Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | PACIFIC GREEN TECHNOLOGIES INC. | |
Trading Symbol | PGTK | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 46,990,565 | |
Amendment Flag | false | |
Entity Central Index Key | 0001553404 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54756 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4966163 | |
Entity Address, Address Line One | Suite 10212 | |
Entity Address, Address Line Two | 8 The Green | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19901 | |
City Area Code | (302) | |
Local Phone Number | 601-4659 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
ASSETS | ||
Cash and cash equivalent | $ 17,968,499 | $ 23,436,417 |
Short-term investments and amounts in escrow (Note 3) | 1,050,403 | 1,126,728 |
Accounts receivable, net of allowance for doubtful accounts of $1,562,355 and $1,559,757, respectively | 10,855,942 | 10,996,220 |
Prepaid expenses and parts inventory | 1,510,935 | 932,948 |
Contract assets (Note 10) | 3,853,677 | 4,329,607 |
Lease receivable, current portion (Note 4) | 293,852 | 406,366 |
Total Current Assets | 35,533,308 | 41,228,286 |
Long term receivable | 1,368,046 | 2,735,415 |
Project under development (Note 9) | 2,001,116 | 2,001,116 |
Property and equipment (Note 5) | 1,214,407 | 1,229,828 |
Intangible assets (Note 6) | 10,849,631 | 11,180,524 |
Goodwill (Note 7 and 8) | 4,349,003 | 4,293,789 |
Right of use asset (Note 18) | 1,024,230 | 1,118,949 |
Security deposit | 588,167 | 635,870 |
Total Assets | 56,927,908 | 64,423,777 |
Current Liabilities | ||
Accounts payable and accrued liabilities (Note 12) | 21,690,414 | 24,486,138 |
Warranty provision (Note 13) | 2,283,463 | 2,425,107 |
Contract liabilities (Note 10) | 13,584,240 | 13,603,559 |
Current portion of lease obligation (Note 18) | 498,168 | 490,947 |
Due to related parties (Note 14) | 174,837 | |
Total Current Liabilities | 38,056,285 | 41,180,588 |
Long-term accounts payable and accrued liabilities (Note 12) | 1,644,249 | 3,294,342 |
Long-term lease obligation (Note 18) | 698,838 | 822,289 |
Total Liabilities | 40,399,372 | 45,297,219 |
Stockholders’ Equity | ||
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding, respectively | ||
Common stock, 500,000,000 shares authorized, $0.001 par value 46,990,565 and 46,990,565 shares issued and outstanding, respectively | 46,991 | 46,991 |
Additional paid-in capital | 92,340,880 | 92,327,092 |
Accumulated other comprehensive income | 1,068,848 | 892,732 |
Deficit | (76,928,183) | (74,140,257) |
Total Stockholders’ Equity | 16,528,536 | 19,126,558 |
Total Liabilities and Stockholders’ Equity | $ 56,927,908 | $ 64,423,777 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (unaudited) (Parentheticals) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Net of allowance for doubtful account (in Dollars) | $ 1,562,355 | $ 1,559,757 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 46,990,565 | 46,990,565 |
Common stock, shares outstanding | 46,990,565 | 46,990,565 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Sales (Note 10) | $ 2,653,439 | $ 28,496,361 |
Cost of goods sold (Note 10) | (1,702,480) | (16,456,899) |
Gross profit | 950,959 | 12,039,462 |
Expenses | ||
Advertising and promotion | 168,895 | 228,375 |
Amortization of intangible assets (Note 6) | 390,490 | 389,661 |
Depreciation (Note 5) | 49,766 | 47,442 |
Foreign exchange loss (gain) | 11,873 | (162,952) |
Management and technical consulting | 1,054,353 | 5,510,011 |
Operating lease expense (Note 18) | 123,155 | 130,129 |
Office and miscellaneous | 378,263 | 657,008 |
Professional fees | 276,669 | 613,116 |
Salaries and wage expenses | 1,401,980 | 2,202,387 |
Transfer agent and filing fees | 13,175 | 69,315 |
Travel and accommodation | 66,113 | 62,582 |
Warranty and related (Note 13) | (39,807) | 863,881 |
Total expenses | 3,894,925 | 10,610,955 |
(Loss) income before other income (expense) | (2,943,966) | 1,428,507 |
Other income (expense) | ||
Gain (loss) on change in fair value of derivative liability (Note 11) | (8,817) | |
Financing interest income | 97,626 | 57,714 |
Interest income (expense) and other | 58,414 | 11,277 |
Total other income | 156,040 | 60,174 |
Net (loss) income for the period | (2,787,926) | 1,488,681 |
Other comprehensive income (loss) | ||
Foreign currency translation gain (loss) | 176,116 | (55,797) |
Comprehensive (loss) income for the period | $ (2,611,810) | $ 1,432,884 |
Net (loss) income per share, basic and diluted (in Dollars per share) | $ (0.06) | $ 0.03 |
Weighted average number of shares outstanding, basic (in Shares) | 47,328,065 | 46,147,471 |
Weighted average number of shares outstanding, diluted (in Shares) | 47,328,065 | 46,147,471 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders’ Equity - USD ($) | Common Stock | Common Stock Issuable | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Deficit | Total |
Balance at Mar. 31, 2020 | $ 45,660 | $ 90,653,018 | $ 207,017 | $ (75,321,335) | $ 15,584,360 | |
Balance (in Shares) at Mar. 31, 2020 | 45,659,971 | |||||
Fair value of options granted (Note 16) | 60,822 | 60,822 | ||||
Foreign exchange translation loss | (55,797) | (55,797) | ||||
Net income/loss for the period | 1,488,681 | 1,488,681 | ||||
Balance at Jun. 30, 2020 | $ 45,660 | 90,713,840 | 151,220 | (73,832,654) | 17,078,066 | |
Balance (in Shares) at Jun. 30, 2020 | 45,659,971 | |||||
Balance at Mar. 31, 2021 | $ 46,991 | 92,327,092 | 892,732 | (74,140,257) | 19,126,558 | |
Balance (in Shares) at Mar. 31, 2021 | 46,990,565 | |||||
Fair value of options granted (Note 16) | 13,788 | 13,788 | ||||
Foreign exchange translation loss | 176,116 | 176,116 | ||||
Net income/loss for the period | (2,787,926) | (2,787,926) | ||||
Balance at Jun. 30, 2021 | $ 46,991 | $ 92,340,880 | $ 1,068,848 | $ (76,928,183) | $ 16,528,536 | |
Balance (in Shares) at Jun. 30, 2021 | 46,990,565 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income (loss) for the year | $ (2,787,926) | $ 1,488,681 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of intangible assets (Note 6) | 390,490 | 389,661 |
Operating lease expense (Note 18) | 123,155 | 130,129 |
Depreciation (Note 5) | 49,766 | 47,442 |
Lease finance charge | 5,486 | 11,362 |
Loss on change in fair value of derivative liability (Note 11) | 8,817 | |
Unrealized loss on foreign exchange | (7,962) | 96,652 |
Fair value of stock options granted (Note 16) | 13,788 | 60,822 |
Changes in operating assets and liabilities: | ||
Short-term investments and amounts held in trust | 76,325 | 664,994 |
Accounts receivable | 1,614,675 | (1,530,630) |
Prepaid expenses and deposits | (530,284) | 34,320 |
Contract assets | 475,930 | 5,642,884 |
Lease payments | (128,795) | (158,174) |
Due from related parties | (42,739) | |
Accounts payable and accrued liabilities | (4,445,817) | (4,874,372) |
Warranty provision | (141,644) | 314,252 |
Contract liabilities | (19,319) | (4,700,129) |
Due to related parties | (174,837) | (1,761) |
Net Cash Used in Operating Activities | (5,486,969) | (2,417,789) |
Investing Activities | ||
Additions of property and equipment | (24,005) | (46,493) |
Net Cash Used in Investing Activities | (24,005) | (46,493) |
Effect of Foreign Exchange Rate Changes on Cash | 43,056 | (55,797) |
Change in Cash and Cash Equivalents | (5,467,918) | (2,520,079) |
Cash and Cash Equivalents, Beginning of Period | 23,436,417 | 21,386,934 |
