AquaBounty (AQB) 10-K 7 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-36426
Entity Registrant Name	AquaBounty Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3156167
Entity Address, Address Line One	2 Mill & Main Place
Entity Address, Address Line Two	Suite 395
Entity Address, City or Town	Maynard
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01754
City Area Code	978
Local Phone Number	648-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 111.7
Entity Common Stock, Shares Outstanding		71,110,713
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held on May 25, 2023 (the “2023 Proxy Statement”), are incorporated by reference into Part III of this Annual Report on Form 10 ‑ K.
Entity Central Index Key	0001603978
Auditor Name	Deloitte & Touche LLP
Auditor Location	Baltimore, Maryland
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 101,638,557	$ 88,454,988
Marketable securities		101,773,781
Inventory	2,276,592	1,259,910
Prepaid expenses and other current assets	2,133,583	1,536,484
Total current assets	106,048,732	193,025,163
Property, plant and equipment, net	106,286,186	33,815,119
Right of use assets, net	222,856	284,320
Intangible assets, net	218,139	231,842
Restricted cash	1,000,000	1,000,000
Other assets	64,859	79,548
Total assets	213,840,772	228,435,992
Current liabilities:
Accounts payable and accrued liabilities	12,000,592	4,317,615
Accrued employee compensation	1,021,740	874,589
Current debt	2,387,231	627,365
Other current liabilities	20,830	66,269
Total current liabilities	15,430,393	5,885,838
Long-term lease obligations	203,227	224,058
Long-term debt, net	6,286,109	8,523,333
Total liabilities	21,919,729	14,633,229
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 150,000,000 and 80,000,000 shares authorized at December 31, 2022 and 2021, respectively; 71,110,713 and 71,025,738 shares outstanding at December 31, 2022 and 2021, respectively	71,111	71,026
Additional paid-in capital	385,388,684	384,852,107
Accumulated other comprehensive loss	(516,775)	(255,588)
Accumulated deficit	(193,021,977)	(170,864,782)
Total stockholders’ equity	191,921,043	213,802,763
Total liabilities and stockholders’ equity	$ 213,840,772	$ 228,435,992

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	80,000,000
Common stock, shares outstanding (in shares)	71,110,713	71,025,738

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Product revenues	$ 3,136,954	$ 1,174,832
Costs and expenses
Product costs	13,630,911	10,786,072
Sales and marketing	1,138,781	1,261,764
Research and development	903,981	2,145,548
General and administrative	9,786,819	9,103,213
Total costs and expenses	25,460,492	23,296,597
Operating loss	(22,323,538)	(22,121,765)
Other income (expense)
Interest expense	(291,177)	(316,442)
Other income (expense), net	457,520	115,619
Total other income (expense)	166,343	(200,823)
Net loss	(22,157,195)	(22,322,588)
Other comprehensive income (loss):
Foreign currency	(301,288)	51,771
Unrealized gains (losses) on marketable securities	40,101	(40,101)
Total other comprehensive income	(261,187)	11,670
Comprehensive loss	$ (22,418,382)	$ (22,310,918)
Diluted net loss per share	$ (0.31)	$ (0.32)
Weighted average number of common shares -
Weighted average number of common shares - Diluted	71,068,515	69,428,061

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Beginning balance (in shares) at Dec. 31, 2020	55,497,133
Beginning balance at Dec. 31, 2020	$ 55,497	$ 263,629,116	$ (267,258)	$ (148,542,194)	$ 114,875,161
Net loss				(22,322,588)	(22,322,588)
Other comprehensive income (loss)			11,670		11,670
Cashless exercise of options for common stock (in shares)	4,354
Cashless exercise of options for common stock	$ 4	(4)
Issuance of common stock, net of expenses (in shares)	14,950,000
Issuance of common stock, net of expenses	$ 14,950	119,105,487			119,120,437
Exercise of warrants for common stock (in shares)	530,414
Exercise of warrants for common stock	$ 530	1,723,316			1,723,846
Share based compensation (in shares)	43,837
Share based compensation	$ 45	394,192			394,237
Ending balance (in shares) at Dec. 31, 2021	71,025,738
Ending balance at Dec. 31, 2021	$ 71,026	384,852,107	(255,588)	(170,864,782)	213,802,763
Net loss				(22,157,195)	(22,157,195)
Other comprehensive income (loss)			(261,187)		(261,187)
Exercise of warrants for common stock (in shares)	1,012
Exercise of warrants for common stock	$ 1	1,538			1,539
Share based compensation (in shares)	83,963
Share based compensation	$ 84	535,039			535,123
Ending balance (in shares) at Dec. 31, 2022	71,110,713
Ending balance at Dec. 31, 2022	$ 71,111	$ 385,388,684	$ (516,775)	$ (193,021,977)	$ 191,921,043

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (22,157,195)	$ (22,322,588)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,024,783	1,787,564
Share-based compensation	535,123	394,237
Other non-cash charge	22,983	17,386
Changes in operating assets and liabilities:
Inventory	(1,027,650)	267,833
Prepaid expenses and other assets	(550,120)	(1,138,691)
Accounts payable and accrued liabilities	(1,905)	230,712
Accrued employee compensation	147,151	291,288
Net cash used in operating activities	(21,006,830)	(20,472,259)
Investing activities
Purchases of and deposits on property, plant and equipment	(67,476,327)	(5,713,807)
Maturities of marketable securities	149,435,173	86,488,271
Purchases of marketable securities	(47,621,291)	(188,302,153)
Other investing activities	12,500	(11,010)
Net cash provided by (used in) investing activities	34,350,055	(107,538,699)
Financing activities
Proceeds from issuance of debt	476,228	606,453
Repayment of term debt	(640,170)	(272,102)
Proceeds from the issuance of common stock, net		119,120,437
Proceeds from the exercise of stock options and warrants	1,538	1,723,846
Net cash (used in) provided by financing activities	(162,404)	121,178,634
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,748	36,152
Net change in cash, cash equivalents and restricted cash	13,183,569	(6,796,172)
Cash, cash equivalents and restricted cash at beginning of period	89,454,988	96,251,160
Cash, cash equivalents and restricted cash at end of period	102,638,557	89,454,988
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents	101,638,557	88,454,988
Restricted cash	1,000,000	1,000,000
Total cash, cash equivalents and restricted cash	102,638,557	89,454,988
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	274,562	299,056
Property and equipment included in accounts payable and accrued liabilities	$ 10,565,820	$ 2,926,016

