 $ $ $ Balance at March 31, 2017 1,406 309 1,715 Effective interest for the twelve-month period 366 - 366 Interest payable during the period (160 ) - (160 ) Balance at March 31, 2018 1,612 309 1,921 Effective interest during the period 365 - 365 Interest payable during the period (160 ) - (160 ) Balance at March 31, 2019 1,817 309 2,126 |
Note 14 - Capital and Other Com
Note 14 - Capital and Other Components of Equity | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 14. 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 Ø Class C shares, non-voting, non-participating, without par value and maximum annual non-cumulative dividend of 5% one one $0.20 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 (b) “At-the-market” (“ATM”) sales agreement On February 14, 2019, may $30 may 3 3% March 31, 2019, no $179 (c) Public Offerings – October 2018: On October 9, 2018, 16,600,000 US$1.00 2,490,000 $24.7 US$19.1 $22.6 US$17.4 19,090,000 On October 23, 2018, 18,750,000 $1.28 2,812,500 $27.6 $25.4 21,562,500 (d) Public Offering – May 2018: On May 9, 2018 9,530,000 $1.05 $10 9,530,000 9,530,000 one $1.31 May 9, 2023. On May 14, 2018, 1,429,500 $1.05 $1.5 1,429,500 1,429,500 one $1.31 May 9, 2023. The warrant component of these Units are Derivative Warrant Liabilities for accounting purposes due to the warrant agreement, which contains certain contingent provisions that allow for cash settlement (note 12 $4.3 $6.2 $1.8 $0.7 $1.1 The fair value of the public offering warrants at issuance was estimated using to the Black-Scholes option pricing model and was based on the following weighted average assumptions: May 2018 Exercise price $ 1.31 Share price $ 0.82 Risk-free interest 2.21 % Estimated life (in years) 5 Expected volatility 87.40 % The weighted average fair value of the public offering warrants issued in May 2018 $0.39 As part of the transaction, the Corporation also issued broker warrants to purchase up to 547,975 one $1.05, May 9, 2023. 2, not May 2018 Exercise price $ 1.05 Share price $ 0.81 Risk-free interest 2.20 % Estimated life (in years) 5 Expected volatility 87.40 % The total value associated with the broker warrants amounted to $283 (e) 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. The Warrants forming part of the Units are 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 Common 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 $2.5 The fair value of the public offering Warrants at issuance was estimated according to the Black-Scholes option pricing model and based on the following assumptions: 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 Corporation also issued broker warrants to purchase up to 495,050 one US$1.2625, December 27, 2022. 2, 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 (f) 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 Corporation 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 a 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 (g) 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 March 31, 2018 June 6, 2018 30,348 40 June 30, 2018 August 21, 2018 51,807 40 September 30, 2018 October 31, 2018 23,723 40 195,647 257 (h) Warrants: The warrants of the Corporation are composed of the following as at March 31, 2019, March 31, 2018, March 31, 2017 February 28, 2017: March 31, 2019 March 31, 2018 March 31, 2017 February 28, 2017 (Unaudited) Number Amount Number Amount Number Amount Number Amount $ $ $ $ Liability May 2018 Public offering Warrants 2018 (i) 10,188,100 8,246 - - - - - - Series December 2017 US Public offering Warrants 2017 (ii) 9,801,861 8,017 9,802,935 6,405 - - - - Series 8 Public offering Warrants December 2013 (iii) - - 18,400,000 21 18,400,000 209 18,400,000 187 19,989,961 16,263 28,202,935 6,426 18,400,000 209 18,400,000 187 Equity Public offering warrants Public offering broker warrants May 2018 (iv) 547,975 283 - - - - - - Public offering U.S. broker warrants December 2017 (v) 495,050 406 495,050 406 - - - - Public offering warrants February 2017 (vi) 1,904,034 - 1,904,034 - 1,965,259 - 1,965,259 - Private Placement- contingent warrants 2017 unsecured convertible debenture conversion option and contingent warrants (vii) 1,052,630 309 1,052,630 309 1,052,630 309 1,052,630 309 Series 9 Private Placement warrants 2013 (viii) - - 161,654 - 161,654 - 161,654 - Series 2017 BW Broker warrants (ix) - - - - 234,992 144 234,992 144 3,999,689 998 3,613,368 715 3,414,535 453 3,414,535 453 (i) Warrant to acquire one $1.31, May 9, 2023. (ii) Warrant to acquire one US$1.26, December 27, 2022. (iii) In order to obtain one US$15.00, 10 December 3, 2018. (iv) Warrant to acquire one $1.05, May 9, 2023. (v) Warrant to acquire one US$1.2625, December 27, 2022. (vi) Warrant to acquire one $2.15, February 21, 2022. (vii) Warrant to acquire one $1.90 February 21, 2020, $129. (viii) Warrant to acquire one $13.30, December 3, 2018. (ix) Warrant to acquire one 2.15 February 21, 2018. 117,496 $71 November 2017 117,496 February 21, 2018 Warrants exercise: During the year 771,400 May 2018 $1.31 $1.0 4,455 December 2017 1,074 772,474 775,855 December 31, 2017, 178,721 February 2017 $2.15 $384 |
Note 15 - Personnel Expenses
Note 15 - Personnel Expenses | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of personnel expenses [text block | 15. Personnel expenses: Thirteen- Month ended Twelve-month March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Salaries and other short-term employee benefits 4,144 3,281 2,491 214 2,277 Share-based compensation costs 1,041 929 674 86 588 Total personnel expenses 5,185 4,210 3,165 300 2,865 |
Note 16 - Financial Expenses
Note 16 - Financial Expenses | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 16. Financial expenses: Thirteen- Month ended Twelve-month March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Interest income 475 72 125 6 119 Foreign exchange gain (loss) 279 (32 ) (180 ) (3 ) (177 ) Interest payable on convertible debenture (160 ) (160 ) (17 ) (14 ) (3 ) Accretion of interest on convertible debenture (205 ) (206 ) (22 ) (17 ) (5 ) Transaction costs related to derivative warrant liabilities (653 ) (1,134 ) - - - Change in fair value of warrant liabilities (6,287 ) (344 ) (53 ) (22 ) (31 ) Other charges - (4 ) (19 ) (1 ) (18 ) Financial expenses (6,551 ) (1,808 ) (166 ) (51 ) (115 ) |
Note 17 - Share-based Payments
Note 17 - Share-based Payments | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 17. Share-based payments: At March 31, 2019, (a) Corporation stock option plan: The Corporation has in place a stock option plan for directors, officers, employees and consultants of the Corporation (“Stock Option Plan”). An amendment of the Plan was approved by shareholders on August 28, 2018. not may 2,940,511, 20% March 31, 2017, 5,494,209 15% June 27, 2018. ten eighteen 18 thirty-six 36 The total number of shares issued to any one twelve 2% not twelve 2% one twelve 2% The following tables summarize information about activities within the stock option plan: March 31, 2019 March 31, 2018 Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of year 1.81 2,284,388 2.58 1,424,788 Granted 0.77 2,173,523 1.75 1,121,500 Exercised 0.77 (4,167 ) - - Forfeited 1.84 (407,067 ) 1.89 (199,800 ) Expired - - 18.06 (62,100 ) Outstanding at end of year 1.25 4,046,677 1.81 2,284,388 Exercisable at end of year 1.56 1,613,200 1.92 591,113 Thirteen-month period March 31, 2017 Month ended Twelve-month period Weighted Number Weighted Number Weighted Number $ $ $ Outstanding at beginning of period 13.52 454,151 2.59 1,427,288 13.52 454,151 Granted 1.69 1,300,400 - - 1.69 1,300,400 Forfeited 13.27 (190,138 ) 11.50 (2,500 ) 13.29 (187,638 ) Expired 15.38 (139,625 ) - - 15.38 (139,625 ) Outstanding at end of period 2.58 1,424,788 2.58 1,424,788 2.59 1,427,288 Exercisable at end of period 6.44 238,482 6.44 238,482 6.49 240,982 Thirteen-month Twelve-month March 31, March 31, March 31, February 28, 2017 Weighted average fair value of the options granted to employees and directors of the Corporation $ 0.51 $ 1.22 $ 1.40 $ 1.40 There were no March 31, 2017 no thirteen March 31, 2017. 4,167 March 31, 2019 ( nil March 31, 2018 nil thirteen March 31, 2017). March 31, 2019 $1,041 March 31, 2018 $929, thirteen one March 31, 2017 $674 $86 $588 twelve February 28, 2017). 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, 2019 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price $ 0.77 $ 1.75 $ 1.69 $ 1.69 Share price $ 0.73 $ 1.75 $ 1.69 $ 1.69 Dividend - - - - Risk-free interest 2.10 % 1.21 % 0.87 % 0.87 % Estimated life (in years) 5.78 5.89 4.94 4.94 Expected volatility 85.35 82.4 % 123.5 % 123.5 % 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, 2019 Options outstanding Exercisable options Exercise price Weighted remaining Number of options Weighted average Number of options $0.77 - $0.77 9.26 1,898,523 $ 0.77 348,197 $0.78 - $1.58 5.86 775,000 $ 1.50 518,750 $1.59 - $1.71 7.90 273,333 $ 1.65 233,333 $1.72 - $1.88 8.21 790,833 $ 1.77 292,500 $1.89 - $6.50 3.97 308,988 $ 2.57 220,420 7.91 4,046,677 $ 1.56 1,613,200 Share-based payment transactions and broker warrants: The fair value of share-based payment transaction is measured using the Black-Scholes option pricing 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, 2019 March 31, 2018, no March 31, 2019 March 31, 2018 ( nil one thirteen March 31, 2017 |
Note 18 - Loss Per Share
Note 18 - Loss Per Share | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 18. 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 19 - Supplemental Cash Flo
Note 19 - Supplemental Cash Flow Disclosure | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of additional information about understanding financial position and liquidity of entity [text block] | 19. Supplemental cash flow disclosure: (a) Changes in working capital items: Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ Receivables (738 ) (553 ) 193 (40 ) 233 Prepaid expenses (709 ) (103 ) 247 (33 ) 280 Other Assets 37 (659 ) - - - Deferred financing costs (179 ) - - - - Trade and other payables 9,679 4,898 352 (255 ) 607 Total changes in working capital items 8,090 3,583 792 (328 ) 1,120 (b) Non-cash transactions: Thirteen-months Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, 2017 $ $ $ $ $ Issuance of shares for interest on convertible debt 120 137 94 - 94 Issuance of broker warrants included in net proceeds from public offering 283 406 144 - 144 Public offering transaction costs included in trade and other payables - 132 381 381 416 Interest receivable included in receivables 96 7 - - - 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 12 216 288 288 269 Interest payable included in trade and other payables 40 40 18 18 4 |
Note 20 - Income Taxes