Cash and Cash Equivalents, End of Period | $ 17,968,499 | $ 18,866,855 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Pacific Green Technologies Inc. (the “Company”) was incorporated in the state of Delaware, USA on March 10, 1994. The Company is in the business of acquiring, developing, and marketing environmental technologies, with a focus on the emission control and renewable energy sectors. The business model in which the Company operates has evolved in 2020-2021 such that it now includes the sale, installation, and servicing of environmental and energy systems for clients, and the development, construction, and operation of energy infrastructure assets for its own account. On December 20, 2019, the Company acquired Shanghai Engin Digital Technology Co. Ltd., a company incorporated and registered in China (“Engin”). Engin is a solar design, development, and engineering company (Note 7). On June 19, 2020, Engin was changed to Pacific Green Technologies (Shanghai) Co. Ltd. On October 19, 2020, the Company acquired Innoergy Limited (“Innoergy”). Innoergy is a designer of battery energy storage systems and registered in the United Kingdom (Note 8). In connection with the acquisition, Innoergy adopted the name Pacific Green Innoergy Technologies Limited. On March 18, 2021, the Company acquired Richborough Energy Park Ltd. (“Richborough”), a company in the business of battery energy storage systems and registered in the United Kingdom (Note 9). The condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021. In the opinion of management, the accompanying condensed consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. The preparation of these condensed consolidated interim financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Basis of Presentation These unaudited interim condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America, and are expressed in U.S. dollars. The following accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities: Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.) Wholly-owned subsidiary Pacific Green Marine Technologies Group Inc. (“PGMG”) Wholly-owned subsidiary Pacific Green Marine Technologies Inc. (PGMT US) Wholly-owned subsidiary of PGMG Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”) Wholly-owned subsidiary of PGMG Pacific Green Marine Technologies (Norway) SA (“PGN”) Wholly-owned subsidiary of PGTU Pacific Green Marine Technologies (USA) Inc. (inactive) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc. Wholly-owned subsidiary Pacific Green Solar Technologies Inc. (“PGST”) Wholly-owned subsidiary Pacific Green Hydrogen Technologies Inc. (“PGHT”) Wholly-owned subsidiary Pacific Green Wind Technologies Inc (“PGWT”) Wholly-owned subsidiary Pacific Green Technologies International Ltd. (“PGTIL”) Wholly-owned subsidiary Pacific Green Technologies (Asia) Ltd. (“PGTA”) Wholly-owned subsidiary of PGTIL Pacific Green Technologies (China) Ltd. (“PGTC”) Wholly-owned subsidiary of PGTA Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”) Wholly-owned subsidiary of PGTA Pacific Green Environmental Technologies (Asia) Ltd. (“PGETA”) 50.1% owned subsidiary Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd) Wholly-owned subsidiary Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”) Wholly-owned subsidiary of ENGIN Pacific Green Energy Parks Inc. (“PGEP”) Wholly-owned subsidiary Pacific Green Energy Storage Technologies Inc. (“PGEST”) Wholly-owned subsidiary of PGEP Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.) Wholly-owned subsidiary of PGEP Richborough Energy Park Ltd. (“Richborough”) Wholly-owned subsidiary of PGESU On July 1, 2020, the Company ceased operations of PGN. PGN has been deconsolidated as it has been run by the courts. All inter-company balances and transactions have been eliminated upon consolidation. (b) Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Short-Term Investments and Amou
Short-Term Investments and Amounts in Escrow | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Short-term Investments and amounts in escrow | 3. Short-term Investments and amounts in escrow At June 30, 2021, the Company has a $61,220 (March 31, 2021 - $60,408) Guaranteed Investment Certificate (“GIC”) held as security against a corporate credit card. The GIC bears interest at 0.5% per annum and matures December 13, 2021. At June 30, 2021, the Company has $154,880 (March 31, 2021 – $915,779) in investments. At June 30, 2021, the Company’s solicitor is holding $834,303 (March 31, 2021 - $150,541) relating to proceeds under customer contracts. |
Lease Receivable
Lease Receivable | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Lease Receivable [Abstract] | |
Lease Receivable | 4. Lease Receivable On December 12, 2017, the Company completed the sale of a constructed ENVI-Marine scrubber system under an energy management lease arrangement. The Company’s lease receivable as at June 30, 2021 and March 31, 2020, consists of an amount due from the customer under a long-term lease arrangement. The payments to the Company under the lease arrangement are based on a quarterly payment of $118,000 per quarter through fiscal 2022. The current portion presented below reflects the minimum expected payments per the lease arrangement for the next twelve months. At the completion of the minimum required lease payments, the title of the asset transfers to the customer. No amount has been allocated to the residual value. Moreover, there are no other variable amounts involved in this lease arrangement. June 30, March 31, Current portion, expected within twelve months 293,852 406,366 Future lease payments forecasted in annual periods are as follows: $ 2021 301,114 Interest deemed hereunder (7,262 ) Total 293,852 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Cost Accumulated June 30, March 31, Building 1,011,441 (111,643 ) 899,798 904,897 Furniture and equipment 296,153 (116,412 ) 179,741 186,186 Computer equipment 16,959 (8,538 ) 8,421 10,040 Leasehold improvements 109,849 (70,540 ) 39,309 45,944 Testing equipment- Scrubber system 118,776 (31,638 ) 87,138 82,761 Total 1,553,178 (338,771 ) 1,214,407 1,229,828 The Company recorded $49,766 in depreciation expense on property and equipment for the three months ended June 30, 2021 (2020 – $47,442). |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Cost Accumulated Cumulative June 30, March 31, Patents and technical information 35,852,556 (7,646,313 ) (20,457,255 ) 7,748,988 7,968,355 Backlogs 98,599 (60,899 ) (37,700 ) – – Customer lists 242,852 (59,391 ) – 183,461 190,052 Patents and certifications 3,847,226 (940,857 ) – 2,906,369 3,010,769 Software licensing 12,597 (1,784 ) – 10,813 11,348 Total 40,053,830 (8,709,244 ) (20,494,955 ) 10,849,631 11,180,524 The Company recorded $390,490 of amortization expense on intangible assets for the three months ended June 30, 2021 (2020 – $389,661). Future amortization of intangible assets is as follows based on calendar year: $ 2021 783,381 2022 1,566,761 2023 1,566,761 2024 1,566,761 2025 1,565,513 Thereafter 3,800,454 Total future minimum lease payments 10,849,631 |
Acquisition of Shanghai Engin D
Acquisition of Shanghai Engin Digital Technology Co. Ltd | 3 Months Ended |
Jun. 30, 2021 | |
Acquisition Of Shanghai Engin Technology Co. Ltd. [Abstract] | |
Acquisition of Shanghai Engin Digital Technology Co. Ltd | 7. Acquisition of Shanghai Engin Digital Technology Co. Ltd On December 20, 2019, the Company acquired all the issued and outstanding stock of Shanghai Engin Digital Technology Co. Ltd., a solar design, development and engineering company and its subsidiary. Engin’s expertise in solar technologies provides the Company another green technology to market and develop internationally alongside our manufacturing. The acquisition was concluded concurrently with two groups. The first purchase of the 75% interest was acquired for consideration of $5,864,234 (¥41,000,000) upon signing (paid), plus a further $2,145,002 (¥15,000,000) due by March 20, 2020 (paid) and a final conditional payment of $2,860,002 (¥20,000,000) (not paid). The remaining 25% interest was acquired for consideration of 125,000 new shares of the Company (issued after year end), plus a further conditional $286,000 (¥2,000,000) (not paid). The required conditions for the final payment were not met by the selling party. As a result, the Company derecognized the liability and recorded a gain of $3,240,250 (¥22,000,000). On June 19, 2020, Engin’s name was changed to Pacific Green Technologies (Shanghai) Co. Ltd. Total purchase consideration was estimated at $11,052,307, inclusive of the fair value of the conditional payments, which were considered probable at the acquisition date. The 125,000 shares in the Company have been estimated to have a fair value of $368,750 or $2.95 per share. This share price is determined on the basis of the closing market price of the Company’s common shares at the date of acquisition. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. The purchase consideration has been applied to cash of $2,063,358, other net working capital of Engin of $1,024,461, property and equipment of $948,879, intangible assets of $4,188,353, and cumulative translation adjustment of $603,906. The residual value of consideration after applying it to the carrying values of assets and liabilities acquired and fair value adjustments, resulted in a goodwill allocation of $3,799,912. The goodwill paid as part of the acquisition is expected to be tax deductible. |