Nature of Business and Organiza

Nature of Business and Organization	12 Months Ended
	Dec. 31, 2022
Nature of Business and Organization [Abstract]
Nature of Business and Organization	1. Nature of business and organization Nature of business AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm‑raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration for the production and sale of its genetically engineered AquAdvantage salmon product (“GE Atlantic salmon”) in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon product in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon product in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada. Basis of presentation The consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned subsidiaries. The entities are collectively referred to herein as the “Company.” All inter-company transactions and balances have been eliminated upon consolidation. Liquidity The Company completed an equity raise in 2021with net proceeds of $ 119.1 million and has $ 102.6 million in cash and cash equivalents, and restricted cash as of December 31, 2022. The Company’s plans include the continued construction of a 10,000 metric ton salmon farm in Ohio at a total project cost that is estimated to be between $ 375 million and $ 395 million. The Company plans to use cash-on-hand and debt financing to fund the remaining construction. While the Company has committed a significant amount of its current cash to fund a portion of the project, if necessary, management can utilize that cash for working capital purposes and therefore, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these consolidated financial statements. However, until such time as the Company reaches profitability, it will require additional financing to fund its operations and execute its business plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Comprehensive loss The Company displays comprehensive loss and its components as part of its consolidated financial statements. Comprehensive loss consists of net loss and other comprehensive income (loss). Other comprehensive income (loss) includes foreign currency translation adjustments and unrealized gains (losses) on the Company’s marketable securities. Foreign currency translation The functional currency of the Parent is the US Dollar. The functional currency of the Canadian Subsidiary is the Canadian Dollar (C$) and the functional currency of the US and Brazil Subsidiaries is the US Dollar. For the Canadian Subsidiary, assets and liabilities are translated at the exchange rates in effect at the balance sheet date, equity accounts are translated at the historical exchange rate and the income statement accounts are translated at the average rate for each period during the year. Net translation gains or losses are adjusted directly to a separate component of other comprehensive income (loss) within stockholders’ equity. Cash equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents consist primarily of business savings accounts, certificates of deposit and money market accounts. Marketable securities Marketable securities include government bonds, corporate bonds and commercial paper. The Company's investment policy requires investments to be explicitly rated by two of Standard & Poor's, Moody's or Fitch and to have a minimum rating of A1, P1 or F-1, respectively, from those agencies. In addition, the investment policy limits individual maturities to 12 months, the dollar-weighted average maturity to 180 days and the amount of credit exposure to any one issuer to 5%. Fair Value of Financial instruments The Company groups its financial instruments measured at fair value, if any, in three levels based on the markets in which the instruments are traded and the reliability of the assumptions used to determine fair value. 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. Financial instruments with readily available quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgement used in measuring fair value. The three levels of the fair value hierarchy are as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs derived principally from, or that can be corroborated by, observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgement or estimation. The carrying amounts reported in the consolidated balance sheets for receivables, prepaid expenses and other current assets, and accounts payable approximate fair value based on the short-term maturity of these instruments. The carrying value of term debt includes market terms and interest rates. All of the Company’s interest-bearing debt is at fixed rates, except for the loan with First Farmer’s Bank and Trust, which has a rate reset in July 2025. The following tables present the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021: Quoted Prices in Significant Other Significant Active Markets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2021 Marketable securities $ - $ 101,773,781 $ - $ 101,773,781 Long term equity investment - - 8,651 8,651 Total $ - $ 101,773,781 $ 8,651 $ 101,782,432 December 31, 2022 Marketable securities $ - $ - $ - $ - Long term equity investment - - 8,651 8,651 Total $ - $ - $ 8,651 $ 8,651 Inventories Inventories are mainly comprised of feed, eggs, fry, fish in process and fish for sale. Fish in process inventory is a biological asset that is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV), where NRV is defined as the estimated market price, less the estimated costs of processing, packaging and transportation. The Company considers fish that has been harvested and transported from its farm to be fish for sale. Intangible assets Definite lived intangible assets include patents and licenses. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary technology developed by the Company. Patent costs are amortized on a straight - line basis over 20 years beginning with the filing date of the applicable patent. License fees are capitalized and expensed over the term of the licensing agreement. Indefinite lived intangible assets include trademark costs, which are capitalized with no amortization as they have an indefinite life. Property, plant and equipment Property, plant and equipment are recorded at cost. The Company depreciates all asset classes over their estimated useful lives, as follows: Building 20 - 25 years Equipment 5 - 20 years Office furniture and equipment 3 years Leasehold improvements shorter of asset life or lease term Vehicles 3 years The Company commences depreciation on an asset when it is placed into service. Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets, definite lived intangible assets, and property, plant and equipment when facts and circumstances suggest that they may be impaired. The carrying values of such assets are considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying values. An impairment loss, if any, is recognized in the amount of the difference between the carrying amount and the fair value of such assets. Indefinite lived intangible assets are subject to impairment testing annually or more frequently if impairment indicators arise. The Company’s impairment testing utilizes a discounted cash flow analysis that requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of the appropriate discount rate. An impairment loss is recognized in the amount of the difference between the carrying amount and fair value. Leases The Company leases certain facilities, property, and equipment under noncancelable operating leases. A determination is made if an arrangement is a lease at its inception, and leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, expense is recognized on a straight-line basis over the lease term. The Company has agreements with lease (e.g., minimum rent payments) and non-lease components (e.g., maintenance), which are generally accounted for separately. The Company has not elected the practical expedient to account for lease and non-lease components as one lease component. Revenue recognition The Company is comprised of one reporting segment and generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits. During the years ended December 31, 2022 and 2021, the Company recognized the following product revenue: Year Ended December 31, 2021 U.S. Canada Total GE Atlantic salmon $ 427,615 $ 355,391 $ 783,006 Non-GE Atlantic salmon eggs - 194,028 194,028 Non-GE Atlantic salmon fry 196,582 196,582 Other revenue - 1,216 1,216 Total Revenue $ 427,615 $ 747,217 $ 1,174,832 Year Ended December 31, 2022 U.S. Canada Total GE Atlantic salmon $ 2,518,495 $ 394,478 $ 2,912,973 Non-GE Atlantic salmon eggs - 85,089 85,089 Non-GE Atlantic salmon fry - 102,387 102,387 Other revenue - 36,505 36,505 Total Revenue $ 2,518,495 $ 618,459 $ 3,136,954 During the years ended December 31, 2022 and 2021, the Company had the following customer concentration of revenue: Year Ended December 31, 2022 2021 Customer A 36 % 30 % Customer B 17 % 27 % Customer C 15 % 21 % All other 32 % 22 % Total of all customers 100 % 100 % Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company follows accounting guidance regarding the recognition, measurement, presentation and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more likely than not” to be upheld under regulatory review. The resulting tax impact of these tax positions is recognized in the financial statements based on the results of this evaluation. The Company did not recognize any tax liabilities associated with uncertain tax positions, nor has it recognized any interest or penalties related to unrecognized tax positions. The Company is not currently under exam and is no longer subject to federal and state tax examinations by tax authorities for years before 2019. Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss per share is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti - dilutive and are excluded from the calculation of diluted net loss per share. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: Year Ended December 31, Weighted Average Outstanding 2022 2021 Stock options 816,602 670,111 Warrants 418,441 532,380 Unvested restricted shares 166,261 68,981 Share-based compensation The Company measures and recognizes all share - based payment awards, including stock options and restricted share units made to employees and Directors, based on estimated fair values. The fair value of a share - based payment award is estimated on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service period in the Company’s consolidated statement of operations. The Company uses the Black - Scholes option pricing model (“Black - Scholes”) as its method of valuation. Non - employee stock - based compensation is accounted for using Black - Scholes to determine the fair value of warrants or options awarded to non - employees with the fair value of such issuances expensed over the period of service . Recently Issued Accounting Standards Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition .

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Risks and Uncertainties	3. Risks and uncertainties The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to produce, distribute, and sell for a profit any products approved for sale; (iv) the Company’s ability to obtain the necessary patents and proprietary rights to effectively protect its technologies; and (v) the outcome of any collaborations or alliances entered into by the Company. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, and marketable securities. This risk is mitigated by the Company’s policy of maintaining all balances with highly rated financial institutions, investing cash equivalents with maturities of less than 90 days, and investing marketable securities with maturities of less than 180 days. The Company’s cash balances may at times exceed insurance limitations. The Company holds cash balances in bank accounts located in Canada to fund its local operations. These amounts are subject to foreign currency exchange risk, which is minimized by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts at December 31, 2022 and 2021 totaled $ 518 thousand and $ 224 thousand, respectively. The Company also holds cash equivalent investments in a highly liquid investment account at a major financial institution. As of December 31, 2022 and 2021 the cash equivalent investment balance was $ 10.6 million and $ 73.3 million, respectively.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2022
Marketable Securities [Abstract]
Marketable Securities	4. Marketable Securities Marketable securities are classified as available-for-sale. The following table summarizes the amortized cost, gross unrealized gains and losses, and the fair value as of December 31, 2021. The Company had no marketable securities as of December 31, 2022 The balance of unrealized losses at December 31, 2021 were recognized during 2022. Amortized Unrealized Unrealized Market Cost Gains Losses Value December 31, 2021 Government bonds $ 28,453,161 $ 82 $ ( 18,255 ) $ 28,434,988 Corporate bonds 29,874,696 - ( 21,928 ) 29,852,768 Commercial paper 43,486,025 - - 43,486,025 Marketable securities $ 101,813,882 $ 82 $ ( 40,183 ) $ 101,773,781

Inventory

Inventory	12 Months Ended
	Dec. 31, 2022
Inventory [Abstract]
Inventory	5. Inventory Major classifications of inventory are summarized as follows for December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Feed $ 366,957 162,047 Eggs and fry 22,140 — Fish in process 1,869,387 926,360 Fish for sale 18,108 171,503 Inventory $ 2,276,592 1,259,910