Note 20 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 20. Income taxes: Deferred tax (recovery) expense: Thirteen-months Month Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Origination and reversal of temporary differences 11,599 5,241 2,240 163 2,077 Change in unrecognized deductible temporary differences (11,599 ) (5,241 ) (2,369 ) (163 ) (2,206 ) Deferred tax (recovery) expense - - (129 ) - (129 ) Reconciliation of effective tax rate: Thirteen-months Month Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Loss before income taxes (51,566 ) (21,504 ) (11,376 ) (769 ) (10,607 ) Basic combined Canadian statutory income tax rate 1 26.68 % 26.78 % 26.87 % 26.80 % 26.88 % Computed income tax recovery (13,758 ) (5,759 ) (3,057 ) (206 ) (2,851 ) Increase resulting from: Change in unrecognized deductible temporary differences 11,599 5,241 2,369 162 2,207 Non-deductible stock-based compensation 279 248 178 23 155 Non-deductible change in fair value 1,677 92 14 6 8 Permanent differences and other 203 178 166 12 154 Change in statutory income tax rate - - 201 3 198 Total tax (recovery) expense - - (129 ) - (129 ) 1 20. Income taxes (continued): Unrecognized deferred tax assets: At March 31, 2019, 2018, 2017, not not March 31, 2019 March 31, 2018 March 31, 2017 $ $ $ Deferred tax assets Tax losses carried forward 23,695 12,670 8,293 Research and development expenses 5,362 4,927 4,220 Property, plan and equipment and intangible assets 766 567 435 Financing expenses 1,852 116 - Other deductible temporary differences 378 768 522 Deferred tax assets 32,053 19,048 13,470 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value 13 67 122 Deferred tax liabilities 13 67 122 Net deferred tax assets 32,040 18,981 13,348 On initial recognition of the unsecured convertible debenture equity component on February 21, 2017, $129 As at March 31, 2019, March 31, 2019 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 17,340 17,270 2039 41,447 41,447 89,586 89,187 Research and development expenses, without time limitation 19,617 21,036 Other deductible temporary differences, without time limitation 30,875 32,294 |
Note 21 - Financial Instruments
Note 21 - Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 21. 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 marketable securities, 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. There is a financial risk related to the fluctuation in the value of the US dollar and the Euro in relation to the Canadian dollar. In order to minimize the financial risk related to the fluctuation in the value of the US dollar in relation to the Canadian dollar, funds continue to be invested as short-term investments in the US dollar. 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, 2019 March 31, 2018 Denominated in US Euro US Euro Cash and cash equivalents 3,369 - 7,024 - Marketable securities 2,696 - 26 - Receivables 16 - 6 - Trade and other payables (13,251 ) (131 ) (3,924 ) (627 ) (7,170 ) (131 ) 3,132 (627 ) The following exchange rates are those applicable to the following periods and dates: March 31, 2019 March 31, 2018 Average Reporting Average Reporting CA$ per US$ 1.3122 1.3349 1.2834 1.2900 CA$ per Euro 1.5192 1.4975 1.5008 1.5898 Based on the Corporation’s foreign currency exposures noted above, varying the above foreign exchange rates to reflect a 5% March 31, 2019 March 31, 2018 $ $ Increase (decrease) in net loss 364 (88 ) 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, 2019 March 31, 2018 Cash and cash equivalents Short-term fixed interest rate Marketable Securities 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 24. 2 The following are the contractual maturities of financial liabilities as at March 31, 2019 March 31, 2018: March 31, 2019 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 11 16,429 16,429 16,429 - Unsecured convertible debentures 13 2,143 1,817 2,143 - 18,572 18,246 18,572 - March 31, 2018 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 11 6,697 6,697 6,697 - Unsecured convertible debentures 13 2,303 1,612 160 2,143 9,000 8,309 6,857 2,143 The Derivative warrant liabilities are excluded from the above tables as they expected to be settled in shares and not |
Note 22 - Commitments and Conti
Note 22 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 22. Commitments and contingencies: Research and development contracts and contract research organizations agreements: The Corporation utilizes contract manufacturing organizations related to the development and production 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 Corporation 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 $109. During Fiscal 2018, $79 Contingencies: The Corporation evaluates contingencies on an ongoing basis and establishes loss provisions for matters in which losses are probable and the amount of the loss can be reasonably estimated. Refer to Note 25, |
Note 23 - Determination of Fair
Note 23 - Determination of Fair Values | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of fair value measurement [text block] | 23. 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 (cash and cash equivalents, marketable securities and trade and other payables) 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, 2019 3 Derivative warrant liabilities: The Corporation measured its derivative warrant liabilities at fair value on a recurring basis. These financial liabilities were measured using level 3 (Note 12 As at March 31, 2019, 5% $569 $598, As at March 31, 2019, 5% $405. 5% |
Note 24 - Capital Management
Note 24 - Capital Management | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 24. 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 13 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, 2019 March 31, 2018 $ $ Cash 1,896 1,583 Cash equivalents Term deposits issued in CAD currency 12,100 - Term deposits issued in US currency [US - $3,250] - 4,193 Commercial papers issued in CAD currency 5,693 - Commercial papers issued in US currency [US - $1,099] - 1,418 Promissory notes issued in CAD currency 498 - Promissory notes issued in US currency [US - $798] - 1,029 Bankers acceptance 2,334 Total Cash equivalents 20,625 6,640 Total Cash and cash equivalents 22,521 8,223 24. Capital management (continued): As at March 31, 2019, April 1, 2019 June 25, 2019, 1.76% 2.40% As at March 31, 2018, April 2, 2018 May 11, 2018, 1.26% 1.72% |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 25. Subsequent events On April 15, 2019 644,117 18 36 one CDN$1.28, April 15, 2029. On May 10, 2019 900,000 $1.10 $64. March 31, 2019 $1,054 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
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. Cash, cash equivalents, marketable securities and receivables with maturities of less than one three (ii) Non-derivative financial liabilities: The Corporation has the following non-derivative financial liabilities: trade and other payables. 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 as a component of finance expense (income). (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: The Corporation assesses at each reporting date the expected credit loss for calculating impairment of financial assets and recognizes expected credit losses as loss allowances for assets measured at amortized cost. (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 a component of finance expense (income). (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, transaction costs for issuance of derivative warrant liabilities and changes of fair value 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 $1,831 March 31, 2018 - $2,077 |
Description of accounting policy for changes in accounting policy [text block] | (n) Change in accounting policy: Adoption of new accounting standards The accounting policies used in these annual financial statements are consistent with those applied by the Corporation in its March 31, 2018 April 1, 2018 (i) Financial instruments: IFRS 9, 39, 9 39. 39 9. 9 39. 9 April 1, 2018 no not (ii) Amendments to IFRS 2 On June 20, 2016, 2, 2 April 1, 2018 2 no Future accounting change: The following new standards, and amendments to standards and interpretations, are not March 31, 2019, not New standards and interpretations not (i) Leases – IFRS 16 IFRS 16, 16” January 2016, 16, 17, 16 no 16 April 1, 2019. 16, one |
Note 3 - Significant Accounti_2
Note 3 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of trade and other receivables [text block] | March 31, 2019 March 31, 2018 Notes $ $ Sales tax receivables 618 470 Government assistance and tax credits receivable 8 872 282 Interest receivable 80 - Other receivables 16 7 Total receivables 1,586 759 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Summary of marketable securities [text block] | March 31, 2019 March 31, 2018 $ $ Term deposit issued in US currency [US $20], earning interest at 2.23% and maturing on March 13, 2019 - 26 Term deposits issued in US currency [US $2,020], earning interest at 2.50% and maturing on various dates from April 8, 2019 to March 12, 2020 2,696 - Treasury bills issued in CAD currencyearning interest at rates ranging from 1.83% to 1.90% and maturing on various dates from April 2, 2019 to July 25, 2019 9,196 - Total Marketable securities 11,892 26 Current marketable securities 11,865 - Marketable securities 27 26 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Summary of other assets [text block] | March 31, 2019 March 31, 2018 $ $ Balance – beginning of year 659 - Purchased 68 970 Used (105 ) (311 ) Balance – end of year 622 659 Current other asset 65 104 Other asset 557 555 |
Note 7 - Related Parties (Table
Note 7 - Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of research and development expense [text block] | Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Research and development expenses Supplies and incremental costs - 7 - - - Shared service agreement - 20 60 1 59 Total - 27 60 1 59 General and administrative expenses Supplies and incremental costs 211 239 293 16 277 Shared service agreement 34 121 325 25 300 Total 245 360 618 41 577 Total related parties expenses 245 387 678 42 636 |
Disclosure of information about key management personnel [text block] | Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Compensation 1,641 1,754 1,510 146 1,364 Share-based compensation costs 940 826 619 78 541 Total key management personnel compensation 2,581 2,580 2,129 224 1,905 |
Note 8 - Government Assistance
Note 8 - Government Assistance (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about government grants and investment tax credits [text block] | Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, (Unaudited) (Unaudited) $ $ $ $ $ Investment tax credit 588 409 103 8 95 Government grant 7 - 227 37 190 Total government assistance 595 409 330 45 285 |
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 324 2039 329 3,167 |
