Cover
Cover - shares | 12 Months Ended | |
Nov. 30, 2022 | Jun. 10, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | INTELLIPHARMACEUTICS INTERNATIONAL INC. | |
Entity Central Index Key | 0001474835 | |
Document Type | 20-F/A | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --11-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Nov. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 33,092,665 | |
Entity Interactive Data Current | Yes | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity File Number | 0-53805 | |
Entity Incorporation State Country Code | Z4 | |
Entity Address Address Line 1 | 30 Worcester Road | |
Entity Address City Or Town | Toronto | |
Entity Address State Or Province | ON | |
Entity Address Postal Zip Code | M9W 5X2 | |
Icfr Auditor Attestation Flag | false | |
Document Accounting Standard | U.S. GAAP | |
Auditor Name | MNP LLP | |
Auditor Location | Toronto, Canada | |
Auditor Firm Id | 1930 | |
Contact Personnel Name | true |
Consolidated balance sheets
Consolidated balance sheets - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Current | ||
Cash | $ 83,722 | $ 771,945 |
Trade and other receivables, net | 602 | 0 |
Investment tax credits | 268,179 | 268,179 |
Prepaid expenses and other assets (Note 5) | 140,008 | 62,192 |
Current Assets | 492,511 | 1,102,316 |
Property and equipment, net (Note 6) | 788,050 | 994,109 |
Right-of-use asset (Note 10) | 151,471 | 0 |
Total Assets | 1,432,032 | 2,096,425 |
Current | ||
Accounts payable | 3,764,692 | 3,779,550 |
Accrued liabilities (Note 7) | 2,821,506 | 2,272,610 |
Employee costs payable (Note 9) | 3,067,578 | 2,263,944 |
Operating lease liability (Note 10) | 165,441 | 0 |
Income tax payable (Note 16) | 29,036 | 18,178 |
Promissory notes payable (Note 8) | 360,514 | 165,878 |
Convertible debentures (Note 8) | 1,800,000 | 1,751,483 |
Total Liabilities | 12,008,767 | 10,251,643 |
Shareholders' deficiency | ||
Issued and outstanding 33,092,665 common shares (November 30, 2020 - 23,678,105) | 49,175,630 | 49,175,630 |
Additional paid-in capital | 45,097,313 | 44,626,436 |
Accumulated other comprehensive income | 284,421 | 284,421 |
Accumulated deficit | (105,134,099) | (102,241,705) |
Shareholders' deficiency (Equity) | (10,576,735) | (8,155,218) |
Liabilities and Shareholders' deficiency (Equity) | $ 1,432,032 | $ 2,096,425 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - shares | Nov. 30, 2022 | Nov. 30, 2020 |
Consolidated balance sheets | ||
Common shares, issued | 33,092,665 | 23,678,105 |
Common shares, outstanding | 33,092,665 | 23,678,105 |
Consolidated statements of oper
Consolidated statements of operations and comprehensive loss - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Revenue | |||
Licensing (Note 3) | $ 29,682 | $ 0 | $ 1,401,517 |
Up-front fees (Note 3) | 19,068 | 0 | 0 |
Other Services | 16,978 | 0 | 0 |
Revenues | 65,728 | 0 | 1,401,517 |
Expenses | |||
Research and development | 2,149,126 | 2,661,875 | 3,517,018 |
Selling, general and administrative | 561,050 | 1,249,676 | 2,147,432 |
Depreciation (Note 6) | 206,059 | 261,525 | 415,375 |
Total operating expenses | 2,916,235 | 4,173,076 | 6,079,825 |
Loss from operations | (2,850,507) | (4,173,076) | (4,678,308) |
Net foreign exchange gain (loss) | 210,634 | (22,465) | (168,568) |
Interest expense | (291,619) | (549,299) | (969,653) |
Gain on settlement | 0 | 0 | 2,500,000 |
Gain (loss) on disposal of property and equipment | 44,435 | 0 | (41,603) |
Impairment of fixed asset (Note 6) | 0 | (514,502) | 0 |
Net loss before income taxes | (2,887,057) | (5,259,342) | (3,358,132) |
Provision for income taxes (Note 16) | |||
Current tax expense / (recovery) | 10,858 | (20,333) | 32,833 |
Deferred tax recovery | (5,521) | (93,854) | 0 |
Net loss and comprehensive loss | $ (2,892,394) | $ (5,145,155) | $ (3,390,965) |
Loss per common share, basic and diluted | $ (0.09) | $ (0.17) | $ (0.14) |
Weighted average number of common | |||
shares outstanding, basic and diluted | 33,092,665 | 29,430,014 | 23,561,949 |
Consolidated statements of shar
Consolidated statements of shareholders' equity (deficiency) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance, shares at Nov. 30, 2019 | 22,085,856 | ||||
Balance, amount at Nov. 30, 2019 | $ (3,692,221) | $ 45,561,222 | $ 44,167,721 | $ 284,421 | $ (93,705,585) |
Stock options to employees (Note 12) | 71,645 | $ 0 | 71,645 | 0 | 0 |
Shares issued upon exercise of 2018 Pre-Funded Warrants (Note 15), shares | 1,592,249 | ||||
Shares issued upon exercise of 2018 Pre-Funded Warrants (Note 15), amount | $ 583,180 | (583,180) | |||
Beneficial conversion feature related to Debentures (Note 8) | 697,952 | 697,952 | |||
Net loss | (3,390,965) | $ 0 | 0 | 0 | (3,390,965) |
Proceeds from private placemtn financing (Note 11), amount | 0 | ||||
Balance, shares at Nov. 30, 2020 | 23,678,105 | ||||
Balance, amount at Nov. 30, 2020 | (6,313,589) | $ 46,144,402 | 44,354,138 | 284,421 | (97,096,550) |
Stock options to employees (Note 12) | 11,985 | 0 | 11,985 | 0 | 0 |
Beneficial conversion feature related to Debentures (Note 8) | 354,167 | 354,167 | |||
Net loss | (5,145,155) | $ 0 | 0 | 0 | (5,145,155) |
Proceeds from private placemtn financing (Note 11), shares | 9,414,560 | ||||
Proceeds from private placemtn financing (Note 11), amount | 3,069,448 | $ 3,069,448 | 0 | 0 | 0 |
Cost of private placement financing (Note 11) | (38,220) | $ (38,220) | 0 | 0 | 0 |
Deferred tax expense related to beneficial conversion feature (Note 16) | (93,854) | (93,854) | |||
Balance, shares at Nov. 30, 2021 | 33,092,665 | ||||
Balance, amount at Nov. 30, 2021 | (8,155,218) | $ 49,175,630 | 44,626,436 | 284,421 | (102,241,705) |
Beneficial conversion feature related to Debentures (Note 8) | 20,833 | 20,833 | |||
Net loss | (2,892,394) | 0 | 0 | 0 | (2,892,394) |
Proceeds from private placemtn financing (Note 11), amount | 0 | ||||
Deferred tax expense related to beneficial conversion feature (Note 16) | (5,521) | (5,521) | |||
Proceeds from sale of equipment (Note 6) | 455,565 | $ 0 | 455,565 | 0 | 0 |
Balance, shares at Nov. 30, 2022 | 33,092,665 | ||||
Balance, amount at Nov. 30, 2022 | $ (10,576,735) | $ 49,175,630 | $ 45,097,313 | $ 284,421 | $ (105,134,099) |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Consolidated statements of cash flows | |||
Net loss | $ (2,892,394) | $ (5,145,155) | $ (3,390,965) |
Items not affecting cash | |||
Depreciation (Note 6) | 206,059 | 261,525 | 415,375 |
Stock-based compensation (Note 12) | 0 | 11,985 | 71,645 |
Accreted interest on convertible debentures (Note 8) | 69,351 | 313,865 | 744,930 |
Deferred income tax recovery (Note 16) | (5,521) | (93,854) | 0 |
Write-down of inventory | 0 | 112,672 | 236,459 |
Write-down of investment tax credits | 0 | 0 | 233,377 |
(Gain) loss on disposal of property and equipment | (44,435) | 0 | 41,603 |
Non-cash lease expense | 14,366 | 138,051 | 19,855 |
Write down on impaired fixed assets (Note 6) | 0 | 514,502 | 0 |
Unrealized foreign exchange (gain) loss | (5,761) | 1,995 | 62,658 |
Change in non-cash operating assets & liabilities | |||
Accounts receivable | (602) | 566,384 | (389,182) |
Investment tax credits | 0 | 213,956 | 60,244 |
Prepaid expenses, sundry and other assets | (77,816) | 53,558 | 40,866 |
Accounts payable, accrued liabilities and employee costs payable | 1,337,672 | 609,520 | 1,932,410 |
Income tax payable | 10,858 | (20,333) | 32,833 |
Cash flows (used in) provided from operating activities | (1,388,223) | (2,461,329) | 112,108 |
Financing activities | |||
Proceeds from promissory notes payable (Note 8) | 200,000 | 0 | 0 |
Proceeds from private placement (Note 11) | 0 | 3,069,448 | 0 |
Share issuance cost (Note 11) | 0 | (38,220) | 0 |
Cash flows provided from financing activities | 200,000 | 3,031,228 | 0 |
Investing activity | |||
Sale of property and equipment (Note 6) | 500,000 | 0 | 29,191 |
Purchase of property and equipment (Note 6) | 0 | 0 | (3,875) |
Cash flows provided from investing activities | 500,000 | 0 | 25,316 |
(Decrease) increase in cash | (688,223) | 569,899 | 137,424 |
Cash, beginning of year | 771,945 | 202,046 | 64,622 |
Cash, end of year | 83,722 | 771,945 | 202,046 |
Supplemental cash flow information | |||
Interest paid | 0 | 0 | 0 |
Taxes paid | $ 0 | $ 0 | $ 0 |
Nature of operations
Nature of operations | 12 Months Ended |
Nov. 30, 2022 | |
Nature of operations | |
Nature of operations | 1. Nature of operations Intellipharmaceutics International Inc. (the “Company”) is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. On October 22, 2009, IntelliPharmaCeutics Ltd. (“IPC Ltd. “) and Vasogen Inc. completed a court approved plan of arrangement and merger (the “IPC Arrangement Agreement”), resulting in the formation of the Company, which is incorporated under the laws of Canada. The Company’s common shares are traded on the Toronto Stock Exchange (“TSX”) and the OTCQB Venture Market. The Company earns revenue from non-refundable upfront fees, milestone payments upon achievement of specified research or development, exclusivity milestone payments and licensing and cost-plus payments on sales of resulting products. In November 2013, the U.S. Food and Drug Administration (“FDA”) granted the Company final approval to market the Company’s first product, the 15 mg and 30 mg strengths of the Company’s generic Focalin XR® (dexmethylphenidate hydrochloride extended-release) capsules. In 2017, the FDA granted final approval for the remaining 6 (six) strengths, all of which have been launched. In May 2017, the FDA granted the Company final approval for its second commercialized product, the 50, 150, 200, 300 and 400 mg strengths of generic Seroquel XR® (quetiapine fumarate extended release) tablets, and the Company commenced shipment of all strengths that same month. In November 2018, the FDA granted the Company final approval for its venlafaxine hydrochloride extended-release capsules in the 37.5, 75, and 150 mg strengths. Going concern The consolidated financial statements are prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months. The Company has incurred losses from operations since inception and has reported losses of $2,892,394 for the year ended November 30, 2022 (2021 – $5,145,155; 2020 – $3,390,965) and has an accumulated deficit of $105,134,099 as at November 30, 2022 (November 30, 2021 - $102,241,705). The Company has a working capital deficiency of $11,516,252 as atNovember 30, 2022 (November 30, 2021–working capital deficiency of $9,149,327). The Company has funded its research and development (“R&D”) activities principally through the issuance of securities, loans from related parties, funds from the IPC Arrangement Agreement, and funds received under development agreements. There is no certainty that such funding will be available going forward. These conditions raise substantial doubt about its ability to continue as a going concern and realize its assets and pay its liabilities as they become due. In order for the Company to continue as a going concern and fund any significant expansion of its operation or R&D activities, the Company will require significant additional capital. Although there can be no assurances, such funding may come from revenues from the sales of the Company’s generic Focalin XR® (dexmethylphenidate hydrochloride extended-release) capsules, from revenues from the sales of the Company’s generic Seroquel XR® (quetiapine fumarate extended-release) tablets and from potential partnering opportunities. Other potential sources of capital may include payments from licensing agreements, cost savings associated with managing operating expense levels, other equity and/or debt financings, and/or new strategic partnership agreements which fund some or all costs of product development. The Company’s ultimate success will depend on whether its product candidates receive the approval of the FDA, Health Canada, and the regulatory authorities of the other countries in which its products are proposed to be sold and whether it is able to successfully market approved products. The Company cannot be certain that it will receive FDA, Health Canada, or such other regulatory approval for any of its current or future product candidates, or that it will reach the level of sales and revenues necessary to achieve and sustain profitability, or that the Company can secure other capital sources on terms or in amounts sufficient to meet its needs, or at all. The availability of equity or debt financing will be affected by, among other things, the results of the Company’s R&D, its ability to obtain regulatory approvals, its success in commercializing approved products with its commercial partners and the market acceptance of its products, the state of the capital markets generally, the delisting from Nasdaq (as defined below), strategic alliance agreements, and other relevant commercial considerations. In addition, if the Company raises additional funds by issuing equity securities, its then existing security holders will likely experience dilution, and the incurring of indebtedness would result in increased debt service obligations and could require the Company to agree to operating and financial covenants that would restrict its operations. In the event that the Company does not obtain sufficient additional capital, it will raise substantial doubt about the Company’s ability to continue as a going concern, realize its assets and pay its liabilities as they become due. The Company’s cash outflows are expected to consist primarily of internal and external R&D, legal and consulting expenditures to advance its product pipeline and selling, general and administrative expenses to support its commercialization efforts. Depending upon the results of the Company’s R&D programs, the impact of the litigation against the Company and the availability of financial resources, the Company could decide to accelerate, terminate, or reduce certain projects, or commence new ones. Any failure on its part to successfully commercialize approved products or raise additional funds on terms favorable to the Company or at all, may require the Company to significantly change or curtail its current or planned operations in order to conserve cash until such time, if ever, that sufficient proceeds from operations are generated, and could result in the Company not taking advantage of business opportunities, in the termination or delay of clinical trials or the Company not taking any necessary actions required by the FDA or Health Canada for one or more of the Company’s product candidates, in curtailment of the Company’s product development programs designed to identify new product candidates, in the sale or assignment of rights to its technologies, products or product candidates, and/or its inability to file Abbreviated New Drug Applications (“ANDAs”), Abbreviated New Drug Submissions (“ANDSs”) or New Drug Applications (“NDAs”) at all or in time to competitively market its products or product candidates. The consolidated financial statements do not include any adjustments that might result from the outcome of uncertainties described above. If the going concern assumption no longer becomes appropriate for these consolidated financial statements, then adjustments would be necessary to the carrying values of assets and liabilities, the reported expenses and the balance sheet classifications used. Such adjustments could be material. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Nov. 30, 2022 | |