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	6. Property, plant and equipment Major classifications of property, plant and equipment are summarized as follows for December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Land $ 2,968,561 $ 725,799 Building and improvements 15,535,904 15,580,385 Construction in process 78,806,762 8,119,575 Equipment 17,259,301 15,981,408 Office furniture and equipment 258,972 240,939 Vehicles 106,074 36,280 Total property and equipment $ 114,935,574 $ 40,684,386 Less accumulated depreciation and amortization ( 8,649,388 ) ( 6,869,267 ) Property, plant and equipment, net $ 106,286,186 $ 33,815,119 Depreciation and amortization expense for 2022 and 2021 on property, plant and equipment was $ 2.0 million and $ 1.8 million, respectively. As of December 31, 2022, construction in process included $ 75.5 million, $ 2.7 million and $ 590 thousand for construction related to the Ohio, Rollo Bay and Indiana farm sites, respectively. An additional $ 29.2 million has been contractually committed for these farm sites as of December 31, 2022.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt [Abstract]
Debt	7. Debt The current terms and conditions of long-term debt outstanding as of December 31, 2022 and 2021, are as follows: Interest rate Monthly repayment Maturity date December 31, 2022 December 31, 2021 ACOA AIF Grant 0 % Royalties - $ 2,119,476 $ 2,261,349 ACOA term loan #1 0 % C$ 3,120 Feb 2027 115,158 152,346 ACOA term loan #2 0 % C$ 4,630 Sep 2029 276,743 339,015 ACOA term loan #3 0 % C$ 6,945 Dec 2025 184,500 196,850 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 21,077 33,283 DFO term loan 0 % C$ 16,865 Jan 2034 854,885 405,700 Finance PEI term loan 4 % C$ 16,313 Nov 2023 1,752,547 1,947,510 First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 3,401,019 3,883,325 Total debt $ 8,725,405 $ 9,219,378 less: debt issuance costs ( 52,065 ) ( 68,680 ) less: current portion ( 2,387,231 ) ( 627,365 ) Long-term debt, net $ 6,286,109 $ 8,523,333 Principal payments due on the long-term debt are as follows: Total 2023 $ 2,402,059 2024 715,026 2025 788,688 2026 758,079 2027 768,580 Thereafter 3,292,973 Total $ 8,725,405 Atlantic Canada Opportunities Agency (“ACOA”) ACOA is a Canadian government agency that provides funding to support the development of businesses and promote employment in the Atlantic region of Canada. ACOA Atlantic Innovation Fund (“AIF”) Grant In January 2009, the Canadian Subsidiary was awarded an AIF grant from ACOA to provide a contribution towards the funding of a research and development project. Contributions under the grant were made through 2014 and no further funds are available. Amounts claimed by the Canadian Subsidiary must be repaid in the form of a 10 % royalty on any products that are commercialized out of this research project until the loan is fully repaid. Revenue from the sale of the Company’s GE Atlantic salmon is not subject to the royalty, and the Company does not expect to commercialize products that would be subject to the royalty in the next five years. ACOA term loans In February 2016, the Canadian Subsidiary executed an agreement with ACOA to partially finance the renovations to the Rollo Bay farm site. All available funding under the agreement was disbursed through May 2017, and no further amounts are available. The loan is being repaid over a 108 -month term at a zero percent interest rate. In November 2018, the Canadian Subsidiary executed a second agreement with ACOA to partially finance the renovations to the Rollo Bay site. All available funding under the agreement was disbursed through March 2019, and no further amounts are available. The loan is being repaid over a 108 -month term with a zero percent interest rate. In July 2021, the Canadian Subsidiary entered into a contribution agreement with ACOA under its REGI-Business Scale-up and Productivity program to provide funding assistance for the Rollo Bay farm site, and on August 20, 2021, the Canadian Subsidiary received C$ 250,000 ($ 200,075 ). All funds received are to be repaid over a 36 -month term commencing January 2023 at a zero percent interest rate. Kubota In January 2018, the Canadian Subsidiary financed the purchase of equipment through a loan with Kubota. The total amount is being repaid in monthly installments. The loan is secured by the underlying equipment. Finance PEI (“FPEI”) FPEI is a corporation of the Ministry of Economic Development and Tourism for Prince Edward Island, Canada, and administers business financing programs for the provincial government. In August 2016, the Canadian Subsidiary obtained a loan from FPEI to partially finance the purchase of the assets of the former Atlantic Sea Smolt plant in Rollo Bay West on Prince Edward Island. In 2018, the Canadian Subsidiary obtained a new loan from FPEI, which incorporated the existing loan and provided C$ 2.0 million ($ 1.5 million) of additional funds. All funds have been dispersed and the loan is being repaid over an 87 -month term ending in November 2023. The loan has an interest rate of 4 % and is collateralized by a mortgage executed by the Canadian Subsidiary, which conveys a first security interest in all of its current and acquired assets. A balloon payment for the loan is due in November 2023. The loan is guaranteed by the Parent. First Farmers Bank & Trust (“FFBT”) On July 31, 2020, the Company’s Indiana Subsidiary obtained a $ 4.0 million loan from First Farmers Bank and Trust. Net proceeds were $ 3.9 million after deducting $ 90 thousand in loan costs. The loan bears interest at a rate of 5.375 % for the first five years . On July 31, 2025, the interest rate resets to the then U.S. Treasury 5-year maturities rate plus 5 % and remains fixed at that rate through maturity on October 1, 2028 . The note required interest only payments for the first 13 months, followed by monthly principal and interest payments of approximately $ 57 thousand through maturity. Proceeds from the loan may be used for the purpose of performing equipment upgrades, purchasing equipment and other improvements to the Indiana farm. The Company must comply with certain financial and non-financial covenants and provide certification of compliance quarterly. At December 31, 2022, the Company was in compliance with such covenants. The loan is also subject to certain prepayment penalties and is secured by the assets of the Indiana subsidiary and a guarantee by the Parent. The loan agreement requires the Company to maintain a minimum cash balance with the bank throughout the loan term. This amount is reflected as restricted cash on the balance sheet. On October 12, 2021, the Company and FFBT agreed to a modification to the terms of its outstanding loan. The new terms delay the start date of certain of the loan’s negative covenants to the quarter commencing on October 1, 2022 and raises the required restricted cash balance amount from $ 500 thousand to $ 1.0 million. On December 13, 2022, FFBT removed two of the loan’s negative covenants. Department of Fisheries and Oceans (“DFO”) DFO is a department of the government of Canada responsible for safeguarding its waters and managing its fisheries, oceans and freshwater resources. DFO supports economic growth in the marine and fisheries sectors, and innovation in areas such as aquaculture and biotechnology . In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with DFO's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$ 1.9 million ($ 1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). On February 25, 2021, the Canadian Subsidiary borrowed C$ 238,400 ($ 187,120 ) and on April 27, 2021 the Canadian Subsidiary borrowed C$ 276,840 ($ 219,258 ) under the DFO Term Loan. On April 7, 2022, the Canadian Subsidiary borrowed C$ 53,456 ($ 42,338 ) and on December 1, 2022 the Canadian Subsidiary borrowed C$ 589,684 ($ 433,890 ) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in August 2024 , with maturity in January 2034 . The Company recognized interest expense of $ 291 thousand and $ 316 thousand for the years ended December 31, 2022 and 2021, respectively , on its interest-bearing debt.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity [Abstract]
Stockholders' Equity	8. Stockholders’ equity The Company’s shareholders have authorized 155 million shares of stock, of which 5 million are authorized as preferred stock and 150 million as common stock. As of December 31, 2022 and 2021, the Company had zero shares of preferred stock and 71,110,713 shares and 71,025,738 shares of common stock, issued and outstanding, respectively. Common stock The holders of the common stock are entitled to one vote for each share held at all meetings of stockholders. Dividends and distribution of assets of the Company in the event of liquidation are subject to the preferential rights of any outstanding preferred shares. Recent issuances During 2021, the Company completed a public offering of 14,950,000 shares of common stock for net proceeds of approximately $ 119.1 million. Warrants As of December 31, 2022 and 2021, 418,441 warrants to purchase common stock were outstanding. All outstanding warrants had an expiration date of January 17, 2023 . Share-based compensation In 2006, the Company established the 2006 Equity Incentive Plan (the “2006 Plan”). The 2006 Plan provided for the issuance of incentive stock options to employees of the Company and non-qualified stock options and awards of restricted stock to Directors, officers, employees, and consultants of the Company. In accordance with its original terms, the 2006 Plan terminated on March 18, 2016. All outstanding awards under the 2006 Plan will continue until their individual termination dates. In March 2016, the Company’s Board of Directors adopted the AquaBounty Technologies, Inc. 2016 Equity Incentive Plan (the “2016 Plan”) to replace the 2006 Plan. The 2016 Plan provides for the issuance of incentive stock options, non-qualified stock options, and awards of restricted and direct stock purchases to Directors, officers, employees, and consultants of the Company. Total common shares authorized under the 2016 Plan are 1,900,000 , of which 452,620 shares are reserved for future issuance as of December 31, 2022. Restricted stock The Company’s restricted stock activity under the 2016 Plan is summarized as follows: Shares Weighted average grant date fair value Unvested at December 31, 2021 65,100 $ 4.10 Granted 265,088 1.51 Vested ( 128,979 ) 2.27 Forfeited ( 1,755 ) 1.52 Unvested at December 31, 2022 199,454 $ 1.86 During 2022 and 2021, the Company expensed $ 358 thousand and $ 240 thousand, respectively related to restricted stock awards. At December 31, 2022, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $ 187 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.3 years. Stock options The Company’s option activity under the 2006 Plan and the 2016 Plan is summarized as follows: Number of options Weighted average exercise price Outstanding at December 31, 2021 663,425 $ 4.31 Issued 214,755 1.55 Exercised ( 1,012 ) 1.52 Forfeited ( 8,020 ) 1.52 Expired ( 29,038 ) 5.82 Outstanding at December 31, 2022 840,110 $ 3.58 Exercisable at December 31, 2022 678,634 $ 3.97 Options issued to employees, members of the Board of Directors, and non-employees generally vest over a period of one year to three years and are exercisable for a term of ten years from the date of issuance. The weighted average fair value of stock options granted during 2022 was $ 1.11 (2021: $ 5.36 ). There were 1,012 options exercised in 2022 (2021: 16,667 ). The total intrinsic value of options exercised in 2022 was $ 142 (2021: $ 41 thousand). As of December 31, 2022, the total intrinsic value of all options outstanding was $ 0 (2021: $ 18 thousand) and the total intrinsic value of exercisable options was $ 0 (2021: $ 11 thousand). The following table summarizes information about options outstanding and exercisable as of December 31, 2022: Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable $ 1.49 - $ 2.50 715,985 7.1 567,130 $ 5.44 - $ 6.72 45,235 7.6 32,614 $ 7.50 - $ 10.80 12,303 1.0 12,303 $ 14.20 - $ 23.40 66,587 3.2 66,587 840,110 678,634 The fair values of stock option grants to employees and members of the Board of Directors during 2022 and 2021 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions: 2022 Expected volatility 92 % - 103 % Risk free interest rate 1.71 % - 3.95 % Expected dividend yield 0.0 % Expected life (in years) 5 The risk-free interest rate is estimated using the Federal Funds interest rate for a period that is commensurate with the expected term of the awards. The expected dividend yield is zero because the Company has never paid a dividend and does not expect to do so for the foreseeable future. The expected life was based on a number of factors including historical experience, vesting provisions, exercise price relative to market price, and expected volatility. The Company believes that all groups of employees demonstrate similar exercise and post-vesting termination behavior and, therefore, does not stratify employees into multiple groups and forfeitures are recognized as they occur. The expected volatility was estimated using the Company’s historical price volatility over a period that is commensurate with the expected term of the awards. Total share-based compensation on stock-option grants amounted to $ 177 thousand and $ 154 thousand for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards is $ 233 thousand. The period over which the unearned share-based compensation is expected to be earned is 2.4 years. Share-based compensation The following table summarizes share-based compensation costs recognized in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2022 and 2021: 2022 2021 Sales and marketing 15,956 - General and administrative 519,167 394,237 Total share-based compensation $ 535,123 $ 394,237