Note 9 - Equipment (Tables)
Note 9 - Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 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 Additions 5 13 219 260 497 Balance at March 31, 2019 68 30 933 2,968 3,999 Accumulated depreciation: 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 Depreciation 1 7 180 317 505 Balance at March 31, 2019 60 14 483 629 1,186 Net carrying amounts: March 31, 2018 4 10 411 2,396 2,821 March 31, 2019 8 16 450 2,339 2,813 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | Patents License Total $ $ $ Cost: 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 Additions - - - Balance at March 31, 2019 362 24,330 24,692 Accumulated amortization: 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 Amortization for the year - 2,322 2,322 Balance at March 31, 2019 362 16,587 16,949 Net carrying amounts: March 31, 2018 - 10,065 10,065 March 31, 2019 - 7,743 7,743 |
Note 11 - Trade and Other Pay_2
Note 11 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | March 31, 2019 March 31, 2018 $ $ Trade payables 4,064 3,420 Accrued liabilities and other payables 10,319 2,479 Employee salaries and benefits payable 1,054 754 Legal settlement expected to be paid via common shares (note 25) 990 - Payable to Neptune 2 44 Total trade and other payables 16,429 6,697 |
Note 12 - Derivative Warrant _2
Note 12 - Derivative Warrant Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis for derivative financial liabilities [text block] | Warrant liabilities issued Warrant liabilities issued Warrant liabilities issued 1 March 31, March 31, March 31, March 31, March 31, March 31, $ $ $ $ $ $ Balance – beginning of period - - 6,405 - 21 209 Issued during period 4,272 - - 5,873 - - Exercised during period (722 ) - - - - - Change in fair value of derivative warrant liabilities 4,696 - 1,612 532 (21 ) (188 ) Balance – end of period 8,246 - 8,017 6,405 - 21 Fair value per share issuable 0.81 - 0.82 0.65 - 0.01 |
Derivative warrant liabilities [member] | |
Statement Line Items [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Warrant liabilities issued Warrant liabilities issued Warrant liabilities issued December 3, 2013 1 March 31, March 31, March 31, March 31, March 31, March 31, Exercise price $ 1.31 - US $1.26 US $1.26 - US $1.50 Share price $ 1.35 - US $1.02 US $1.02 - US $1.02 Risk-free interest 1.52 % - 2.23 % 2.56 % - 2.19 % Estimated life (in years) 4.11 - 3.75 4.75 - 0.68 Expected volatility 94.58 % - 107.57 % 95.15 % - 133.86 % |
Note 13 - Unsecured Convertib_2
Note 13 - Unsecured Convertible Debentures (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Liability component Equity component Total Private $ $ $ Balance at March 31, 2017 1,406 309 1,715 Effective interest for the twelve-month period 366 - 366 Interest payable during the period (160 ) - (160 ) Balance at March 31, 2018 1,612 309 1,921 Effective interest during the period 365 - 365 Interest payable during the period (160 ) - (160 ) Balance at March 31, 2019 1,817 309 2,126 |
Note 14 - Capital and Other C_2
Note 14 - Capital and Other Components of Equity (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2018 June 6, 2018 30,348 40 June 30, 2018 August 21, 2018 51,807 40 September 30, 2018 October 31, 2018 23,723 40 195,647 257 |
Class of warrant or right outstanding [text block] | March 31, 2019 March 31, 2018 March 31, 2017 February 28, 2017 (Unaudited) Number Amount Number Amount Number Amount Number Amount $ $ $ $ Liability May 2018 Public offering Warrants 2018 (i) 10,188,100 8,246 - - - - - - Series December 2017 US Public offering Warrants 2017 (ii) 9,801,861 8,017 9,802,935 6,405 - - - - Series 8 Public offering Warrants December 2013 (iii) - - 18,400,000 21 18,400,000 209 18,400,000 187 19,989,961 16,263 28,202,935 6,426 18,400,000 209 18,400,000 187 Equity Public offering warrants Public offering broker warrants May 2018 (iv) 547,975 283 - - - - - - Public offering U.S. broker warrants December 2017 (v) 495,050 406 495,050 406 - - - - Public offering warrants February 2017 (vi) 1,904,034 - 1,904,034 - 1,965,259 - 1,965,259 - Private Placement- contingent warrants 2017 unsecured convertible debenture conversion option and contingent warrants (vii) 1,052,630 309 1,052,630 309 1,052,630 309 1,052,630 309 Series 9 Private Placement warrants 2013 (viii) - - 161,654 - 161,654 - 161,654 - Series 2017 BW Broker warrants (ix) - - - - 234,992 144 234,992 144 3,999,689 998 3,613,368 715 3,414,535 453 3,414,535 453 |
Warrants [member] | |
Statement Line Items [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | May 2018 Exercise price $ 1.31 Share price $ 0.82 Risk-free interest 2.21 % Estimated life (in years) 5 Expected volatility 87.40 % May 2018 Exercise price $ 1.05 Share price $ 0.81 Risk-free interest 2.20 % Estimated life (in years) 5 Expected volatility 87.40 % 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 15 - Personnel Expenses (T
Note 15 - Personnel Expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of components of personnel expenses [text block] | Thirteen- Month ended Twelve-month March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Salaries and other short-term employee benefits 4,144 3,281 2,491 214 2,277 Share-based compensation costs 1,041 929 674 86 588 Total personnel expenses 5,185 4,210 3,165 300 2,865 |
Note 16 - Financial Expenses (T
Note 16 - Financial Expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, March 31, February 28, $ $ $ $ $ Interest income 475 72 125 6 119 Foreign exchange gain (loss) 279 (32 ) (180 ) (3 ) (177 ) Interest payable on convertible debenture (160 ) (160 ) (17 ) (14 ) (3 ) Accretion of interest on convertible debenture (205 ) (206 ) (22 ) (17 ) (5 ) Transaction costs related to derivative warrant liabilities (653 ) (1,134 ) - - - Change in fair value of warrant liabilities (6,287 ) (344 ) (53 ) (22 ) (31 ) Other charges - (4 ) (19 ) (1 ) (18 ) Financial expenses (6,551 ) (1,808 ) (166 ) (51 ) (115 ) |
Note 17 - Share-based Payments
Note 17 - Share-based Payments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | March 31, 2019 March 31, 2018 Weighted average Number of Weighted average Number of $ $ Outstanding at beginning of year 1.81 2,284,388 2.58 1,424,788 Granted 0.77 2,173,523 1.75 1,121,500 Exercised 0.77 (4,167 ) - - Forfeited 1.84 (407,067 ) 1.89 (199,800 ) Expired - - 18.06 (62,100 ) Outstanding at end of year 1.25 4,046,677 1.81 2,284,388 Exercisable at end of year 1.56 1,613,200 1.92 591,113 Thirteen-month period March 31, 2017 Month ended Twelve-month period Weighted Number Weighted Number Weighted Number $ $ $ Outstanding at beginning of period 13.52 454,151 2.59 1,427,288 13.52 454,151 Granted 1.69 1,300,400 - - 1.69 1,300,400 Forfeited 13.27 (190,138 ) 11.50 (2,500 ) 13.29 (187,638 ) Expired 15.38 (139,625 ) - - 15.38 (139,625 ) Outstanding at end of period 2.58 1,424,788 2.58 1,424,788 2.59 1,427,288 Exercisable at end of period 6.44 238,482 6.44 238,482 6.49 240,982 Thirteen-month Twelve-month March 31, March 31, March 31, February 28, 2017 Weighted average fair value of the options granted to employees and directors of the Corporation $ 0.51 $ 1.22 $ 1.40 $ 1.40 |
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, 2019 March 31, 2018 March 31, 2017 February 28, 2017 Exercise price $ 0.77 $ 1.75 $ 1.69 $ 1.69 Share price $ 0.73 $ 1.75 $ 1.69 $ 1.69 Dividend - - - - Risk-free interest 2.10 % 1.21 % 0.87 % 0.87 % Estimated life (in years) 5.78 5.89 4.94 4.94 Expected volatility 85.35 82.4 % 123.5 % 123.5 % |
Disclosure of range of exercise prices of outstanding share options [text block] | March 31, 2019 Options outstanding Exercisable options Exercise price Weighted remaining Number of options Weighted average Number of options $0.77 - $0.77 9.26 1,898,523 $ 0.77 348,197 $0.78 - $1.58 5.86 775,000 $ 1.50 518,750 $1.59 - $1.71 7.90 273,333 $ 1.65 233,333 $1.72 - $1.88 8.21 790,833 $ 1.77 292,500 $1.89 - $6.50 3.97 308,988 $ 2.57 220,420 7.91 4,046,677 $ 1.56 1,613,200 |
Note 19 - Supplemental Cash F_2
Note 19 - Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of changes in noncash operating items [Text Block] | Thirteen- Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ Receivables (738 ) (553 ) 193 (40 ) 233 Prepaid expenses (709 ) (103 ) 247 (33 ) 280 Other Assets 37 (659 ) - - - Deferred financing costs (179 ) - - - - Trade and other payables 9,679 4,898 352 (255 ) 607 Total changes in working capital items 8,090 3,583 792 (328 ) 1,120 |
Disclosure of noncash transactions [Text Block] | Thirteen-months Month ended Twelve-months March 31, March 31, March 31, March 31, February 28, 2017 $ $ $ $ $ Issuance of shares for interest on convertible debt 120 137 94 - 94 Issuance of broker warrants included in net proceeds from public offering 283 406 144 - 144 Public offering transaction costs included in trade and other payables - 132 381 381 416 Interest receivable included in receivables 96 7 - - - 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 12 216 288 288 269 Interest payable included in trade and other payables 40 40 18 18 4 |
Note 20 - Income Taxes (Tables)
Note 20 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Changes in deferred tax liability (asset) [Text Block] | Thirteen-months Month Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Origination and reversal of temporary differences 11,599 5,241 2,240 163 2,077 Change in unrecognized deductible temporary differences (11,599 ) (5,241 ) (2,369 ) (163 ) (2,206 ) Deferred tax (recovery) expense - - (129 ) - (129 ) |
Reconciliation of accounting profit multiplied by applicable tax rates [Text Block] | Thirteen-months Month Twelve-months March 31, March 31, March 31, March 31, February 28, $ $ $ $ $ Loss before income taxes (51,566 ) (21,504 ) (11,376 ) (769 ) (10,607 ) Basic combined Canadian statutory income tax rate 1 26.68 % 26.78 % 26.87 % 26.80 % 26.88 % Computed income tax recovery (13,758 ) (5,759 ) (3,057 ) (206 ) (2,851 ) Increase resulting from: Change in unrecognized deductible temporary differences 11,599 5,241 2,369 162 2,207 Non-deductible stock-based compensation 279 248 178 23 155 Non-deductible change in fair value 1,677 92 14 6 8 Permanent differences and other 203 178 166 12 154 Change in statutory income tax rate - - 201 3 198 Total tax (recovery) expense - - (129 ) - (129 ) |
Disclosure of unrecognized deferred tax assets [text block] | March 31, 2019 March 31, 2018 March 31, 2017 $ $ $ Deferred tax assets Tax losses carried forward 23,695 12,670 8,293 Research and development expenses 5,362 4,927 4,220 Property, plan and equipment and intangible assets 766 567 435 Financing expenses 1,852 116 - Other deductible temporary differences 378 768 522 Deferred tax assets 32,053 19,048 13,470 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value 13 67 122 Deferred tax liabilities 13 67 122 Net deferred tax assets 32,040 18,981 13,348 |