Acquisition of Innoergy Limited
Acquisition of Innoergy Limited | 3 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisition of Innoergy Limited | 8. Acquisition of Innoergy Limited On October 19, 2020, the Company entered into a Share Purchase Agreement for the acquisition of a 100% interest in Innoergy Limited and immediately changed its name to Pacific Green Innoergy Technologies Limited. Innoergy is a designer of battery energy storage systems registered in the United Kingdom. The acquisition marks the Company’s entry into the battery energy storage system market in conjunction with its joint venture partner, PowerChina SPEM. In consideration of all the issued and outstanding securities of Innoergy, the Company has issued to the selling shareholders of Innoergy an aggregate of 525,000 common shares of the Company. The Company paid $32,490 (£25,000) to a selling shareholder on completion of the transaction and will pay an equal amount when Innoergy achieves battery storage sales equivalent to 50 megawatts. The common shares of the Company issued to the sellers are subject to a sales volume restriction of 65,625 shares per calendar quarter. As a further condition of the acquisition, Pacific Green will make available to Innoergy a working capital credit facility of approximately $455,000 (£350,000) (at an interest rate of eight percent (8%) above the Bank of England base rate per annum), which will be due on demand and secured by a floating charge and debenture against the assets of Innoergy. Total purchase consideration is estimated at $633,911, inclusive of the fair value of the conditional payments, which were considered 75% probable at the acquisition date. Total purchase consideration also includes 525,000 shares with fair value of $577,500 or $1.10 per share. This share price is determined on the basis of the closing market price of the Company’s common shares at the date of acquisition. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. The purchase consideration has been applied to cash of $146,503, other net working capital of $2,758, property and equipment of $540, and loan payable of $64,981. The residual value of $549,091 has been allocated to goodwill, which is expected to be partially or completely tax deductible. |
Acquisition of Richborough Ener
Acquisition of Richborough Energy Park Ltd. | 3 Months Ended |
Jun. 30, 2021 | |
Acquisition Of Richborough Energy Park Ltd [Abstract] | |
Acquisition of Richborough Energy Park Ltd. | 9. Acquisition of Richborough Energy Park Ltd. On March 18, 2021, the Company acquired all the issued and outstanding stock of Richborough Energy Park Ltd., a United Kingdom company in the business of battery energy storage systems. The purchase consideration included cash payments of $681,957 (£494,351) made on March 18, 2021 and three conditional payments of $515,622 (£374,500) each on specified dates according to the share purchase agreement. The first conditional payment was made in May 2021. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable group of similar identifiable assets. Accordingly, the consideration was allocated on a relative fair value basis to the assets acquired and liabilities assumed. Total purchase consideration was estimated at $2,166,452, inclusive of the fair value of the conditional payments, which were considered probable at the acquisition date. The value attributed to the identifiable assets acquired and liabilities assumed are cash of $1, other net working capital of $535, security deposit of $164,799, and project under development of $2,001,116. |
Sales, Contract Assets and Cont
Sales, Contract Assets and Contract Liabilities | 3 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sales, Contract Assets and Contract Liabilities | 10. Sales, Contract Assets and Contract Liabilities The Company has analyzed its sales contracts under ASC 606 and has identified performance conditions that are not directly correlated with contractual payment terms with customer. As a result of the timing differences between customer payments and satisfaction of performance conditions, contractual assets and contractual liabilities have been recognized. Contracts are unique to customers’ requirements. However, the Company’s performance obligations can generally be identified as: ● Specified service works ● Certified design and engineering works ● Acceptance of delivered equipment to customers ● Acceptance of commissioned equipment ● Solar power contracts For the three months ended June 30, 2021, and 2020, the Company’s recognized sales revenues in proportion to performance obligations as noted below: Three Months Three Months Specified service works 368,793 27,563 Certified design and engineering works – 4,487,754 Acceptance of delivered equipment to customers 1,108,503 14,067,774 Acceptance of commissioned equipment 963,976 9,776,411 Solar power contracts 212,167 136,859 Total 2,653,439 28,496,361 Changes in the Company’s contract assets and liabilities for the periods are noted as below: Contract Assets Sales Contract Liabilities Balance, March 31, 2020 24,604,339 (23,553,267 ) Customer receipts and receivables – – (51,463,812 ) Sales recognized in earnings 61,413,520 61,413,520 Payments under contracts 19,553,678 – – Costs recognized in earnings (39,828,410 ) (39,828,410 ) – Balance, March 31, 2021 4,329,607 (13,603,559 ) Customer receipts and receivables – – (2,634,120 ) Sales recognized in earnings 2,653,439 2,653,439 Payments and accruals under contracts 1,226,550 – – Costs recognized in earnings (1,702,480 ) (1,702,480) Balance, June 30, 2021 3,853,677 (13,584,240 ) As of June 30, 2021, contract liability included $5,276,500 (March 31, 2021 - $5,276,500) cash payment from one customer to postpone contracts with an option to either proceed or cancel. |
Convertible Debenture and Deriv
Convertible Debenture and Derivative Liability | 3 Months Ended |
Jun. 30, 2021 | |
Convertible Debenture And Derivative Liability [Abstract] | |
Convertible Debenture and Derivative Liability | 11. Convertible Debenture and Derivative Liability As at June 30, 2021, the carrying value of the debenture was $nil (March 31, 2021 – $ nil nil nil A summary of the changes in derivative liabilities for the three months is shown below: June 30, June 30, Balance, beginning of period – 174,484 Mark to market adjustment – 8,817 Balance, end of period – 183,301 |
Accounts Payable and Accruals
Accounts Payable and Accruals | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accounts payable and accruals | 12. Accounts payable and accruals June 30, March 31, Accounts payable 2,287,513 3,961,965 Accrued liabilities 19,087,619 20,290,390 Loan payable 67,808 68,975 Payroll liabilities 247,474 164,808 Total short-term accounts payable and accrued liabilities 21,690,414 24,486,138 Long term accrued liabilities 1,644,249 3,294,342 Balance, end of period 23,334,663 27,780,480 |
Warranty Costs
Warranty Costs | 3 Months Ended |
Jun. 30, 2021 | |
Warranty Provision [Abstract] | |