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Taxes	9. Income taxes The components of loss before income taxes for the years ended December 31, 2022 and 2021 are presented below: 2022 2021 Domestic $ ( 20,673,855 ) $ ( 21,105,065 ) Foreign ( 1,483,340 ) ( 1,217,523 ) Loss before income taxes $ ( 22,157,195 ) $ ( 22,322,588 ) We have made no provision for foreign or domestic income taxes on the cumulative unremitted earnings of our foreign subsidiaries. We intend to permanently reinvest all foreign earnings and have no intention to repatriate foreign earnings for the foreseeable future. Income taxes computed using the federal statutory income tax rate differs from the Company’s effective tax rate for the years ended December 31, 2022 and 2021 primarily due to the following: 2022 2021 Income tax benefit $ ( 4,653,011 ) $ ( 4,687,744 ) State and provincial income tax, net of federal benefit ( 1,031,963 ) ( 1,157,840 ) Permanent differences ( 60,904 ) 202,583 US-Foreign rate differential ( 65,058 ) 39,045 Other, net 483,873 ( 299,071 ) $ ( 5,327,063 ) $ ( 5,903,027 ) Change in valuation allowance 5,327,063 5,903,027 Total income tax $ - $ - As of December 31, 2022, the Company has domestic net operating loss carryforwards of approximately $ 97 million, after consideration of limitations pursuant to section 382, to offset future federal taxable income, which begin to expire in 2033. As of December 31, 2022, the Company has domestic net operating loss carryforwards of approximately $ 69 million, which can be carried forward indefinitely. The future utilization of certain historic net operating loss and tax credit carryforwards, however, is subject to annual use limitations based on the change in stock ownership rules of Internal Revenue Code Sections 382 and 383. The Company experienced a change in ownership under these rules during 2012 and revised its calculation of net operating loss carryforwards based on annual limitation rules. The Company also has foreign research and development loss carryforwards totaling approximately $ 12 million and foreign research and development expense tax credits of approximately $ 2 million as of December 31, 2022, which expire at various times commencing in 2023. Since the Company has incurred only losses from inception and there is uncertainty related to the ultimate use of the loss carryforwards and tax credits, a valuation allowance has been recognized to offset the Company’s deferred tax assets, and no benefit for income taxes has been recorded. The IRS recently released guidance which modifies the procedures for taxpayers that incur specified research or experimental (R&E) expenditures to change their method of accounting to comply with the new capitalization and amortization rules provided in Section 174, as revised by the Tax Cuts and Jobs Act. The new Section 174 rules require taxpayers to capitalize and amortize specified R&E expenditures over a period of five years (for domestic research) or 15 years (for foreign research), beginning with the midpoint of the taxable year in which the expenses are paid or incurred. The impact will be to defer the tax benefit of R&E expenditures. Significant components of the Company’s deferred tax assets and liabilities are as follows: 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 28,188,265 $ 23,216,863 Foreign research and development tax credit carryforwards 2,454,756 2,428,663 Property and equipment ( 249,382 ) 145,530 Intangibles and other 3,658,921 2,934,441 Total deferred tax assets $ 34,052,560 $ 28,725,497 Valuation allowance ( 34,052,560 ) ( 28,725,497 ) Net deferred tax assets $ - $ -

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and contingencies The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company is subject to legal proceedings and claims arising in the normal course of business. Management believes that final disposition of any such matters existing at December 31, 2022, will not have a material adverse effect on the Company’s financial position or results of operations. Lease commitments Lease expense for the years ended December 31, 2022 and 2021, amounted to $ 86 thousand and $ 84 thousand, respectively. As of December 31, 2022, the weighted average remaining lease term of the Company’s operating leases was 26 years. Lease payments included in operating cash flows totaled $ 84 thousand and $ 84 thousand for the years ended December 31, 2022 and 2021, respectively. The table below summarizes the Company’s lease obligations as of December 31, 2022 and 2021: Lease Liability at December 31, 2022 2021 Total leases $ 224,058 $ 290,327 Less: current portion ( 20,831 ) ( 66,269 ) Long-term leases $ 203,227 $ 224,058 The Company used a weighted average discount rate of 8 % in calculating the net present value of the future lease payments. The current portion of the lease liability is included as a component of other current liabilities in the consolidated balance sheets. Remaining payments under leases are as follows as of December 31, 2022: Year Amount 2023 $ 33,873 2024 17,481 2025 18,006 2026 18,546 2027 19,102 Thereafter 564,225 Total lease payments 671,233 Less: imputed interest ( 447,175 ) Total operational lease liabilities $ 224,058

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2022
Retirement Plan [Abstract]
Retirement Plan	11. Retirement plan The Company has a savings and retirement plan for its US employees that qualifies under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees and provides for voluntary contributions by participating employees up to the maximum contribution allowed under the Internal Revenue Code. Contributions by the Company can be made, as determined by the Board of Directors, provided the amount does not exceed the maximum permitted by the Internal Revenue Code. Company contributions made and expensed in operations in connection with the plan during the years ended December 31, 2022 and 2021, amounted to $ 94 thousand and $ 81 thousand, respectively. The Company also has a Registered Retirement Savings Plan for its Canadian employees. Company contributions made and expensed in operations in connection with the plan during the years ended December 31, 2022 and 2021, amounted to $ 44 thousand and $ 38 thousand, respectively.