Tax attributes and temporary differences, which are available to reduce future years’ taxable income [Text Block] | March 31, 2019 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 17,340 17,270 2039 41,447 41,447 89,586 89,187 Research and development expenses, without time limitation 19,617 21,036 Other deductible temporary differences, without time limitation 30,875 32,294 |
Note 21 - Financial Instrumen_2
Note 21 - Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | March 31, 2019 March 31, 2018 Denominated in US Euro US Euro Cash and cash equivalents 3,369 - 7,024 - Marketable securities 2,696 - 26 - Receivables 16 - 6 - Trade and other payables (13,251 ) (131 ) (3,924 ) (627 ) (7,170 ) (131 ) 3,132 (627 ) March 31, 2019 March 31, 2018 Average Reporting Average Reporting CA$ per US$ 1.3122 1.3349 1.2834 1.2900 CA$ per Euro 1.5192 1.4975 1.5008 1.5898 March 31, 2019 March 31, 2018 $ $ Increase (decrease) in net loss 364 (88 ) |
Disclosure of financial liabilities [text block] | March 31, 2019 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 11 16,429 16,429 16,429 - Unsecured convertible debentures 13 2,143 1,817 2,143 - 18,572 18,246 18,572 - March 31, 2018 Required payments per year Total Carrying amount Less than 1 year 1 to 3 years Notes $ $ $ $ Trade and other payables 11 6,697 6,697 6,697 - Unsecured convertible debentures 13 2,303 1,612 160 2,143 9,000 8,309 6,857 2,143 |
Note 24 - Capital Management (T
Note 24 - Capital Management (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | March 31, 2019 March 31, 2018 $ $ Cash 1,896 1,583 Cash equivalents Term deposits issued in CAD currency 12,100 - Term deposits issued in US currency [US - $3,250] - 4,193 Commercial papers issued in CAD currency 5,693 - Commercial papers issued in US currency [US - $1,099] - 1,418 Promissory notes issued in CAD currency 498 - Promissory notes issued in US currency [US - $798] - 1,029 Bankers acceptance 2,334 Total Cash equivalents 20,625 6,640 Total Cash and cash equivalents 22,521 8,223 |
Note 2 - Basis of Preparation (
Note 2 - Basis of Preparation (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 29, 2016 |
Statement Line Items [Line Items] | |||||
Total current assets | $ 37,331 | $ 9,492 | |||
Total cash and cash equivalents | 22,521 | 8,223 | $ 9,772 | $ 10,573 | $ 3,027 |
Financial assets at end of period | 11,900 | ||||
Current liabilities | $ 18,246 | $ 6,697 |
Note 3 - Significant Accounti_3
Note 3 - Significant Accounting Policies (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Assets at end of period | $ 48,471 | $ 22,959 |
FRANCE | ||
Statement Line Items [Line Items] | ||
Assets at end of period | $ 1,831 | $ 2,077 |
Note 3 - Significant Accounti_4
Note 3 - Significant Accounting Policies - Estimated Useful Lives and Rates (Details) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Sales tax receivables | $ 618 | $ 470 |
Government assistance and tax credits receivable | 872 | 282 |
Interest receivable | 80 | |
Other receivables | 16 | 7 |
Total receivables | $ 1,586 | $ 759 |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities - Marketable Securities (Details) $ in Thousands, $ in Thousands | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) |
Statement Line Items [Line Items] | ||||
Total Marketable securities | $ 11,892 | $ 26 | ||
Total Marketable securities | 11,892 | 26 | ||
Current marketable securities | 11,865 | |||
Marketable securities | 27 | 26 | ||
Term deposit, one [Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | 26 | $ 20 | ||
Total Marketable securities | 26 | 20 | ||
Term deposit, two[Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | 2,696 | 2,020 | ||
Total Marketable securities | 2,696 | $ 2,020 | ||
Treasury bills [Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | 9,196 | |||
Total Marketable securities | $ 9,196 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Marketable Securities (Details) (Parentheticals) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Statement Line Items [Line Items] | ||||
Total Marketable securities | $ 11,892 | $ 26 | ||
Term deposit, one [Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | $ 26 | $ 20 | ||
Term deposit, one [Member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, interest rate | 2.23% | |||
Term deposit, one [Member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, maturity date | March 13, 2019 | |||
Term deposit, two[Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | $ 2,696 | $ 2,020 | ||
Financial instrument, interest rate | 2.50% | |||
Term deposit, two[Member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, maturity date | April 8, 2019 | |||
Term deposit, two[Member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, maturity date | March 12, 2020 | |||
Treasury bills [Member] | ||||
Statement Line Items [Line Items] | ||||
Total Marketable securities | $ 9,196 | |||
Treasury bills [Member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, interest rate | 1.83% | |||
Financial instrument, maturity date | April 2, 2019 | |||
Treasury bills [Member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Financial instrument, interest rate | 1.90% | |||
Financial instrument, maturity date | July 25, 2019 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance – beginning of year | $ 659 | |
Purchased | 68 | 970 |
Used | (105) | (311) |
Balance – end of year | 622 | 659 |
Current other asset | 65 | 104 |
Other asset | $ 557 | $ 555 |
Note 7 - Related Parties (Detai
Note 7 - Related Parties (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | Jan. 07, 2016 | |
Statement Line Items [Line Items] | ||||||
Current payables to related parties | $ 2 | $ 44 | ||||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 2.40% | 1.72% | ||||
Neptune [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proportion of ownership interests held by related party | 6.50% | |||||
Current payables to related parties | $ 2 | $ 44 | ||||
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 | $ 0 | $ 89 | $ 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 7 - Related Parties - Admi
Note 7 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Research and development expenses | $ 426 | $ 38,366 | $ 15,669 | $ 7,227 | $ 7,653 |
General and administrative expenses | 292 | 6,649 | 4,027 | 3,265 | 3,557 |
Neptune [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 1 | 27 | 59 | 60 | |
General and administrative expenses | 41 | 245 | 360 | 577 | 618 |
Total related parties expenses | 42 | 245 | 387 | 636 | 678 |
Neptune [member] | Supplies and incremental costs [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 7 | ||||
General and administrative expenses | 16 | 211 | 239 | 277 | 293 |
Neptune [member] | Shared service agreement [member] | |||||
Statement Line Items [Line Items] | |||||
Research and development expenses | 1 | 20 | 59 | 60 | |
General and administrative expenses | $ 25 | $ 34 | $ 121 | $ 300 | $ 325 |
Note 7 - Related Parties - Key
Note 7 - Related Parties - Key Management Personnel Compensation (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Compensation | $ 146 | $ 1,641 | $ 1,754 | $ 1,364 | $ 1,510 |
Share-based compensation costs | 78 | 940 | 826 | 541 | 619 |
Total key management personnel compensation | $ 224 | $ 2,581 | $ 2,580 | $ 1,905 | $ 2,129 |
Note 8 - Government Assistanc_2
Note 8 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Investment tax credit | $ 8 | $ 588 | $ 409 | $ 95 | $ 103 |
Government grant | 37 | 7 | 190 | 227 | |
Total government assistance | $ 45 | $ 595 | $ 409 | $ 285 | $ 330 |
Note 8 - Government Assistanc_3
Note 8 - Government Assistance - Unrecognized Federal Tax Credits (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | $ 3,167 |
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 | 324 |
Later than twenty years and not later than twenty-two years [member] | |
Statement Line Items [Line Items] | |
Unrecognized federal tax credits may be used to reduce future income tax and expire | $ 329 |
Note 9 - Equipment - Components
Note 9 - Equipment - Components of Equipment (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Balance | $ 2,821 | ||||
Balance | 2,813 | $ 2,821 | |||
Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 4 | ||||
Balance | 8 | 4 | |||
Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 10 | ||||
Balance | 16 | 10 | |||
Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 411 | ||||
Balance | 450 | 411 | |||
Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 2,396 | ||||
Balance | 2,339 | 2,396 | |||
Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | $ 3,076 | 3,502 | 3,119 | $ 398 | $ 398 |
Additions | 43 | 497 | 383 | 2,678 | 2,721 |
Balance | 3,119 | 3,999 | 3,502 | 3,076 | 3,119 |
Gross carrying amount [member] | Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 59 | 63 | 59 | 59 | 59 |
Additions | 5 | 4 | |||
Balance | 59 | 68 | 63 | 59 | 59 |
Gross carrying amount [member] | Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 11 | 17 | 11 | 3 | 3 |
Additions | 13 | 6 | 8 | 8 | |
Balance | 11 | 30 | 17 | 11 | 11 |
Gross carrying amount [member] | Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 522 | 714 | 522 | 336 | 336 |
Additions | 219 | 192 | 186 | 186 | |
Balance | 522 | 933 | 714 | 522 | 522 |
Gross carrying amount [member] | Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 2,484 | 2,708 | 2,527 | ||
Additions | 43 | 260 | 181 | 2,484 | 2,527 |
Balance | 2,527 | 2,968 | 2,708 | 2,484 | 2,527 |
Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 300 | 681 | 332 | 111 | 111 |
Balance | 332 | 1,186 | 681 | 300 | 332 |
Depreciation for the period | 32 | 505 | 349 | 189 | 221 |
Accumulated depreciation, amortisation and impairment [member] | Furniture and office equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 59 | 59 | 59 | 52 | 52 |
Balance | 59 | 60 | 59 | 59 | 59 |
Depreciation for the period | 1 | 7 | 7 | ||
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 4 | 7 | 4 | 3 | 3 |
Balance | 4 | 14 | 7 | 4 | 4 |
Depreciation for the period | 7 | 3 | 1 | 1 | |
Accumulated depreciation, amortisation and impairment [member] | Laboratory equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 185 | 303 | 196 | 56 | 56 |
Balance | 196 | 483 | 303 | 185 | 196 |
Depreciation for the period | 11 | 180 | 107 | 129 | 140 |
Accumulated depreciation, amortisation and impairment [member] | Production equipment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 52 | 312 | 73 | ||
Balance | 73 | 629 | 312 | 52 | 73 |
Depreciation for the period | $ 21 | $ 317 | $ 239 | $ 52 | $ 73 |
Note 10 - Intangible Assets - C
Note 10 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||||
Balance | $ 10,065 | |||||
