Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021 | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2021 |
Entity Registrant Name | ELECTRAMECCANICA VEHICLES CORP. |
Entity Central Index Key | 0001637736 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Interim Condensed Unaudited Con
Interim Condensed Unaudited Consolidated Statements of Financial Position - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 228,813,286 | $ 129,450,676 |
Receivables | 333,272 | 213,346 |
Prepaid expenses | 15,354,581 | 5,039,150 |
Inventory | 3,306,642 | 609,094 |
Total Current assets | 247,807,781 | 135,312,266 |
Non-current assets | ||
Restricted cash | 161,197 | 143,800 |
Plant and equipment | 9,734,879 | 9,290,308 |
Net investment in sublease | 0 | 38,541 |
Goodwill and other intangible assets | 966,521 | 969,467 |
TOTAL ASSETS | 258,670,378 | 145,754,382 |
Current liabilities | ||
Trade payables and accrued liabilities | 2,331,392 | 3,461,339 |
Customer deposits | 539,305 | 329,221 |
Construction contract liability | 194,959 | 189,651 |
Current portion of lease liabilities | 530,834 | 576,232 |
Total current liabilities | 3,596,490 | 4,556,443 |
Non-current liabilities | ||
Derivative liabilities | 3,565,246 | 17,899,855 |
Lease liabilities | 1,562,397 | 499,541 |
Deferred revenue | 119,253 | 119,253 |
TOTAL LIABILITIES | 8,843,386 | 23,075,092 |
EQUITY | ||
Share capital | 363,207,765 | 212,058,836 |
Deficit | (134,802,606) | (110,327,159) |
Reserves | 21,421,833 | 20,947,613 |
TOTAL EQUITY | 249,826,992 | 122,679,290 |
TOTAL LIABILITIES AND EQUITY | $ 258,670,378 | $ 145,754,382 |
Interim Condensed Unaudited C_2
Interim Condensed Unaudited Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interim Condensed Unaudited Consolidated Statements of Comprehensive Loss | ||||
Revenue | $ 110,139 | $ 245,691 | $ 592,524 | $ 344,585 |
Cost of revenue | 110,653 | 238,033 | 579,963 | 390,300 |
Gross profit / (loss) | (514) | 7,658 | 12,561 | (45,715) |
Operating expenses | ||||
Amortization | 1,102,638 | 444,454 | 3,005,004 | 770,885 |
General and administrative expenses | 7,345,102 | 1,845,103 | 16,211,786 | 5,038,786 |
Research and development expenses | 5,290,452 | 1,541,450 | 11,646,957 | 4,062,688 |
Sales and marketing expenses | 2,593,227 | 525,660 | 6,553,508 | 1,083,520 |
Stock-based compensation expense | 833,973 | 2,237,334 | 4,017,322 | 5,143,722 |
Total operating expenses | 17,165,392 | 6,594,001 | 41,434,577 | 16,099,601 |
Operating loss | (17,165,906) | (6,586,343) | (41,422,016) | (16,145,316) |
Other items | ||||
Interest income | (52,190) | (69,833) | (222,303) | (108,686) |
Changes in fair value of warrant derivative | (4,178,638) | 3,638,409 | (16,436,023) | 5,653,843 |
Lease modification loss | 24,387 | 24,387 | ||
Other Income | (99,484) | (20,364) | (191,854) | (395,372) |
Foreign exchange (gain)/loss | 11,804 | 1,029,997 | (97,239) | 646,160 |
Loss before taxes | (12,847,398) | (11,188,939) | (24,474,597) | (21,965,648) |
Current income tax (recovery)/expense | (1,204) | 850 | (404) | |
Deferred Income tax (recovery)/expense | (8,505) | (28,886) | ||
Net loss | (12,847,398) | (11,179,230) | (24,475,447) | (21,936,358) |
Other comprehensive income/(loss) | 17,688 | 1,189,627 | 3,355 | 351,704 |
Comprehensive Loss | $ (12,829,710) | $ (9,989,603) | $ (24,472,092) | $ (21,584,654) |
Loss per share - basic and fully diluted | $ (0.11) | $ (0.16) | $ (0.22) | $ (0.43) |
Weighted average number of shares outstanding - basic and fully diluted | 113,670,604 | 69,948,843 | 110,110,785 | 51,080,739 |
Condensed Unaudited Consolidate
Condensed Unaudited Consolidated Statements of Changes in Equity - USD ($) | Share capital | Share-based payment reserve | Foreign Currency Translation Reserve | Deficit | Total |
Beginning balance at Dec. 31, 2019 | $ 50,616,051 | $ 11,006,367 | $ 287,307 | $ (47,280,254) | $ 14,629,471 |
Beginning balance, shares at Dec. 31, 2019 | 37,049,374 | ||||
Shares issued for cash | $ 7,870 | 7,870 | |||
Shares issued for cash (in shares) | 7,500 | ||||
Shares issued cost | $ (51,913) | (51,913) | |||
Stock-based compensation expense | 1,884,570 | 1,884,570 | |||
Net loss for the period | (1,418,829) | (1,418,829) | |||
Foreign currency translation reserve | (1,411,147) | (1,411,147) | |||
Ending balance at Mar. 31, 2020 | $ 50,572,008 | 12,890,937 | (1,123,840) | (48,699,083) | 13,640,022 |
Ending balance, shares at Mar. 31, 2020 | 37,056,874 | ||||
Beginning balance at Dec. 31, 2019 | $ 50,616,051 | 11,006,367 | 287,307 | (47,280,254) | 14,629,471 |
Beginning balance, shares at Dec. 31, 2019 | 37,049,374 | ||||
Net loss for the period | (21,936,358) | ||||
Ending balance at Sep. 30, 2020 | $ 133,579,394 | 16,061,933 | 639,011 | (69,216,612) | 81,063,726 |
Ending balance, shares at Sep. 30, 2020 | 77,789,748 | ||||
Beginning balance at Mar. 31, 2020 | $ 50,572,008 | 12,890,937 | (1,123,840) | (48,699,083) | 13,640,022 |
Beginning balance, shares at Mar. 31, 2020 | 37,056,874 | ||||
Shares issued for cash | $ 36,363,090 | 36,363,090 | |||
Shares issued for cash (in shares) | 25,913,365 | ||||
Shares issued pursuant to exercise of warrants | $ 110,246 | 110,246 | |||
Shares issued pursuant to exercise of warrants (in shares) | 187,500 | ||||
Shares issued pursuant to exercise of options | $ 9,538 | (4,037) | 5,501 | ||
Shares issued pursuant to exercise of options (in shares) | 25,000 | ||||
Stock-based compensation expense | 1,021,818 | 1,021,818 | |||
Net loss for the period | (9,338,299) | (9,338,299) | |||
Foreign currency translation reserve | 573,224 | 573,224 | |||
Ending balance at Jun. 30, 2020 | $ 87,054,882 | 13,908,718 | (550,616) | (58,037,382) | 42,375,602 |
Ending balance, shares at Jun. 30, 2020 | 63,182,739 | ||||
Shares issued for cash | $ 39,711,261 | 39,711,261 | |||
Shares issued for cash (in shares) | 13,058,071 | ||||
Shares issued pursuant to exercise of warrants | $ 6,719,617 | (55,909) | 6,663,708 | ||
Shares issued pursuant to exercise of warrants (in shares) | 1,413,767 | ||||
Shares issued pursuant to exercise of options | $ 93,634 | (28,209) | 65,425 | ||
Shares issued pursuant to exercise of options (in shares) | 135,171 | ||||
Stock-based compensation expense | 2,237,333 | 2,237,333 | |||
Net loss for the period | (11,179,230) | (11,179,230) | |||
Foreign currency translation reserve | 1,189,627 | 1,189,627 | |||
Ending balance at Sep. 30, 2020 | $ 133,579,394 | 16,061,933 | 639,011 | (69,216,612) | 81,063,726 |
Ending balance, shares at Sep. 30, 2020 | 77,789,748 | ||||
Beginning balance at Dec. 31, 2020 | $ 212,058,836 | 16,446,400 | 4,501,213 | (110,327,159) | 122,679,290 |
Beginning balance, shares at Dec. 31, 2020 | 89,309,563 | ||||
Effect of change in functional currency | $ (14,539,226) | 0 | 0 | 0 | (14,539,226) |
Ending balance at Jan. 01, 2021 | $ 197,519,610 | 16,446,400 | 4,501,213 | (110,327,159) | 108,140,064 |
Ending balance, shares at Jan. 01, 2021 | 89,309,563 | ||||
Beginning balance at Dec. 31, 2020 | $ 212,058,836 | 16,446,400 | 4,501,213 | (110,327,159) | 122,679,290 |
Beginning balance, shares at Dec. 31, 2020 | 89,309,563 | ||||
Ending balance at Mar. 31, 2021 | $ 357,542,725 | 17,630,308 | 4,493,354 | (110,507,823) | 269,158,564 |
Ending balance, shares at Mar. 31, 2021 | 112,929,422 | ||||
Beginning balance at Dec. 31, 2020 | $ 212,058,836 | 16,446,400 | 4,501,213 | (110,327,159) | 122,679,290 |
Beginning balance, shares at Dec. 31, 2020 | 89,309,563 | ||||
Net loss for the period | (24,475,447) | ||||