Related Party Agreement

Related Party Agreement	12 Months Ended
	Dec. 31, 2022
Related Party Agreement [Abstract]
Related Party Agreement	12. Related Party Agreement Letter Agreement with Third Security On July 30, 2021, the Company entered into an agreement with TS Aquaculture LLC and certain of its affiliates (“TS Aquaculture”) that required the Company to file a registration statement to register the Company’s shares held by TS Aquaculture. The registration statement was filed on August 5, 2021 and TS Aquaculture completed a transaction to sell 12,880,000 shares of common stock of the Company on November 23, 2021. TS Aquaculture ceased being a related party after completing the sale. TS Aquaculture agreed to pay all expenses incurred in connection with these transactions, which totaled $ 418 thousand and is included in prepaid and other current assets in the consolidated financial statements as of December 31, 2021. The receivable balance was received in full from TS Aquaculture in 2022.

Nature of Business and Organi_2

Nature of Business and Organization (Policy)	12 Months Ended
	Dec. 31, 2022
Nature of Business and Organization [Abstract]
Nature of Business	Nature of business AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm‑raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration for the production and sale of its genetically engineered AquAdvantage salmon product (“GE Atlantic salmon”) in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon product in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon product in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada.
Basis of Presentation	Basis of presentation The consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned subsidiaries. The entities are collectively referred to herein as the “Company.” All inter-company transactions and balances have been eliminated upon consolidation.
Liquidity	Liquidity The Company completed an equity raise in 2021with net proceeds of $ 119.1 million and has $ 102.6 million in cash and cash equivalents, and restricted cash as of December 31, 2022. The Company’s plans include the continued construction of a 10,000 metric ton salmon farm in Ohio at a total project cost that is estimated to be between $ 375 million and $ 395 million. The Company plans to use cash-on-hand and debt financing to fund the remaining construction. While the Company has committed a significant amount of its current cash to fund a portion of the project, if necessary, management can utilize that cash for working capital purposes and therefore, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these consolidated financial statements. However, until such time as the Company reaches profitability, it will require additional financing to fund its operations and execute its business plan.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates.
Comprehensive Loss	Comprehensive loss The Company displays comprehensive loss and its components as part of its consolidated financial statements. Comprehensive loss consists of net loss and other comprehensive income (loss). Other comprehensive income (loss) includes foreign currency translation adjustments and unrealized gains (losses) on the Company’s marketable securities.
Foreign Currency Translation	Foreign currency translation The functional currency of the Parent is the US Dollar. The functional currency of the Canadian Subsidiary is the Canadian Dollar (C$) and the functional currency of the US and Brazil Subsidiaries is the US Dollar. For the Canadian Subsidiary, assets and liabilities are translated at the exchange rates in effect at the balance sheet date, equity accounts are translated at the historical exchange rate and the income statement accounts are translated at the average rate for each period during the year. Net translation gains or losses are adjusted directly to a separate component of other comprehensive income (loss) within stockholders’ equity.
Cash Equivalents	Cash equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents consist primarily of business savings accounts, certificates of deposit and money market accounts.
Marketable Securities	Marketable securities Marketable securities include government bonds, corporate bonds and commercial paper. The Company's investment policy requires investments to be explicitly rated by two of Standard & Poor's, Moody's or Fitch and to have a minimum rating of A1, P1 or F-1, respectively, from those agencies. In addition, the investment policy limits individual maturities to 12 months, the dollar-weighted average maturity to 180 days and the amount of credit exposure to any one issuer to 5%.
Fair Value of Financial instruments	Fair Value of Financial instruments The Company groups its financial instruments measured at fair value, if any, in three levels based on the markets in which the instruments are traded and the reliability of the assumptions used to determine fair value. 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. Financial instruments with readily available quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgement used in measuring fair value. The three levels of the fair value hierarchy are as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs derived principally from, or that can be corroborated by, observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgement or estimation. The carrying amounts reported in the consolidated balance sheets for receivables, prepaid expenses and other current assets, and accounts payable approximate fair value based on the short-term maturity of these instruments. The carrying value of term debt includes market terms and interest rates. All of the Company’s interest-bearing debt is at fixed rates, except for the loan with First Farmer’s Bank and Trust, which has a rate reset in July 2025. The following tables present the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021: Quoted Prices in Significant Other Significant Active Markets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2021 Marketable securities $ - $ 101,773,781 $ - $ 101,773,781 Long term equity investment - - 8,651 8,651 Total $ - $ 101,773,781 $ 8,651 $ 101,782,432 December 31, 2022 Marketable securities $ - $ - $ - $ - Long term equity investment - - 8,651 8,651 Total $ - $ - $ 8,651 $ 8,651
Inventories	Inventories Inventories are mainly comprised of feed, eggs, fry, fish in process and fish for sale. Fish in process inventory is a biological asset that is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV), where NRV is defined as the estimated market price, less the estimated costs of processing, packaging and transportation. The Company considers fish that has been harvested and transported from its farm to be fish for sale.
Intangible Assets	Intangible assets Definite lived intangible assets include patents and licenses. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary technology developed by the Company. Patent costs are amortized on a straight - line basis over 20 years beginning with the filing date of the applicable patent. License fees are capitalized and expensed over the term of the licensing agreement. Indefinite lived intangible assets include trademark costs, which are capitalized with no amortization as they have an indefinite life.
Property, Plant and Equipment	Property, plant and equipment Property, plant and equipment are recorded at cost. The Company depreciates all asset classes over their estimated useful lives, as follows: Building 20 - 25 years Equipment 5 - 20 years Office furniture and equipment 3 years Leasehold improvements shorter of asset life or lease term Vehicles 3 years The Company commences depreciation on an asset when it is placed into service.
Impairment of Long-lived Assets	Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets, definite lived intangible assets, and property, plant and equipment when facts and circumstances suggest that they may be impaired. The carrying values of such assets are considered impaired when the estimated undiscounted cash flows from such assets are less than their carrying values. An impairment loss, if any, is recognized in the amount of the difference between the carrying amount and the fair value of such assets. Indefinite lived intangible assets are subject to impairment testing annually or more frequently if impairment indicators arise. The Company’s impairment testing utilizes a discounted cash flow analysis that requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of the appropriate discount rate. An impairment loss is recognized in the amount of the difference between the carrying amount and fair value.
Leases	Leases The Company leases certain facilities, property, and equipment under noncancelable operating leases. A determination is made if an arrangement is a lease at its inception, and leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, expense is recognized on a straight-line basis over the lease term. The Company has agreements with lease (e.g., minimum rent payments) and non-lease components (e.g., maintenance), which are generally accounted for separately. The Company has not elected the practical expedient to account for lease and non-lease components as one lease component.
Revenue Recognition	Revenue recognition The Company is comprised of one reporting segment and generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits.
Income Taxes	Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. A valuation allowance is established to reduce net deferred tax assets to the amount expected to be realized. The Company follows accounting guidance regarding the recognition, measurement, presentation and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more likely than not” to be upheld under regulatory review. The resulting tax impact of these tax positions is recognized in the financial statements based on the results of this evaluation. The Company did not recognize any tax liabilities associated with uncertain tax positions, nor has it recognized any interest or penalties related to unrecognized tax positions. The Company is not currently under exam and is no longer subject to federal and state tax examinations by tax authorities for years before 2019.
Net Loss Per Share	Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss per share is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti - dilutive and are excluded from the calculation of diluted net loss per share.
Share-based Compensation	Share-based compensation The Company measures and recognizes all share - based payment awards, including stock options and restricted share units made to employees and Directors, based on estimated fair values. The fair value of a share - based payment award is estimated on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service period in the Company’s consolidated statement of operations. The Company uses the Black - Scholes option pricing model (“Black - Scholes”) as its method of valuation. Non - employee stock - based compensation is accounted for using Black - Scholes to determine the fair value of warrants or options awarded to non - employees with the fair value of such issuances expensed over the period of service .
Recently Issued Accounting Standards	Recently Issued Accounting Standards Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Fair Value Hierarchy of Financial Assets Measured on Recurring Basis	Quoted Prices in Significant Other Significant Active Markets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2021 Marketable securities $ - $ 101,773,781 $ - $ 101,773,781 Long term equity investment - - 8,651 8,651 Total $ - $ 101,773,781 $ 8,651 $ 101,782,432 December 31, 2022 Marketable securities $ - $ - $ - $ - Long term equity investment - - 8,651 8,651 Total $ - $ - $ 8,651 $ 8,651
Property, Plant and Equipment Estimated Useful Lives	Building 20 - 25 years Equipment 5 - 20 years Office furniture and equipment 3 years Leasehold improvements shorter of asset life or lease term Vehicles 3 years
Schedule of Product Information	Year Ended December 31, 2021 U.S. Canada Total GE Atlantic salmon $ 427,615 $ 355,391 $ 783,006 Non-GE Atlantic salmon eggs - 194,028 194,028 Non-GE Atlantic salmon fry 196,582 196,582 Other revenue - 1,216 1,216 Total Revenue $ 427,615 $ 747,217 $ 1,174,832 Year Ended December 31, 2022 U.S. Canada Total GE Atlantic salmon $ 2,518,495 $ 394,478 $ 2,912,973 Non-GE Atlantic salmon eggs - 85,089 85,089 Non-GE Atlantic salmon fry - 102,387 102,387 Other revenue - 36,505 36,505 Total Revenue $ 2,518,495 $ 618,459 $ 3,136,954
Schedule of Customer Concentration of Revenue	Year Ended December 31, 2022 2021 Customer A 36 % 30 % Customer B 17 % 27 % Customer C 15 % 21 % All other 32 % 22 % Total of all customers 100 % 100 %
Schedule of Impact of Potentially Dilutive Securities Outstanding	Year Ended December 31, Weighted Average Outstanding 2022 2021 Stock options 816,602 670,111 Warrants 418,441 532,380 Unvested restricted shares 166,261 68,981