Basis of presentation | |
Basis of presentation | 2. Basis of presentation (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly owned operating subsidiaries, IPC Ltd., Intellipharmaceutics Corp., and Vasogen Corp. References in these consolidated financial statements to share amounts, per share data, share prices, exercise prices and conversion rates have been adjusted to reflect the effect of the 1-for-10 reverse stock split (known as a share consolidation under Canadian law) (the “reverse split”) which became effective on each of The Nasdaq Stock Market LLC (“Nasdaq”) and TSX at the opening of the market on September 14, 2018. The term “share consolidation” is intended to refer to such reverse split and the terms “pre-consolidation” and “post-consolidation” are intended to refer to “pre-reverse split” and “post-reverse split”, respectively. In September 2018, the Company announced the reverse split. At a special meeting of the Company’s shareholders held on August 15, 2018, the Company’s shareholders granted the Company’s Board of Directors discretionary authority to implement a share consolidation of the issued and outstanding common shares of the Company on the basis of a share consolidation ratio within a range from five (5) pre-consolidation common shares for one (1) post-consolidation common share to fifteen (15) pre-consolidation common shares for one (1) post-consolidation common share. The Board of Directors selected a share consolidation ratio of ten (10) pre-consolidation shares for one (1) post-consolidation common share. On September 12, 2018, the Company filed an amendment to the Company’s articles ("Articles of Amendment") to implement the 1-for-10 reverse split. The Company’s common shares began trading on each of Nasdaq and TSX on a post-split basis under the Company’s existing trade symbol “IPCI” at the opening of the market on September14, 2018. In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the change was applied retroactively. These consolidated financial statements have been prepared using the same accounting policies and methods as those used by the Company in the annual audited consolidated financial statements for the year ended November 30, 2021. All inter-company accounts and transactions have been eliminated on consolidation. (b) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Areas where significant judgment is involved in making estimates are the determination of the functional currency; the fair values of financial assets and liabilities, valuation of convertible debt; the determination of units of accounting for revenue recognition; the accrual of licensing and milestone revenue; and forecasting future cash flows for assessing the going concern assumption. From late 2019 the Company has had to reduce development activities and staffing levels significantly due to ongoing financial problems which have continued, coupled with the effects of the Covid-19 pandemic. It is not possible to reliably estimate the length and severity of the developments and impact on the future financial results and condition of the Company. The challenges and uncertainties could impair the Company’s ability to raise capital,postpone research activities, impact our ability to maintain operations and launch new products; it could also impair the value of our shares, our long-lived assets, and materially adversely impact our ability to generate potential future revenue. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Nov. 30, 2022 | |
Significant accounting policies | |
Significant accounting policies | 3. Significant accounting policies (a) Cash and cash equivalents The Company considers all highly liquid securities with an original maturity of three months or less to be cash equivalents. Cash equivalent balances consist of bankers’ acceptances and bank accounts with variable market rates of interest. The financial risks associated with these instruments are minimal and the Company has not experienced any losses from investments in these securities. The carrying amount of cash approximates its fair value due to its short-term nature. As at November 30, 2022 and 2021, the Company had no cash equivalents. (b) Accounts receivable The Company reviews its sales and accounts receivable aging and determines whether an allowance for doubtful accounts is required. (c) Financial instruments The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations and comprehensive loss. (d) Investment tax credits The investment tax credits (“ITC") receivable are amounts considered recoverable from the Canadian federal and provincial governments under the Scientific Research & Experimental Development (“SR&ED”) incentive program. The amounts claimed under the program represent the amounts based on management estimates of eligible research and development costs incurred during the year. Realization is subject to government approval. Any adjustment to the amounts claimed will be recognized in the year in which the adjustment occurs. Refundable ITCs claimed relating to capital expenditures are credited to property and equipment. Refundable ITCs claimed relating to current expenditures are netted against research and development expenditures. (e) Property and equipment Property and equipment are recorded at cost. Equipment acquired under capital leases are recorded net of imputed interest, based upon the net present value of future payments. Assets under capital leases are pledged as collateral for the related lease obligation. Repairs and maintenance expenditures are charged to operations; major betterments and replacements are capitalized. Depreciation bases and rates are as follows: Assets Basis Rate Computer equipment Declining balance 30 % Computer software Declining balance 50 % Furniture and fixtures Declining balance 20 % Laboratory equipment Declining balance 20 % Leasehold improvements Straight line Over term of lease Leasehold improvements and assets acquired under capital leases are depreciated over the term of their useful lives or the lease period, whichever is shorter. The charge to operations resulting from depreciation of assets acquired under capital leases is included with depreciation expense. (f) Impairment of long-lived assets Long-lived assets are reviewed for impairment when events or circumstances indicate that the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the sum of estimated undiscounted cash flows associated with the asset or group of assets is less than its carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. (g) Warrants The Company previously issued warrants as described in Notes 11 and 15. In fiscal 2013, the outstanding warrants were presented as a liability because they did not meet the criteria of Accounting Standard Codification (“ASC”) Topic 480 Distinguishing Liabilities from Equity for equity classification. Subsequent changes in the fair value of the warrants were recorded in the consolidated statements of operations and comprehensive loss. The Company changed its functional currency effective December 1, 2013 such that these warrants met the criteria for (g) Warrants (continued) prospective equity classification in ASC Topic 480, and the U.S. dollar translated amount of the warrant liability at December 1, 2013 became the amount reclassified to equity. (h) Revenue recognition The Company accounts for revenue in accordance with the provisions of ASC Topic 606 Revenue from Contracts with Customers. Under ASC Topic 606, the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). The Company earns revenue from non-refundable upfront fees, milestone payments upon achievement of specified research or development, exclusivity milestone payments and licensing payments on sales of resulting products. The relevant revenue recognition accounting policy is applied to each separate unit of accounting. Licensing The Company recognizes revenue from the licensing of the Company's drug delivery technologies, products and product candidates. Under the terms of the licensing arrangements, the Company provides the customer with a right to access the Company’s intellectual property with regards to the license which is granted. Revenue arising from the license of intellectual property rights is recognized over the period the Company transfers control of the intellectual property. The Company has a license and commercialization agreement with Par Pharmaceutical Inc. (“Par”). Under the exclusive territorial license rights granted to Par, the agreement requires that Par manufacture, promote, market, sell and distribute the product. Licensing revenue amounts receivable by the Company under this agreement are calculated and reported to the Company by Par, with amounts generally based upon net product sales and net profit which include estimates for chargebacks, rebates, product returns, and other adjustments. Licensing revenue payments received by the Company from Par under this agreement are not subject to further deductions for chargebacks, rebates, product returns, and other pricing adjustments. Based on this arrangement and the guidance per ASC Topic 606, the Company records licensing revenue over the period the Company transfers control of the intellectual property in the consolidated statements of operations and comprehensive loss. Milestones For milestone payments that are not contingent on sales-based thresholds, the Company applies a most-likely amount approach on a contract-by-contract basis. Management makes an assessment of the amount of revenue expected to be received based on the probability of the milestone outcome. Variable consideration is included in revenue only to the extent that it is probable that the amount will not be subject to a significant reversal when the uncertainty is resolved (generally when the milestone outcome is satisfied). Research and development Under arrangements where the license fees and research and development activities can be accounted for as a separate unit of accounting, non-refundable upfront license fees are deferred and recognized as revenue on a straight-line basis over the expected term of the Company's continued involvement in the research and development process. (i) Revenue recognition (continued) Deferred revenue Deferred revenue represents the funds received from clients, for which the revenues have not yet been earned, as the milestones have not been achieved, or in the case of upfront fees for drug development, where the work remains to be completed. As of November 30, 2022, the Company has recorded a deferred revenue balance of $Nil (November 30, 2021 - $Nil) due to the termination of its license and commercial supply agreement with Mallinckrodt. (j) Research and development costs Research and development costs related to continued research and development programs are expensed as incurred in accordance with ASC Topic 730 Research and Development. However, materials and equipment are capitalized and amortized over their useful lives if they have alternative future uses. (k) Income taxes The Company uses the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for losses and tax credit carry forwards. Significant judgment is required in determining whether deferred tax assets will be realized in full or in part. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the date of enactments. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to remain unrealized. The Company accounts for income taxes in accordance with ASC Subtopic 740-10 Income Taxes - Overall. This ASC Subtopic requires that uncertain tax positions are evaluated in a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The cumulative effects of the application of the provisions of ASC Subtopic 740-10 are described in Note 16. The Company records any interest related to income taxes in interest expense and penalties in selling, general and administrative expense. (l) Share issue costs Share issue costs are recorded as a reduction of the proceeds from the issuance of capital stock. (m) Translation of foreign currencies Transactions denominated in currencies other than the Company and its wholly owned operating subsidiaries’ functional currencies, monetary assets and liabilities are translated at the period end rates. Revenue and expenses are translated at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these other transactions are recognized in the consolidated statements of operations and comprehensive loss. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. (n) Stock-based compensation The Company has a stock-based compensation plan which authorizes the granting of various equity-based incentives including stock options and restricted share units (“RSU”s). The Company calculates stock-based compensation using the fair value method, under which the fair value of the options at the grant date is calculated using the Black-Scholes Option Pricing Model, and subsequently expensed over the vesting period of the option. The provisions of the Company's stock-based compensation plans do not require the Company to settle any options by transferring cash or other assets, and therefore the Company classifies the awards as equity. Stock-based compensation expense recognized during the year is based on the value of stock-based payment awards that are ultimately expected to vest. The Company estimates forfeitures at the time of grant and are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The stock-based compensation expense is recorded in the consolidated statements of operations and comprehensive loss under research and development expense and under selling, general and administration expense. Note 12 provides supplemental disclosure of the Company's stock options. (o) Deferred Share Units Deferred Share Units (“DSU”s) are valued based on the trading price of the Company’s common shares on the Toronto Stock Exchange. The Company records the value of the DSU’s owing to non-management board members in the consolidated statements of shareholders’ equity (deficiency). Basic loss per share (“EPS”) is computed by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. The dilutive effect of stock options is determined using the treasury stock method. Stock options and warrants to purchase common shares of the Company during fiscal 2022, 2021, and 2020, respectively, were not included in the computation of diluted EPS because the Company has incurred a loss for each of the years ended November 30, 2022, 2021 and 2020 and the effect would be anti-dilutive. (q)Comprehensive loss The Company follows ASC Topic 220 Income Statement – Reporting Comprehensive Income. This statement establishes standards for reporting and display of comprehensive (loss) income and its components. Comprehensive loss is net loss plus certain items that are recorded directly to shareholders' equity (deficiency). Other than foreign exchange gains and losses arising from cumulative translation adjustments, the Company has no other comprehensive loss items. (r) Fair value measurement Under ASC Topic 820 Fair Value Measurement, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). ASC Topic 820 establishes a hierarchy for inputs to valuation techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that reflect assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. There are three levels to the hierarchy based on the reliability of inputs, as follows: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. · Level 3 - Unobservable inputs for the asset or liability. The degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. (t) Lease On December 1, 2019, the Company adopted ASC Topic 842 Leases using the modified retrospective transition method, applying the new standard to all leases existing at the date of initial application. In addition, the Company elected the package of practical expedients in transition, which permitted the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs on leases that commenced prior to adoption of the new standard. The Company also elected the ongoing practical expedient not to recognize operating lease right-of-use assets and operating lease liabilities for short-term leases. As a result of adopting the new standard, the Company didn’t recognize any right-of-use (“ROU”) assets or lease liabilities in the consolidated balance sheet, as the Company only had one lease which had a term of less than 12 months on the date of adoption of Topic 842. There was no impact to opening accumulated deficit on the date of adoption. The ROU assets are initially measured at cost and amortized using the straight-line method through the end of the lease term. The lease liabilities are measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Nov. 30, 2022 | |