Ending balance at Sep. 30, 2021 | $ 363,207,765 | 16,917,265 | 4,504,568 | (134,802,606) | 249,826,992 |
Ending balance, shares at Sep. 30, 2021 | 114,944,673 | ||||
Beginning balance at Jan. 01, 2021 | $ 197,519,610 | 16,446,400 | 4,501,213 | (110,327,159) | 108,140,064 |
Beginning balance, shares at Jan. 01, 2021 | 89,309,563 | ||||
Shares issued for cash | $ 142,493,563 | 142,493,563 | |||
Shares issued for cash (in shares) | 20,365,495 | ||||
Shares issued pursuant to exercise of warrants | $ 16,802,299 | (1,164) | 16,801,135 | ||
Shares issued pursuant to exercise of warrants (in shares) | 2,195,640 | ||||
Shares issued pursuant to exercise of options | $ 727,253 | (277,794) | 449,459 | ||
Shares issued pursuant to exercise of options (in shares) | 1,058,724 | ||||
Stock-based compensation expense | 1,462,866 | 1,462,866 | |||
Net loss for the period | (180,664) | (180,664) | |||
Foreign currency translation reserve | (7,859) | (7,859) | |||
Ending balance at Mar. 31, 2021 | $ 357,542,725 | 17,630,308 | 4,493,354 | (110,507,823) | 269,158,564 |
Ending balance, shares at Mar. 31, 2021 | 112,929,422 | ||||
Shares issued cost | $ (2,887) | (2,887) | |||
Shares issued pursuant to exercise of warrants | $ 404,354 | 404,354 | |||
Shares issued pursuant to exercise of warrants (in shares) | 88,774 | ||||
Shares issued pursuant to exercise of options | $ 104,301 | (53,972) | 50,329 | ||
Shares issued pursuant to exercise of options (in shares) | 21,825 | ||||
Stock-based compensation expense | 1,720,483 | 1,720,483 | |||
Net loss for the period | (11,447,385) | (11,447,385) | |||
Foreign currency translation reserve | (6,474) | (6,474) | |||
Ending balance at Jun. 30, 2021 | $ 358,048,493 | 19,296,819 | 4,486,880 | (121,955,208) | 259,876,984 |
Ending balance, shares at Jun. 30, 2021 | 113,040,021 | ||||
Shares issued for cash | $ (55,123) | (55,123) | |||
Shares issued pursuant to exercise of warrants | $ 1,682,416 | 1,682,416 | |||
Shares issued pursuant to exercise of warrants (in shares) | 405,000 | ||||
Shares issued pursuant to exercise of options | $ 3,115,294 | (2,469,544) | 645,750 | ||
Shares issued pursuant to exercise of options (in shares) | 1,375,400 | ||||
Shares issued pursuant to exercise of RSU | $ 397,060 | (582,333) | (185,273) | ||
Shares issued pursuant to exercise of RSU (in shares) | 118,497 | ||||
Shares issued pursuant to exercise of DSU | $ 19,625 | (39,250) | (19,625) | ||
Shares issued pursuant to exercise of DSU (in shares) | 5,755 | ||||
Transfer of DSU to liabilities | (122,400) | (122,400) | |||
Stock-based compensation expense | 833,973 | 833,973 | |||
Net loss for the period | (12,847,398) | (12,847,398) | |||
Foreign currency translation reserve | 17,688 | 17,688 | |||
Ending balance at Sep. 30, 2021 | $ 363,207,765 | $ 16,917,265 | $ 4,504,568 | $ (134,802,606) | $ 249,826,992 |
Ending balance, shares at Sep. 30, 2021 | 114,944,673 |
Condensed Unaudited Consolida_2
Condensed Unaudited Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||||
Net loss for the period | $ (12,847,398) | $ (11,179,230) | $ (24,475,447) | $ (21,936,358) |
Adjustments for: | ||||
Amortization | 1,102,638 | 444,454 | 3,005,004 | 770,885 |
Stock-based compensation expense | 833,973 | 2,237,334 | 4,017,322 | 5,143,722 |
Interest income | (52,190) | (69,833) | (222,303) | (108,686) |
Lease modification loss | 24,387 | 24,387 | ||
Vehicles transferred to R&D expense | 827,593 | 827,593 | ||
Changes in fair value of derivative liabilities | (4,178,638) | 3,638,409 | (16,436,023) | 5,653,843 |
Deferred income tax expense (recovery) | (8,505) | (28,886) | ||
Changes in non-cash working capital items: | ||||
Receivables | (4,718) | 53,331 | (282,242) | 164,642 |
Prepaid expenses | (2,942,644) | (397,444) | (10,266,438) | (215,056) |
Inventory | (2,699,611) | (50,109) | (2,668,847) | (454,476) |
Trade payables and accrued liabilities | (2,361,538) | (93,636) | (217,417) | (1,019,687) |
Customer deposits and construction contract liability | 192,888 | (35,010) | 215,392 | 24,457 |
Net cash flows used in operating activities | (22,129,645) | (5,435,852) | (46,503,406) | (11,981,213) |
Investing activities | ||||
Investments in restricted cash | 2,059 | 1,421 | (17,397) | (1,733) |
Expenditures on plant and equipment | (661,570) | (357,628) | (3,686,693) | (605,495) |
Net cash flows used in investing activities | (659,511) | (356,207) | (3,704,090) | (607,228) |
Financing activities | ||||
Interest income received | 94,410 | 10,030 | 495,138 | 154,171 |
Interest income received from net investment in sublease | 124 | 1,097 | 1,459 | 7,673 |
Interest paid | (6) | (300) | ||
Interest paid on lease payments | (37,890) | (18,710) | (111,978) | (60,031) |
Repayment of shareholder loans | (1,521) | |||
Repayment of leases | (209,452) | (126,704) | (560,295) | (341,163) |
Payment received for net investment in sublease | 9,876 | 8,903 | 38,541 | 52,328 |
Proceeds on issuance of common shares - net of issue costs | (55,123) | 39,665,545 | 142,435,553 | 75,419,959 |
Payment of withholding tax for RSU exercised | (185,274) | (185,274) | ||
Payment for DSU settlement | (19,625) | (19,625) | ||
Proceeds from issuance of common shares for options exercised | 645,750 | 66,544 | 1,145,538 | 71,958 |
Proceeds from issuance of common shares for warrants exercised | 1,313,167 | 3,505,690 | 6,327,694 | 3,613,970 |
Net cash flows from financing activities | 1,555,963 | 43,112,389 | 149,566,751 | 78,917,044 |
Increase/(decrease) in cash and cash equivalents | (21,233,193) | 37,320,330 | 99,359,255 | 66,328,603 |
Effect of exchange rate changes on cash | 17,688 | 1,015,448 | 3,355 | 1,174,829 |
Cash and cash equivalents, beginning | 250,028,791 | 37,728,278 | 129,450,676 | 8,560,624 |
Cash and cash equivalents, ending | $ 228,813,286 | $ 76,064,056 | $ 228,813,286 | $ 76,064,056 |
Nature and continuance of opera
Nature and continuance of operations | 9 Months Ended |
Sep. 30, 2021 | |
Nature and continuance of operations | |
Nature and continuance of operations | 1. ElectraMeccanica Vehicles Corp (the “Company”) was incorporated on February 16, 2015, under the laws of the Province of British Columbia, Canada, and its principal activity is the development and manufacturing of electric vehicles (“EV”s). The Company acquired Intermeccanica International Inc. (“InterMeccanica”) on October 18, 2017, and whose principal activity is the development and manufacturing of high-end custom-built vehicles. On January 22, 2018, the Company incorporated a wholly-owned subsidiary, EMV Automotive USA Inc., in Nevada, USA. On October 15, 2019, the Company incorporated a wholly-owned subsidiary, EMV Automotive Technology (Chongqing) Inc., in Chongqing, China. On November 22, 2019, the Company incorporated SOLO EV, LLC, a wholly-owned subsidiary of EMV Automotive USA Inc., in Michigan, USA. On March 19, 2021, the Company incorporated ElectraMeccanica USA, LLC, a wholly-owned subsidiary of EMV Automotive USA Inc., in Arizona, USA. The head office and principal address of the Company are located at 102 East 1 st These consolidated financial statements have been prepared on the assumption that the Company will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The Company’s principal activity is the development and manufacture of EVs. As at September 30, 2021, although the Company has commenced commercial production of the SOLO single seat EV, it is not able to finance day-to-day activities through operations. The Company’s continuation is dependent upon the successful results from its electric vehicle manufacturing activities and its ability to attain profitable operations and generate funds therefrom and/or raise equity capital or borrowings sufficient to meet current and future obligations. The Company has begun production and commenced commercial deliveries of its first SOLO EV in October 2021. As at September 30, 2021, there have been no revenues from the sale of electric vehicles as any amounts received from the sale of pre-production electric vehicles were netted off against research and development costs as cost recovery. It is anticipated that significant additional funding will be required. Management primarily intends to finance its operations over the next 12 months through sales of the SOLO, private placements and/or public offerings of equity capital. |