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Marketable Securities [Abstract]
Schedule of Marketable Securities	Amortized Unrealized Unrealized Market Cost Gains Losses Value December 31, 2021 Government bonds $ 28,453,161 $ 82 $ ( 18,255 ) $ 28,434,988 Corporate bonds 29,874,696 - ( 21,928 ) 29,852,768 Commercial paper 43,486,025 - - 43,486,025 Marketable securities $ 101,813,882 $ 82 $ ( 40,183 ) $ 101,773,781

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory [Abstract]
Schedule of Inventory	December 31, 2022 December 31, 2021 Feed $ 366,957 162,047 Eggs and fry 22,140 — Fish in process 1,869,387 926,360 Fish for sale 18,108 171,503 Inventory $ 2,276,592 1,259,910

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	December 31, 2022 December 31, 2021 Land $ 2,968,561 $ 725,799 Building and improvements 15,535,904 15,580,385 Construction in process 78,806,762 8,119,575 Equipment 17,259,301 15,981,408 Office furniture and equipment 258,972 240,939 Vehicles 106,074 36,280 Total property and equipment $ 114,935,574 $ 40,684,386 Less accumulated depreciation and amortization ( 8,649,388 ) ( 6,869,267 ) Property, plant and equipment, net $ 106,286,186 $ 33,815,119

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt [Abstract]
Terms and Conditions of Long-term Debt Outstanding	Interest rate Monthly repayment Maturity date December 31, 2022 December 31, 2021 ACOA AIF Grant 0 % Royalties - $ 2,119,476 $ 2,261,349 ACOA term loan #1 0 % C$ 3,120 Feb 2027 115,158 152,346 ACOA term loan #2 0 % C$ 4,630 Sep 2029 276,743 339,015 ACOA term loan #3 0 % C$ 6,945 Dec 2025 184,500 196,850 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 21,077 33,283 DFO term loan 0 % C$ 16,865 Jan 2034 854,885 405,700 Finance PEI term loan 4 % C$ 16,313 Nov 2023 1,752,547 1,947,510 First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 3,401,019 3,883,325 Total debt $ 8,725,405 $ 9,219,378 less: debt issuance costs ( 52,065 ) ( 68,680 ) less: current portion ( 2,387,231 ) ( 627,365 ) Long-term debt, net $ 6,286,109 $ 8,523,333
Principal Payments Due on Long-term Debt	Total 2023 $ 2,402,059 2024 715,026 2025 788,688 2026 758,079 2027 768,580 Thereafter 3,292,973 Total $ 8,725,405

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity [Abstract]
Restricted Stock Activity	Shares Weighted average grant date fair value Unvested at December 31, 2021 65,100 $ 4.10 Granted 265,088 1.51 Vested ( 128,979 ) 2.27 Forfeited ( 1,755 ) 1.52 Unvested at December 31, 2022 199,454 $ 1.86
Stock Option Activity	Number of options Weighted average exercise price Outstanding at December 31, 2021 663,425 $ 4.31 Issued 214,755 1.55 Exercised ( 1,012 ) 1.52 Forfeited ( 8,020 ) 1.52 Expired ( 29,038 ) 5.82 Outstanding at December 31, 2022 840,110 $ 3.58 Exercisable at December 31, 2022 678,634 $ 3.97
Information About Options Outstanding and Exercisable	Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable $ 1.49 - $ 2.50 715,985 7.1 567,130 $ 5.44 - $ 6.72 45,235 7.6 32,614 $ 7.50 - $ 10.80 12,303 1.0 12,303 $ 14.20 - $ 23.40 66,587 3.2 66,587 840,110 678,634
Stock Option Grants Weighted Average Assumptions	2022 Expected volatility 92 % - 103 % Risk free interest rate 1.71 % - 3.95 % Expected dividend yield 0.0 % Expected life (in years) 5
Share-based Compensation Costs Recognized on Financial Statements	2022 2021 Sales and marketing 15,956 - General and administrative 519,167 394,237 Total share-based compensation $ 535,123 $ 394,237

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Components of Loss before Income Taxes	2022 2021 Domestic $ ( 20,673,855 ) $ ( 21,105,065 ) Foreign ( 1,483,340 ) ( 1,217,523 ) Loss before income taxes $ ( 22,157,195 ) $ ( 22,322,588 )
Schedule of Effective Income Tax Rate Reconciliation	2022 2021 Income tax benefit $ ( 4,653,011 ) $ ( 4,687,744 ) State and provincial income tax, net of federal benefit ( 1,031,963 ) ( 1,157,840 ) Permanent differences ( 60,904 ) 202,583 US-Foreign rate differential ( 65,058 ) 39,045 Other, net 483,873 ( 299,071 ) $ ( 5,327,063 ) $ ( 5,903,027 ) Change in valuation allowance 5,327,063 5,903,027 Total income tax $ - $ -
Components of Deferred Tax Assets and Liabilities	2022 2021 Deferred tax assets: Net operating loss carryforwards $ 28,188,265 $ 23,216,863 Foreign research and development tax credit carryforwards 2,454,756 2,428,663 Property and equipment ( 249,382 ) 145,530 Intangibles and other 3,658,921 2,934,441 Total deferred tax assets $ 34,052,560 $ 28,725,497 Valuation allowance ( 34,052,560 ) ( 28,725,497 ) Net deferred tax assets $ - $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Summary of Lease Obligations	Lease Liability at December 31, 2022 2021 Total leases $ 224,058 $ 290,327 Less: current portion ( 20,831 ) ( 66,269 ) Long-term leases $ 203,227 $ 224,058
Summary of Remaining Payments under Leases	Year Amount 2023 $ 33,873 2024 17,481 2025 18,006 2026 18,546 2027 19,102 Thereafter 564,225 Total lease payments 671,233 Less: imputed interest ( 447,175 ) Total operational lease liabilities $ 224,058

Nature of Business and Organi_3

Nature of Business and Organization (Details) kg in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) kg
Additional cash and cash equivalents	$ 119.1
Cash, cash equivalents and restricted cash	$ 102.6
Construction In Process [Member] | Ohio Farm [Member]
Capacity of fish farm | kg	10,000
Minimum [Member] | Construction In Process [Member] | Ohio Farm [Member]
Expected construction cost	$ 375
Maximum [Member] | Construction In Process [Member] | Ohio Farm [Member]
Expected construction cost	$ 395

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 segment
Number of segments	1
Patents [Member] | Minimum [Member]
Patents, useful life	20 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Fair Value Hierarchy of Financial Assets Measured on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 8,651	$ 101,782,432
Marketable Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		101,773,781
Long Term Equity Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	8,651	8,651
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		101,773,781
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		101,773,781
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	8,651	8,651
Fair Value, Inputs, Level 3 [Member] | Long Term Equity Investment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 8,651	$ 8,651

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Property, Plant and Equipment Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	shorter of asset life or lease term