Trade and other receivables | |
Trade And Other Receivables | 4. Trade and other receivables The Company currently has no debt agreements in place whereby any amount of receivables serve as collateral. The Company has no off-balance-sheet credit exposures and has no foreclosed or repossessed assets. Trade and other receivables are carried on the consolidated balance sheets net of allowance for doubtful accounts. This provision is established based on the Company’s best estimates regarding the ultimate recovery of balances for which collection is uncertain. As at November 30, 2022, the Company has a trade and other receivables balance of $602 (2021 - $Nil) and an allowance for doubtful accounts of $Nil (2021 - $Nil). Risks and uncertainties and credit quality information related to trade and other receivables have been disclosed in Note 18. |
Prepaids expenses and other ass
Prepaids expenses and other assets | 12 Months Ended |
Nov. 30, 2022 | |
Prepaids expenses and other assets | |
Prepaids expenses and other assets | 5.Prepaids expenses and other assets November 30, 2022 November 30, 2021 HST Receivable 120,602 48,155 Professional Fees 7,403 - Other 12,003 14,037 140,008 62,192 |
Property and equipment
Property and equipment | 12 Months Ended |
Nov. 30, 2022 | |
Property and equipment | |
Property And equipment | 6. Property and equipment Computer equipment Computer software Furniture and fixtures Laboratory equipment Leasehold improvements Total $ $ $ $ $ $ Cost Balance at November 30, 2020 631,334 156,059 172,498 5,576,359 1,441,452 7,977,702 Impairment of asset - - - (514,502 ) - (514,502 ) Balance at November 30, 2021 631,334 156,059 172,498 5,061,857 1,441,452 7,463,200 Balance at November 30, 2022 631,334 156,059 172,498 5,061,857 1,441,452 7,463,200 Accumulated depreciation Balance at November 30, 2020 536,697 152,942 145,614 3,930,860 1,441,452 6,207,565 Depreciation 28,391 1,558 5,377 226,200 - 261,526 Balance at November 30, 2021 565,088 154,500 150,991 4,157,060 1,441,452 6,469,091 Depreciation 19,874 925 4,301 180,959 - 206,059 Balance at November 30, 2022 584,962 155,425 155,292 4,338,019 1,441,452 6,675,150 Net book value at: November 30, 2021 66,246 1,559 21,507 904,797 - 994,109 November 30, 2022 46,372 634 17,206 723,838 - 788,050 During the year ended November 30, 2022, the Company sold equipment that were not in use for the amount of $500,000 and recognized a gain on sale of that equipment in the amount of $44,435, and the remainder allocated to additional paid in capital as a capital contribution. This equipment was sold to a related Company, which is controlled by a shareholder of the Company. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment is assessed by comparing the carrying amount of an asset with the sum of the undiscounted cash flows expected from its use and disposal, and as such requires the Company to make significant estimates on expected revenues from the commercialization of its products and services and the related expenses. The Company records a write-down for long-lived assets which have been abandoned and do not have any residual value. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment is assessed by comparing the carrying amount of an asset with the sum of the undiscounted cash flows expected from its use and disposal, and as such requires the Company to make significant estimates on expected revenues from the commercialization of its products and services and the related expenses. The Company records a write-down for long-lived assets which have been abandoned and do not have any residual value. During the year ended November 30, 2022, the Company recorded a write-down of long-lived assets of $Nil (2021 - $514,502). |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Nov. 30, 2022 | |
Accrued liabilities | |
Accrued liabilities | 7. Accrued liabilities November 30, November 30, 2022 2021 $ $ Professional fees 120,308 106,417 Board of Directors fees 276,178 189,220 Litigation settlement fee (Note 17) - 400,000 Interest 678,216 472,357 Federal Drug Administration fees 1,500,940 914,277 Other 245,864 190,339 2,821,506 2,272,610 |
Convertible debentures and prom
Convertible debentures and promissory notes payable | 12 Months Ended |
Nov. 30, 2022 | |
Convertible debentures and promissory notes payable | |
Convertible debentures and promissory notes payable | 8. Convertible debentures and promissory notes payable (a) Convertible debentures Amounts due to the related parties are payable to two shareholders who are also officers and directors of the Company. November 30, November 30, 2022 2021 Convertible debenture payable to two directors and officers of the Company, unsecured, 10% annual interest rate, payable monthly (“2018 Debenture”) $ 500,000 $ 500,000 Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly (“May 2019 Debenture”) 1,050,000 1,050,000 Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly (“November 2019 Debenture”) 250,000 201,483 $ 1,800,000 $ 1,751,483 On September 10, 2018, the Company completed a private placement financing of the unsecured convertible 2018 Debenture in the principal amount of $0.5 million. The 2018 Debenture matured on September 1, 2020. The 2018 Debenture bore interest at a rate of 10% per annum, payable monthly, was pre-payable at any time at the option of the Company and was convertible at any time into common shares of the Company at a conversion price of $3.00 per common share at the option of the holder. Dr. Isa Odidi and Dr. Amina Odidi, who are shareholders, directors and executive officers of the Company provided the Company with the $0.5 million of the proceeds for the 2018 Debenture. At issuance, as the conversion price was lower than the market share price, the beneficial conversion feature valued at September 10, 2018 of $66,667 was allocated to Additional paid-in capital. Subsequently, the fair value of the 2018 Debenture was accreted over the remaining life of the 2018 Debenture using an effective rate of interest of 7.3%. Effective September 1, 2020, the maturity date for the 2018 Debenture was further extended to November 30, 2020. Under ASC Subtopic 470-50, the change in the debt instrument was accounted for as an extinguishment of debt. At the date of extinguishment, the Company derecognized the carrying amount of convertible debt of $0.5 million and recorded the new convertible debt at the fair value of $0.5 million, resulting in no gain or loss. The carrying amount of the debt instrument is accreted over the remaining life of the 2018 Debenture using a nominal effective rate of interest. As of November 30, 2022 the maturity date for the 2018 Debenture was further extended to August 31, 2023. Effective May 31, 2022, the maturity date for the May 2019 Debenture was further extended to November 30, 2022. Under ASC Subtopic 470-50, the change in the debt instrument was accounted for as an extinguishment of debt. At the date of extinguishment, the Company derecognized the carrying amount of convertible debt of $1,050,000 and recorded the new convertible debt at the fair value of $1,050,000, resulting in no gain or loss. The carrying amount of the debt instrument is accreted over the remaining life of the May 2019 Debenture using a nominal effective rate of interest. As of November 30, 2022 the maturity date for the May 2019 Debenture was further extended to August 31, 2023. Effective May 31, 2022, the maturity date for the November 2019 Debenture was further extended to November 30, 2022. Under ASC Subtopic 470-50, the change in the debt instrument was accounted for as an extinguishment. In accordance with ASC paragraph 470-50-40-2, extinguishment transactions between related entities are treated as capital transactions. At the date of extinguishment, the Company derecognized the carrying amount of convertible debt of $250,000 and recorded the new convertible debt at the fair value of $250,000, resulting in no gain or loss. The carrying amount of the debt instrument is accreted over the remaining life of the November 2019 Debenture using a nominal effective rate of interest. As of November 30, 2022 the maturity date for the November 2019 Debenture was further extended to August 31, 2023. (b) Promissory notes payable November 30, November 30, 2022 2021 $ $ Promissory notes payable to two directors and officers of the Company, unsecured, no annual interest rate on the outstanding loan balance 157,437 165,878 Promissory notes payable to third party unsecured, 10% annual interest rate on the outstanding loan balance 203,077 - 360,514 165,878 In September 2019, the Company issued two unsecured, non-interest bearing promissory notes, with no fixed repayment terms, in the amounts of US$6,500 and CDN$203,886, to Dr. Isa Odidi and Dr. Amina Odidi, who are shareholders, directors and executive officers of the Company. In October 2023, the Company issued an unsecured, 10% annual interest bearing promissory note, with a 6 month fixed repayment term, in the amount of US$200,000. |
Employee costs payable
Employee costs payable | 12 Months Ended |
Nov. 30, 2022 | |
Employee costs payable | |
Employee costs payable | 9.Employee costs payable As at November 30, 2022, the Company had $3,067,578 (2021 - $2,263,944) accrued salaries, accrued vacation and severance payable to certain employees. This balance is due on demand and therefore presented as current liabilities. |
Lease
Lease | 12 Months Ended |
Nov. 30, 2022 | |
Lease | |
Lease | 10.Lease On December 1, 2015, the Company entered into a new lease agreement for the premises that it currently operates from, as well the adjoining property, which is owned by the same landlord, for a 5-year term with a 5-year renewal option. On June 21, 2020, the Company entered into a lease surrender agreement and vacated one of its premises on June 30, 2020. On August 20, 2020, The Company extended its lease for the premises that it currently operates from, for one year, commencing December 1, 2020, with an option to continue on a month-to-month basis after November 30, 2021.This operating lease was capitalized under ASC Topic 842 effective on the August 20, 2020 date of extension. The gross amounts of assets and liabilities related to operating leases were as follows: November 30, 2022 Assets: Operating lease right-of-use asset $ 151,471 Liabilities: Current: Operating lease liability $ 165,441 Total lease liability $ 165,441 Operating lease costs, net of Canada Emergency Rent Subsidy (CERS) received, amounted to $115,784 for the year ended November 30, 2021 respectively and have been recorded in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. For the year ended November 30, 2022, lease payments of $169,072 (2021 - $169,552) were paid in relation to the operating lease liability. For the year ended November 30, 2021, these payments have been offset by $34,709 received as part of the CERS COVID-19 relief program for net cash lease payments of $134,843. Lease terms and discount rates are as follows: November 30, 2022 Remaining lease term (months) 12 Estimated incremental borrowing rate 11.4 % The approximate future minimum lease payments for the operating lease as at November 30, 2022 were as follows: November 30, 2022 Lease payments from December 1, 2022 - November 30, 2023 $ 175,821 Less imputed interest (December 1, 2022 - November) 10,380 Present value of lease liabilities $ 165,441 |
Capital stock
Capital stock | 12 Months Ended |
Nov. 30, 2022 | |
Capital stock | |
Capital stock | 11. Capital stock Authorized, issued and outstanding (a) Each common share of the Company entitles the holder thereof to one vote at any meeting of shareholders of the Company, except meetings at which only holders of a specified class of shares are entitled to vote. Holders of common shares of the Company are entitled to receive, as and when declared by the board of directors of the Company, dividends in such amounts as shall be determined by the board. The holders of common shares of the Company have the right to receive the remaining property of the Company in the event of liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary. Authorized, issued and outstanding The preference shares may at any time and from time to time be issued in one or more series. The board of directors will, by resolution, from time to time, before the issue thereof, fix the rights, privileges, restrictions and conditions attaching to the preference shares of each series. Except as required by law, the holders of any series of preference shares will not as such be entitled to receive notice of, attend or vote at any meeting of the shareholders of the Company. Holders of preference shares will be entitled to preference with respect to payment of dividends and the distribution of assets in the event of liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs, on such shares over the common shares of the Company and over any other shares ranking junior to the preference shares. (b) |
Options
Options | 12 Months Ended |
Nov. 30, 2022 | |
Options | |