Significant accounting policies
Significant accounting policies and basis of preparation | 9 Months Ended |
Sep. 30, 2021 | |
Significant accounting policies and basis of preparation | |
Significant accounting policies and basis of preparation | 2. The consolidated financial statements were authorized for issue on November 9, 2021 by the directors of the Company. Statement of compliance with International Financial Reporting Standards These interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These interim condensed consolidated financial statements are prepared in accordance with International Accounting Standards (“IAS”) 34 – Interim Financial Reporting on a basis consistent with those followed in the most recent annual consolidated financial statements for the year ended December 31, 2020. These interim condensed consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020. Basis of preparation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs except for derivative liabilities which are measured at fair value. As at September 30, 2021, the Company’s functional and presentation currency is United States dollars (“USD”). The Company’s functional currency for the comparative periods was Canadian dollars (“CAD”). The change in presentation currency and functional currency from December 31, 2020 is discussed in Note 3. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, EMV Automotive USA Inc., from the date of its incorporation on January 22, 2018, InterMeccanica, from the date of its acquisition on October 18, 2017, EMV Automotive Technology (Chongqing) Inc., from the date of its incorporation on October 15, 2019, SOLO EV, LLC, from the date of its incorporation on November 22, 2019, and ElectraMeccanica USA, LLC, from the date of its incorporation on March 19, 2021. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation. Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include the estimated recoverable amount of goodwill, intangible assets and other long-lived assets, the useful lives of plant and equipment, fair value measurements for financial instruments and share-based payments and the recoverability and measurement of deferred tax assets. The Covid-19 outbreak brings significant uncertainty as to the potential impact on our operations, supply chains for parts and sales channels for our products, and on the global economy as a whole. It is currently not possible to predict how long the pandemic will last or the time that it will take for economic activity to return to prior levels. Therefore, the Company has not changed any estimates and assumptions in the preparation of the financial statements. Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant areas that require judgment from the Company in completing its consolidated financial statements include: - the assessment of the Company’s ability to continue operations and whether there are events or conditions that may give rise to significant uncertainty; - the assessment of the Company’s functional currency; - the classification of financial instruments; and - the calculation of income taxes require judgement in interpreting tax rules and regulations. Foreign currency translation The Company’s functional currency is USD. The functional currency of InterMeccanica is CAD, the functional currency of EMV Automotive USA Inc. and ElectraMeccanica USA, LLC is USD, and the functional currency of EMV Automotive Technology (Chongqing) Inc. is the Chinese RMB. The Company reassessed the functional currency during its first quarter of 2021 and determined that the factors now supported USD as the functional currency for the Company. The Company has applied the change in functional currency from CAD to USD effective January 1, 2021.The change in functional currency is discussed in Note 3. Foreign operations translation On consolidation, the assets and liabilities of foreign operations that have a functional currency other than USD are translated into USD at the exchange rates in effect at the end of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the period. The resulting translation gains and losses are included as other comprehensive loss. The cumulative deferred translation gains or losses on the foreign operations are reclassified to net income only on disposal of the foreign operations. |
Change in presentation currency
Change in presentation currency and functional currency | 9 Months Ended |
Sep. 30, 2021 | |
Change in presentation currency and functional currency | |
Change in presentation currency and functional currency | 3. Change in presentation currency and functional currency Effective December 31, 2020, the Company changed its presentation currency from CAD to USD to be more relevant to users. Prior to December 31, 2020, the Company reported its annual and quarterly consolidated financial statements in CAD. In making this change in presentation currency, the Company followed the recommendations set out in IAS 21, the Effects of Change in Foreign Exchange Rates. In accordance with IAS 21, comparable financial statements for the three and nine months ended September 30, 2020 have been restated retrospectively in the new presentation currency of USD using the current rate method. The consolidated statement of financial position as of December 31, 2020 of the Company has been prepared in CAD and translated into the new presentation currency of USD using the current rate method. The procedures under the current rate method as applied in these interim condensed unaudited consolidated financial statements is outlined as below: ● balances for the three and nine months ended September 30, 2020 reported in the Interim Condensed Unaudited Consolidated Statement of Comprehensive Loss and Interim Condensed Unaudited Consolidated Statements of Cash Flows have been translated into USD using average foreign currency rates prevailing for the period; ● balances as at and for the three months ended September 30, 2020 reported in the Interim Condensed Unaudited Consolidated Statement of Change in Equity, including share-based payment reserve, foreign currency translation reserve, deficit and share capital, have been translated into USD using historical rates; and ● basic and diluted loss per share for the three and nine months ended September 30, 2020 have been restated to USD to reflect the change in presentation currency. All resulting exchange differences arising from the translation are included as a separate component of other comprehensive income/(loss). The Company considered the current and prospective economic substance of the underlying transactions and circumstances of the Company and concluded that, as of January 1, 2021, the functional currency should be USD