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 3,136,954	$ 1,174,832
Ge Atlantic Salmon [Member]
Revenues	2,912,973	783,006
Non Ge Atlantic Salmon Eggs [Member]
Revenues	85,089	194,028
Non Ge Atlantic Salmon Fry [Member]
Revenues	102,387	196,582
Other Revenue [Member]
Revenues	36,505	1,216
U.S. [Member]
Revenues	2,518,495	427,615
U.S. [Member] | Ge Atlantic Salmon [Member]
Revenues	2,518,495	427,615
Canada [Member]
Revenues	618,459	747,217
Canada [Member] | Ge Atlantic Salmon [Member]
Revenues	394,478	355,391
Canada [Member] | Non Ge Atlantic Salmon Eggs [Member]
Revenues	85,089	194,028
Canada [Member] | Non Ge Atlantic Salmon Fry [Member]
Revenues	102,387	196,582
Canada [Member] | Other Revenue [Member]
Revenues	$ 36,505	$ 1,216
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage	100%	100%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	36%	30%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage	17%	27%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer C [Member]
Concentration Risk, Percentage	15%	21%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | All Other [Member]
Concentration Risk, Percentage	32%	22%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Impact of Potentially Dilutive Securities) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options [Member]
Potentially dilutive securities	816,602	670,111
Warrants [Member]
Potentially dilutive securities	418,441	532,380
Unvested Restricted Shares [Member]
Potentially dilutive securities	166,261	68,981

Risks and Uncertainties (Detail

Risks and Uncertainties (Details) - Credit Concentration Risk [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Cash equivalent investment balance	$ 10,600	$ 73,300
Canada [Member]
Concentration Risk [Line Items]
Cash in Canadian bank accounts	$ 518	$ 224

Marketable Securities (Schedule

Marketable Securities (Schedule of Marketable Securities) (Details)	Dec. 31, 2021 USD ($)
Marketable Securities [Line Items]
Amortized cost	$ 101,813,882
Unrealized Gains	82
Unrealized Losses	(40,183)
Market Value	101,773,781
Government Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	28,453,161
Unrealized Gains	82
Unrealized Losses	(18,255)
Market Value	28,434,988
Corporate Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	29,874,696
Unrealized Losses	(21,928)
Market Value	29,852,768
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized cost	43,486,025
Market Value	$ 43,486,025

Inventory (Schedule of Inventor

Inventory (Schedule of Inventory) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventory, net	$ 2,276,592	$ 1,259,910
Feed [Member]
Inventory [Line Items]
Inventory, net	366,957	162,047
Eggs And Fry [Member]
Inventory [Line Items]
Inventory, net	22,140
Fish In Process [Member]
Inventory [Line Items]
Inventory, net	1,869,387	926,360
Fish For Sale [Member]
Inventory [Line Items]
Inventory, net	$ 18,108	$ 171,503

Property, Plant and Equipment_2

Property, Plant and Equipment (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 2,000,000	$ 1,800,000
Gross property, plant, and equipment	114,935,574	40,684,386
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	78,806,762	$ 8,119,575
Ohio Farm [Member] | Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	29,200,000
Ohio Farm [Member] | Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	75,500,000
Rollo Bay Farm And Fortune Bay Hatchery [Member] | Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	2,700,000
Indiana Aquaculture Farm [Member] | Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	$ 590,000

Property, Plant and Equipment_3

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 114,935,574	$ 40,684,386
Less accumulated depreciation and amortization	(8,649,388)	(6,869,267)
Property, plant and equipment, net	106,286,186	33,815,119
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,968,561	725,799
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,535,904	15,580,385
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	78,806,762	8,119,575
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	17,259,301	15,981,408
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	258,972	240,939
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 106,074	$ 36,280

Debt (Narrative) (Details)

Debt (Narrative) (Details)

1 Months Ended

12 Months Ended

Jul. 31, 2025

Aug. 20, 2021 USD ($)

Aug. 20, 2021 CAD ($)

Jul. 31, 2020 USD ($)

Sep. 30, 2020 USD ($)

Sep. 30, 2020 CAD ($)

Nov. 30, 2018

Feb. 29, 2016

Jan. 31, 2009

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2018 USD ($)

Dec. 01, 2022 USD ($)

Dec. 01, 2022 CAD ($)

Apr. 07, 2022 USD ($)

Apr. 07, 2022 CAD ($)

Oct. 12, 2021 USD ($)

Oct. 11, 2021 USD ($)

Apr. 27, 2021 USD ($)

Apr. 27, 2021 CAD ($)

Feb. 25, 2021 USD ($)

Feb. 25, 2021 CAD ($)

Dec. 31, 2018 CAD ($)

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 476,228

$ 606,453

Loans Payable [Member] | ACOA AIF Grant [Member]

Debt Instrument [Line Items]

Royalty percentage

10%

Maturity date

-

Interest rate

0%

Secured Debt [Member] | ACOA Term Loan #1 [Member]

Debt Instrument [Line Items]

Loan term

108 months

Maturity date

Feb 2027

Interest rate

0%

0%

Secured Debt [Member] | ACOA Term Loan #2 [Member]

Debt Instrument [Line Items]

Loan term

108 months

Maturity date

Sep 2029

Interest rate

0%

0%

Secured Debt [Member] | ACOA Term Loan #3 [Member]

Debt Instrument [Line Items]

Maturity date

Dec 2025

Interest rate

0%

Secured Debt [Member] | Finance PEI Term Loan [Member]

Debt Instrument [Line Items]

Amount borrowed

$ 1,500,000

$ 2,000,000

Maturity date

Nov 2023

Interest rate

4%

4%

4%

Loan repayment period

87 months

Secured Debt [Member] | First Farmers Bank & Trust [Member]

Debt Instrument [Line Items]

Amount borrowed

$ 4,000,000

Proceeds from issuance of debt

$ 3,900,000

Maturity date

Oct 2028

Interest rate

5.375%

5.375%

Loan settlement costs

$ 90,000

Interest rate, period

5 years

Interest only payment period

13 months

Covenant, minimum cash balance

$ 1,000,000

$ 500,000

Secured Debt [Member] | First Farmers Bank & Trust [Member] | Forecast

Debt Instrument [Line Items]

Maturity date

Oct. 01, 2028

Secured Debt [Member] | DFO Term Loan [Member]

Debt Instrument [Line Items]

Maturity date

Jan 2034

Interest rate

0%

Interest expense

$ 291,000

$ 316,000

Canadian Subsidiary [Member] | Secured Debt [Member] | ACOA Term Loan #3 [Member]

Debt Instrument [Line Items]

Loan term

36 months

36 months

Proceeds from issuance of debt

$ 200,075

$ 250,000

Interest rate

0%

0%

Canadian Subsidiary [Member] | Secured Debt [Member] | DFO Term Loan [Member]

Debt Instrument [Line Items]

Amount borrowed

$ 433,890

$ 589,684

$ 42,338

$ 53,456

$ 219,258

$ 276,840

$ 187,120

$ 238,400

Proceeds from issuance of debt

$ 1,400,000

$ 1,900,000

Debt payment commence period

2024-08

Maturity date

January 2034

US Treasury 5-Year Maturities Rate [Member] | First Farmers Bank & Trust [Member] | Forecast

Debt Instrument [Line Items]

Basis spread on variable rate

5%

Debt (Terms and Conditions of L

Debt (Terms and Conditions of Long-term Debt Outstanding) (Details)		12 Months Ended
	Jul. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018	Nov. 30, 2018	Feb. 29, 2016
Debt Instrument [Line Items]
Total debt		$ 8,725,405		$ 9,219,378
less: debt issuance costs		(52,065)		(68,680)
less: current portion		(2,387,231)		(627,365)
Long-term debt, net		$ 6,286,109		8,523,333
Loans Payable [Member] | ACOA AIF Grant [Member]
Debt Instrument [Line Items]
Interest rate		0%
Maturity date		-	-
Total debt		$ 2,119,476		2,261,349
Secured Debt [Member] | ACOA Term Loan #1 [Member]
Debt Instrument [Line Items]
Interest rate		0%					0%
Monthly repayment			$ 3,120
Maturity date		Feb 2027	Feb 2027
Total debt		$ 115,158		152,346
Secured Debt [Member] | ACOA Term Loan #2 [Member]
Debt Instrument [Line Items]
Interest rate		0%				0%
Monthly repayment			$ 4,630
Maturity date		Sep 2029	Sep 2029
Total debt		$ 276,743		339,015
Secured Debt [Member] | ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Interest rate		0%
Monthly repayment			$ 6,945
Maturity date		Dec 2025	Dec 2025
Total debt		$ 184,500		196,850
Secured Debt [Member] | Kubota Canada Ltd [Member]
Debt Instrument [Line Items]
Interest rate		0%
Monthly repayment			$ 1,142
Maturity date		Jan 2025	Jan 2025
Total debt		$ 21,077		33,283
Secured Debt [Member] | DFO Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		0%
Monthly repayment			$ 16,865
Maturity date		Jan 2034	Jan 2034
Total debt		$ 854,885		405,700
Secured Debt [Member] | Finance PEI Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		4%			4%
Monthly repayment			$ 16,313
Maturity date		Nov 2023	Nov 2023
Total debt		$ 1,752,547		1,947,510
Secured Debt [Member] | First Farmers Bank & Trust [Member]
Debt Instrument [Line Items]
Interest rate	5.375%	5.375%
Monthly repayment	$ 57,000	$ 56,832
Maturity date		Oct 2028	Oct 2028
Total debt		$ 3,401,019		$ 3,883,325