Options | 12. Options All grants of options to employees after October 22, 2009 are made from the Employee Stock Option Plan (the “Employee Stock Option Plan”). The maximum number of common shares issuable under the Employee Stock Option Plan is limited to 10% of the issued and outstanding common shares of the Company from time to time, or 3,309,267 based on the number of issued and outstanding common shares as at November 30, 2021. As at November 30, 2022, 1,309,000 options are outstanding and there were2,000,267 options available for grant under the Employee Stock Option Plan. Each option granted allows the holder to purchase one common share at an exercise price not less than the closing price of the Company's common shares on the TSX on the last trading day prior to the grant of the option. Options granted under these plans typically have a term of 5 years with a maximum term of 10 years and generally vest over a period of up to three years. In the year ended November 30, 2022, Nil (2021 – Nil; 2020 - Nil) stock options were granted to management and other employees and Nil (2021 – Nil; 2020 - Nil) stock options were granted to members of the Board of Directors. The fair value of each option grant is estimated on the date of grant using the Black-Scholes Option-Pricing Model, consistent with the provisions of ASC Topic 718. Compensation—Stock Compensation The expected dividend yield percentage at the date of grant is Nil as the Company is not expected to pay dividends in the foreseeable future. Details of stock option transactions in Canadian dollars (“C$”) are as follows: November 30, 2022 November 30, 2021 November 30, 2020 Weighted Weighted Weighted average Weighted average Weighted average Weighted exercise average exercise average exercise average Number of price per grant date Number of price per grant date Number of price per grant date options share fair value options share fair value options share fair value $ $ $ $ $ $ Outstanding, beginning of year 1,489,500 2.40 1.80 1,697,638 2.92 1.99 2,353,829 8.35 4.30 Granted - - - - - - - - - Cancelled - - - (156,572 ) 1.05 0.57 (101,182 ) 1.53 0.78 Forfeiture - - - (6,666 ) 0.35 0.22 (225,315 ) 0.35 0.22 Expired (180,500 ) 17.16 12.81 (44,900 ) 27.60 13.74 (329,694 ) 42.84 19.68 Balance, end of year 1,309,000 0.35 0.27 1,489,500 2.40 1.80 1,697,638 2.92 1.99 Options exercisable, end of year 1,309,000 0.35 0.27 1,489,500 2.40 1.80 1,231,309 3.90 2.64 As of November 30, 2022, the exercise prices, weighted average remaining contractual life of outstanding options and weighted average grant date fair values were as follows in Canadian dollars (“C$”): Options outstanding Options exercisable Weighted Weighted Weighted Weighted Weighted average average average average average exercise remaining grant exercise grant Exercise Number price per contract date Number price per date price outstanding share life (years) fair value exercisable share fair value $ $ $ $ $ $ $ $ Under 0 - 1.00 1,309,000 0.35 6.27 0.27 1,309,000 0.35 0.27 1,309,000 0.35 0.27 1,309,000 0.35 0.27 Total unrecognized compensation cost relating to the unvested performance-based stock options at November 30, 2022 is $Nil (2021- $Nil; 2020 - $Nil). For the year ended November 30, 2022, 2021 and 2020, no options were exercised. The following table summarizes the components of stock-based compensation expense. November 30, November 30, November 30, 2022 2021 2020 $ $ Research and development - 9,719 60,446 Selling, general and administrative - 2,266 11,199 - 11,985 71,645 The Company has estimated its stock option forfeitures to be approximately 4% for year ended November 30, 2022 (2021–4%; 2020 – 4%). |
Deferred share units
Deferred share units | 12 Months Ended |
Nov. 30, 2022 | |
Deferred share units | |
Deferred share units | 13. Deferred share units Effective May 28, 2010, the Company’s shareholders approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its non-management directors and reserved a maximum of 11,000 common shares for issuance under the plan. The DSU Plan permits certain non-management directors to defer receipt of all or a portion of their board fees until termination of the board service and to receive such fees in the form of common shares at that time. A DSU is a unit equivalent in value to one common share of the Company based on the trading price of the Company's common shares on the TSX. Upon termination of board service, the director will be able to redeem DSUs based upon the then market price of the Company's common shares on the date of redemption in exchange for any combination of cash or common shares as the Company may determine. During the year ended November 30, 2021 and 2020, no non-management board members elected to receive director fees in the form of DSUs under the Company’s DSU Plans. As at November 30, 2022, Nil (2021 – Nil; 2020 – Nil) DSUs were outstanding and 11,000 (2021 – 11,000; 2020–11,000) DSUs were available for grant under the DSU Plan. During the year ended November 30, 2022, Nil (2021 – Nil; 2020 – Nil) DSU’s were exercised and the Company recorded a charge of $Nil (2021 – $Nil; 2020 – $Nil) from Additional paid-in capital to common shares under Capital stock. |
Restricted share units
Restricted share units | 12 Months Ended |
Nov. 30, 2022 | |
Restricted share units | |
Restricted share units | 14.Restricted share units Effective May 28, 2010, the Company’s shareholders approved a Restricted Share Unit (“RSU”) Plan for officers and employees of the Company and reserved a maximum of 33,000 common shares for issuance under the plan. The RSU Plan will form part of the incentive compensation arrangements available to officers and employees of the Company and its designated affiliates. An RSU is a unit equivalent in value to one common share of the Company. Upon vesting of the RSUs and the corresponding issuance of common shares to the participant, or on the forfeiture and cancellation of the RSUs, the RSUs credited to the participant’s account will be cancelled. No RSUs have been issued under the plan. |
Warrants
Warrants | 12 Months Ended |
Nov. 30, 2022 | |
Warrants | |
Warrants | 15. Warrants All of the Company’s outstanding warrants are considered to be indexed to the Company’s own stock and are therefore classified as equity under ASC 480.Topic 480 Distinguishing Liabilities from Equity. The warrants, in specified situations, provide for certain compensation remedies to a holder if the Company fails to timely deliver the shares underlying the warrants in accordance with the warrant terms. The following table provides information on the 21,160,314 warrants, including 2018 Firm Warrants, outstanding and exercisable as of November 30, 2022: Exercise Number Shares issuable Warrant price ($) outstanding Expiry upon exercise 2018 Firm Warrants 0.75 20,000,000 October 16, 2023 20,000,000 October 2018 Placement Agent Warrants 0.9375 1,160,314 October 16, 2023 1,160,314 21,160,314 21,160,314 During the years ended November 30, 2022 and 2021, there were no cash exercises in respect of warrants and no cashless exercise of warrants, resulting in the issuance of Nil common shares, respectively. Details of warrant transactions for the years ended November 30, 2022 and 2021 are as follows: Outstanding, December 1, 2021 Issued Expired Exercised Outstanding, November 30, 2022 2018 Firm Warrants 20,000,000 - - - 20,000,000 October 2018 Placement Agent Warrants 1,160,314 - - - 1,160,314 21,160,314 - - - 21,160,314 Outstanding, December 1, 2020 Issued Expired Exercised Outstanding, November 30, 2021 June 2016 Warrants 277,478 - (277,478 ) - - March 2018 Warrants 441,666 - (441,666 ) - - March 2018 Placement Agent Warrants 44,166 - (44,166 ) - - 2018 Firm Warrants 20,000,000 - - - 20,000,000 October 2018 Placement Agent Warrants 1,160,314 - - - 1,160,314 21,923,624 - (763,310 ) - 21,160,314 |
Income taxes
Income taxes | 12 Months Ended |
Nov. 30, 2022 | |
Income taxes | |
Income taxes | 16. Income taxes The Company files Canadian income tax returns for its Canadian operations. Separate income tax returns are filed as locally required. The total provision for income taxes differs from the amount which would be computed by applying the Canadian income tax rate to loss before income taxes. The reasons for these differences are as follows: November 30, November 30, November 30, 2022 2021 2020 % % % Statutory income tax rate 26.5 26.5 26.5 $ $ $ Statutory income tax recovery (765,070 ) (1,393,726 ) (889,905 ) Increase (decrease) in income taxes Non-deductible expenses/ non-taxable income (41,921 ) 53,470 47,287 Change in valuation allowance 815,181 540,925 843,877 Financing costs booked to equity - (10,128 ) - Difference in foreign tax rates (2,844 ) (98 ) - Tax loss expired and other (9 ) 695,370 (9,069 ) Global intangible low-taxed income (GILTI) - - 40,643 Income tax expense (recovery) 5,337 (114,187 ) - The Company's income tax expense (recovery) is allocated as follows: Current tax expense 10,858 (20,333 ) 32,833 Deferred tax recovery (5,521 ) (93,854 ) - The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities and certain carry-forward balances Significant temporary differences and carry-forwards are as follows: November 30, November 30, 2022 2021 $ $ Deferred tax assets Non-capital loss carry-forwards 16,560,810 16,323,553 Book and tax basis differences on assets and liabilities 1,582,397 1,527,791 Other 2,120,034 1,509,122 Investment tax credit 2,850,496 2,850,496 Undeducted research and development expenditures 4,227,211 4,227,211 Capital loss carryforwards 318,915 318,915 Share issuance cost 6,077 227,253 27,665,940 26,984,341 Deferred tax liabilities Unrealized foreign exchange gain (271,913 ) (271,913 ) Convertible debentures - (12,857 ) (271,913 ) (284,770 ) Valuation allowances for deferred tax assets (27,394,027 ) (26,699,571 ) Net deferred tax assets - - Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Movement in net deferred tax assets (liabilities): 2022 2021 $ $ Balance at the beginning of the year - - Recognized in profit/loss (5,521 ) (93,854 ) Recognized in shareholders' equity 5,521 93,854 Balance at the end of the year - - At November 30, 2022, the Company had cumulative operating losses available to reduce future years’ income for income tax purposes: Canadian income tax losses expiring in the year ended November 30, Federal 2029 614,200 2030 3,717,403 2031 6,154,180 2032 6,410,970 2033 4,984,768 2034 149,927 2035 2,634,823 2036 3,404,504 2037 4,328,444 2038 11,231,494 2039 9,891,661 2040 3,111,826 2041 4,968,817 2042 890,607 62,493,624 The Company has had no taxable income under the Federal and Provincial tax laws of Canada for the year ended November 30, 2022. The Company has non-capital loss carry-forwards at November 30, 2022, totaling $62,493,624 in Canada that must be offset against future taxable income. If not utilized, the loss carry-forwards will expire between 2029 and 2042. At November 30, 2022, the Company had a cumulative carry-forward pool of Canadian Federal Scientific Research & Experimental Development expenditures in the amount of $15,951,739 (2021 - $15,951,739) which can be carried forward indefinitely. At November 30, 2022, the Company had approximately $2,933,013 (2021 - $2,933,013) of unclaimed Investment Tax Credits which expire from 2025 to 2039. These credits are subject to a full valuation allowance as they are not more likely than not to be realized. The net deferred tax assets have been fully offset by a valuation allowance because it is not more likely than not the Company will realize the benefit of these deferred tax assets. The Company does not have any recognized tax benefits as of November 30, 2022 or November 30, 2021. The Company files unconsolidated federal income tax returns domestically and in foreign jurisdictions. The Company has open tax years from 2009 to 2021 with tax jurisdictions including Canada and the U.S. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations, as they relate to amount, timing, or inclusion of revenues and expenses. The Company had accrued interest and penalties as of November 30, 2022 of $38,673 (2021 - $Nil and 2020 - $Nil). |
Contingencies
Contingencies | 12 Months Ended |
Nov. 30, 2022 | |
Contingencies | |
Contingencies | 17. Contingencies From time to time, the Company may be exposed to claims and legal actions in the normal course of business. As at November 30, 2022, and continuing as at May 31, 2023, the Company is not aware of anypending or threatenedmateriallitigation claimsagainst the Company, other than as described below. In November 2016, the Company filed an NDA for its Oxycodone ER product candidate, relying on the 505(b)(2) regulatory pathway, which allowed the Company to reference data from Purdue Pharma L.P's (“Purdue”) file for its OxyContin ® known as the “Orange Book”, or that such patents are invalid, and so notified Purdue and the other owners of the subject patents listed in the Orange Book of such certification. On April 7, 2017, the Company received notice that Purdue Pharma L.P., Purdue Pharmaceuticals L.P., The P.F. Laboratories, Inc., or collectively the Purdue parties, Rhodes Technologies, and Grünenthal GmbH, or collectively the Purdue litigation plaintiffs, had commenced patent infringement proceedings against the Company in the U.S. District Court for the District of Delaware (docket number 17-392) in respect of its NDA filing for Oxycodone ER, alleging that its proposed Oxycodone ER infringes six out of the 16 patents associated with the branded product OxyContin ® ® Subsequent to the above-noted filing of lawsuit, four further such patents were listed and published in the Orange Book. On March 16, 2018, the Company received notice that the Purdue litigation plaintiffs had commenced further such patent infringement proceedings adding the four further patents. On April 15, 2020, Purdue filed a new patent infringement suit against the Company relating to additional Paragraph IV certifications lodged against two more listed Purdue patents. As a result of the commencement of the first of these legal proceedings, the FDA was stayed for 30 months from granting final approval to the Company’s Oxycodone ER product candidate. That time period commenced on February 24, 2017, when the Purdue litigation plaintiffs received notice of the Company’s certification concerning the patents, and were to expire on August 24, 2019, unless the stay was earlier terminated by a final declaration of the courts that the patents are invalid, or are not infringed, or the matter is otherwise settled among the parties. On April 24, 2019, an order was issued, setting a trial date of November 12, 2019 for case number 17-392 in the District of Delaware, and also extending the 30-month stay date for regulatory approval to March 2, 2020. On or about June 26, 2018, the court issued an order to sever 6 “overlapping” patents from the second Purdue case, but ordered litigation to proceed on the 4 new (2017-issued) patents. An answer and counterclaim was filed on July 9, 2018. On July 6, 2018, the court issued a so-called “Markman” claim construction ruling on the first case. On July 24, 2018, the parties to the case mutually agreed to and did have dismissed without prejudice the infringement claims related to the Grünenthal ‘060 patent, which is one of the six patents included in the original litigation case. On October 4, 2018, the parties mutually agreed to postpone the scheduled court date pending a case status conference scheduled for December 17, 2018. At that time, further trial scheduling and other administrative matters were postponed pending the Company’s resubmission of the Oxycodone ER NDA to the FDA, which was made on February 28, 2019. On January 17, 2019, the court issued a scheduling order in which the remaining major portions are scheduled. The trial was scheduled for June 2020. On April 4, 2019, the U.S. Federal Circuit Court of Appeals affirmed the invalidity of one Purdue OxyContin® formulation patent, subject to further appeal to the U.S. Supreme Court. Following the filing of a bankruptcy stay by Purdue Pharma L.P., the Company’s ongoing litigation case numbers 1:17-cv-00392-RGA and 1:18-cv-00404-RGA-SRF