Warranty costs | 13. Warranty costs During the three months ended June 30, 2021, the Company recorded a non-cash warranty expense of $94,633 (2020 - $863,881) as the Company provides warranties to customers for the design, materials, and installation of scrubber units. Product warranty is recorded at the time of sale and will be revised based on new information as system performance data becomes available. A summary of the changes in the warranty costs is shown below: June 30, March 31, Balance, beginning of period 2,425,107 1,089,356 Provision for warranty, net of expirations (39,807 ) 1,228,092 Warranty recoveries (costs) (101,837 ) 107,659 Balance, end of period 2,283,463 2,425,107 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions (a) As at June 30, 2021, the Company was owed $ nil (b) During the three months ended June 30, 2021, the Company incurred $205,752 (2020 – $284,012) in consulting fees, salaries, and commissions to companies controlled by a director of the Company. (c) During the three months ended June 30, 2021, the Company incurred $12,750 (2020– $72,750) in consulting fees to a director, or companies controlled by a director of the Company. |
Share Purchase Warrants
Share Purchase Warrants | 3 Months Ended |
Jun. 30, 2021 | |
Share Purchase Warrants [Abstract] | |
Share Purchase Warrants | 15. Share Purchase Warrants Number of Weighted average exercise price Balance, March 31, 2020 3,300,000 2.50 Expired (3,300,000 ) 2.50 Balance, March 31, 2021 and June 30, 2021 – – On July 1, 2020, 3,300,000 share purchase warrants expired unexercised. |
Stock Options
Stock Options | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options | 16. Stock Options The following table summarizes the continuity of stock options: Number of Weighted average exercise price Weighted average remaining contractual life (years) Aggregate intrinsic value Balance, March 31, 2020 3,377,500 1.46 1.49 6,045,000 Exercised (175,000 ) 0.01 Granted 100,000 1.01 Balance, March 31, 2021 3,302,500 1.52 0.72 2,300,425 Balance, June 30, 2021 3,302,500 1.52 0.47 946,400 Additional information regarding stock options outstanding as at June 30, 2021 is as follows: Exercisable Number of shares Weighted Exercise price 312,500 0.17 0.01 2,865,000 0.42 1.70 25,000 1.04 2.26 25,000 2.55 1.03 25,000 2.75 0.01 50,000 2.75 1.50 3,302,500 The estimated fair value of the stock options was being recorded over the requisite service period to vesting. For the three months ended June 30, 2021, the fair value of $13,788 (2020 - $60,822) was recorded as salaries expense. The fair values were estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: Three months ended Risk-free interest rate 1.54 % Expected life (in years) 3.00 Expected volatility 134 % |
Segmented Information
Segmented Information | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segmented Information | 17. Segmented Information The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe and Asia. Significant long-term assets are geographically located as follows: June 30, 2021 North America Europe Asia Total Property and equipment 131,861 174,327 908,219 1,214,407 Intangible Assets 7,748,988 – 3,100,643 10,849,631 Right of use assets 39,345 761,394 223,491 1,024,230 7,920,194 935,721 4,232,353 13,088,268 South America Europe Asia Total Revenues by customer region 97,500 2,441,272 114,667 2,653,439 Marine Solar Total Revenues by revenue type 2,441,272 212,167 2,653,439 June 30,2020 North America Europe Asia Total Property and equipment 147,870 244,583 907,340 1,299,793 Intangible Assets 8,626,457 – 3,559,213 12,185,670 Right of use assets 77,434 1,296,320 248,363 1,622,117 8,851,761 1,540,903 4,714,916 15,107,580 Europe Asia Total Revenues by customer region 28,359,502 136,859 28,496,361 Marine Solar Total Revenues by revenue type 28,359,502 136,859 28,496,361 For the three months ended June 30, 2021, 15% (2020 – 85%) of the Company’s revenues were derived from two customers that are under the same common ownership and control. |
Commitment
Commitment | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment | 18. Commitment (a) The Company’s subsidiaries have entered into three long-term operating leases for office premises in London, United Kingdom, Shanghai, China, and North Vancouver, Canada. Long-term Lease Lease Term Discount rate* London, United Kingdom April 1, 2019 December 25, 2023 3.75 4.50% North Vancouver, Canada December 1, 2019 August 31, 2022 1.75 4.50% Shanghai, China March 1, 2020 May 31, 2025 5.25 4.75% * The Company determined the discount rate with reference to mortgages of similar tenure and terms. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s operating lease does not provide an implicit rate, the discount rate used to determine the present value of the lease payments is the collateralized incremental borrowing rate based on the remaining lease term. The operating lease asset excludes lease incentives. The operating leases do not contain an option to extend or terminate the lease term at the Company’s discretion, therefore no probable renewal has been added to the expiry date when determining lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Lease cost for the three months are summarized as follows: June 30, June 30 Operating lease expense * 123,155 130,129 * Including right of use amortization and imputed interest. Lease payments include maintenance, operating expense, and tax. The Company has entered into premises lease agreements with minimum annual lease payments expected over the next five calendar years of the lease as follows: $ 2021 (remainder of year) 272,074 2022 530,274 2023 393,158 2024 65,050 2025 16,261 Total future minimum lease payments 1,276,817 Imputed interest (79,811 ) Operating lease obligations 1,197,006 (b) On July 14, 2017, the Company entered into a new memorandum of understanding to establish a new joint venture company in China with a non-related party (the “Supplier”) wherein the Supplier would receive and process orders, manufacture, and install products for the Company’s customers. In return, the Company agreed to design the product, provide strategic pricing, sales and marketing direction, as well as provide technology licenses and technical support (the “Technology”) to the Supplier. During the term of the agreement, the Company will provide the Supplier with a non-transferrable right and license to use the Technology to manufacture and install the product within the Asia and Russia region. The parties will fund the venture proportionately, 50.1% by the Company and 49.9% by the Supplier, and excess operating cash flows will be distributed on a quarterly basis. Neither party have funded the joint venture to date and there has been no revenue and expense associated with it. (c) On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company will hold 70% interest in the joint venture. The parties will fund the venture proportionately, 70% by the Company and 30% by Amkest Group. Neither party have funded the joint venture to date and there has been no revenue and expense associated with it. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. Net income (loss) before taxes for the three months ended June 30 by U.S. and foreign jurisdictions was as follows: June 30, June 30, United States (2,143,566 ) 1,613,603 Foreign (644,360 ) (124,922 ) Net income (loss) before taxes (2,787,926 ) 1,488,681 The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate. June 30, June 30 Net income (loss) before taxes (2,787,926 ) 1,488,681 Statutory tax rate 21 % 21 % Expected income tax expense (recovery) (585,464 ) 312,623 Permanent differences and other 47,703 (44,675 ) Foreign tax rate difference (23,282 ) (36,016 ) Change in valuation allowance 561,043 (231,932 ) Income tax provision – – Current – – Deferred – – Income tax provision – – At June 30, 2021, the Company has completed delinquent tax filings and management believes that the active entities within the group are now current with statutory corporate income tax filings. Certain of the amounts presented above are based on estimates and what management believes are prudent filing positions. The actual losses available could differ from these estimates upon assessment and review by taxation authorities. Tax positions are evaluated for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. The Company estimates that is has accumulated estimated net operating losses of approximately $15.5 million which were incurred mainly in the U.S, and which don’t begin to expire until 2033. In addition, the Company estimates that it has $1.2 million in losses available in the United Kingdom. Historical losses in the U.S., are subject to limitations on use due to deemed changes in control for tax purposes. This impacts the timing and opportunity to use certain losses. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation These unaudited interim condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America, and are expressed in U.S. dollars. The following accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities: Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.) Wholly-owned subsidiary Pacific Green Marine Technologies Group Inc. (“PGMG”) Wholly-owned subsidiary Pacific Green Marine Technologies Inc. (PGMT US) Wholly-owned subsidiary of PGMG Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”) Wholly-owned subsidiary of PGMG Pacific Green Marine Technologies (Norway) SA (“PGN”) Wholly-owned subsidiary of PGTU Pacific Green Marine Technologies (USA) Inc. (inactive) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc. Wholly-owned subsidiary Pacific Green Solar Technologies Inc. (“PGST”) Wholly-owned subsidiary Pacific Green Hydrogen Technologies Inc. (“PGHT”) Wholly-owned subsidiary Pacific Green Wind Technologies Inc (“PGWT”) Wholly-owned subsidiary Pacific Green Technologies International Ltd. (“PGTIL”) Wholly-owned subsidiary Pacific Green Technologies (Asia) Ltd. (“PGTA”) Wholly-owned subsidiary of PGTIL Pacific Green Technologies (China) Ltd. (“PGTC”) Wholly-owned subsidiary of PGTA Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”) Wholly-owned subsidiary of PGTA Pacific Green Environmental Technologies (Asia) Ltd. (“PGETA”) 50.1% owned subsidiary Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd) Wholly-owned subsidiary Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”) Wholly-owned subsidiary of ENGIN Pacific Green Energy Parks Inc. (“PGEP”) Wholly-owned subsidiary Pacific Green Energy Storage Technologies Inc. (“PGEST”) Wholly-owned subsidiary of PGEP Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.) Wholly-owned subsidiary of PGEP Richborough Energy Park Ltd. (“Richborough”) Wholly-owned subsidiary of PGESU On July 1, 2020, the Company ceased operations of PGN. PGN has been deconsolidated as it has been run by the courts. All inter-company balances and transactions have been eliminated upon consolidation. |
Recent Accounting Pronouncements | (b) Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Lease Receivable (Tables)
Lease Receivable (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Lease Receivable [Abstract] | |
Schedule of present value of amounts due under the lease arrangement | June 30, March 31, Current portion, expected within twelve months 293,852 406,366 |
Schedule of future lease payments | $ 2021 301,114 Interest deemed hereunder (7,262 ) Total 293,852 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Cost Accumulated June 30, March 31, Building 1,011,441 (111,643 ) 899,798 904,897 Furniture and equipment 296,153 (116,412 ) 179,741 186,186 Computer equipment 16,959 (8,538 ) 8,421 10,040 Leasehold improvements 109,849 (70,540 ) 39,309 45,944 Testing equipment- Scrubber system 118,776 (31,638 ) 87,138 82,761 Total 1,553,178 (338,771 ) 1,214,407 1,229,828 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Cost Accumulated Cumulative June 30, March 31, Patents and technical information 35,852,556 (7,646,313 ) (20,457,255 ) 7,748,988 7,968,355 Backlogs 98,599 (60,899 ) (37,700 ) – – Customer lists 242,852 (59,391 ) – 183,461 190,052 Patents and certifications 3,847,226 (940,857 ) – 2,906,369 3,010,769 Software licensing 12,597 (1,784 ) – 10,813 11,348 Total 40,053,830 (8,709,244 ) (20,494,955 ) 10,849,631 11,180,524 |
Schedule of future amortization of intangible assets | $ 2021 783,381 2022 1,566,761 2023 1,566,761 2024 1,566,761 2025 1,565,513 Thereafter 3,800,454 Total future minimum lease payments 10,849,631 |
Sales, Contract Assets and Co_2
Sales, Contract Assets and Contract Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of sales revenues in proportion | Three Months Three Months Specified service works 368,793 27,563 Certified design and engineering works – 4,487,754 Acceptance of delivered equipment to customers 1,108,503 14,067,774 Acceptance of commissioned equipment 963,976 9,776,411 Solar power contracts 212,167 136,859 Total 2,653,439 28,496,361 |
Schedule of contract assets and liabilities | Contract Assets Sales Contract Liabilities Balance, March 31, 2020 24,604,339 (23,553,267 ) Customer receipts and receivables – – (51,463,812 ) Sales recognized in earnings 61,413,520 61,413,520 Payments under contracts 19,553,678 – – Costs recognized in earnings (39,828,410 ) (39,828,410 ) – Balance, March 31, 2021 4,329,607 (13,603,559 ) Customer receipts and receivables – – (2,634,120 ) Sales recognized in earnings 2,653,439 2,653,439 Payments and accruals under contracts 1,226,550 – – Costs recognized in earnings (1,702,480 ) (1,702,480) Balance, June 30, 2021 3,853,677 (13,584,240 ) |
Convertible Debenture and Der_2
Convertible Debenture and Derivative Liability (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Convertible Debenture And Derivative Liability [Abstract] | |
Schedule of changes in derivative liabilities | June 30, June 30, Balance, beginning of period – 174,484 Mark to market adjustment – 8,817 Balance, end of period – 183,301 |
Accounts Payable and Accruals (
Accounts Payable and Accruals (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accruals | June 30, March 31, Accounts payable 2,287,513 3,961,965 Accrued liabilities 19,087,619 20,290,390 Loan payable 67,808 68,975 Payroll liabilities 247,474 164,808 Total short-term accounts payable and accrued liabilities 21,690,414 24,486,138 Long term accrued liabilities 1,644,249 3,294,342 Balance, end of period 23,334,663 27,780,480 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Warranty Provision [Abstract] | |
Schedule of warranty costs | June 30, March 31, Balance, beginning of period 2,425,107 1,089,356 Provision for warranty, net of expirations (39,807 ) 1,228,092 Warranty recoveries (costs) (101,837 ) 107,659 Balance, end of period 2,283,463 2,425,107 |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Share Purchase Warrants [Abstract] | |
Schedule of share purchase warrants | Number of Weighted average exercise price Balance, March 31, 2020 3,300,000 2.50 Expired (3,300,000 ) 2.50 Balance, March 31, 2021 and June 30, 2021 – – |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of continuity of stock options | Number of Weighted average exercise price Weighted average remaining contractual life (years) Aggregate intrinsic value Balance, March 31, 2020 3,377,500 1.46 1.49 6,045,000 Exercised (175,000 ) 0.01 Granted 100,000 1.01 Balance, March 31, 2021 3,302,500 1.52 0.72 2,300,425 Balance, June 30, 2021 3,302,500 1.52 0.47 946,400 |
Schedule of additional information regarding stock options outstanding | Exercisable Number of shares Weighted Exercise price 312,500 0.17 0.01 2,865,000 0.42 1.70 25,000 1.04 2.26 25,000 2.55 1.03 25,000 2.75 0.01 50,000 2.75 1.50 3,302,500 |
Schedule of fair values estimated using the black-scholes option pricing model | Three months ended Risk-free interest rate 1.54 % Expected life (in years) 3.00 Expected volatility 134 % |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment report information | June 30, 2021 North America Europe Asia Total Property and equipment 131,861 174,327 908,219 1,214,407 Intangible Assets 7,748,988 – 3,100,643 10,849,631 Right of use assets 39,345 761,394 223,491 1,024,230 7,920,194 935,721 4,232,353 13,088,268 June 30,2020 North America Europe Asia Total Property and equipment 147,870 244,583 907,340 1,299,793 Intangible Assets 8,626,457 – 3,559,213 12,185,670 Right of use assets 77,434 1,296,320 248,363 1,622,117 8,851,761 1,540,903 4,714,916 15,107,580 |