rather than CAD. The effect of the change in functional currency to USD was applied prospectively in the financial statements effective January 1, 2021. The financial position of the Company as at January 1, 2021 has been translated from CAD to USD at an exchange rate of 1.273. All transactions for the Company are recorded in USD from January 1, 2021 and onwards. Transactions denominated in currencies other than USD are considered foreign currency transactions. Foreign currency transactions are translated into USD using the foreign currency rates prevailing at the date of the transaction. Period-end balances of monetary assets and liabilities in foreign currency are translated to USD using period-end foreign currency rates. Foreign currency gains and losses arising from the settlement of foreign currency transactions are recognized in profit or loss. The Company reassessed its derivative liabilities upon the change in functional currency, which resulted in an increase of $14,539,226 in derivative liabilities with a corresponding decrease in share capital as at January 1, 2021. Warrants issued other than as compensation for goods and services with exercise prices denominated in a currency other than the functional currency of the Company are recognized as derivative liabilities and measured at fair value at each reporting period. As at December 31, 2020, the functional currency of the Company was CAD and, therefore, warrants with exercise prices denominated in USD were recognized as derivative liabilities and measured at fair value by the Black-Scholes Option Pricing Model with a valuation date of December 31, 2020. The derivative liabilities of the Company was $17,899,855 as at December 31, 2020. As at January 1, 2021, the functional currency of the Company is USD. Accordingly, warrants with exercise prices denominated in CAD are recognized as derivative liabilities and measured at fair value by the Black-Scholes Option Pricing Model with a valuation date of January 1, 2021. The fair value of the derivative liabilities of the Company was $32,439,081 as at January 1, 2021. |
Cash and cash equivalents
Cash and cash equivalents | 9 Months Ended |
Sep. 30, 2021 | |
Cash and cash equivalents | |
Cash and cash equivalents | 4. For the purposes of the Interim Condensed Unaudited Consolidated Statements of Cash Flows, cash and cash equivalents comprise the following balances with original term to maturity of 180 days or less: September 30, 2021 December 31, 2020 Cash $ 228,813,286 $ 58,450,680 Cash equivalent — 70,999,996 $ 228,813,286 $ 129,450,676 |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2021 | |
Receivables | |
Receivables | 5. September 30, 2021 December 31, 2020 Trade receivable $ 5,313 $ — GST receivable 180,632 49,385 Interest receivable 79 162,316 Other receivables 147,248 1,645 $ 333,272 $ 213,346 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory | |
Inventory | 6. September 30, 2021 December 31, 2020 Parts and battery $ 708,347 $ 995,368 Work in progress 128,708 75,811 Vehicles 2,497,847 48,324 Inventory provision (28,260) (510,409) $ 3,306,642 $ 609,094 |
Plant and equipment
Plant and equipment | 9 Months Ended |
Sep. 30, 2021 | |
Plant and equipment | |
Plant and equipment | 7. Computer Production Furniture and hardware and Leasehold Right-of-use tooling and equipment software Vehicles Improvements assets molds Total Cost: December 31, 2019 438,358 209,170 299,386 396,303 1,590,456 6,064,826 8,998,499 Additions 32,937 208,294 1,090,673 64,495 465,312 1,738,462 3,600,173 Disposals/write off — — (10,907) (28,366) — (299,606) (338,879) Lease termination and derecognition1,2 — — — — (425,932) — (425,932) Foreign exchange translation difference 6,528 3,734 5,445 2,944 30,262 110,287 159,200 December 31, 2020 477,823 421,198 1,384,597 435,376 1,660,098 7,613,969 11,993,061 Additions 272,731 404,222 1,670,911 29,617 1,575,434 350,727 4,303,642 Transfer to R&D 3 — — (894,316) — — — (894,316) Foreign exchange translation difference (251) 4 — 46 240 — 39 September 30, 2021 750,303 825,424 2,161,192 465,039 3,235,772 7,964,696 15,402,426 Amortization: December 31, 2019 238,223 100,324 256,588 182,599 512,902 — 1,290,636 Additions 67,030 96,191 41,005 112,591 414,102 903,756 1,634,675 Disposals — — (7,588) (23,119) — (9,847) (40,554) Lease termination and derecognition 1,2 — — — — (204,590) — (204,590) Foreign exchange translation difference 4,068 1,816 4,667 1,685 10,350 — 22,586 December 31, 2020 309,321 198,331 294,672 273,756 732,764 893,909 2,702,753 Additions 65,209 170,208 181,165 81,694 548,441 1,955,903 3,002,620 Transfer to R&D — — (38,022) — — — (38,022) Foreign exchange translation difference 94 4 — 43 55 — 196 September 30, 2021 374,624 368,543 437,815 355,493 1,281,260 2,849,812 5,667,547 Net book value: December 31, 2020 168,502 222,867 1,089,925 161,620 927,334 6,720,060 9,290,308 September 30, 2021 375,679 456,881 1,723,377 109,546 1,954,512 5,114,884 9,734,879 1 2 3 Vehicles with cost of $894,316 and accumulated depreciation of $38,022 were transferred to R&D usage. |
Net investment in sublease
Net investment in sublease | 9 Months Ended |
Sep. 30, 2021 | |
Net investment in sublease | |
Net investment in sublease | 8. The Company entered into an agreement to sublease its office space in Los Angeles, USA, with effect from February 1, 2020. The Company has classified the sublease as a finance lease as the term of the sublease is for major part of the economic life of the right-of-use asset arising from the head lease. At the commencement date of the sublease, the Company derecognized the right-of-use asset relating to the head lease that it transferred to the sub-lessee and recognized the net investment in the sub-lease. The term of the sublease expired on August 21, 2021 and became month-to-month and there is$nil net investment in sublease as of September 30, 2021 (December 31, 2020 - $38,541). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | 9. September 30, 2021 December 31, 2020 Identifiable intangibles on acquisition of InterMeccanica $ 404,805 $ 407,751 Goodwill on acquisition of InterMeccanica 549,760 549,760 Other intangibles 11,956 11,956 $ 966,521 $ 969,467 |
Trade payables and accrued liab
Trade payables and accrued liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Trade payables and accrued liabilities | |
Trade payables and accrued liabilities | 10. September 30, 2021 December 31, 2020 Trade payables $ 979,779 $ 1,001,773 Due to related parties (Note 19) 26,786 280,432 Accrued liabilities 1,324,827 2,179,134 $ 2,331,392 $ 3,461,339 |
Lease liabilities
Lease liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Lease liabilities. | |