Balance | 7,743 | $ 10,065 | $ 10,065 | |||
Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | ||||||
Balance | ||||||
Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 10,065 | |||||
Balance | 7,743 | 10,065 | 10,065 | |||
Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 24,692 | $ 24,692 | $ 24,692 | 24,692 | ||
Additions | ||||||
Balance | 24,692 | 24,692 | 24,692 | |||
Gross carrying amount [member] | Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 362 | 362 | 362 | 362 | ||
Additions | ||||||
Balance | 362 | 362 | 362 | |||
Gross carrying amount [member] | Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 24,330 | 24,330 | 24,330 | 24,330 | ||
Additions | ||||||
Balance | 24,330 | 24,330 | 24,330 | |||
Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | $ 12,110 | 14,627 | 12,304 | 9,787 | 9,787 | 9,787 |
Balance | 12,304 | 16,949 | 14,627 | 12,110 | 12,304 | 14,627 |
Amortization for the period | 194 | 2,322 | 2,323 | 2,323 | 2,517 | |
Accumulated depreciation, amortisation and impairment [member] | Patents [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 362 | 362 | 362 | 362 | 362 | 362 |
Balance | 362 | 362 | 362 | 362 | 362 | 362 |
Amortization for the period | ||||||
Accumulated depreciation, amortisation and impairment [member] | Licences [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance | 11,748 | 14,265 | 11,942 | 9,425 | 9,425 | 9,425 |
Balance | 11,942 | 16,587 | 14,265 | 11,748 | 11,942 | $ 14,265 |
Amortization for the period | $ 194 | $ 2,322 | $ 2,323 | $ 2,323 | $ 2,517 |
Note 11 - Trade and Other Pay_3
Note 11 - Trade and Other Payables - Components of Trade and Other Payables (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade payables | $ 4,064 | $ 3,420 |
Accrued liabilities and other payables | 10,319 | 2,479 |
Employee salaries and benefits payable | 1,054 | 754 |
Legal settlement expected to be paid via common shares (note 25) | 990 | |
Current payables to related parties | 2 | 44 |
Total trade and other payables | $ 16,429 | $ 6,697 |
Note 12 - Derivative Warrant _3
Note 12 - Derivative Warrant Liabilities (Details Textual) | Dec. 03, 2018shares |
Warrant liabilities issued December 3, 2013 [member] | |
Statement Line Items [Line Items] | |
Number of required warrants to be exercised to obtain one common share | 10 |
Note 12 - Derivative Warrant _4
Note 12 - Derivative Warrant Liabilities - Reconciliation (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance – beginning of period | $ 6,426 | |
Balance – end of period | 16,263 | $ 6,426 |
Warrant liabilities issued May 2018 [member] | ||
Statement Line Items [Line Items] | ||
Balance – beginning of period | ||
Issued during period | 4,272 | |
Exercised during period | (722) | |
Change in fair value of derivative warrant liabilities | 4,696 | |
Balance – end of period | $ 8,246 | |
Fair value per share issuable (in CAD per share) | $ 0.81 | |
Warrant liabilities issued December 27, 2017 [member] | ||
Statement Line Items [Line Items] | ||
Balance – beginning of period | $ 6,405 | |
Issued during period | 5,873 | |
Exercised during period | ||
Change in fair value of derivative warrant liabilities | 1,612 | 532 |
Balance – end of period | $ 8,017 | $ 6,405 |
Fair value per share issuable (in CAD per share) | $ 0.82 | $ 0.65 |
Warrant liabilities issued December 3, 2013 [member] | ||
Statement Line Items [Line Items] | ||
Balance – beginning of period | $ 21 | $ 209 |
Issued during period | ||
Exercised during period | ||
Change in fair value of derivative warrant liabilities | (21) | (188) |
Balance – end of period | $ 21 | |
Fair value per share issuable (in CAD per share) | $ 0.01 |
Note 12 - Derivative Warrant _5
Note 12 - Derivative Warrant Liabilities - Assumptions (Details) | May 09, 2018$ / shares | Dec. 27, 2017$ / shares | Feb. 21, 2017$ / shares | Mar. 31, 2019CAD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Feb. 28, 2017USD ($)$ / shares |
Statement Line Items [Line Items] | |||||||
Exercise price (in CAD per share) | (per share) | $ 1.31 | $ 1.2625 | $ 2.15 | ||||
Warrant liabilities issued May 2018 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price (in CAD per share) | (per share) | $ 1.31 | ||||||
Share price | $ 1.35 | ||||||
Risk-free interest | 1.52% | 1.52% | |||||
Estimated life (in years) (Year) | 4 years 40 days | 4 years 40 days | |||||
Expected volatility | 94.58% | 94.58% | |||||
Warrant liabilities issued December 27, 2017 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price (in CAD per share) | $ / shares | $ 1.26 | $ 1.26 | |||||
Share price | $ | $ 1.02 | $ 1.02 | |||||
Risk-free interest | 2.23% | 2.23% | 2.56% | ||||
Estimated life (in years) (Year) | 3 years 273 days | 3 years 273 days | 4 years 273 days | ||||
Expected volatility | 107.57% | 107.57% | 95.15% | ||||
Warrant liabilities issued December 3, 2013 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Exercise price (in CAD per share) | $ / shares | $ 1.50 | ||||||
Share price | $ | $ 1.02 | ||||||
Risk-free interest | 2.19% | ||||||
Estimated life (in years) (Year) | 248 days | ||||||
Expected volatility | 133.86% |
Note 13 - Unsecured Convertib_3
Note 13 - 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 13 - Unsecured Convertib_4
Note 13 - Unsecured Convertible Debentures - Liability and Equity Component Portions (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Effective interest | $ 14 | $ 160 | $ 160 | $ 3 | $ 17 |
Liability portion of unsecured convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 1,612 | 1,406 | |||
Effective interest | 365 | 366 | |||
Interest payable | (160) | (160) | |||
Balance | 1,406 | 1,817 | 1,612 | 1,406 | |
Equity component of unsecured convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 309 | 309 | |||
Effective interest | |||||
Interest payable | |||||
Balance | 309 | 309 | 309 | 309 | |
Unsecured convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 1,921 | 1,715 | |||
Effective interest | 365 | 366 | |||
Interest payable | (160) | (160) | |||
Balance | $ 1,715 | $ 2,126 | $ 1,921 | $ 1,715 |
Note 14 - Capital and Other C_3
Note 14 - Capital and Other Components of Equity (Details Textual) $ / shares in Units, $ / shares in Units, $ in Millions | Feb. 14, 2019USD ($) | Oct. 23, 2018CAD ($)$ / sharesshares | May 14, 2018CAD ($)$ / sharesshares | May 09, 2018CAD ($)$ / sharesshares | Dec. 27, 2017CAD ($)$ / sharesshares | Dec. 27, 2017USD ($)$ / sharesshares | Feb. 21, 2017CAD ($)$ / sharesshares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2018USD ($)$ / sharesshares | May 31, 2018CAD ($)$ / sharesshares | Mar. 31, 2017CAD ($) | Mar. 31, 2019CAD ($)$ / sharesshares | Mar. 31, 2019CAD ($)$ / sharesshares | Mar. 31, 2019CAD ($)$ / shares$ / sharesshares | Mar. 31, 2018CAD ($) | Mar. 31, 2018CAD ($)$ / shares | Dec. 31, 2017CAD ($)$ / sharesshares | Feb. 28, 2017CAD ($) | Feb. 28, 2017CAD ($)$ / shares | Mar. 31, 2017CAD ($) | Mar. 31, 2019$ / shares | Feb. 14, 2019CAD ($) | Dec. 27, 2017$ / sharesshares | |
Statement Line Items [Line Items] | ||||||||||||||||||||||||
At-the-market sales agreement, estimated aggregate gross proceeds | $ 30 | |||||||||||||||||||||||
At-the-market sales agreement, term | 3 years | |||||||||||||||||||||||
At-the-market sales agreement, fee, percentage | 3.00% | |||||||||||||||||||||||
Proceeds from issuing shares | $ 25,400,000 | $ 22,600,000 | $ 17.4 | $ (34,000) | $ 0 | $ 57,892,000 | $ 11,065,000 | $ 5,044,000 | $ 5,010,000 | |||||||||||||||
Deferred financing costs, current | 179,000 | 179,000 | $ 179,000 | $ 179,000 | ||||||||||||||||||||
Number of shares issued in public offering | shares | 18,750,000 | 16,600,000 | 16,600,000 | |||||||||||||||||||||
Share issued, price per share | (per share) | $ 1.28 | $ 1.57 | $ 1 | |||||||||||||||||||||
Proceeds from issuing shares in public offering, gross | $ 27,600,000 | $ 24,700,000 | $ 19.1 | |||||||||||||||||||||
Issue of equity, number of shares | shares | 21,562,500 | 9,530,000 | 19,090,000 | 19,090,000 | ||||||||||||||||||||
Number of units issued during period | shares | 9,530,000 | 9,900,990 | 9,900,990 | 3,930,518 | ||||||||||||||||||||
Unit issued, price per unit | (per share) | $ 1.05 | $ 1.45 | $ 1.01 | |||||||||||||||||||||
Proceeds from issuing units | $ 10,000,000 | $ 12,600,000 | $ 10 | $ 5,699,000 | ||||||||||||||||||||
Number of warrants issued during period | shares | 9,530,000 | |||||||||||||||||||||||
Exercise price, warrants issued | (per share) | $ 1.31 | $ 1.2625 | $ 2.15 | |||||||||||||||||||||
Issue of equity | 54,407,000 | 6,575,000 | 4,653,000 | |||||||||||||||||||||
Unit issuance costs | $ 1,190,000 | $ 1,800,000 | ||||||||||||||||||||||
Number of shares called by warrants | shares | 495,050 | 234,992 | 495,050 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Warrants exercised, equity shares issued | shares | 772,474 | |||||||||||||||||||||||
Number of warrants exercised | shares | 775,855 | |||||||||||||||||||||||
Proceeds from exercise of warrants | $ 1,011,000 | 384,000 | ||||||||||||||||||||||
May 2018 public offering warrants 2018 [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.31 | $ 1.31 | ||||||||||||||||||||||
Warrants and rights outstanding | [1] | 8,246,000 | $ 8,246,000 | $ 8,246,000 | ||||||||||||||||||||
Number of warrants exercised | shares | 771,400 | |||||||||||||||||||||||
Proceeds from exercise of warrants | $ 1,000,000 | |||||||||||||||||||||||
Series December 2017 US public offering warrants 2017 [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.26 | |||||||||||||||||||||||
Warrants and rights outstanding | [2] | 8,017,000 | 8,017,000 | $ 8,017,000 | 6,405,000 | 6,405,000 | ||||||||||||||||||
Series 8 December 2013 Public offering warrants related to liability [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Warrants and rights outstanding | [3] | 209,000 | 21,000 | 21,000 | 187,000 | 187,000 | 209,000 | |||||||||||||||||
Exercise price for 10 warrants | $ / shares | $ 15 | |||||||||||||||||||||||
Warrants exercised, equity shares issued | shares | 1,074 | |||||||||||||||||||||||
Number of warrants exercised | shares | 4,455 | |||||||||||||||||||||||
Public offering broker warrants May 2018 [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.05 | |||||||||||||||||||||||
Public offering warrants February 2017, equity portion [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | (per share) | $ 1.2625 | $ 2.15 | ||||||||||||||||||||||
Warrants and rights outstanding | [4] | |||||||||||||||||||||||
Number of warrants exercised | shares | 178,721 | |||||||||||||||||||||||
Proceeds from exercise of warrants | $ 384,000 | |||||||||||||||||||||||
Series December 2017 US Broker warrants, equity portion [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 2.15 | |||||||||||||||||||||||