Schedule of revenues by customer region | South America Europe Asia Total Revenues by customer region 97,500 2,441,272 114,667 2,653,439 Marine Solar Total Revenues by revenue type 2,441,272 212,167 2,653,439 Europe Asia Total Revenues by customer region 28,359,502 136,859 28,496,361 Marine Solar Total Revenues by revenue type 28,359,502 136,859 28,496,361 |
Commitment (Tables)
Commitment (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lease assets are categorized as right of use assets | Long-term Lease Lease Term Discount rate* London, United Kingdom April 1, 2019 December 25, 2023 3.75 4.50% North Vancouver, Canada December 1, 2019 August 31, 2022 1.75 4.50% Shanghai, China March 1, 2020 May 31, 2025 5.25 4.75% * The Company determined the discount rate with reference to mortgages of similar tenure and terms. |
Schedule of lease cost for the three months are summarized | June 30, June 30 Operating lease expense * 123,155 130,129 * Including right of use amortization and imputed interest. Lease payments include maintenance, operating expense, and tax. |
Schedule of minimum annual lease payments | $ 2021 (remainder of year) 272,074 2022 530,274 2023 393,158 2024 65,050 2025 16,261 Total future minimum lease payments 1,276,817 Imputed interest (79,811 ) Operating lease obligations 1,197,006 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income before income taxes | June 30, June 30, United States (2,143,566 ) 1,613,603 Foreign (644,360 ) (124,922 ) Net income (loss) before taxes (2,787,926 ) 1,488,681 |
Schedule of income tax benefit at the statutory rates to income tax benefit at the Company's effective tax rate | June 30, June 30 Net income (loss) before taxes (2,787,926 ) 1,488,681 Statutory tax rate 21 % 21 % Expected income tax expense (recovery) (585,464 ) 312,623 Permanent differences and other 47,703 (44,675 ) Foreign tax rate difference (23,282 ) (36,016 ) Change in valuation allowance 561,043 (231,932 ) Income tax provision – – Current – – Deferred – – Income tax provision – – |
Significant Accounting Polici_2
Significant Accounting Policies (Details) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Owned subsidiary percentage | 50.10% |
Short-Term Investments and Am_2
Short-Term Investments and Amounts in Escrow (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Short-Term Investments and Amounts in Escrow (Details) [Line Items] | ||
Investment interest rate | 8.00% | |
Solicitor is holding | $ 834,303 | $ 150,541 |
Guaranteed Investment Contract [Member] | ||
Short-Term Investments and Amounts in Escrow (Details) [Line Items] | ||
GIC held as security | 61,220 | $ 60,408 |
Investment interest rate | 0.50% | |
Maturity date | Dec. 13, 2021 | |
Short-term Investments [Member] | Guaranteed Investment Contract [Member] | ||
Short-Term Investments and Amounts in Escrow (Details) [Line Items] | ||
Short term investment | $ 154,880 | $ 915,779 |
Lease Receivable (Details)
Lease Receivable (Details) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Disclosure Of Lease Receivable [Abstract] | |
Amount of quarterly payment | $ 118,000 |
Lease Receivable (Details) - Sc
Lease Receivable (Details) - Schedule of present value of amounts due under the lease arrangement - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2020 | |
Schedule of present value of amounts due under the lease arrangement [Abstract] | ||
Current portion, expected within twelve months | $ 293,852 | $ 406,366 |
Lease Receivable (Details) - _2
Lease Receivable (Details) - Schedule of future lease payments | Jun. 30, 2021USD ($) |
Schedule of future lease payments [Abstract] | |
2021 | $ 301,114 |
Interest deemed hereunder | (7,262) |
Total | $ 293,852 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 49,766 | $ 47,442 | $ 47,442 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,553,178 | |
Accumulated amortization | (338,771) | |
Net carrying value | 1,214,407 | $ 1,229,828 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,011,441 | |
Accumulated amortization | (111,643) | |
Net carrying value | 899,798 | 904,897 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 296,153 | |
Accumulated amortization | (116,412) | |
Net carrying value | 179,741 | 186,186 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 16,959 | |
Accumulated amortization | (8,538) | |
Net carrying value | 8,421 | 10,040 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 109,849 | |
Accumulated amortization | (70,540) | |
Net carrying value | 39,309 | 45,944 |
Testing equipment- Scrubber system [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 118,776 | |
Accumulated amortization | (31,638) | |
Net carrying value | $ 87,138 | $ 82,761 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 390,490 | $ 389,661 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 40,053,830 | |
Accumulated amortization | (8,709,244) | |
Cumulative impairment | (20,494,955) | |
Net carrying value | 10,849,631 | $ 11,180,524 |
Patents and technical information [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 35,852,556 | |
Accumulated amortization | (7,646,313) | |
Cumulative impairment | (20,457,255) | |
Net carrying value | 7,748,988 | 7,968,355 |
Backlogs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 98,599 | |
Accumulated amortization | (60,899) | |
Cumulative impairment | (37,700) | |
Net carrying value | ||
Customer lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 242,852 | |
Accumulated amortization | (59,391) | |
Cumulative impairment | ||
Net carrying value | 183,461 | 190,052 |
Patents and certifications [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,847,226 | |
Accumulated amortization | (940,857) | |
Cumulative impairment | ||
Net carrying value | 2,906,369 | 3,010,769 |
Software licensing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 12,597 | |
Accumulated amortization | (1,784) | |
Cumulative impairment | ||
Net carrying value | $ 10,813 | $ 11,348 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of future amortization of intangible assets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of future amortization of intangible assets [Abstract] | ||
2021 | $ 783,381 | |
2022 | 1,566,761 | |
2023 | 1,566,761 | |
2024 | 1,566,761 | |
2025 | 1,565,513 | |
Thereafter | 3,800,454 | |
Total future minimum lease payments | $ 10,849,631 | $ 11,180,524 |
Acquisition of Shanghai Engin_2
Acquisition of Shanghai Engin Digital Technology Co. Ltd (Details) - Shanghai Engin Digital Technology [Member] - USD ($) | 1 Months Ended | 3 Months Ended |
Dec. 20, 2019 | Jun. 30, 2021 | |
Acquisition of Shanghai Engin Digital Technology Co. Ltd (Details) [Line Items] | ||
Business combination, description | The acquisition was concluded concurrently with two groups. The first purchase of the 75% interest was acquired for consideration of $5,864,234 (¥41,000,000) upon signing (paid), plus a further $2,145,002 (¥15,000,000) due by March 20, 2020 (paid) and a final conditional payment of $2,860,002 (¥20,000,000) (not paid). The remaining 25% interest was acquired for consideration of 125,000 new shares of the Company (issued after year end), plus a further conditional $286,000 (¥2,000,000) (not paid). The required conditions for the final payment were not met by the selling party. As a result, the Company derecognized the liability and recorded a gain of $3,240,250 (¥22,000,000). On June 19, 2020, Engin’s name was changed to Pacific Green Technologies (Shanghai) Co. Ltd. | |
Total purchase | $ 11,052,307 | |
Issuance of shares (in Shares) | 125,000 | |
Estimated fair value | $ 368,750 | |
Estimated fair value, per share (in Dollars per share) | $ 2.95 | |
Purchase consideration applied to cash | $ 2,063,358 | |
Working capital, net | 1,024,461 | |
Amount property equipment | 948,879 | |
Intangible assets | 4,188,353 | |
Translation adjustment | 603,906 | |
Fresh start adjustment increase decrease goodwill | $ 3,799,912 |
Acquisition of Innoergy Limit_2
Acquisition of Innoergy Limited (Details) | Oct. 19, 2020 | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021GBP (£)shares |
Business Combinations [Abstract] | |||
Acquisition interest | 100.00% | ||
Shareholders common shares (in Shares) | shares | 525,000 | ||
Selling transaction | $ 32,490 | £ 25,000 | |