Lease liabilities | 11 . The Company leases buildings for its engineering center and head office and warehouse spaces and kiosk locations to promote vehicle sales. These leases generally span a period of one The Company incurred $336,858 and $782,490 of lease expenses for the three and nine months ended September 30, 2021, respectively (September 30, 2020 - $68,346 and $104,423 for the three and nine months, respectively), for short-term leases and low-value leases which are not included in the measurement of lease liabilities. The following tables reconcile the change in the lease liabilities and disclose a maturity analysis of the lease liabilities for the nine months ended September 30, 2021 and the year ended December 31, 2020: Balance as at December 31, 2019 $ 1,129,249 Lease addition 465,312 Lease termination (33,442) Accretion of lease liability 79,205 Repayment of principal and interest (564,551) Balance as at December 31, 2020 $ 1,075,773 Lease addition 1,575,435 Accretion of lease liability 104,888 Repayment of principal and interest (662,865) Balance as at September 30, 2021 $ 2,093,231 During the three months ended September 30, 2021, the Company entered a new lease agreement for a kiosk location to promote vehicle sales. The lease is for a 30 month period. During the three months ended June 30, 2021, the Company amended a lease agreement to extend the lease term for seven months. During the three months ended March 31, 2021, the Company entered into a long-term lease agreement for its engineering center and head office in Canada which expires on February 28, 2026, with the Company holding an option to renew for a further five years. Present value of Future minimum minimum lease At September 30, 2021 lease payments Interest payments Less than one year $ 667,397 $ 136,563 $ 530,834 Between one and five years 1,194,171 304,274 889,897 More than five years 774,702 102,202 672,500 $ 2,636,270 $ 543,039 $ 2,093,231 Current portion of lease liabilities 530,834 Non-current portion of lease liabilities $ 1,562,397 |
Derivative liability
Derivative liability | 9 Months Ended |
Sep. 30, 2021 | |
Derivative liability | |
Derivative liability | 12. a) Warrants At September 30, 2021, the exercise price of certain of our warrants is denominated in CAD; however, the functional currency of the Company is USD (see Note 3). Consequently, the value of the proceeds on exercise is not fixed and will vary based on foreign exchange rate movements. The warrants when issued other than as compensation for goods and services are therefore a derivative for accounting purposes and are required to be recognized as derivative liabilities and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as a non-cash gain or loss in the interim condensed unaudited consolidated statements of comprehensive loss. Upon exercise, the holders will pay the Company the respective exercise price for each warrant exercised in exchange for one common share of the Company and the fair value at the date of exercise and the associated non-cash liability will be reclassified to share capital. The non-cash liability associated with any warrants that expire unexercised will be recorded as a gain in the interim condensed unaudited consolidated statements of comprehensive loss. There are no circumstances in which the Company would be required to pay any cash upon exercise or expiry of the warrants (see Note 13 for further information on warrants issued and outstanding). A reconciliation of the changes in fair values of the warrants derivative liabilities is below: September 30, 2021 December 31, 2020 Balance, beginning $ 17,899,855 $ 5,456,265 Decrease of derivative liabilities for warrants priced in USD per change in functional currency (Note 3) (17,899,855) Recognize of derivative liabilities for warrants priced in CAD per change in functional currency (Note 3) 32,439,081 — Warrants exercised (12,560,212) (20,491,542) Changes in fair value of derivative liabilities (16,436,023) 32,935,132 Balance, ending $ 3,442,846 $ 17,899,855 The fair value of the non-transferrable warrants was calculated using the Black-Scholes Option Pricing Model. b) Deferred Stock Units Deferred Stock Units ("DSU"s) are stock-based awards that may be granted by the Company to certain eligible participants pursuant to its Stock Incentive Plan. During the three months ended September 30, 2021, the Company changed the settlement intention by allowing the holders of the DSUs to settle the DSUs in cash or common shares. As a result, the entire DSU balance of $152,164 was reclassified from equity to DSU liability. During the three months ended September 30, 2021, the Company issued 51,468 DSUs which will vest over one year . At each reporting date, between the grant and settlement dates of DSUs, the fair value of the liability is re-measured with any changes in fair value recognized in net income (loss) for the period. The entire DSU balance is presented in long-term liabilities. The changes in DSUs during the nine months ended September 30, 2021 are as follows: Number of DSU Amount Balance, December 31, 2020 — $ — Reclassification to liability 44,623 152,164 DSUs exercised (11,510) (39,248) Issuance 51,468 9,484 Balance, September 30, 2021 84,581 $ 122,400 |
Share capital
Share capital | 9 Months Ended |
Sep. 30, 2021 | |
Share capital | |
Share capital | 13. Authorized share capital Unlimited number of common shares without par value. At September 30, 2021, the Company had 114,944,673 issued and outstanding common shares (December 31, 2020 – 89,309,563). On December 21, 2020, the Company contracted with Stifel, Nicolaus & Company, Incorporated and Roth Capital Partners, LLC (each, an “Agent”, and collectively, the “Agents”) to sell common shares of the Company having an aggregate offering price of up to $100,000,000 through the Agents (the “Sales Agreement”). On February 8, 2021, the Company contracted with the Agents to sell additional common shares having an aggregate offering price of up to $100,000,000 through the Agents (the “December Sales Agreement”). On September 30, 2021, the Company contracted with the Agents to sell additional common shares having an aggregate offering price of up to $200,000,000 through the Agents (the “September Sales Agreement”). In accordance with the terms of each of the Sales Agreement, the December Sales Agreement and the September Sales Agreement, the Company may offer and sell common shares from time to time through the Agent selected by the Company (the “Designated Agent”), acting as sales agent or, with consent of the Company, as principal. The common shares may be offered and sold by any method permitted by law deemed to be an “at the market” offering (the "ATM Offering ") as defined in Rule 415 promulgated under the Securities Act, including sales made directly on or through the Nasdaq Capital Market on any other existing trading market for the common shares, and, if expressly authorized by the Company, in negotiated transactions. From January 4 to January 8, 2021, the Company issued 6,741,420 common shares for the ATM Offering under the December Sales Agreement for gross proceeds of $46,558,988. Share issue costs related to the ATM Offering were $1,258,122. From February 9 to March 12, 2021, the Company issued 13,624,075 common shares for the ATM Offering under the February Sales Agreement for gross proceeds of $99,999,996. Share issue costs related to the ATM Offering were $2,702,209. As of September 30, 2021, no common shares were issued for the ATM Offering under the September Sales Agreement. During the three months ended March 31, 2021, the Company issued 2,195,640 common shares for warrants exercised by investors for proceeds of $16,801,135. During the three months ended June 30, 2021, the Company issued 88,774 common shares for warrants exercised by investors for proceeds of $404,354. During the three months ended September 30, 2021, the Company issued 135,000 common shares for warrants exercised by investors for proceeds of $1,682,416. During the three months ended March 31, 2021, the Company issued 1,058,724 common shares for options exercised by investors for proceeds of $449,459. During the three months ended June 30, 2021, the Company issued 21,825 common shares for options exercised by investors for proceeds of $50,329. During the three months ended September 30, 2021, the