between Purdue Pharma L.P. et al and The Company were stayed and the existing trial dates in both cases vacated by orders issued in each case by the judge in the District of Delaware on October 3, 2019. With the litigation stay order, the previous 30-month stay date of March 2, 2020 was unchanged. On or about July 2, 2020 the parties in the cases, numbers 17-cv-392-RGA, 18-cv-404-RGA and 20-cv-515-RGA (the “Litigations”) between Purdue Pharma L.P. et al (“Purdue’) and Intellipharmaceutics entered into a stipulated dismissal of the Litigations. The stipulated dismissal, which was subject to approval by the bankruptcy court presiding over Purdue Pharma’s pending chapter 11 cases, provides for the termination of the patent infringement proceedings. The stipulated dismissal also provides that (i) for a thirty (30) day period following a final approval of the Company’s Aximris XRTM NDA the parties will attempt to resolve any potential asserted patent infringement claims relatingto the NDA and (ii) if the parties fail to resolve all such claims during such periodPurdue Pharma will have fifteen (15) days to pursue an infringement action against the Company.The terms of the stipulated dismissal agreement are confidential. On July 28, 2020 theU.S.District Court for the District of Delaware signed the stipulations of dismissal into order thereby dismissing the claims in the three cases without prejudice.In consideration of the confidential stipulated dismissal agreement andfor future saved litigation expenses, Purduepaidan amount to the Company. In July 2017, three complaints were filed in the U.S. District Court for the Southern District of New York that were later consolidated under the caption Shanawaz v. Intellipharmaceutics Int’l Inc., et al., No. 1:17-cv-05761 (S.D.N.Y.). The lead plaintiffs filed a consolidated amended complaint on January 29, 2018. In the amended complaint, the lead plaintiffs assert claims on behalf of a putative class consisting of purchasers of the Company’s securities between May 21, 2015 and July 26, 2017. The amended complaint alleges that the defendants violated Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements or failing to disclose certain information regarding the Company’s NDA for Oxycodone ER abuse-deterrent oxycodone hydrochloride extended release tablets. The complaint seeks, among other remedies, unspecified damages, attorneys’ fees and other costs, equitable and/or injunctive relief, and such other relief as the court may find just and proper. On November 7, 2019, the Company announced that the parties reached a settlement that is subject to the approval of the court following notice to class members. The stipulation of settlement provides for a settlement payment of US$1.6 million by the Company, which has been paid from available insurance coverage. As part of the settlement, the Company also agreed to contribute to the settlement fund specific anticipated Canadian tax refunds of up to US$400,000 to the extent received within 18 months after the entry of final judgment. The stipulation of settlement acknowledges that the Company and the other defendants continue to deny that they committed any violation of the U.S. securities laws or engaged in any other wrongdoing and that they are entering into the settlement at this time based on the burden, expense, and inherent uncertainty of continuing the litigation. On December 7, 2020 the court approved the settlement and entered an order and final judgement to that effect, thereby concluding the case. On February 21, 2019, the Company and its CEO, Dr. Isa Odidi (“Defendants”), were served with a Statement of Claim filed in the Superior Court of Justice of Ontario (“Court”) for a proposed class action under the Ontario Class Proceedings Act (“Action”). The Action was brought by Victor Romita, the proposed representative plaintiff (“Plaintiff”), on behalf of a class of Canadian persons (“Class”) who traded shares of the Company during the period from February 29, 2016 to July 26, 2017 (“Period”). The Statement of Claim, under the caption Victor Romita v. Intellipharmaceutics International Inc. and Isa Odidi On May 1, 2020, the court granted the plaintiff’s Amendment Motion. An order for leave to proceed for settlement purposes was granted on 25 June 2021. At a hearing on October 12,2021, the Court approved the settlement. The stipulation of settlement provides for a settlement payment of CAD$266,000 by the Company, CAD$226,000 was paid from insurance coverage while the Company paid CAD$40,000. Therefore, this action is now settled. On October 7, 2019, a complaint was filed in the U.S. District Court for the Southern District of New York by Alpha Capital Anstalt (“Alpha”) against the Company, two of its existing officers and directors and its former Chief Financial Officer. In the complaint, Alpha alleged that the Company and the executive officers/directors named in the complaint violated Sections 11, 12(a)(2) and 15 of the U.S. Securities Act of 1933, as amended, by allegedly making false and misleading statements in the Company’s Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission on September 20, 2018, as amended (the “Registration Statement”) by failing to disclose certain information regarding the resignation of the Company’s then Chief Financial Officer, which was announced several weeks after such registration statement was declared effective. In the complaint, Alpha seeks unspecified damages, rescission of its purchase of the Company’s securities in the relevant offering, attorneys’ fees and other costs and further relief as the court may find just and proper. On December 12, 2019, the Company and the other defendants in the action filed a motion to dismiss for failure to state a claim. The plaintiff filed an opposition to that motion on February 4, 2020 and a reply brief in further support of the motion to dismiss the action was filed March 6, 2020. In addition, the Court scheduled a mandatory settlement conference with the Magistrate Judge for April 23, 2020 which the Company and its counsel attended. On June 18, 2020, the court largely denied the Company’s motion to dismiss the action. Briefing on these motions was completed on February 19, 2021. In a court order filed July 9, 2021, the District Court issued an opinion and order granting summary judgment in the Company’s favor and ordered the case closed. The judgment was entered on July 12, 2021. On August 10, 2021, the Plaintiff filed a notice of appeal. On October 1, 2021, the Plaintiff filed a notice of voluntary dismissal of the appeal with prejudice, stipulated to by the Company. The Court of Appeals “so ordered” the voluntary dismissal stipulation and the appeal was dismissed. As a result, the matter has been fully resolved in favor of the Company and the named individual Defendants. On or about August 5, 2020 a former employee filed a claim against the Company for wrongful dismissal of employment plus loss of benefits, unpaid vacation pay, interest and costs. The parties have agreed to settlement terms in the matter. The Company has fulfilled the terms and has received a release and consent to dismiss. A dismissal order is pending from the court. On or about August 9, 2022, a service provider brought to the Company’s attention a Motion Record to seek judgement with respect to amounts owed it by the Company for the principal amount owed, plus pre-judgment interest and costs. We found out then, that a statement of claim dated May 3, 2021 was delivered to the Company’s premises. The Company did not respond to the claim because it was inadvertently never brought to the attention of management, as a result the Company was noted in default in May 31, 2021. The Company was not aware of claim and the default before August 9, 2022. The Company has signed a consent which allows the other party to obtain judgement from a court and take steps to enforce judgement if we default on certain conditions. |
Financial instruments
Financial instruments | 12 Months Ended |
Nov. 30, 2022 | |
Financial instruments | |
Financial instruments | 18. Financial instruments (a) Fair values The Company follows ASC Topic 820 Fair Value Measurement (“ASC Topic 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of ASC Topic 820 apply to other accounting pronouncements that require or permit fair value measurements. ASC Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. (i) The Company calculates fair value of the options and warrants using its own historical volatility (Level 1). (ii) The Company calculates the interest rate for the conversion option based on the Company’s estimated cost of raising capital (Level 2). An increase/decrease in the volatility and/or a decrease/increase in the discount rate would have resulted in an increase/decrease in the fair value of the conversion option and warrants. (a) Fair values (continued) Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis are as follows: November 30, 2022 November 30, 2021 Carrying Fair Carrying Fair amount value amount value $ $ $ $ Financial Liabilities Convertible debentures (i) 1,800,000 1,753,406 1,751,483 1,783,882 Promissory notes payable (i) 360,514 360,514 165,878 165,878 (i) The Company calculates the interest rate for the Debentures and promissory notes payable based on the Company’s estimated cost of raising capital and uses the discounted cash flow model to calculate the fair value of the Debentures and the promissory notes payable. The carrying values of cash, accounts receivable, accounts payable, accrued liabilities and employee cost payable approximates their fair values because of the short-term nature of these instruments. (b) Interest rate and credit risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. The Company does not believe that the results of operations or cash flows would be affected to any significant degree by a sudden change in market interest rates, relative to interest rates on cash and the convertible debenture due to the short-term nature of these obligations. Trade accounts receivable potentially subjects the Company to credit risk. The Company provides an allowance for doubtful accounts equal to the estimated losses expected to be incurred in the collection of accounts receivable. The following table sets forth details of the aged accounts receivable that are not overdue as well as an analysis of overdue amounts and the related allowance for doubtful accounts: November 30, November 30, 2022 2021 $ $ Accounts receivable 602 - Less allowance for doubtful accounts - - Total trade and other receivables, net 602 - Not past due 602 - Past due for more than 31 days but no more than 120 days - - Past due for more than 120 days - - Total trade and other receivables, gross 602 - Financial instruments that potentially subject the Company to concentration of credit risk consist principally of uncollateralized accounts receivable. The Company’s maximum exposure to credit risk is equal to the potential amount of financial assets. For the year ended November 30, 2022, three customers accounted for all the revenues and one customer accounted for all the accounts receivable of the Company recognized as other receivable within trade and other receivables in the Company’s consolidated balance sheet as at November 30, 2022. The Company is also exposed to credit risk at period end from the carrying value of its cash. The Company manages this risk by maintaining bank accounts with a Canadian Chartered Bank. The Company’s cash is not subject to any external restrictions. (c)Foreign exchange risk The Company has balances in Canadian dollars that give rise to exposure to foreign exchange risk relating to the impact of translating certain non-U.S. dollar balance sheet accounts as these statements are presented in U.S. dollars. A strengthening U.S. dollar will lead to a foreign exchange loss while a weakening U.S. dollar will lead to a foreign exchange gain. For each Canadian dollar balance of $1.0 million, a +/- 10% movement in the Canadian currency held by the Company versus the U.S. dollar would affect the Company’s loss and other comprehensive loss by $0.1 million. (d) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty raising liquid funds to meet its commitments as they fall due. In meeting its liquidity requirements, the Company closely monitors its forecasted cash requirements with expected cash drawdown. The following are the contractual maturities of the undiscounted cash flows of financial liabilities as at November 30, 2022: Less than 3 to 6 6 to 9 9 months Greater than 3 months months months to 1 year 1 year Total $ $ $ $ $ $ Accounts payable 3,764,692 - - - - 3,764,692 Accrued liabilities 2,821,506 - - - - 2,821,506 Employee costs payable 3,067,578 - - - - 3,067,578 Operating lease liabiity 45,891 45,891 45,891 45,891 - 183,564 Convertible debentures (Note 8) 1,800,000 - - - - 1,800,000 Promissory notes payable (Note 8) 360,514 - - - - 360,514 Total contractual obligations 11,860,181 45,891 45,891 45,891 - 11,997,854 |
Segmented information
Segmented information | 12 Months Ended |
Nov. 30, 2022 | |
Segmented information | |
Segmented information | 19. Segmented information The Company's operations comprise a single reportable segment engaged in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. As the operations comprise a single reportable segment, amounts disclosed in the financial statements for revenue, loss for the period, depreciation and total assets also represent segmented amounts. In addition, all of the Company's long-lived assets are in Canada. The Company’s license and commercialization agreement with Par accounts for substantially all of the revenue of the Company. November 30, November 30, November 30, 2022 2021 2020 $ $ $ Revenue United States 29,682 - 1,401,517 Canada 19,068 - - Other 16,978 - - 65,728 - 1,401,517 Total assets Canada 1,432,032 2,096,425 3,387,055 Total property and equipment Canada 788,050 994,109 1,770,137 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Nov. 30, 2022 | |
Significant accounting policies | |
Cash and cash equivalents | The Company considers all highly liquid securities with an original maturity of three months or less to be cash equivalents. Cash equivalent balances consist of bankers’ acceptances and bank accounts with variable market rates of interest. The financial risks associated with these instruments are minimal and the Company has not experienced any losses from investments in these securities. The carrying amount of cash approximates its fair value due to its short-term nature. As at November 30, 2022 and 2021, the Company had no cash equivalents. |
Accounts receivable | The Company reviews its sales and accounts receivable aging and determines whether an allowance for doubtful accounts is required. |
Financial instruments | The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations and comprehensive loss. |
Investment tax credits | The investment tax credits (“ITC") receivable are amounts considered recoverable from the Canadian federal and provincial governments under the Scientific Research & Experimental Development (“SR&ED”) incentive program. The amounts claimed under the program represent the amounts based on management estimates of eligible research and development costs incurred during the year. Realization is subject to government approval. Any adjustment to the amounts claimed will be recognized in the year in which the adjustment occurs. Refundable ITCs claimed relating to capital expenditures are credited to property and equipment. Refundable ITCs claimed relating to current expenditures are netted against research and development expenditures. |