The 2017 Unsecured convertible debenture conversion option and contingent warrant related to equity [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.90 | |||||||||||||||||||||||
Warrants and rights outstanding | [5] | 309,000 | 309,000 | $ 309,000 | 309,000 | 309,000 | 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 | $ / shares | $ 13.30 | |||||||||||||||||||||||
Warrants and rights outstanding | [6] | |||||||||||||||||||||||
Series 2017-BW Broker warrants related to equity [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 2.15 | |||||||||||||||||||||||
Warrants exercised, equity shares issued, amount | $ 71,000 | |||||||||||||||||||||||
Warrants and rights outstanding | [7] | $ 144,000 | 144,000 | $ 144,000 | $ 144,000 | |||||||||||||||||||
Warrants exercised, equity shares issued | shares | 117,496 | |||||||||||||||||||||||
Warrants expired | shares | 117,496 | |||||||||||||||||||||||
Additional paid-in capital [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Issue of equity | $ 283,000 | 406,000 | 144,000 | |||||||||||||||||||||
Warrant costs | 144 | |||||||||||||||||||||||
Increase (decrease) from equity settled non-employee share-based payment | ||||||||||||||||||||||||
Underwriter [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Number of shares called by warrants | shares | 892,044 | 892,044 | ||||||||||||||||||||||
Warrants exercised, equity shares issued, amount | $ 0 | |||||||||||||||||||||||
Common shares [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Issue of equity | 6,200,000 | |||||||||||||||||||||||
Unit issuance costs | $ 1,100,000 | |||||||||||||||||||||||
Class A shares [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Number of units issued during period | shares | 9,900,990 | 9,900,990 | ||||||||||||||||||||||
Warrant liabilities issued May 2018 [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | (per share) | $ 1.31 | |||||||||||||||||||||||
Fair value per shares issuable warrants | $ / shares | 0.39 | |||||||||||||||||||||||
Derivative warrant liabilities [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Total financial liabilities at fair value through profit or loss | $ 4,300,000 | $ 4,300,000 | $ 4,300,000 | 5,900,000 | $ 5,900,000 | |||||||||||||||||||
Unit issuance costs | $ 700,000 | |||||||||||||||||||||||
Warrant costs | $ 2,500,000 | |||||||||||||||||||||||
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 | $ / shares | $ 1.26 | $ 1.26 | ||||||||||||||||||||||
Fair value per shares issuable warrants | $ / shares | $ 0.60 | |||||||||||||||||||||||
Underwriter [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Number of shares issued for option exercised | shares | 2,812,500 | 2,490,000 | 2,490,000 | |||||||||||||||||||||
Issue of equity, number of shares | shares | 1,429,500 | |||||||||||||||||||||||
Number of units issued during period | shares | 1,429,500 | |||||||||||||||||||||||
Unit issued, price per unit | $ / shares | $ 1.05 | |||||||||||||||||||||||
Proceeds from issuing units | $ 1,500,000 | |||||||||||||||||||||||
Number of warrants issued during period | shares | 1,429,500 | |||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.26 | |||||||||||||||||||||||
Underwriter [member] | Warrant liabilities issued May 2018 [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.31 | |||||||||||||||||||||||
Broker [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Exercise price, warrants issued | $ / shares | $ 1.05 | |||||||||||||||||||||||
Number of shares called by warrants | shares | 547,975 | |||||||||||||||||||||||
Warrant costs | $ 283,000 | |||||||||||||||||||||||
Class B shares [Member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Non-cumulative dividend rate | 5.00% | 5.00% | 5.00% | |||||||||||||||||||||
Conversion ratio | 1 | |||||||||||||||||||||||
Redeemable price per share | $ / shares | $ 0.80 | $ 0.80 | $ 0.80 | |||||||||||||||||||||
Total number of shares issued | shares | 0 | 0 | 0 | |||||||||||||||||||||
Number of shares outstanding at end of period | shares | 0 | 0 | 0 | |||||||||||||||||||||
Class C shares [Member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Non-cumulative dividend rate | 5.00% | 5.00% | 5.00% | |||||||||||||||||||||
Conversion ratio | 1 | |||||||||||||||||||||||
Redeemable price per share | $ / shares | $ 0.20 | $ 0.20 | $ 0.20 | |||||||||||||||||||||
Total number of shares issued | shares | 0 | 0 | 0 | |||||||||||||||||||||
Number of shares outstanding at end of period | shares | 0 | 0 | 0 | |||||||||||||||||||||
Class D and E shares [Member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Conversion ratio | 1 | |||||||||||||||||||||||
Total number of shares issued | shares | 0 | 0 | 0 | |||||||||||||||||||||
Class D and E shares [Member] | Bottom of range [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Non-cumulative dividend rate | 0.50% | 0.50% | 0.50% | |||||||||||||||||||||
Class D and E shares [Member] | Top of range [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Non-cumulative dividend rate | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||
Class A shares [member] | ||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||
Total number of shares issued | shares | 0 | 0 | 0 | |||||||||||||||||||||
Number of shares outstanding at end of period | shares | 0 | 0 | 0 | |||||||||||||||||||||
[1] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.31, expiring on May 9, 2023. | |||||||||||||||||||||||
[2] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.26, expiring on December 27, 2022. | |||||||||||||||||||||||
[3] | In order to obtain one Common Share of the Corporation at an exercise price of US$15.00, 10 warrants must be exercised. Warrants expired on December 3, 2018. | |||||||||||||||||||||||
[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. Exercisable only for any portion of or all debentures paid by the Corporation prior to maturity. | |||||||||||||||||||||||
[6] | Warrant to acquire one Common Share of the Corporation at an exercise price of $13.30, expired on December 3, 2018. | |||||||||||||||||||||||
[7] | Warrant to acquire one Common Share of the Corporation at an exercise price of 2.15 expiring on February 21, 2018. 117,496 warrants amounted to $71 were exercised in November 2017 and 117,496 warrants expired on February 21, 2018 |
Note 14 - Capital and Other C_4
Note 14 - Capital and Other Components of Equity - Assumptions (Details) | May 09, 2018$ / shares | Dec. 27, 2017USD ($)$ / shares | Feb. 21, 2017CAD ($)$ / shares | May 31, 2018CAD ($)$ / shares | Mar. 31, 2019$ / shares |
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | (per share) | $ 1.31 | $ 1.2625 | $ 2.15 | ||
May 2018 public offering warrants 2018 [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ / shares | $ 1.31 | $ 1.31 | |||
Share price | $ 0.82 | ||||
Risk-free interest | 2.21% | ||||
Estimated life (in years) (Year) | 5 years | ||||
Expected volatility | 87.40% | ||||
Warrants issued to broker in May 2018 public offering [Member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ / shares | $ 1.05 | ||||
Share price | $ 0.81 | ||||
Risk-free interest | 2.20% | ||||
Estimated life (in years) (Year) | 5 years | ||||
Expected volatility | 87.40% | ||||
Public offering warrants in 2017 [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ / shares | $ 1.26 | ||||
Share price | $ 0.97 | ||||
Risk-free interest | 2.22% | ||||
Estimated life (in years) (Year) | 5 years | ||||
Expected volatility | 93.52% | ||||
Warrants issued to broker in December 2017 public offering [Member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ / shares | $ 1.2625 | ||||
Share price | $ 0.97 | ||||
Risk-free interest | 2.22% | ||||
Estimated life (in years) (Year) | 5 years | ||||
Expected volatility | 93.52% | ||||
Warrants issued to broker in February 2017 public offering [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price, warrants issued | $ / shares | $ 2.15 | ||||
Share price | $ 1.70 | ||||
Risk-free interest | 0.79% | ||||
Estimated life (in years) (Year) | 1 year | ||||
Expected volatility | 112.09% | ||||
Dividend |
Note 14 - Capital and Other C_5
Note 14 - Capital and Other Components of Equity - Unsecured Convertible Debentures (Details) - CAD ($) $ in Thousands | Oct. 31, 2018 | Aug. 21, 2018 | Jun. 06, 2018 | Mar. 27, 2018 | Dec. 27, 2017 | Aug. 15, 2017 | Apr. 07, 2017 | Sep. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||||||||||
Number of shares (in shares) | 23,723 | 51,807 | 30,348 | 33,605 | 22,783 | 23,885 | 9,496 | 195,647 | ||
Amount | $ 40 | $ 40 | $ 40 | $ 40 | $ 40 | $ 40 | $ 17 | $ 257 | $ 120 | $ 137 |
Note 14 - Capital and Other C_6
Note 14 - Capital and Other Components of Equity - Warrants Outstanding (Details) - CAD ($) | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 21, 2017 | |
Statement Line Items [Line Items] | ||||||
Warrants and rights outstanding | $ 144,000 | |||||
May 2018 public offering warrants 2018 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [1] | 10,188,100 | ||||
Warrants and rights outstanding | [1] | $ 8,246,000 | ||||
Series December 2017 US public offering warrants 2017 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [2] | 9,801,861 | 9,802,935 | |||
Warrants and rights outstanding | [2] | $ 8,017,000 | $ 6,405,000 | |||
Series 8 December 2013 Public offering warrants related to liability [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [3] | 18,400,000 | 18,400,000 | 18,400,000 | ||
Warrants and rights outstanding | [3] | $ 21,000 | $ 209,000 | $ 187,000 | ||
Warrants relating to liabilities [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | 19,989,961 | 28,202,935 | 18,400,000 | 18,400,000 | ||
Warrants and rights outstanding | $ 16,263,000 | $ 6,426,000 | $ 209,000 | $ 187,000 | ||
Warrants issued to broker in May 2018 public offering [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [4] | 547,975 | ||||
Warrants and rights outstanding | [4] | $ 283,000 | ||||
Warrants issued to broker in December 2017 public offering [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [5] | 495,050 | 495,050 | |||
Warrants and rights outstanding | [5] | $ 406,000 | $ 406,000 | |||
Public offering warrants February 2017, equity portion [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [6] | 1,904,034 | 1,904,034 | 1,965,259 | 1,965,259 | |
Warrants and rights outstanding | [6] | |||||
The 2017 Unsecured convertible debenture conversion option and contingent warrant related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [7] | 1,052,630 | 1,052,630 | 1,052,630 | 1,052,630 | |
Warrants and rights outstanding | [7] | $ 309,000 | $ 309,000 | $ 309,000 | $ 309,000 | |
Series 9 Private Placement warrants 2013 related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [8] | 161,654 | 161,654 | 161,654 | ||