Sales volume shares (in Shares) | shares | 65,625 | 65,625 | |
Working capital credit | $ 455,000 | £ 350,000 | |
Interest rate | 8.00% | ||
Estimated total purchase | $ 633,911 | ||
Conditional payment percentage | 75.00% | 75.00% | |
Total purchase consideration shares (in Shares) | shares | 525,000 | 525,000 | |
Estimated fair value | $ 577,500 | ||
Estimated fair value, per share (in Dollars per share) | $ / shares | $ 1.10 | ||
Purchase consideration applied to cash | $ 146,503 | ||
Other working capital net | 2,758 | ||
Property and equipment | 540 | ||
Loan payable | 64,981 | ||
Allocated to goodwill | $ 549,091 |
Acquisition of Richborough En_2
Acquisition of Richborough Energy Park Ltd. (Details) - USD ($) | Mar. 18, 2021 | Jun. 30, 2021 |
Acquisition Of Richborough Energy Park Ltd [Abstract] | ||
Purchase consideration description | The purchase consideration included cash payments of $681,957 (£494,351) made on March 18, 2021 and three conditional payments of $515,622 (£374,500) each on specified dates according to the share purchase agreement. | |
Total purchase consideration | $ 2,166,452 | |
Cash | 1 | |
Net working capital | 535 | |
Security deposit | 164,799 | |
Project under development | $ 2,001,116 |
Sales, Contract Assets and Co_3
Sales, Contract Assets and Contract Liabilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Payments and accruals | $ 5,276,500 | $ 5,276,500 |
Sales, Contract Assets and Co_4
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | $ 2,653,439 | $ 28,496,361 |
Specified service works [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | 368,793 | 27,563 |
Certified design and engineering works [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | 4,487,754 | |
Acceptance of delivered equipment to customers [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | 1,108,503 | 14,067,774 |
Acceptance of commissioned equipment [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | 963,976 | 9,776,411 |
Concentrated solar power contracts [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of sales revenues in proportion [Line Items] | ||
Total | $ 212,167 | $ 136,859 |
Sales, Contract Assets and Co_5
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of contract assets and liabilities - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of contract assets and liabilities [Line Items] | ||
Balance | $ (13,603,559) | $ (23,553,267) |
Customer receipts and receivables | (2,634,120) | (51,463,812) |
Sales recognized in earnings | 2,653,439 | 61,413,520 |
Payments and accruals under contracts | ||
Costs recognized in earnings | ||
Balance | (13,584,240) | (13,603,559) |
Contract Assets [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of contract assets and liabilities [Line Items] | ||
Balance | 4,329,607 | 24,604,339 |
Customer receipts and receivables | ||
Sales recognized in earnings | ||
Payments and accruals under contracts | 1,226,550 | |
Payments under contracts | 19,553,678 | |
Costs recognized in earnings | (1,702,480) | (39,828,410) |
Balance | 3,853,677 | 4,329,607 |
Sales (Cost of sales) [Member] | ||
Sales, Contract Assets and Contract Liabilities (Details) - Schedule of contract assets and liabilities [Line Items] | ||
Customer receipts and receivables | ||
Sales recognized in earnings | 2,653,439 | 61,413,520 |
Payments and accruals under contracts | ||
Costs recognized in earnings | $ (1,702,480) | $ (39,828,410) |
Convertible Debenture and Der_3
Convertible Debenture and Derivative Liability (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Convertible Debenture and Derivative Liability (Details) [Line Items] | |||
Convertible debenture | |||
Interest expense | $ 1,500 | ||
Fair value of derivative liability | $ 8,817 | ||
Convertible Debt [Member] | |||
Convertible Debenture and Derivative Liability (Details) [Line Items] | |||
Convertible debenture, description | the carrying value of the debenture was $nil (March 31, 2021 – $nil) and interest expense on the debenture for the three months ended June 30, 2021 was recorded as $nil (2020 – $1,500). During the three months ended June 30, 2021, the Company recorded $nil on the change in fair value of derivative liability (2020 - loss of $8,817) |
Convertible Debenture and Der_4
Convertible Debenture and Derivative Liability (Details) - Schedule of changes in derivative liabilities - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of changes in derivative liabilities [Abstract] | ||
Balance, beginning of period | $ 174,484 | |
Mark to market adjustment | 8,817 | |
Balance, end of period | $ 183,301 |
Accounts Payable and Accruals_2
Accounts Payable and Accruals (Details) - Schedule of accounts payable and accruals - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of accounts payable and accruals [Abstract] | ||
Accounts payable | $ 2,287,513 | $ 3,961,965 |
Accrued liabilities | 19,087,619 | 20,290,390 |
Loan payable | 67,808 | 68,975 |
Payroll liabilities | 247,474 | 164,808 |
Total short-term accounts payable and accrued liabilities | 21,690,414 | 24,486,138 |
Long term accrued liabilities | 1,644,249 | 3,294,342 |
Balance, end of period | $ 23,334,663 | $ 27,780,480 |
Warranty Costs (Details)
Warranty Costs (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Warranty Provision [Abstract] | ||
Non-cash warranty provision | $ 94,633 | $ 863,881 |
Warranty Costs (Details) - Sche
Warranty Costs (Details) - Schedule of warranty costs - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule of warranty costs [Abstract] | ||
Balance, beginning of year | $ 2,425,107 | $ 1,089,356 |
Expense for warranty provision | (39,807) | 1,228,092 |
Expenses and adjustments | (101,837) | 107,659 |
Balance, end of year | $ 2,283,463 | $ 2,425,107 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Director and Officer [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Related party transaction, amount | $ 174,837 | ||
Director [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Management consulting fees | 205,752 | $ 284,012 | |
Consulting fees | $ 12,750 | $ 72,750 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details) | Jul. 01, 2020shares |
Share Purchase Warrants [Abstract] | |
Warrants expired | 3,300,000 |
Share Purchase Warrants (Deta_2
Share Purchase Warrants (Details) - Schedule of share purchase warrants | 12 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Schedule of share purchase warrants [Abstract] | |
Balance, March 31, 2020 | shares | 3,300,000 |
Balance, March 31, 2020 | $ / shares | $ 2.50 |
Expired | shares | (3,300,000) |
Expired | $ / shares | $ 2.50 |
Balance, March 31, 2021 and June 30, 2021 | shares | |
Balance, March 31, 2021 and June 30, 2021 | $ / shares |
Stock Options (Details)
Stock Options (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Fair value of stock options vested | $ 13,788 | $ 60,822 |
Stock Options (Details) - Sched
Stock Options (Details) - Schedule of continuity of stock options - Stock Option [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Stock Options (Details) - Schedule of continuity of stock options [Line Items] | ||
Number of options | $ 3,302,500 | $ 3,377,500 |
Weighted average exercise price (in Dollars per share) | $ 1.52 | $ 1.46 |
Weighted average remaining contractual life (years), Ending balance | 1 year 5 months 26 days | |
Aggregate intrinsic value | $ 2,300,425 | $ 6,045,000 |
Number of options | $ 3,302,500 | $ 3,302,500 |
Weighted average exercise price (in Dollars per share) | $ 1.52 | $ 1.52 |
Weighted average remaining contractual life (years), Ending balance | 5 months 19 days | 8 months 19 days |
Aggregate intrinsic value | $ 946,400 | $ 2,300,425 |
Number of options, Exercised (in Shares) | (175,000) | |
Weighted average exercise price, Exercised (in Dollars per share) | $ 0.01 | |
Number of options, Granted (in Shares) | 100,000 | |
Weighted average exercise price, Granted (in Dollars per share) | $ 1.01 |
Stock Options (Details) - Sch_2
Stock Options (Details) - Schedule of additional information regarding stock options outstanding | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 3,302,500 |