Property and equipment | Property and equipment are recorded at cost. Equipment acquired under capital leases are recorded net of imputed interest, based upon the net present value of future payments. Assets under capital leases are pledged as collateral for the related lease obligation. Repairs and maintenance expenditures are charged to operations; major betterments and replacements are capitalized. Depreciation bases and rates are as follows: Assets Basis Rate Computer equipment Declining balance 30 % Computer software Declining balance 50 % Furniture and fixtures Declining balance 20 % Laboratory equipment Declining balance 20 % Leasehold improvements Straight line Over term of lease Leasehold improvements and assets acquired under capital leases are depreciated over the term of their useful lives or the lease period, whichever is shorter. The charge to operations resulting from depreciation of assets acquired under capital leases is included with depreciation expense. |
Impairment of long-lived assets | Long-lived assets are reviewed for impairment when events or circumstances indicate that the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the sum of estimated undiscounted cash flows associated with the asset or group of assets is less than its carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. |
Warrants | The Company previously issued warrants as described in Notes 11 and 15. In fiscal 2013, the outstanding warrants were presented as a liability because they did not meet the criteria of Accounting Standard Codification (“ASC”) Topic 480 Distinguishing Liabilities from Equity for equity classification. Subsequent changes in the fair value of the warrants were recorded in the consolidated statements of operations and comprehensive loss. The Company changed its functional currency effective December 1, 2013 such that these warrants met the criteria for prospective equity classification in ASC Topic 480, and the U.S. dollar translated amount of the warrant liability at December 1, 2013 became the amount reclassified to equity. |
Revenue recognition | The Company accounts for revenue in accordance with the provisions of ASC Topic 606 Revenue from Contracts with Customers. Under ASC Topic 606, the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). The Company earns revenue from non-refundable upfront fees, milestone payments upon achievement of specified research or development, exclusivity milestone payments and licensing payments on sales of resulting products. The relevant revenue recognition accounting policy is applied to each separate unit of accounting. Licensing The Company recognizes revenue from the licensing of the Company's drug delivery technologies, products and product candidates. Under the terms of the licensing arrangements, the Company provides the customer with a right to access the Company’s intellectual property with regards to the license which is granted. Revenue arising from the license of intellectual property rights is recognized over the period the Company transfers control of the intellectual property. The Company has a license and commercialization agreement with Par Pharmaceutical Inc. (“Par”). Under the exclusive territorial license rights granted to Par, the agreement requires that Par manufacture, promote, market, sell and distribute the product. Licensing revenue amounts receivable by the Company under this agreement are calculated and reported to the Company by Par, with amounts generally based upon net product sales and net profit which include estimates for chargebacks, rebates, product returns, and other adjustments. Licensing revenue payments received by the Company from Par under this agreement are not subject to further deductions for chargebacks, rebates, product returns, and other pricing adjustments. Based on this arrangement and the guidance per ASC Topic 606, the Company records licensing revenue over the period the Company transfers control of the intellectual property in the consolidated statements of operations and comprehensive loss. Milestones For milestone payments that are not contingent on sales-based thresholds, the Company applies a most-likely amount approach on a contract-by-contract basis. Management makes an assessment of the amount of revenue expected to be received based on the probability of the milestone outcome. Variable consideration is included in revenue only to the extent that it is probable that the amount will not be subject to a significant reversal when the uncertainty is resolved (generally when the milestone outcome is satisfied). Research and development Under arrangements where the license fees and research and development activities can be accounted for as a separate unit of accounting, non-refundable upfront license fees are deferred and recognized as revenue on a straight-line basis over the expected term of the Company's continued involvement in the research and development process. Deferred revenue Deferred revenue represents the funds received from clients, for which the revenues have not yet been earned, as the milestones have not been achieved, or in the case of upfront fees for drug development, where the work remains to be completed. As of November 30, 2022, the Company has recorded a deferred revenue balance of $Nil (November 30, 2021 - $Nil) due to the termination of its license and commercial supply agreement with Mallinckrodt. |
Research and development costs | Research and development costs related to continued research and development programs are expensed as incurred in accordance with ASC Topic 730 Research and Development. However, materials and equipment are capitalized and amortized over their useful lives if they have alternative future uses. |
Income taxes | The Company uses the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for losses and tax credit carry forwards. Significant judgment is required in determining whether deferred tax assets will be realized in full or in part. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the date of enactments. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to remain unrealized. The Company accounts for income taxes in accordance with ASC Subtopic 740-10 Income Taxes - Overall. This ASC Subtopic requires that uncertain tax positions are evaluated in a two-step process, whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The cumulative effects of the application of the provisions of ASC Subtopic 740-10 are described in Note 16. The Company records any interest related to income taxes in interest expense and penalties in selling, general and administrative expense. |
Share issue costs | Share issue costs are recorded as a reduction of the proceeds from the issuance of capital stock. |
Translation of foreign currencies | Transactions denominated in currencies other than the Company and its wholly owned operating subsidiaries’ functional currencies, monetary assets and liabilities are translated at the period end rates. Revenue and expenses are translated at rates of exchange prevailing on the transaction dates. All of the exchange gains or losses resulting from these other transactions are recognized in the consolidated statements of operations and comprehensive loss. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. |
Stock-based compensation | The Company has a stock-based compensation plan which authorizes the granting of various equity-based incentives including stock options and restricted share units (“RSU”s). The Company calculates stock-based compensation using the fair value method, under which the fair value of the options at the grant date is calculated using the Black-Scholes Option Pricing Model, and subsequently expensed over the vesting period of the option. The provisions of the Company's stock-based compensation plans do not require the Company to settle any options by transferring cash or other assets, and therefore the Company classifies the awards as equity. Stock-based compensation expense recognized during the year is based on the value of stock-based payment awards that are ultimately expected to vest. The Company estimates forfeitures at the time of grant and are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The stock-based compensation expense is recorded in the consolidated statements of operations and comprehensive loss under research and development expense and under selling, general and administration expense. Note 12 provides supplemental disclosure of the Company's stock options. |
Deferred Share Units | Deferred Share Units (“DSU”s) are valued based on the trading price of the Company’s common shares on the Toronto Stock Exchange. The Company records the value of the DSU’s owing to non-management board members in the consolidated statements of shareholders’ equity (deficiency). Basic loss per share (“EPS”) is computed by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. The dilutive effect of stock options is determined using the treasury stock method. Stock options and warrants to purchase common shares of the Company during fiscal 2022, 2021, and 2020, respectively, were not included in the computation of diluted EPS because the Company has incurred a loss for each of the years ended November 30, 2022, 2021 and 2020 and the effect would be anti-dilutive. |
Comprehensive loss | The Company follows ASC Topic 220 Income Statement – Reporting Comprehensive Income. This statement establishes standards for reporting and display of comprehensive (loss) income and its components. Comprehensive loss is net loss plus certain items that are recorded directly to shareholders' equity (deficiency). Other than foreign exchange gains and losses arising from cumulative translation adjustments, the Company has no other comprehensive loss items. |
Fair value measurement | Under ASC Topic 820 Fair Value Measurement, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). ASC Topic 820 establishes a hierarchy for inputs to valuation techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that reflect assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. There are three levels to the hierarchy based on the reliability of inputs, as follows: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. · Level 3 - Unobservable inputs for the asset or liability. The degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. |
Lease | On December 1, 2019, the Company adopted ASC Topic 842 Leases using the modified retrospective transition method, applying the new standard to all leases existing at the date of initial application. In addition, the Company elected the package of practical expedients in transition, which permitted the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs on leases that commenced prior to adoption of the new standard. The Company also elected the ongoing practical expedient not to recognize operating lease right-of-use assets and operating lease liabilities for short-term leases. As a result of adopting the new standard, the Company didn’t recognize any right-of-use (“ROU”) assets or lease liabilities in the consolidated balance sheet, as the Company only had one lease which had a term of less than 12 months on the date of adoption of Topic 842. There was no impact to opening accumulated deficit on the date of adoption. The ROU assets are initially measured at cost and amortized using the straight-line method through the end of the lease term. The lease liabilities are measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Significant accounting policies | |
Schedule Of Depreciation Rates | Assets Basis Rate Computer equipment Declining balance 30 % Computer software Declining balance 50 % Furniture and fixtures Declining balance 20 % Laboratory equipment Declining balance 20 % Leasehold improvements Straight line Over term of lease |
Prepaids expenses and other a_2
Prepaids expenses and other assets (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Prepaids expenses and other assets | |
Schedule Of Prepaids expenses and other assets | November 30, 2022 November 30, 2021 HST Receivable 120,602 48,155 Professional Fees 7,403 - Other 12,003 14,037 140,008 62,192 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Property and equipment | |
Schedule Of Property And Equipment | Computer equipment Computer software Furniture and fixtures Laboratory equipment Leasehold improvements Total $ $ $ $ $ $ Cost Balance at November 30, 2020 631,334 156,059 172,498 5,576,359 1,441,452 7,977,702 Impairment of asset - - - (514,502 ) - (514,502 ) Balance at November 30, 2021 631,334 156,059 172,498 5,061,857 1,441,452 7,463,200 Balance at November 30, 2022 631,334 156,059 172,498 5,061,857 1,441,452 7,463,200 Accumulated depreciation Balance at November 30, 2020 536,697 152,942 145,614 3,930,860 1,441,452 6,207,565 Depreciation 28,391 1,558 5,377 226,200 - 261,526 Balance at November 30, 2021 565,088 154,500 150,991 4,157,060 1,441,452 6,469,091 Depreciation 19,874 925 4,301 180,959 - 206,059 Balance at November 30, 2022 584,962 155,425 155,292 4,338,019 1,441,452 6,675,150 Net book value at: November 30, 2021 66,246 1,559 21,507 904,797 - 994,109 November 30, 2022 46,372 634 17,206 723,838 - 788,050 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Accrued liabilities | |
Schedule Of Accrued Liabilities | November 30, November 30, 2022 2021 $ $ Professional fees 120,308 106,417 Board of Directors fees 276,178 189,220 Litigation settlement fee (Note 17) - 400,000 Interest 678,216 472,357 Federal Drug Administration fees 1,500,940 914,277 Other 245,864 190,339 2,821,506 2,272,610 |
Convertible debentures and pr_2
Convertible debentures and promissory notes payable (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Convertible debentures and promissory notes payable | |
Schedule Of Related Party Transactions | November 30, November 30, 2022 2021 Convertible debenture payable to two directors and officers of the Company, unsecured, 10% annual interest rate, payable monthly (“2018 Debenture”) $ 500,000 $ 500,000 Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly (“May 2019 Debenture”) 1,050,000 1,050,000 Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly (“November 2019 Debenture”) 250,000 201,483 $ 1,800,000 $ 1,751,483 |
Schedule Of Promissory notes payable | November 30, November 30, 2022 2021 $ $ Promissory notes payable to two directors and officers of the Company, unsecured, no annual interest rate on the outstanding loan balance 157,437 165,878 Promissory notes payable to third party unsecured, 10% annual interest rate on the outstanding loan balance 203,077 - 360,514 165,878 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Lease | |
Schedule Of Operating Lease Assets And Liabilities | November 30, 2022 Assets: Operating lease right-of-use asset $ 151,471 Liabilities: Current: Operating lease liability $ 165,441 Total lease liability $ 165,441 |
Schedule Of discount rates | November 30, 2022 Remaining lease term (months) 12 Estimated incremental borrowing rate 11.4 % |