Warrants and rights outstanding | [8] | |||||
Series 2017-BW Broker warrants related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | [9] | 234,992 | 234,992 | |||
Warrants and rights outstanding | [9] | $ 144,000 | $ 144,000 | |||
Warrants related to equity [member] | ||||||
Statement Line Items [Line Items] | ||||||
Warrants (in shares) | 3,999,689 | 3,613,368 | 3,414,535 | 3,414,535 | ||
Warrants and rights outstanding | $ 998,000 | $ 715,000 | $ 453,000 | $ 453,000 | ||
[1] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.31, expiring on May 9, 2023. | |||||
[2] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.26, expiring on December 27, 2022. | |||||
[3] | In order to obtain one Common Share of the Corporation at an exercise price of US$15.00, 10 warrants must be exercised. Warrants expired on December 3, 2018. | |||||
[4] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.05, expiring on May 9, 2023. | |||||
[5] | Warrant to acquire one Common Share of the Corporation at an exercise price of US$1.2625, expiring on December 27, 2022. | |||||
[6] | Warrant to acquire one Common Share of the Corporation at an exercise price of $2.15, expiring on February 21, 2022. | |||||
[7] | 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. Exercisable only for any portion of or all debentures paid by the Corporation prior to maturity. | |||||
[8] | Warrant to acquire one Common Share of the Corporation at an exercise price of $13.30, expired on December 3, 2018. | |||||
[9] | Warrant to acquire one Common Share of the Corporation at an exercise price of 2.15 expiring on February 21, 2018. 117,496 warrants amounted to $71 were exercised in November 2017 and 117,496 warrants expired on February 21, 2018 |
Note 15 - Personnel Expenses -
Note 15 - Personnel Expenses - Components of Personnel Expenses (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Salaries and other short-term employee benefits | $ 214 | $ 4,144 | $ 3,281 | $ 2,277 | $ 2,491 |
Share-based compensation costs | 86 | 1,041 | 929 | 588 | 674 |
Total personnel expenses | $ 300 | $ 5,185 | $ 4,210 | $ 2,865 | $ 3,165 |
Note 16 - Financial Expenses -
Note 16 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Interest income | $ 6 | $ 475 | $ 72 | $ 119 | $ 125 |
Foreign exchange gain (loss) | (3) | 279 | (32) | (177) | (180) |
Interest payable on convertible debenture | (14) | (160) | (160) | (3) | (17) |
Accretion of interest on convertible debenture | (17) | (205) | (206) | (5) | (22) |
Transaction costs related to derivative warrant liabilities | (653) | (1,134) | |||
Change in fair value of warrant liabilities | (22) | (6,287) | (344) | (31) | (53) |
Other charges | (1) | (4) | (18) | (19) | |
Financial expenses | $ (51) | $ (6,551) | $ (1,808) | $ (115) | $ (166) |
Note 17 - Share-based Payment_2
Note 17 - Share-based Payments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | 37 Months Ended | ||||
Mar. 31, 2017CAD ($)shares | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2017CAD ($) | Mar. 31, 2018 | Mar. 31, 2017CAD ($)shares | Mar. 31, 2019 | Jun. 27, 2018shares | |
Statement Line Items [Line Items] | ||||||||
Option life, share options granted | 5.78 | 4.94 | 5.89 | 4.94 | ||||
Number of share options granted in share-based payment arrangement | 2,173,523 | 1,121,500 | 1,300,400 | 1,300,400 | ||||
Number of share options exercised in share-based payment arrangement | 4,167 | |||||||
Expense from share-based payment transactions with employees | $ 86 | $ 1,041 | $ 929 | $ 588 | $ 674 | |||
Corporation stock option plan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Maximum number of shares authorized | shares | 2,940,511 | 2,940,511 | 5,494,209 | |||||
Maximum number of shares authorized as percentage | 20.00% | 20.00% | 15.00% | |||||
Option life, share options granted | 10 | |||||||
Number of share options granted in share-based payment arrangement | 0 | 0 | ||||||
Number of share options exercised in share-based payment arrangement | 4,167 | 0 | 0 | |||||
Expense from share-based payment transactions with employees | $ 86 | $ 1,041 | $ 929 | $ 588 | $ 674 | |||
Corporation stock option plan [member] | Consultants [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Maximum number of shares authorized as percentage | 2.00% | 2.00% | ||||||
Corporation equity incentive plan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Expense from share-based payment transactions with employees | $ 0 | $ 0 | $ 0 | |||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 0 | 0 | 0 | 0 |
Note 17 - Share-based Payment_3
Note 17 - Share-based Payments - Option Activity (Details) | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||||
Mar. 31, 2017CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2017CAD ($) | Mar. 31, 2017CAD ($) | Feb. 08, 2017CAD ($) | Feb. 29, 2016CAD ($) | |
Statement Line Items [Line Items] | |||||||
Weighted average exercise price, outstanding | $ 2.58 | $ 1.25 | $ 1.81 | $ 2.59 | $ 2.58 | $ 2.59 | $ 13.52 |
Outstanding at beginning of year | 1,427,288 | 2,284,388 | 1,424,788 | 454,151 | 454,151 | ||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.77 | $ 1.75 | $ 1.69 | $ 1.69 | |||
Number of share options granted in share-based payment arrangement | 2,173,523 | 1,121,500 | 1,300,400 | 1,300,400 | |||
Weighted average exercise price, exercised | $ 0.77 | ||||||
Options, exercised | (4,167) | ||||||
Weighted average exercise price, forfeited | $ 11.50 | $ 1.84 | $ 1.89 | $ 13.29 | $ 13.27 | ||
Options, forfeited | (2,500) | (407,067) | (199,800) | (187,638) | (190,138) | ||
Weighted average exercise price, expired | $ 18.06 | $ 15.38 | $ 15.38 | ||||
Options, expired | (62,100) | (139,625) | (139,625) | ||||
Outstanding at end of year | 1,424,788 | 4,046,677 | 2,284,388 | 1,427,288 | 1,424,788 | ||
Exercisable at end of year | $ 6.44 | $ 1.56 | $ 1.92 | $ 6.49 | $ 6.44 | ||
Exercisable at end of year | 238,482 | 1,613,200 | 591,113 | 240,982 | 238,482 | ||
Corporation stock option plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options granted in share-based payment arrangement | 0 | 0 | |||||
Options, exercised | (4,167) | 0 | 0 | ||||
Weighted average fair value of the options granted to employees and directors of the Corporation | $ 1.40 | $ 0.51 | $ 1.22 | $ 1.40 | $ 1.40 |
Note 17 - Share-based Payment_4
Note 17 - Share-based Payments - Weighted Average Assumptions (Details) - CAD ($) | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2019 | Feb. 28, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Exercise price | $ 0.77 | $ 1.69 | $ 1.75 | $ 1.69 |
Share price | $ 0.73 | $ 1.69 | $ 1.75 | $ 1.69 |
Dividend | ||||
Risk-free interest | 2.10% | 0.87% | 1.21% | 0.87% |
Estimated life (in years) | 5.78 | 4.94 | 5.89 | 4.94 |
Expected volatility | 85.35% | 123.50% | 82.40% | 123.50% |
Note 17 - Share-based Payment_5
Note 17 - Share-based Payments - Outstanding and Exercisable Options (Details) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2017CAD ($) | Feb. 29, 2016 |
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 7.91 | ||||
Number of options outstanding | 4,046,677 | 2,284,388 | 1,424,788 | 1,427,288 | 454,151 |
Weighted average exercise price exercisable | $ 1.56 | $ 1.92 | $ 6.44 | $ 6.49 | |
Number of options exercisable | 1,613,200 | 591,113 | 238,482 | 240,982 | |
Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | |||||
Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | |||||
Range one of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 9.26 | ||||
Number of options outstanding | 1,898,523 | ||||
Weighted average exercise price exercisable | $ 0.77 | ||||
Number of options exercisable | 348,197 | ||||
Range one of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 0.77 | ||||
Range one of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 0.77 | ||||
Range two of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 5.86 | ||||
Number of options outstanding | 775,000 | ||||
Weighted average exercise price exercisable | $ 1.50 | ||||
Number of options exercisable | 518,750 | ||||
Range two of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 0.78 | ||||
Range two of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.58 | ||||
Range three of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 7.9 | ||||
Number of options outstanding | 273,333 | ||||
Weighted average exercise price exercisable | $ 1.65 | ||||
Number of options exercisable | 233,333 | ||||
Range three of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.59 | ||||
Range three of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.71 | ||||
Range four of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 8.21 | ||||
Number of options outstanding | 790,833 | ||||
Weighted average exercise price exercisable | $ 1.77 | ||||
Number of options exercisable | 292,500 | ||||
Range four of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.72 | ||||
Range four of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.88 | ||||
Range five of exercises prices [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average remaining contractual life outstanding | 3.97 | ||||
Number of options outstanding | 308,988 | ||||
Weighted average exercise price exercisable | $ 2.57 | ||||
Number of options exercisable | 220,420 | ||||
Range five of exercises prices [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 1.89 | ||||
Range five of exercises prices [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Exercise price | $ 6.50 |
Note 19 - Supplemental Cash F_3
Note 19 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Receivables | $ (40) | $ (738) | $ (553) | $ 233 | $ 193 |
Prepaid expenses | (33) | (709) | (103) | 280 | 247 |
Other Assets | 37 | (659) | |||
Deferred financing costs | (179) | ||||
Trade and other payables | (255) | 9,679 | 4,898 | 607 | 352 |
Total changes in working capital items | $ (328) | $ 8,090 | $ 3,583 | $ 1,120 | $ 792 |
Note 19 - Supplemental Cash F_4
Note 19 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Issuance of shares for interest on convertible debt | $ 120 | $ 137 | $ 94 | $ 94 | |
Issuance of broker warrants included in net proceeds from public offering | 283 | 406 | 144 | 144 | |
Public offering transaction costs included in trade and other payables | 381 | 132 | 416 | 381 | |
Interest receivable included in receivables | 96 | 7 | |||
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 | 12 | 216 | 269 | 288 |
Interest payable included in trade and other payables | $ 18 | $ 40 | $ 40 | $ 4 | $ 18 |
Note 20 - Income Taxes (Details
Note 20 - 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 20 - Income Taxes - Deferr
Note 20 - Income Taxes - Deferred Tax (Recovery) Expense (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Origination and reversal of temporary differences | $ 163 | $ 11,599 | $ 5,241 | $ 2,077 | $ 2,240 |