Exercise price 0.01 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 312,500 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 2 months 1 day |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 0.01 |
Exercise price 1.70 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 2,865,000 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 5 months 1 day |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 1.70 |
Exercise price 2.26 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 25,000 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 1 year 14 days |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 2.26 |
Exercise price 1.03 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 25,000 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 2 years 6 months 18 days |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 1.03 |
Exercise price 0.01 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 25,000 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 2 years 9 months |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 0.01 |
Exercise price 1.50 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding and exercisable, Number of shares | 50,000 |
Outstanding and exercisable, Weighted average remaining contractual life (years) | 2 years 9 months |
Outstanding and exercisable, Range of Exercise prices (in Dollars per share) | $ / shares | $ 1.50 |
Stock Options (Details) - Sch_3
Stock Options (Details) - Schedule of fair values estimated using the black-scholes option pricing model | 3 Months Ended |
Jun. 30, 2021 | |
Schedule of fair values estimated using the black-scholes option pricing model [Abstract] | |
Risk-free interest rate | 1.54% |
Expected life (in years) | 3 years |
Expected volatility | 134.00% |
Segmented Information (Details)
Segmented Information (Details) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Customer Concentration Risk [Member] | Largest customer [Membr] | Accounts Receivable [Member] | ||
Segmented Information (Details) [Line Items] | ||
Revenue percentage | 15.00% | 85.00% |
Segmented Information (Detail_2
Segmented Information (Details) - Schedule of segment report information - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Segment Reporting Information [Line Items] | ||
Property and equipment | $ 1,214,407 | $ 1,299,793 |
Intangible Assets | 10,849,631 | 12,185,670 |
Right of use assets | 1,024,230 | 1,622,117 |
Total non-current assets | 13,088,268 | 15,107,580 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 131,861 | 147,870 |
Intangible Assets | 7,748,988 | 8,626,457 |
Right of use assets | 39,345 | 77,434 |
Total non-current assets | 7,920,194 | 8,851,761 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 174,327 | 244,583 |
Intangible Assets | ||
Right of use assets | 761,394 | 1,296,320 |
Total non-current assets | 935,721 | 1,540,903 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 908,219 | 907,340 |
Intangible Assets | 3,100,643 | 3,559,213 |
Right of use assets | 223,491 | 248,363 |
Total non-current assets | $ 4,232,353 | $ 4,714,916 |
Segmented Information (Detail_3
Segmented Information (Details) - Schedule of revenues by customer region - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by customer region | $ 2,653,439 | $ 28,496,361 |
Revenues by revenue type | 2,653,439 | 28,496,361 |
South America [Member] | ||
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by customer region | 97,500 | |
Europe [Member] | ||
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by customer region | 2,441,272 | 28,359,502 |
Asia [Member] | ||
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by customer region | 114,667 | 136,859 |
Marine [Member] | ||
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by revenue type | 2,441,272 | 28,359,502 |
Solar [Member] | ||
Segmented Information (Details) - Schedule of revenues by customer region [Line Items] | ||
Revenues by revenue type | $ 212,167 | $ 136,859 |
Commitment (Details)
Commitment (Details) | Dec. 02, 2020 | Jun. 30, 2021 |
Commitment (Details) [Line Items] | ||
Commitments, description | The parties will fund the venture proportionately, 50.1% by the Company and 49.9% by the Supplier, and excess operating cash flows will be distributed on a quarterly basis. | |
Hold interest percentage | 70.00% | |
Venture fund percentage | 70.00% | |
Amkest Group [Member] | ||
Commitment (Details) [Line Items] | ||
Venture fund percentage | 30.00% |
Commitment (Details) - Schedule
Commitment (Details) - Schedule of lease assets are categorized as right of use assets | 3 Months Ended | |
Jun. 30, 2021 | ||
London, United Kingdom [Member] | ||
Commitment (Details) - Schedule of lease assets are categorized as right of use assets [Line Items] | ||
Long-term premises lease | London, United Kingdom | |
Lease commencement | Apr. 1, 2019 | |
Lease expiry | Dec. 25, 2023 | |
Term (years) | 3 years 9 months | |
Discount rate | 4.50% | [1] |
North Vancouver, Canada [Member] | ||
Commitment (Details) - Schedule of lease assets are categorized as right of use assets [Line Items] | ||
Long-term premises lease | North Vancouver, Canada | |
Lease commencement | Dec. 1, 2019 | |
Lease expiry | Aug. 31, 2022 | |
Term (years) | 1 year 9 months | |
Discount rate | 4.50% | [1] |
Shanghai, China [Member] | ||
Commitment (Details) - Schedule of lease assets are categorized as right of use assets [Line Items] | ||
Long-term premises lease | Shanghai, China | |
Lease commencement | Mar. 1, 2020 | |
Lease expiry | May 31, 2025 | |
Term (years) | 5 years 3 months | |
Discount rate | 4.75% | [1] |
[1] | The Company determined the discount rate with reference to mortgages of similar tenure and terms. |
Commitment (Details) - Schedu_2
Commitment (Details) - Schedule of lease cost for the three months are summarized - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of lease cost for the three months are summarized [Abstract] | ||
Operating lease expense | $ 123,155 | $ 130,129 |
Commitment (Details) - Schedu_3
Commitment (Details) - Schedule of minimum annual lease payments | Jun. 30, 2021USD ($) |
Schedule of minimum annual lease payments [Abstract] | |
2021 (remainder of year) | $ 272,074 |
2022 | 530,274 |
2023 | 393,158 |
2024 | 65,050 |
2025 | 16,261 |
Total future minimum lease payments | 1,276,817 |
Imputed interest | (79,811) |
Operating lease obligations | $ 1,197,006 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Tax benefit | 50.00% |
Description of net operating losses | The Company estimates that is has accumulated estimated net operating losses of approximately $15.5 million which were incurred mainly in the U.S, and which don’t begin to expire until 2033. |
Net operating losses | $ 1.2 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of components of income before income taxes - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes (Details) - Schedule of components of income before income taxes [Line Items] | ||
Net income (loss) before taxes | $ (2,787,926) | $ 1,488,681 |
United States [Member] | ||
Income Taxes (Details) - Schedule of components of income before income taxes [Line Items] | ||
Net income (loss) before taxes | (2,143,566) | 1,613,603 |
Foreign [Member] | ||
Income Taxes (Details) - Schedule of components of income before income taxes [Line Items] | ||
Net income (loss) before taxes | $ (644,360) | $ (124,922) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of income tax benefit at the statutory rates to income tax benefit at the Company's effective tax rate - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of income tax benefit at the statutory rates to income tax benefit at the Company's effective tax rate [Abstract] | ||
Net income (loss) before taxes | $ (2,787,926) | $ 1,488,681 |
Statutory tax rate | 21.00% | 21.00% |
Expected income tax expense (recovery) | $ (585,464) | $ 312,623 |
Permanent differences and other | 47,703 | (44,675) |
Foreign tax rate difference | (23,282) | (36,016) |
Change in valuation allowance | 561,043 | (231,932) |
Income tax provision | ||
Current | ||
Deferred |