Schedule future minimum lease payments | November 30, 2022 Lease payments from December 1, 2022 - November 30, 2023 $ 175,821 Less imputed interest (December 1, 2022 - November) 10,380 Present value of lease liabilities $ 165,441 |
Options (Tables)
Options (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Options | |
Schedule Of Share-based Compensation, Stock Options, Activity | November 30, 2022 November 30, 2021 November 30, 2020 Weighted Weighted Weighted average Weighted average Weighted average Weighted exercise average exercise average exercise average Number of price per grant date Number of price per grant date Number of price per grant date options share fair value options share fair value options share fair value $ $ $ $ $ $ Outstanding, beginning of year 1,489,500 2.40 1.80 1,697,638 2.92 1.99 2,353,829 8.35 4.30 Granted - - - - - - - - - Cancelled - - - (156,572 ) 1.05 0.57 (101,182 ) 1.53 0.78 Forfeiture - - - (6,666 ) 0.35 0.22 (225,315 ) 0.35 0.22 Expired (180,500 ) 17.16 12.81 (44,900 ) 27.60 13.74 (329,694 ) 42.84 19.68 Balance, end of year 1,309,000 0.35 0.27 1,489,500 2.40 1.80 1,697,638 2.92 1.99 Options exercisable, end of year 1,309,000 0.35 0.27 1,489,500 2.40 1.80 1,231,309 3.90 2.64 |
Schedule Of Share-based Compensation, Shares Authorized Under Stock Option Plans, By Exercise Price Range | Options outstanding Options exercisable Weighted Weighted Weighted Weighted Weighted average average average average average exercise remaining grant exercise grant Exercise Number price per contract date Number price per date price outstanding share life (years) fair value exercisable share fair value $ $ $ $ $ $ $ $ Under 0 - 1.00 1,309,000 0.35 6.27 0.27 1,309,000 0.35 0.27 1,309,000 0.35 0.27 1,309,000 0.35 0.27 |
Schedule Of Employee Service Share-based Compensation, Allocation Of Recognized Period Costs | November 30, November 30, November 30, 2022 2021 2020 $ $ Research and development - 9,719 60,446 Selling, general and administrative - 2,266 11,199 - 11,985 71,645 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Warrants | |
Schedule Of Stockholders' Equity Note, Warrants Or Rights | Exercise Number Shares issuable Warrant price ($) outstanding Expiry upon exercise 2018 Firm Warrants 0.75 20,000,000 October 16, 2023 20,000,000 October 2018 Placement Agent Warrants 0.9375 1,160,314 October 16, 2023 1,160,314 21,160,314 21,160,314 |
Schedule Of Warrant Transactions | Outstanding, December 1, 2021 Issued Expired Exercised Outstanding, November 30, 2022 2018 Firm Warrants 20,000,000 - - - 20,000,000 October 2018 Placement Agent Warrants 1,160,314 - - - 1,160,314 21,160,314 - - - 21,160,314 Outstanding, December 1, 2020 Issued Expired Exercised Outstanding, November 30, 2021 June 2016 Warrants 277,478 - (277,478 ) - - March 2018 Warrants 441,666 - (441,666 ) - - March 2018 Placement Agent Warrants 44,166 - (44,166 ) - - 2018 Firm Warrants 20,000,000 - - - 20,000,000 October 2018 Placement Agent Warrants 1,160,314 - - - 1,160,314 21,923,624 - (763,310 ) - 21,160,314 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Income taxes | |
Schedule Of Effective Income Tax Rate Reconciliation | November 30, November 30, November 30, 2022 2021 2020 % % % Statutory income tax rate 26.5 26.5 26.5 $ $ $ Statutory income tax recovery (765,070 ) (1,393,726 ) (889,905 ) Increase (decrease) in income taxes Non-deductible expenses/ non-taxable income (41,921 ) 53,470 47,287 Change in valuation allowance 815,181 540,925 843,877 Financing costs booked to equity - (10,128 ) - Difference in foreign tax rates (2,844 ) (98 ) - Tax loss expired and other (9 ) 695,370 (9,069 ) Global intangible low-taxed income (GILTI) - - 40,643 Income tax expense (recovery) 5,337 (114,187 ) - The Company's income tax expense (recovery) is allocated as follows: Current tax expense 10,858 (20,333 ) 32,833 Deferred tax recovery (5,521 ) (93,854 ) - |
Schedule Of Deferred Tax Assets And Liabilities | November 30, November 30, 2022 2021 $ $ Deferred tax assets Non-capital loss carry-forwards 16,560,810 16,323,553 Book and tax basis differences on assets and liabilities 1,582,397 1,527,791 Other 2,120,034 1,509,122 Investment tax credit 2,850,496 2,850,496 Undeducted research and development expenditures 4,227,211 4,227,211 Capital loss carryforwards 318,915 318,915 Share issuance cost 6,077 227,253 27,665,940 26,984,341 Deferred tax liabilities Unrealized foreign exchange gain (271,913 ) (271,913 ) Convertible debentures - (12,857 ) (271,913 ) (284,770 ) Valuation allowances for deferred tax assets (27,394,027 ) (26,699,571 ) Net deferred tax assets - - |
Schedule Of Movement in net deferred tax assets (liabilities) | 2022 2021 $ $ Balance at the beginning of the year - - Recognized in profit/loss (5,521 ) (93,854 ) Recognized in shareholders' equity 5,521 93,854 Balance at the end of the year - - |
Schedule Of Operating Losses | Canadian income tax losses expiring in the year ended November 30, Federal 2029 614,200 2030 3,717,403 2031 6,154,180 2032 6,410,970 2033 4,984,768 2034 149,927 2035 2,634,823 2036 3,404,504 2037 4,328,444 2038 11,231,494 2039 9,891,661 2040 3,111,826 2041 4,968,817 2042 890,607 62,493,624 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Financial instruments | |
Schedule Of Fair Value Measurements, Nonrecurring | November 30, 2022 November 30, 2021 Carrying Fair Carrying Fair amount value amount value $ $ $ $ Financial Liabilities Convertible debentures (i) 1,800,000 1,753,406 1,751,483 1,783,882 Promissory notes payable (i) 360,514 360,514 165,878 165,878 |
Schedule Of Past Due Financing Receivables | November 30, November 30, 2022 2021 $ $ Accounts receivable 602 - Less allowance for doubtful accounts - - Total trade and other receivables, net 602 - Not past due 602 - Past due for more than 31 days but no more than 120 days - - Past due for more than 120 days - - Total trade and other receivables, gross 602 - |
Contractual Obligation, Fiscal Year Maturity Schedule | Less than 3 to 6 6 to 9 9 months Greater than 3 months months months to 1 year 1 year Total $ $ $ $ $ $ Accounts payable 3,764,692 - - - - 3,764,692 Accrued liabilities 2,821,506 - - - - 2,821,506 Employee costs payable 3,067,578 - - - - 3,067,578 Operating lease liabiity 45,891 45,891 45,891 45,891 - 183,564 Convertible debentures (Note 8) 1,800,000 - - - - 1,800,000 Promissory notes payable (Note 8) 360,514 - - - - 360,514 Total contractual obligations 11,860,181 45,891 45,891 45,891 - 11,997,854 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Segmented information | |
Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas | November 30, November 30, November 30, 2022 2021 2020 $ $ $ Revenue United States 29,682 - 1,401,517 Canada 19,068 - - Other 16,978 - - 65,728 - 1,401,517 Total assets Canada 1,432,032 2,096,425 3,387,055 Total property and equipment Canada 788,050 994,109 1,770,137 |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Nature of operations | |||
Net loss | $ (2,892,394) | $ (5,145,155) | $ (3,390,965) |
Working capital deficiency | (11,516,252) | (9,149,327) | |
Accumulated deficit | $ (105,134,099) | $ (102,241,705) |
Basis of presentation (Details
Basis of presentation (Details Narrative) | 12 Months Ended |
Nov. 30, 2022 | |
Basis of presentation | |
Description of business | 1-for-10 reverse stock split |
Significant Accounting Polici_4
Significant Accounting Policies (Detail) | 12 Months Ended |
Nov. 30, 2022 | |
Declining Balance | Computer software | |
Declining balance depreciation rate | 50% |
Declining Balance | Computer Equipment | |
Declining balance depreciation rate | 30% |
Declining Balance | Furniture and Fixtures | |
Declining balance depreciation rate | 20% |
Declining Balance | Laboratory Equipment | |
Declining balance depreciation rate | 20% |
Straight Line | Leasehold Improvements | |
Leasehold improvements | Over term of lease |
Significant Accounting Polici_5
Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Lease Term | 12 months | |
Mallinckrodt LLC [Member] | ||
Deferred revenue | $ 0 | $ 0 |
Trade and Other Receivables (De
Trade and Other Receivables (Details Narrative) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Trade and other receivables | ||
Account Receivable | $ 602 | $ 0 |
Allowance For Doubtful Accounts | $ 0 | $ 0 |
Prepaids expenses and other a_3
Prepaids expenses and other assets (Details ) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Prepaids expenses and other assets | ||
HST Receivable | $ 120,602 | $ 48,155 |
Professional Fees | 7,403 | 0 |
Other | 12,003 | 14,037 |
Total | $ 140,008 | $ 62,192 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Cost, beginning balance | $ 7,463,200 | $ 7,977,702 |
Impairment of asset | (514,502) | |
Cost, ending balance | 7,463,200 | 7,463,200 |
Accumulated amortization, beginning balance | 6,469,091 | 6,207,565 |
Depreciation | 206,059 | 261,526 |
Accumulated amortization, ending balance | 6,675,150 | 6,469,091 |
Net book value | 788,050 | 994,109 |
Computer Equipment | ||
Cost, beginning balance | 631,334 | 631,334 |
Impairment of asset | 0 | |
Cost, ending balance | 631,334 | 631,334 |
Accumulated amortization, beginning balance | 565,088 | 536,697 |
Depreciation | 19,874 | 28,391 |
Accumulated amortization, ending balance | 584,962 | 565,088 |
Net book value | 46,372 | 66,246 |
Computer Software | ||
Cost, beginning balance | 156,059 | 156,059 |
Impairment of asset | 0 | |
Cost, ending balance | 156,059 | 156,059 |
Accumulated amortization, beginning balance | 154,500 | 152,942 |
Depreciation | 925 | 1,558 |
Accumulated amortization, ending balance | 155,425 | 154,500 |
Net book value | 634 | 1,559 |
Furniture and Fixtures | ||
Cost, beginning balance | 172,498 | 172,498 |
Impairment of asset | 0 | |
Cost, ending balance | 172,498 | 172,498 |
Accumulated amortization, beginning balance | 150,991 | 145,614 |
Depreciation | 4,301 | 5,377 |
Accumulated amortization, ending balance | 155,292 | 150,991 |
Net book value | 17,206 | 21,507 |
Leasehold Improvements | ||
Cost, beginning balance | 1,441,452 | 1,441,452 |
Impairment of asset | 0 | |
Cost, ending balance | 1,441,452 | 1,441,452 |
Accumulated amortization, beginning balance | 1,441,452 | 1,441,452 |
Depreciation | 0 | 0 |
Accumulated amortization, ending balance | 1,441,452 | 1,441,452 |
Net book value | 0 | 0 |
Laboratory Equipment | ||
Cost, beginning balance | 5,061,857 | 5,576,359 |
Impairment of asset | (514,502) | |
Cost, ending balance | 5,061,857 | 5,061,857 |
Accumulated amortization, beginning balance | 4,157,060 | 3,930,860 |
Depreciation | 180,959 | 226,200 |
Accumulated amortization, ending balance | 4,338,019 | 4,157,060 |
Net book value | $ 723,838 | $ 904,797 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Property and equipment | |||
Write-down of long lived assets | $ 0 | $ 514,502 | |
Gain loss on sale of equipment | 44,435 | 0 | $ (41,603) |
Proceeds from sale of equipment | $ 500,000 | $ 0 | $ 29,191 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Accrued liabilities | ||
Professional Fees | $ 120,308 | $ 106,417 |
Board Of Directors Fees | 276,178 | 189,220 |
Litigation Settlement Fee (note 17) | 0 | 400,000 |
Interest | 678,216 | 472,357 |
Federal Drug Administration fees | 1,500,940 | 914,277 |
Other | 245,864 | 190,339 |
Accrued Liabilities | $ 2,821,506 | $ 2,272,610 |
Convertible Debentures and Pr_3
Convertible Debentures and Promissory Notes Payable (Details) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Convertible Debentures and Promissory Notes Payable (Details) | ||
Convertible debenture payable to two directors and officers of the Company, unsecured, 10% annual interest rate, payable monthly ("2018 Debenture") | $ 500,000 | $ 500,000 |
Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly ("May 2019 Debenture") | 1,050,000 | 1,050,000 |
Convertible debenture payable to two directors and officers of the Company, unsecured, 12% annual interest rate, payable monthly ("November 2019 Debenture") | 250,000 | 201,483 |
Promissory note payable to two directors and officers of the Company, unsecured no annual interest rate on the outstanding loan balance | $ 1,800,000 | $ 1,751,483 |
Convertible Debentures and Pr_4
Convertible Debentures and Promissory Notes Payable (Details 1) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Promissory Notes Payable | $ 360,514 | $ 165,878 |
Promissory notes payable to third party | ||
Promissory Notes Payable | 203,077 | 0 |
Promissory notes payable to two directors and officers | ||
Promissory Notes Payable | $ 157,437 | $ 165,878 |
Convertible Debentures and Pr_5
Convertible Debentures and Promissory Notes Payable (Details Narrative) | Sep. 10, 2018 USD ($) $ / shares | Nov. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | May 31, 2021 USD ($) | Sep. 30, 2019 USD ($) | Sep. 30, 2019 CAD ($) |
Convertible Debt Fair Value | $ 500,000 | $ 1,753,406 | $ 1,783,882 | $ 1,050,000 | ||
Carrying Amount Of Convertible Debt | $ 500,000 | 1,050,000 | ||||
Debt Instrument Interest Rate Effective | 7.30% | |||||
Additional Paid-in Capital | $ 66,667 | |||||
Convertible Debenture | $ 1,800,000 | $ 1,751,483 | $ 203,886 | |||
Non-interest Bearing Promissory Notes | $ 6,500 | |||||
Private Placement [Member] | ||||||
Interest Rate | 10% | |||||
Debt Principal Amount | $ 500,000 | |||||
Proceeds From Debt | $ 500,000 | |||||
Debt Conversion Price | $ / shares | $ 3 | |||||
November 2019 Debenture [Member] | ||||||
Convertible Debt Fair Value | 250,000 | |||||
Carrying Amount Of Convertible Debt | $ 250,000 |
Employee Costs Payable (Details
Employee Costs Payable (Details Narrative) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Employee costs payable | ||
Employee-related Liabilities, Current | $ 3,067,578 | $ 2,263,944 |
Lease (Details)
Lease (Details) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Lease | ||
Operating Lease Right-of-use Asset | $ 151,471 | $ 0 |
Current Operating Lease Liability | 165,441 | $ 0 |
Total Lease Liability | $ 165,441 |
Lease (Details 1)
Lease (Details 1) | 12 Months Ended |
Nov. 30, 2022 | |
Lease | |
Remaining Lease Term (months) | 12 months |
Estimated Incremental Borrowing Rate | 11.40% |
Lease (Details 2)
Lease (Details 2) | Nov. 30, 2022 USD ($) |
Lease | |
Lease payments for the remainder of the year ending | $ 175,821 |
Less imputed interest | 10,380 |
Present value of lease liabilities | $ 165,441 |
Lease (Details Narrative)
Lease (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Lease | ||
Operating Lease Cost | $ 115,784 | |
Renewal of Lease Term (months) | 5 years | |
Net Cash Lease Payments | $ 134,843 | |
Relief Fund Offset | 34,709 | |
Lease Payments | $ 169,072 | $ 169,552 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 USD ($) shares | Nov. 30, 2022 shares | Nov. 30, 2021 shares | Apr. 30, 2021 $ / shares | Nov. 30, 2020 shares | |
Common Shares, Issued | 33,092,665 | 23,678,105 | |||
Private Placement Offering Of An Aggregate Of Common Shares | 9,414,560 | ||||
Share Issued, Price Per Share | $ / shares | $ 0.41 | ||||
Private Placement Offering Of An Aggregate Of Common Value | $ | $ 3,069,448 | ||||
Stock Issuance Costs | $ | $ 38,220 | ||||
Officers and Directors | |||||
Common Shares, Issued | 33,092,665 | 33,092,665 | |||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.70% | 1.70% | |||
Common Stock | 578,131 | 578,131 |
Options (Details)
Options (Details) | 12 Months Ended |