Change in unrecognized deductible temporary differences | (163) | (11,599) | (5,241) | (2,206) | (2,369) |
Total tax (recovery) expense | $ (129) | $ (129) |
Note 20 - Income Taxes - Reconc
Note 20 - 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, 2019 | Mar. 31, 2018 | Feb. 28, 2017 | Mar. 31, 2017 | ||
Statement Line Items [Line Items] | ||||||
Loss before income taxes | $ (769) | $ (51,566) | $ (21,504) | $ (10,607) | $ (11,376) | |
Basic combined Canadian statutory income tax rate 1 | [1] | 26.80% | 26.68% | 26.78% | 26.88% | 26.87% |
Computed income tax recovery | $ (206) | $ (13,758) | $ (5,759) | $ (2,851) | $ (3,057) | |
Change in unrecognized deductible temporary differences | 162 | 11,599 | 5,241 | 2,207 | 2,369 | |
Non-deductible stock-based compensation | 23 | 279 | 248 | 155 | 178 | |
Non-deductible change in fair value | 6 | 1,677 | 92 | 8 | 14 | |
Permanent differences and other | 12 | 203 | 178 | 154 | 166 | |
Change in statutory income tax rate | 3 | 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 20 - Income Taxes - Unreco
Note 20 - Income Taxes - Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | |||
Deferred tax assets | $ 32,053 | $ 19,048 | $ 13,470 |
Deferred tax liabilities | 13 | 67 | 122 |
Net deferred tax assets | 32,040 | 18,981 | 13,348 |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 23,695 | 12,670 | 8,293 |
Research and development projects [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 5,362 | 4,927 | 4,220 |
Property, plan and equipment and intangible assets [Member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 766 | 567 | 435 |
Financing expenses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 1,852 | 116 | |
Other temporary differences [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | 378 | 768 | 522 |
Tax basis of unsecured convertible debentures in excess of carrying value [Member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liabilities | $ 13 | $ 67 | $ 122 |
Note 20 - Income Taxes - Tax at
Note 20 - Income Taxes - Tax attributes and Temporary Differences Available to Reduce Future Years' Taxable Income (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | |
Research and development expenses, without time limitation | $ 3,167 |
Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 89,586 |
Research and development expenses, without time limitation | 19,617 |
Other deductible temporary differences, without time limitation | 30,875 |
Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 89,187 |
Research and development expenses, without time limitation | 21,036 |
Other deductible temporary differences, without time limitation | 32,294 |
2029 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 714 |
2029 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 714 |
2030 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,627 |
2030 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,620 |
2031 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,071 |
2031 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,063 |
2032 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,262 |
2032 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 2,241 |
2033 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,854 |
2033 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 1,825 |
2034 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 3,598 |
2034 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 3,598 |
2035 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 4,595 |
2035 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 4,459 |
2036 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 5,494 |
2036 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 5,494 |
2037 [Member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 8,584 |
2037 [Member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 8,456 |
2038 [member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 17,340 |
2038 [member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 17,270 |
2039 [member] | Country of domicile [member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | 41,447 |
2039 [member] | Provincial [Member] | |
Statement Line Items [Line Items] | |
Tax losses carried forward | $ 41,447 |
Note 21 - Financial Instrumen_3
Note 21 - Financial Instruments - Currency Risk (Details) | 12 Months Ended | |
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | |
Currency risk for USD [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | $ (7,170,000) | $ 3,132,000 |
Average exchange rate | 1.3122 | 1.2834 |
Closing exchange rate | 1.3349 | 1.29 |
Currency risk for USD [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | $ (13,251,000) | $ (3,924,000) |
Currency risk for USD [member] | Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | 3,369,000 | 7,024,000 |
Currency risk for USD [member] | Marketable securities [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | 2,696,000 | 26,000 |
Currency risk for USD [member] | Receivables [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | 16,000 | 6,000 |
Currency risk for Euro [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | $ (131,000) | $ (627,000) |
Average exchange rate | 1.5192 | 1.5008 |
Closing exchange rate | 1.4975 | 1.5898 |
Currency risk for Euro [member] | Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange currency exposures | $ (131,000) | $ (627,000) |
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] | ||
Increase (decrease) in net loss | $ 364 | $ (88) |
Note 21 - Financial Instrumen_4
Note 21 - Financial Instruments - Financial Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Financial liabilities | $ 18,572 | $ 9,000 |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 18,572 | 6,857 |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 2,143 | |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 18,246 | 8,309 |
Trade and other payables [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 16,429 | 6,697 |
Trade and other payables [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 16,429 | 6,697 |
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 | 16,429 | 6,697 |
Unsecured convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 2,143 | 2,303 |
Unsecured convertible debentures [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 2,143 | 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 | |
Unsecured convertible debentures [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | $ 1,817 | $ 1,612 |
Note 22 - Commitments and Con_2
Note 22 - Commitments and Contingencies (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
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 | $ 109 |
Note 23 - Determination of Fa_2
Note 23 - Determination of Fair Values (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | |
Significant unobservable inputs, increase in five percent of volatility would result in a loss | $ 569 |
Significant unobservable inputs, increase in five percent of volatility would result in a gain | 598 |
Significant unobservable inputs, five percent strengthen of foreign currency would result in a loss | $ 405 |
Note 24 - Capital Management (D
Note 24 - Capital Management (Details Textual) | Mar. 31, 2019 | Mar. 31, 2018 |
Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 1.76% | 1.26% |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 2.40% | 1.72% |
Note 24 - Capital Management -
Note 24 - Capital Management - Cash and Cash Equivalents (Details) $ in Thousands, $ in Thousands | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2017CAD ($) |
Statement Line Items [Line Items] | ||||||
Cash | $ 1,896 | $ 1,583 | $ 6,778 | $ 7,584 | ||
Cash equivalents | 20,625 | 6,640 | $ 2,994 | $ 2,989 | ||
Total Cash and cash equivalents | 22,521 | 8,223 | ||||
Term deposits issued in CAD currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 12,100 | |||||
Term deposits issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 4,193 | $ 3,250 | ||||
Commercial papers issued in CAD currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 5,693 | |||||
Commercial papers issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 1,418 | 1,099 | ||||
Promissory notes issued in CAD currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 498 | |||||
Promissory notes issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 1,029 | $ 798 | ||||
Bankers acceptance [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | $ 2,334 |
Note 24 - Capital Management _2
Note 24 - Capital Management - Cash and Cash Equivalents (Details) (Parentheticals) $ in Thousands, $ in Thousands | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017CAD ($) | Feb. 28, 2017CAD ($) |
Statement Line Items [Line Items] | ||||||
Cash equivalents | $ 20,625 | $ 6,640 | $ 2,994 | $ 2,989 | ||
Term deposits issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 4,193 | $ 3,250 | ||||
Commercial papers issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | 1,418 | 1,099 | ||||
Promissory notes issued in US currency [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash equivalents | $ 1,029 | $ 798 |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) | May 10, 2019CAD ($)$ / sharesshares | Apr. 15, 2019CAD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2017CAD ($) | Mar. 31, 2017CAD ($) | Oct. 31, 2018$ / shares | Oct. 23, 2018$ / shares | Feb. 21, 2017$ / shares |
Statement Line Items [Line Items] | ||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.77 | $ 1.75 | $ 1.69 | $ 1.69 | ||||||
Share issued, price per share | (per share) | $ 1 | $ 1.28 | $ 1.57 | |||||||
Former CEO [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Legal expense | $ 1,054,000 | |||||||||
Major ordinary share transactions [member] | Former CEO [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of shares issued for legal settlement | shares | 900,000 | |||||||||
Share issued, price per share | $ / shares | $ 1.10 | |||||||||
Legal fees reimburse | $ 64,000 | |||||||||
Corporation stock option plan [member] | Major ordinary share transactions [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of instruments granted in share-based payment arrangement | 644,117 | |||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.28 | |||||||||
Corporation stock option plan [member] | Major ordinary share transactions [member] | Bottom of range [member] | Directors [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Description of vesting period, share option granted | 1 year 180 days | |||||||||
Corporation stock option plan [member] | Major ordinary share transactions [member] | Bottom of range [member] | Employee [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Description of vesting period, share option granted | 3 years |