Debt (Principal Payments Due on

Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Year
2023	$ 2,402,059
2024	715,026
2025	788,688
2026	758,079
2027	768,580
Thereafter	3,292,973
Total debt	$ 8,725,405	$ 9,219,378

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)		12 Months Ended
	Feb. 08, 2021	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Authorized shares of common and preferred stock		155,000,000
Authorized shares of preferred stock		5,000,000
Authorized shares of common stock		150,000,000	80,000,000
Issued shares of preferred stock		0	0
Outstanding shares of preferred stock		0	0
Issued shares of common stock		71,110,713	71,025,738
Outstanding shares of common stock		71,110,713	71,025,738
Common stock, voting rights, number of votes per share		one
Class of Warrant or Right, Outstanding		418,441	418,441
Share-based Compensation
Share-based compensation expense		$ 535,123	$ 394,237
Restricted Stock [Member]
Share-based Compensation
Share-based compensation expense		358,000	240,000
Unearned share-based compensation expense in future periods		$ 187,000
Unearned share-based compensation earn period		2 years 3 months 18 days
Stock Options [Member]
Share-based Compensation
Share-based compensation expense		$ 177,000	$ 154,000
Unearned share-based compensation expense in future periods		$ 233,000
Unearned share-based compensation earn period		2 years 4 months 24 days
Exercisable term		10 years
Weighted average fair value of stock options grants (in dollars per share)		$ 1.11	$ 5.36
Exercised (in shares)		1,012	16,667
Intrinsic value of options exercised		$ 142,000	$ 41,000
Intrinsic value of options outstanding		0	18,000
Intrinsic value of exercisable options		$ 0	$ 11,000
Expected dividend yield		0%	0%
Minimum [Member] | Stock Options [Member]
Share-based Compensation
Award vesting period		1 year
Maximum [Member] | Stock Options [Member]
Share-based Compensation
Award vesting period		3 years
2016 Equity Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation
Shares authorized to grant		1,900,000
Shares reserved for future issuance		452,620
Warrants [Member] | Common Stock [Member]
Stockholders' Equity
Expiration date		Jan. 17, 2023
Common Stock [Member]
Stockholders' Equity
Issued (in shares)			14,950,000
Share-based Compensation
Exercised (in shares)			4,354
February 2021 Public Offering [Member] | Common Stock [Member]
Stockholders' Equity
Issued (in shares)	14,950,000
Proceeds from issuance or sale of equity	$ 119,100,000

Stockholders' Equity (Restricte

Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Beginning balance | shares	65,100
Granted | shares	265,088
Vested | shares	(128,979)
Forfeited | shares	(1,755)
Ending balance | shares	199,454
Weighted average grant date fair value
Beginning balance | $ / shares	$ 4.10
Granted | $ / shares	1.51
Vested | $ / shares	2.27
Forfeited | $ / shares	1.52
Ending balance | $ / shares	$ 1.86

Stockholders' Equity (Stock Opt

Stockholders' Equity (Stock Option Activity) (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of options
Outstanding, beginning balance	663,425
Issued	214,755
Exercised	(1,012)	(16,667)
Forfeited	(8,020)
Expired	(29,038)
Outstanding, ending balance	840,110	663,425
Exercisable	678,634
Weighted average exercise price
Outstanding, beginning balance	$ 4.31
Issued	1.55
Exercised	1.52
Forfeited	1.52
Expired	5.82
Outstanding, ending balance	3.58	$ 4.31
Exercisable	$ 3.97

Stockholders' Equity (Informati

Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	840,110
Number of options exercisable	678,634
$1.52 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	715,985
Weighted average remaining estimated life (in years)	7 years 1 month 6 days
Number of options exercisable	567,130
$5.44 - $6.72
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	45,235
Weighted average remaining estimated life (in years)	7 years 7 months 6 days
Number of options exercisable	32,614
$7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	12,303
Weighted average remaining estimated life (in years)	1 year
Number of options exercisable	12,303
$14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	66,587
Weighted average remaining estimated life (in years)	3 years 2 months 12 days
Number of options exercisable	66,587
Minimum [Member] | $1.52 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	$ 1.49
Minimum [Member] | $5.44 - $6.72
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	5.44
Minimum [Member] | $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	7.50
Minimum [Member] | $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	14.20
Maximum [Member] | $1.52 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	2.50
Maximum [Member] | $5.44 - $6.72
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	6.72
Maximum [Member] | $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	10.80
Maximum [Member] | $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options | $ / shares	$ 23.40

Stockholders' Equity (Stock O_2

Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	92%
Expected volatility, maximum	103%
Risk free interest rate, minimum	1.71%
Risk free interest rate, maximum	3.95%
Expected dividend yield	0%	0%
Expected life (in years)	5 years

Stockholders' Equity (Share-bas

Stockholders' Equity (Share-based Compensation Costs Recognized on Financial Statements) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 535,123	$ 394,237
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	15,956
General And Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 519,167	$ 394,237

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Provision for foreign or domestic income taxes	$ 0
Income Tax Expense (Benefit)	0	$ 0
Domestic Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Domestic operating loss carryforwards	69,000,000
Domestic Tax Authority [Member] | Limitations On Use To Section 382 [Member]
Tax Credit Carryforward [Line Items]
Domestic operating loss carryforwards	97,000,000
Foreign Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Foreign operating loss carryforwards	12,000,000
Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Foreign research and development tax credit carryforwards	$ 2,000,000

Income Taxes (Components of Los

Income Taxes (Components of Loss Before Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Domestic	$ (20,673,855)	$ (21,105,065)
Foreign	(1,483,340)	(1,217,523)
Loss before income taxes	$ (22,157,195)	$ (22,322,588)

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Income tax benefit	$ (4,653,011)	$ (4,687,744)
State and provincial income tax, net of federal benefit	(1,031,963)	(1,157,840)
Permanent differences	(60,904)	202,583
US-Foreign rate differential	(65,058)	39,045
Other, net	483,873	(299,071)
Total income tax, prior to change in valuation allowance	(5,327,063)	(5,903,027)
Change in valuation allowance	5,327,063	5,903,027
Total income tax	$ 0	$ 0

Income Taxes (Components of Def

Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Net operating loss carryforwards	$ 28,188,265	$ 23,216,863
Foreign research and development tax credit carryforwards	2,454,756	2,428,663
Property and equipment	(249,382)	145,530
Intangibles and other	3,658,921	2,934,441
Total deferred tax assets	34,052,560	28,725,497
Valuation allowance	(34,052,560)	(28,725,497)
Net deferred tax assets

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Lease expense	$ 86	$ 84
Lease payment	$ 84	$ 84
Weighted average remaining lease term	26 years
Operating Lease, Weighted Average Discount Rate, Percent	8%

Commitments and Contingencies_3

Commitments and Contingencies (Summary of Lease Obligations) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Total leases	$ 224,058	$ 290,327
Less: current portion	$ (20,831)	$ (66,269)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Long-term leases	$ 203,227	$ 224,058
Operating Lease, Liability	Other Liabilities, Current	Other Liabilities, Current

Commitments and Contingencies_4

Commitments and Contingencies (Summary of Remaining Payments under Leases) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
2023	$ 33,873
2024	17,481
2025	18,006
2026	18,546
2027	19,102
Thereafter	564,225
Total lease payments	671,233
Less: imputed interest	(447,175)
Total operating lease liabilities	$ 224,058	$ 290,327

Retirement Plan (Details)

Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Employer contributions to retirement plan	$ 94	$ 81
Canada
Defined Contribution Plan Disclosure [Line Items]
Employer contributions to retirement plan	$ 44	$ 38

Related Party Agreement (Detail

Related Party Agreement (Details) - TS Aquaculture [Member] - USD ($) $ in Thousands		12 Months Ended
	Nov. 23, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Shares sold in public offering	12,880,000
Expenses incurred		$ 418