Nov. 30, 2022 $ / shares shares | |
Options Outstanding | shares | 1,489,500 |
Options exercisable | shares | 1,309,000 |
Weighted average exercise price outstanding | $ 2.40 |
Option [Member] | |
Options Outstanding | shares | 1,309,000 |
Options exercisable | shares | 1,309,000 |
Weighted average exercise price outstanding | $ 0.35 |
Weighted average exercise price option exercisable | $ 0.35 |
Expected life (in Years) | 3 months 7 days |
Weighted average grant date fair value of options granted exercisable | $ 0.27 |
Option Outstanding | |
Options Outstanding | shares | 1,309,000 |
Options exercisable | shares | 1,309,000 |
Weighted average exercise price outstanding | $ 0.35 |
Weighted average exercise price option exercisable | $ 0.35 |
Expected life (in Years) | 6 years 3 months 7 days |
Weighted average grant date fair value of options granted outstanding | $ 0.27 |
Weighted average grant date fair value of options granted exercisable | $ 0.27 |
Options (Details 1)
Options (Details 1) - $ / shares | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Options | |||
Options Outstanding | 1,489,500 | 1,697,638 | 2,353,829 |
Expired | (180,500) | (44,900) | (329,694) |
Cancelled | 0 | (156,572) | (101,182) |
Granted | 0 | 0 | 0 |
Forfeiture | 0 | (6,666) | (225,315) |
Options Outstanding, End of period | 1,309,000 | 1,489,500 | 1,697,638 |
Options exercisable | 1,309,000 | 1,489,500 | 1,231,309 |
Weighted average exercise price outstanding | $ 2.40 | $ 2.92 | $ 8.35 |
Weighted average exercise price, Expired | 17.16 | 27.60 | 42.84 |
Weighted average exercise price, Granted | 0 | 0 | 0 |
Weighted average exercise price, Cancelled | 0 | 1.05 | 1.53 |
Weighted average exercise price, Forfeiture | 0 | 0.35 | 0.35 |
Weighted average exercise price outstanding, Ending | 0.35 | 2.40 | 2.92 |
Weighted average exercise price, Options exercisable end of period | 0.35 | 2.40 | 3.90 |
Weighted average grant date fair value, Beginning | 1.80 | 1.99 | 4.30 |
Weighted average grant date fair value, Expired | 12.81 | 13.74 | 19.68 |
Weighted average grant date fair value, Cancelled | 0 | 0.57 | 0.78 |
Weighted average grant date fair value, Granted | 0 | 0 | 0 |
Weighted average grant date fair value, Forfeiture | 0 | 0.22 | 0.22 |
Weighted average grant date fair value, Ending | 0.27 | 1.80 | 1.99 |
Weighted average grant date fair value, Options exercisable end of period | $ 0.27 | $ 1.80 | $ 2.64 |
Options (Details 2)
Options (Details 2) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Stock Based Compensation Expense Components | $ 0 | $ 11,985 | $ 71,645 |
Research and Development Expense | |||
Stock Based Compensation Expense Components | 0 | 9,719 | 60,446 |
Selling, General and Administrative Expenses | |||
Stock Based Compensation Expense Components | $ 0 | $ 2,266 | $ 11,199 |
Options (Details Narrative)
Options (Details Narrative) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Unrecognized compensation cost | $ 0 | $ 0 | $ 0 |
Options Outstanding | 1,489,500 | 1,697,638 | 2,353,829 |
Share-based compensation arrangement by share-based payment award, options, grants in period | 0 | 0 | |
Options exercised | $ 0 | $ 0 | $ 0 |
Stock option share-based compensation forfeiture rate | 4% | 4% | 4% |
Common shares, outstanding | 33,092,665 | 23,678,105 | |
Employee Stock Option Plan [Member] | |||
Options Outstanding | 1,309,000 | ||
Share-based compensation arrangement by share-based payment award, options, grants in period | 2,000,267 | ||
Common shares, outstanding | 3,309,267 | ||
Lower [Member] | |||
Options granted, term | 5 years | ||
Upper [Member] | |||
Options granted, term | 10 years |
Deferred Share Units (Details N
Deferred Share Units (Details Narrative) - Deferred Share Units - shares | 12 Months Ended | |||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | May 28, 2010 | |
Common Shares Reserved Maximum For Issuance Under The Plan | 11,000 | |||
Outstanding shares | 0 | 0 | 0 | |
Share based compensation arrangement by share based payment award number of shares available for grant | 11,000 | 11,000 | 11,000 | |
Shares exercised | 0 | 0 | ||
Charges from additional paid in capital to cmmon shares under capital stock | 0 | 0 | 0 |
Restricted share units (Details
Restricted share units (Details Narrative) | May 28, 2010 shares |
Restricted share units | |
Restricted Share Unit Reserved Maximum For Issuance Under The Plan | 33,000 |
Warrants (Details)
Warrants (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Number Outstanding | 21,160,314 | 21,923,624 |
Shares Issuable Upon Exercise | 21,160,314 | |
2018 Firm Warrants | ||
Number Outstanding | 20,000,000 | 20,000,000 |
Shares Issuable Upon Exercise | 20,000,000 | |
Exercise Price | $ 0.75 | |
Expiry | Oct. 16, 2023 | |
October 2018 Placement Agent Warrants | ||
Number Outstanding | 1,160,314 | 1,160,314 |
Shares Issuable Upon Exercise | 1,160,314 | |
Exercise Price | $ 0.9375 | |
Expiry | Oct. 16, 2023 |
Warrants (Details1)
Warrants (Details1) | Nov. 30, 2022 shares |
Warrant outstanding, beginning | 21,923,624 |
Warrant outstanding, ending | 21,160,314 |
Warrant [Member] | |
Warrant outstanding, beginning | 21,160,314 |
Warrant outstanding, ending | 21,160,314 |
2018 Firm Warrants | |
Warrant outstanding, beginning | 20,000,000 |
Warrant outstanding, ending | 20,000,000 |
October 2018 Placement Agent Warrants | |
Warrant outstanding, beginning | 1,160,314 |
Warrant outstanding, ending | 1,160,314 |
Warrants (Details 2)
Warrants (Details 2) | 12 Months Ended |
Nov. 30, 2022 shares | |
Warrant outstanding, beginning | 21,923,624 |
Issued | 0 |
Expired | (763,310) |
Exercised | 0 |
Warrant outstanding, ending | 21,160,314 |
2018 Firm Warrants | |
Warrant outstanding, beginning | 20,000,000 |
Issued | 0 |
Expired | 0 |
Exercised | 0 |
Warrant outstanding, ending | 20,000,000 |
October 2018 Placement Agent Warrants | |
Warrant outstanding, beginning | 1,160,314 |
Issued | 0 |
Expired | 0 |
Exercised | 0 |
Warrant outstanding, ending | 1,160,314 |
March 2018 Warrants | |
Warrant outstanding, beginning | 441,666 |
Issued | 0 |
Expired | (441,666) |
Exercised | 0 |
Warrant outstanding, ending | 0 |
March 2018 Placement Agent Warrants | |
Warrant outstanding, beginning | 44,166 |
Issued | 0 |
Expired | (44,166) |
Exercised | 0 |
Warrant outstanding, ending | 0 |
June 2016 Warrants | |
Warrant outstanding, beginning | 277,478 |
Issued | 0 |
Expired | (277,478) |
Exercised | 0 |
Warrant outstanding, ending | 0 |
Warrants (Details Narrative)
Warrants (Details Narrative) | Nov. 30, 2022 shares |
Warrants | |
Warrants to purchase common stock shares | 21,160,314 |
Income taxes (Details)
Income taxes (Details) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Income taxes | |||
Tax Loss Expired And Other | $ (9) | $ 695,370 | $ (9,069) |
Global Intangible Low-taxed Income (gilti) | 0 | 0 | 40,643 |
Income Tax Expense (recovery) | 5,337 | 114,187 | 0 |
Current Tax Expense | 10,858 | (20,333) | 32,833 |
Deferred Tax Recovery | $ (5,521) | $ (93,854) | $ 0 |
Statutory Income Tax Rate | 26.50% | 26.50% | 26.50% |
Statutory Income Tax Recovery | $ (765,070) | $ (1,393,726) | $ (889,905) |
Non-deductible Expenses/ Non-taxable Income | 41,921 | 53,470 | 47,287 |
Change In Valuation Allowance | 815,181 | 540,925 | 843,877 |
Financing Costs Booked To Equity | 0 | (10,128) | 0 |
Difference In Foreign Tax Rates | $ (2,844) | $ (98) | $ 0 |
Income taxes (Details 1)
Income taxes (Details 1) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 |
Income taxes | |||
Non-capital Loss Carry-forwards | $ 16,560,810 | $ 16,323,553 | |
Book And Tax Basis Differences On Assets And Liabilities | 1,582,397 | 1,527,791 | |
Other | 2,120,034 | 1,509,122 | |
Investment Tax Credit | 2,850,496 | 2,850,496 | |
Undeducted Research And Development Expenditures | 4,227,211 | 4,227,211 | |
Capital Loss Carryforwards | 318,915 | 318,915 | |
Share Issuance Cost | 6,077 | 227,253 | |
Deferred Tax Assets, Gross | 27,665,940 | 26,984,341 | |
Unrealized Foreign Exchange Gain | 271,913 | 271,913 | |
Convertible Debentures | 0 | (12,857) | |
Deferred Tax Liabilities | (271,913) | (284,770) | |
Valuation Allowances For Deferred Tax Assets | 27,394,027 | 26,699,571 | |
Net Deferred Tax Assets | $ 0 | $ 0 | $ 0 |
Income taxes (Details 2)
Income taxes (Details 2) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income taxes | ||
Balance At The Beginning Of The Year | $ 0 | $ 0 |
Recognized In Profit/loss | (5,521) | (93,854) |
Recognized In Shareholders' Equity | 5,521 | 93,854 |
Balance At The End Of The Year | $ 0 | $ 0 |
Income taxes (Details 3)
Income taxes (Details 3) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Operating Loss Carryforwards | $ 62,493,624 | $ 62,493,624 |
2029 | ||
Operating Loss Carryforwards | 614,200 | |
2030 | ||
Operating Loss Carryforwards | 3,717,403 | |
2031 | ||
Operating Loss Carryforwards | 6,154,180 | |
2032 | ||
Operating Loss Carryforwards | 6,410,970 | |
2033 | ||
Operating Loss Carryforwards | 4,984,768 | |
2034 | ||
Operating Loss Carryforwards | 149,927 | |
2035 | ||
Operating Loss Carryforwards | 2,634,823 | |
2036 | ||
Operating Loss Carryforwards | 3,404,504 | |
2037 | ||
Operating Loss Carryforwards | 4,328,444 | |
2038 | ||
Operating Loss Carryforwards | 11,231,494 | |
2040 | ||
Operating Loss Carryforwards | 9,891,661 | |
2039 | ||
Operating Loss Carryforwards | 3,111,826 | |
2041 | ||
Operating Loss Carryforwards | 4,968,817 | |
2042 | ||
Operating Loss Carryforwards | $ 890,607 |
Income taxes (Details Narrative
Income taxes (Details Narrative) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Income taxes | ||
Operating Loss Carryforwards | $ 62,493,624 | $ 62,493,624 |
Research And Experimental Development Expenditures, Cumulative Carry-forwards | 15,951,739 | 15,951,739 |
Accrued interest and penalties | 38,673 | 0 |
Unclaimed Investment Tax Credits | $ 2,933,013 | $ 2,933,013 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) | Oct. 12, 2021 CAD ($) | Nov. 07, 2019 USD ($) |
Contingencies | ||
Payment For Settlement | $ 40,000 | $ 1,600,000 |
Settlement Expense | 266,000,000,000 | |
Contribution To Settlement Fund | $ 400,000 | |
Payment For Settlement From Insurance Coverage | $ 226,000 |
Financial Instruments (Details)
Financial Instruments (Details) | Nov. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | May 31, 2021 USD ($) | Sep. 30, 2019 CAD ($) | Sep. 10, 2018 USD ($) |
Financial Liabilities | |||||
Convertible Debentures, Carrying Amount | $ 1,800,000 | $ 1,751,483 | $ 203,886 | ||
Convertible Debentures, Fair Value | 1,753,406 | 1,783,882 | $ 1,050,000 | $ 500,000 | |
Promissory Notes Payable, Carrying Amount | 360,514 | 165,878 | |||
Promissory Notes Payable, Fair Value | $ 360,514 | $ 165,878 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Total Accounts Receivable | $ 602 | $ 0 |
Less Allowance For Doubtful Accounts | 0 | 0 |
Total Accounts Receivable, Net | 602 | 0 |
Not Past Due | 602 | 0 |
Total Accounts Receivable, Gross | 602 | 0 |
Past due for more than 31 days but no more than 120 days | ||
Past Due | 0 | 0 |
Past due for more than 120 days | ||
Past Due | $ 0 | $ 0 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) | 12 Months Ended |
Nov. 30, 2022 USD ($) | |
Undiscounted Future Cash Flows | $ 11,997,854 |
Employee Costs Payable | |
Undiscounted Future Cash Flows | 3,067,578 |
Convertible Debentures | |
Undiscounted Future Cash Flows | 1,800,000 |
Promissory Notes Payable | |
Undiscounted Future Cash Flows | 360,514 |
Operating lease liabiity | |
Undiscounted Future Cash Flows | 183,564 |
Accrued Liabilities | |
Undiscounted Future Cash Flows | 2,821,506 |
Accounts Payable | |
Undiscounted Future Cash Flows | 3,764,692 |
Less Than 3 Months | |
Undiscounted Future Cash Flows | 11,860,181 |
Less Than 3 Months | Employee Costs Payable | |
Undiscounted Future Cash Flows | 3,067,578 |
Less Than 3 Months | Convertible Debentures | |
Undiscounted Future Cash Flows | 1,800,000 |
Less Than 3 Months | Promissory Notes Payable | |
Undiscounted Future Cash Flows | 360,514 |
Less Than 3 Months | Operating lease liabiity | |
Undiscounted Future Cash Flows | 45,891 |
Less Than 3 Months | Accrued Liabilities | |
Undiscounted Future Cash Flows | 2,821,506 |
Less Than 3 Months | Accounts Payable | |
Undiscounted Future Cash Flows | 3,764,692 |
Three To Six Months | |
Undiscounted Future Cash Flows | 45,891 |
Three To Six Months | Employee Costs Payable | |
Undiscounted Future Cash Flows | 0 |
Three To Six Months | Convertible Debentures | |
Undiscounted Future Cash Flows | 0 |
Three To Six Months | Promissory Notes Payable | |
Undiscounted Future Cash Flows | 0 |
Three To Six Months | Operating lease liabiity | |
Undiscounted Future Cash Flows | 45,891 |
Three To Six Months | Accrued Liabilities | |
Undiscounted Future Cash Flows | 0 |
Three To Six Months | Accounts Payable | |
Undiscounted Future Cash Flows | 0 |
Six To Nine Months | |
Undiscounted Future Cash Flows | 45,891 |
Six To Nine Months | Employee Costs Payable | |
Undiscounted Future Cash Flows | 0 |
Six To Nine Months | Convertible Debentures | |
Undiscounted Future Cash Flows | 0 |
Six To Nine Months | Promissory Notes Payable | |
Undiscounted Future Cash Flows | 0 |
Six To Nine Months | Operating lease liabiity | |
Undiscounted Future Cash Flows | 45,891 |
Six To Nine Months | Accrued Liabilities | |
Undiscounted Future Cash Flows | 0 |
Six To Nine Months | Accounts Payable | |
Undiscounted Future Cash Flows | 0 |
Nine Months To One Year | |
Undiscounted Future Cash Flows | 45,891 |
Nine Months To One Year | Employee Costs Payable | |
Undiscounted Future Cash Flows | 0 |
Nine Months To One Year | Convertible Debentures | |
Undiscounted Future Cash Flows | 0 |
Nine Months To One Year | Promissory Notes Payable | |
Undiscounted Future Cash Flows | 0 |
Nine Months To One Year | Operating lease liabiity | |
Undiscounted Future Cash Flows | 45,891 |
Nine Months To One Year | Accrued Liabilities | |
Undiscounted Future Cash Flows | 0 |
Nine Months To One Year | Accounts Payable | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Employee Costs Payable | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Convertible Debentures | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Promissory Notes Payable | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Operating lease liabiity | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Accrued Liabilities | |
Undiscounted Future Cash Flows | 0 |
Greater Than One Year | Accounts Payable | |
Undiscounted Future Cash Flows | $ 0 |
Financial Instruments (Detail_3
Financial Instruments (Details Narrative) $ in Millions | 12 Months Ended |
Nov. 30, 2022 USD ($) | |
Financial instruments | |
Foreign Exchange Risk Movement In Currency Percentage | 10% |
Foreign Exchange Risk Loss And Other Comprehensive Loss Amount Affected | $ 1 |
Segmented Information (Details)
Segmented Information (Details) - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Revenues | $ 65,728 | $ 0 | $ 1,401,517 |
Assets | 1,432,032 | 2,096,425 | |
Total property and equipment | 788,050 | 994,109 | |
Canada [Member] | |||
Revenues | 19,068 | 0 | 0 |
Assets | 1,432,032 | 2,096,425 | 3,387,055 |
Total property and equipment | 788,050 | 994,109 | 1,770,137 |
United States [Member] | |||
Revenues | 29,682 | 0 | 1,401,517 |
Other [Member] | |||
Revenues | $ 16,978 | $ 0 | $ 0 |