Company issued 1,375,400 common shares for options exercised by investors for proceeds of $645,750. During the three months ended September 30, 2021, the Company issued 118,497 shares for restricted share units ("RSU's) exercised by officers and paid withholding tax of $184,274. During the three months ended September 30, 2021, the Company issued 5,755 common shares for DSUs exercised by a director and paid cash $19,625 for a DSU settlement. Basic and fully diluted loss per share The calculation of basic and fully diluted loss per share for the three and nine months ended September 30, 2021 was based on the net loss attributable to common shareholders of $12,847,398 and $24,475,447 , respectively (September 30, 2020 – $11,179,230 and $21,936,358 for three and nine months, respectively), and the weighted average number of common shares outstanding of 113,670,604 and 110,110,785 , respectively (September 30, 2020 – 69,948,843 and 51,080,739, respectively). Fully diluted loss per share did not include the effect of 10,252,227 stock options (September 30, 2020 – 13,375,438 ), 11,604,402 warrants (September 30, 2020 – 20,603,396 ), 84,581 DSUs (September 30, 2020 – 44,623 ) and 649,473 RSUs (September 30, 2020 – 507,849 ) as the effect would be anti-dilutive. Stock options The Company adopted its 2020 Stock Incentive Plan (the “Stock Incentive Plan”) on July 9, 2020, which provides that the Board of Directors of the Company may,from time to time in its discretion, grant to directors, officers, employees and consultants of the Company certain stock-based compensation awards including non-transferable stock options to purchase common shares; provided that the number of common shares reserved for issuance under all awards will not exceed 30,000,000. Such stock options may be exercisable for a period of up to 10 years from the date of grant. Stock options may be exercised no later than 90 days following cessation of the optionee’s position with the Company unless any exercise extension has been approved in advance by the Plan Administrator. Stock options granted may vest based on terms and conditions set out in the stock option agreements themselves. On exercise, each stock option allows the holder to purchase one common share of the Company or to exchange common share of the Company without cash payment for the number of common shares calculated by a formula as set forth in the stock option agreement. The changes in stock options during the nine months ended September 30, 2021 and the year ended December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Weighted Weighted average average Number of options exercise price Number of options exercise price Options outstanding, beginning 13,008,364 $ 2.14 12,908,315 $ 2.03 Options granted 1,300,604 5.13 1,790,000 3.47 Options exercised (3,771,109) 1.58 (632,822) 1.83 Options forfeited/expired/cancelled (285,632) 4.85 (1,057,129) 3.20 Options outstanding, ending 10,252,227 $ 2.68 13,008,364 $ 2.14 Details of stock options outstanding as at September 30, 2021 were as follows: Weighted average Number of options Number of options Exercise price contractual life outstanding exercisable $ 0.30 CAD 0.71 1,327,273 1,327,273 $ 0.80 CAD 1.20 334,091 334,091 $ 2.00 CAD 2.61 85,104 85,104 $ 1.91 5.19 2,405,000 1,977,223 $ 2.45 4.85 1,250,000 1,250,000 $ 2.53 4.86 131,818 131,818 $ 2.62 1.98 700,000 700,000 $ 3.40 4.47 1,035,000 1,035,000 $ 3.41 5.81 1,179,708 648,054 $ 3.55 9.79 90,604 7,350 $ 3.77 6.74 240,000 137,090 $ 4.15 9.38 805,000 372,499 $ 5.00 2.17 193,629 193,629 $ 6.18 3.86 18,754 18,754 $ 7.23 6.28 225,000 93,754 $ 7.75 6.39 110,000 43,544 $ 9.60 3.27 121,246 114,176 10,252,227 8,469,359 The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2021 was $2.59 (September 30, 2020 – $2.16 ). During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $930,097 and $3,579,636 , respectively (September 30, 2020 - $1,688,796 and $4,595,184 for three and nine months, respectively), for stock options granted. Warrants On exercise, each warrant allows the holder to purchase one common share of the Company or to exchange common share of the Company without cash payment for the number of common shares calculated by the formula set forth in the warrant agreement itself. The changes in warrants during the nine months ended September 30, 2021 and the year ended December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Number of Weighted average Number of Weighted average warrants exercise price warrants exercise price Warrants outstanding, beginning 15,070,883 $ 4.01 20,603,396 $ 3.57 Warrants exercised (2,690,005) 2.96 (5,387,200) 2.49 Warrants expired (776,476) 6.89 (145,313) 1.49 Warrants outstanding, ending 11,604,402 $ 4.78 15,070,883 $ 4.01 At September 30, 2021, all warrants outstanding were exercisable. Details of warrants outstanding as at September 30, 2021 are as follows: Weighted average Number of warrants Exercise Price contractual life outstanding Non-Transferable Warrants $4.00 CAD - $16.00 CAD 0.40 years 6,006,146 $2.00 USD - $24.00 USD 2.38 years 1,096,988 Transferable Warrants $4.25 USD 1.85 years 4,501,268 Warrants outstanding, ending 1.15 years 11,604,402 DSUs DSUs are stock-based awards that may be granted by the Company to certain eligible participants pursuant to its current Stock Incentive Plan. Each DSU will issue one common share of the Company or settle by equivalent cash to the holders of the DSU (Note 12). The changes in DSUs during the nine months ended September 30, 2021 and the year ended December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Weighted average Weighted average Number of DSU exercise price Number of DSU exercise price DSUs outstanding, beginning 44,623 $ 3.41 — $ — DSUs granted 51,468 3.41 44,623 3.41 DSUs exercised (11,510) 3.41 — — DSUs outstanding, ending 84,581 $ 3.41 44,623 $ 3.41 Details of DSUs outstanding as at September 30, 2021 are as follows: Weighted average Number of DSUs Number of DSUs Deemed value contractual life outstanding exercisable $3.41 9.53 84,581 33,113 During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $9,484 (September 30, 2020 - $152,164) for DSUs granted during the period. RSUs RSUs are stock-based awards that may be granted by the Company to certain eligible participants pursuant to its current Stock Incentive Plan. RSUs are accounted for as equity-settled share-based payment transactions as the obligations under an RSU will be settled through the issuance of common shares. The Company measures the cost of equity-settled share-based transactions by reference to the fair value of the equity instruments at the date at which they are granted and is recorded in the statement of comprehensive loss over the vesting period. The changes in RSUs during the three months ended September 30, 2021 and the year ended December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Weighted average Weighted average Number of RSU exercise price Number of RSU exercise price RSUs outstanding, beginning 507,849 $ 3.44 — $ — RSUs granted 450,442 3.41 507,849 3.44 RSUs exercised (169,283) 3.44 — — RSUs expired (139,535) 3.44 RSUs outstanding, ending 649,473 $ 3.44 507,849 $ 3.44 Details of RSUs outstanding as at September 30, 2021 are as follows: Weighted average Number of RSUs Number of RSUs Deemed value contractual life outstanding exercisable $3.42 9.62 649,473 — During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of ($105,608) and $428,202, respectively (September 30, 2020 - $ Nil and $548,538 for three and nine months), for RSUs granted during the period. |
Share Based Reserves
Share Based Reserves | 9 Months Ended |
Sep. 30, 2021 | |
Share Based Reserves | |
Share Based Reserves | 14. The share-based payment reserve records items that are recognized as stock-based compensation expense and other share-based payments until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If the stock options expire unexercised, the amount remains in the share-based payment reserve account. |
General and administrative expe
General and administrative expenses | 9 Months Ended |
Sep. 30, 2021 | |
General and administrative expenses | |
General and administrative expenses | 15. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Rent $ 456,014 $ 150,454 $ 1,153,370 $ 302,686 Office expenses 2,150,981 313,041 5,637,354 882,454 Legal and professional 571,552 460,197 1,395,295 1,336,623 Consulting fees 767,813 203,633 2,492,575 770,867 Investor relations 292,704 57,352 564,190 219,143 Salaries 3,106,038 660,426 4,969,002 1,527,013 $ 7,345,102 $ 1,845,103 $ 16,211,786 $ 5,038,786 |
Research and development expens
Research and development expenses | 9 Months Ended |
Sep. 30, 2021 | |
Research and development expenses | |
Research and development expenses | 16. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Labor $ 4,035,735 $ 1,103,139 $ 9,740,490 $ 2,904,113 Materials 1,254,717 438,311 1,906,467 1,158,575 $ 5,290,452 $ 1,541,450 $ 11,646,957 $ 4,062,688 |
Sales and marketing expenses
Sales and marketing expenses | 9 Months Ended |
Sep. 30, 2021 | |
Sales and marketing expenses | |
Sales and marketing expenses | 17. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Consulting $ 310,738 $ 60,003 $ 490,337 $ 250,173 Marketing 980,351 215,504 2,926,079 344,445 Salaries 1,302,138 250,153 3,137,092 488,902 $ 2,593,227 $ 525,660 $ 6,553,508 $ 1,083,520 |
Segmented information
Segmented information | 9 Months Ended |
Sep. 30, 2021 | |
Segmented information | |
Segmented information | 18. The Company operates in two reportable business segments. The two reportable business segments offer different products, require different production processes, and are based on how the financial information is produced internally for the purposes of making operating decisions. The following summary describes the operations of each of the Company’s reportable business segments: ● Electric Vehicles – development and manufacture of electric vehicles for mass markets; and ● Custom built vehicles – development and manufacture of high-end custom-built vehicles. No business segments have been aggregated to form the above reportable business segments. Three months ended September 30, 2021 Three months ended September 30, 2020 Custom Built Custom Built Electric Vehicles Vehicles Electric Vehicles Vehicles Revenue $ — $ 110,139 $ — $ 245,691 Gross profit — (514) — 7,658 Operating expenses (17,081,621) (83,771) (6,532,162) (61,839) Other items 4,183,967 134,541 (4,650,704) 48,107 Current income tax recovery — — 97 1,107 Deferred income tax recovery — — — 8,505 Net income/(loss) $ (12,897,654) $ 50,256 $ (11,182,769) $ 3,538 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Custom Built Custom Built Electric Vehicles Vehicles Electric Vehicles Vehicles Revenue $ — $ 592,524 $ — $ 344,585 Gross profit — 12,561 — (45,715) Operating expenses (41,232,424) (202,153) (15,945,746) (153,855) Other items 16,662,028 285,391 (5,929,468) 109,136 Current income tax recovery (850) — (703) 1,107 Deferred income tax recovery — — — 28,886 Net income/(loss) $ (24,571,246) $ 95,799 $ (21,875,917) $ (60,441) September 30, 2021 December 31, 2020 Electric Vehicles Custom Built Vehicles Electric Vehicles Custom Built Vehicles Inventory $ 2,939,044 $ 367,598 $ 305,443 $ 303,651 Plant and equipment 9,492,486 242,393 9,014,777 275,531 |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related party transactions | |
Related party transactions | 19. Related party balances The balance due to related parties is $26,786 as at September 30, 2021 (December 31, 2020 - $280,432). These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. Key management personnel compensation Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Consulting fees $ — $ — $ — $ 91,591 Salary 2,350,134 313,545 3,095,936 756,628 Directors fees 103,777 65,107 262,641 247,846 Stock-based compensation 559,734 1,133,580 2,442,098 3,959,926 $ 3,013,645 $ 1,512,232 $ 5,800,675 $ 5,055,991 |
Financial instruments and finan
Financial instruments and financial risk management | 9 Months Ended |
Sep. 30, 2021 | |
Financial instruments and financial risk management | |
Financial instruments and financial risk management | 20. The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash and cash equivalents held in bank accounts. The majority of cash is deposited in bank accounts held with major financial institutions in Canada. As most of the Company’s cash is held by one financial institution there is a concentration of credit risk. This risk is managed by using major financial institutions that are high credit quality financial institutions as determined by rating agencies. The Company’s secondary exposure to risk is on its receivables. This risk is minimal as receivables consist primarily of refundable government goods and services taxes and interest receivable from major financial institutions with high credit ratings. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. Historically, the Company's source of funding has been shareholder loans and the issuance of equity securities for cash, primarily through private placements and public offerings. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. The following is an analysis of the contractual maturities of the Company’s non-derivative financial liabilities as at September 30, 2021 and December 31, 2020. We have excluded warrants derivative liabilities from the table because they are settled by shares (see note 12). Between one More than At September 30, 2021 Within one year and five years five years Trade payables $ 979,779 $ — $ — Accrued liabilities 1,324,827 — — Due to related parties 26,786 — — Lease liabilities 530,834 889,897 672,500 DSU liabilities — 122,400 — $ 2,862,226 $ 1,012,297 $ 672,500 Between one More than At December 31, 2020 Within one year and five years five years Trade payables $ 1,001,773 $ — $ — Accrued liabilities 2,179,134 — — Due to related parties 280,432 — — Lease liabilities 576,232 373,889 125,652 $ 4,037,571 $ 373,889 $ 125,652 Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is exposed to currency risk as it incurs some expenditures that are denominated in CAD while its functional currency is USD. The Company does not hedge its exposure to fluctuations in foreign exchange rates. The following is an analysis of financial assets and liabilities that are denominated in CAD: September 30, 2020 September 30, 2021 Restated Cash and cash equivalents $ 889,739 $ 355,948 Restricted cash 80,697 77,182 Receivables 180,632 95,818 Lease liabilities (1,511,194) (432,103) Trade payables and accrued liabilities (912,401) (427,709) $ (1,272,527) $ (330,864) Based on the above net exposures, as at September 30, 2021, a 10% change in the CAD to the USD exchange rate would impact the Company’s net loss by $127,253 (September 30, 2020 – $53,334). Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk on its cash equivalents as these instruments have original maturities of 12 months or less and are therefore exposed to interest rate fluctuations on renewal. A 1% change in market interest rates would have a minimal impact on the Company’s net loss for the nine months ended September 30, 2021 (September 30, 2020 - $625,000 ). Classification of financial instruments Financial assets included in the consolidated statements of financial position are as follows: September 30, 2021 December 31, 2020 Amortized cost: Cash and cash equivalents $ 228,813,286 $ 129,450,676 Restricted cash 161,197 143,800 Receivables 152,640 159,664 $ 229,127,123 $ 129,754,140 Financial liabilities included in the consolidated statements of financial position are as follows: September 30, 2021 December 31, 2020 Non-derivative financial liabilities at amortized cost: Trade payable and accrued liabilities $ 2,331,392 $ 3,461,339 Lease liabilities 2,093,231 1,075,773 Derivative financial liabilities at fair value through profit or loss: Derivative liabilities 3,565,246 17,899,855 $ 7,989,869 $ 22,436,967 Fair value The fair value of the Company’s financial assets and liabilities, other than the derivative liabilities which are measured at fair value, approximates the carrying amount. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; ● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and ● Level 3 – Inputs that are not based on observable market data. Financial liabilities measured at fair value at September 30, 2021 include the derivative liabilities, which consist of non-transferrable warrants and DSUs. The fair value of the non-transferrable warrants and DSUs are classified as level 2 in the fair value hierarchy. The fair value of the derivative liabilities relating to the non-transferrable warrants was calculated using the Black-Scholes Option Pricing Model using the historical volatility of comparable companies as an estimate of future volatility. At September 30, 2021, if the volatility used was increased by 10%, the impact would be an increase to the derivative liabilities of $227,681 (September 30, 2020 - $300,936) with a corresponding increase in loss and comprehensive loss. |
Capital management
Capital management | 9 Months Ended |
Sep. 30, 2021 | |
Capital management | |
Capital management | 21. The Company’s policy is to maintain a strong capital base to safeguard the Company’s business and sustain future development of the business. The capital structure of the Company consists of equity. There were no changes in the Company’s approach to capital management during the nine months ended September 30, 2021. The Company is not subject to any externally imposed capital requirements. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
Commitments | 22. (a) As at September 30, 2021, the Company has capital commitments to incur an additional $3,505,163 (December 31, 2020 - $ Nil ) for development of its IT infrastructure (b) The Company is committed to future minimum lease payments for short-term leases and a long-term lease with a lease commencement date of December 1, 2021, for which no lease liability has been recognized as at September 30, 2021 (see note 10). The leases are related to rental of its manufacturing facility and kiosk locations. The details of lease commitments as at September 30, 2021 are as follows: Fiscal year Amount 2021 $ 425,743 2022 1,464,629 2023 1,956,861 2024 2,016,267 2025 and after 17,606,800 Total $ 23,470,300 |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent events | |
Subsequent events | 23. Subsequent to September 30, 2021, the Company issued 1,400,000 common shares at CAD $4 per common share for gross proceeds of CAD $5,600,000 pursuant to the exercise of warrants by an investor. Subsequent to September 30, 2021, the Company issued 291 common shares for the cashless exercise of 14,065 stock options at a price of $3.41 per common share. Subsequent to September 30, 2021, the Company issued 698,000 common shares for the ATM Offering for gross proceeds of $2,810,229. Share issuance cost related to the ATM Offering are $75,890. |
Significant accounting polici_2
Significant accounting policies and basis of preparation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Significant accounting policies and basis of preparation | |
Statement of compliance with International Financial Reporting Standards | Statement of compliance with International Financial Reporting Standards These interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These interim condensed consolidated financial statements are prepared in accordance with International Accounting Standards (“IAS”) 34 – Interim Financial Reporting on a basis consistent with those followed in the most recent annual consolidated financial statements for the year ended December 31, 2020. These interim condensed consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020. |
Basis of preparation | Basis of preparation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs except for derivative liabilities which are measured at fair value. As at September 30, 2021, the Company’s functional and presentation currency is United States dollars (“USD”). The Company’s functional currency for the comparative periods was Canadian dollars (“CAD”). The change in presentation currency and functional currency from December 31, 2020 is discussed in Note 3. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, EMV Automotive USA Inc., from the date of its incorporation on January 22, 2018, InterMeccanica, from the date of its acquisition on October 18, 2017, EMV Automotive Technology (Chongqing) Inc., from the date of its incorporation on October 15, 2019, SOLO EV, LLC, from the date of its incorporation on November 22, 2019, and ElectraMeccanica USA, LLC, from the date of its incorporation on March 19, 2021. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation. |
Significant estimates and assumptions | Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include the estimated recoverable amount of goodwill, intangible assets and other long-lived assets, the useful lives of plant and equipment, fair value measurements for financial instruments and share-based payments and the recoverability and measurement of deferred tax assets. The Covid-19 outbreak brings significant uncertainty as to the potential impact on our operations, supply chains for parts and sales channels for our products, and on the global economy as a whole. It is currently not possible to predict how long the pandemic will last or the time that it will take for economic activity to return to prior levels. Therefore, the Company has not changed any estimates and assumptions in the preparation of the financial statements. |
Significant judgments | Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant areas that require judgment from the Company in completing its consolidated financial statements include: - the assessment of the Company’s ability to continue operations and whether there are events or conditions that may give rise to significant uncertainty; - the assessment of the Company’s functional currency; - the classification of financial instruments; and - the calculation of income taxes require judgement in interpreting tax rules and regulations. |
Foreign currency translation | Foreign currency translation The Company’s functional currency is USD. The functional currency of InterMeccanica is CAD, the functional currency of EMV Automotive USA Inc. and ElectraMeccanica USA, LLC is USD, and the functional currency of EMV Automotive Technology (Chongqing) Inc. is the Chinese RMB. The Company reassessed the functional currency during its first quarter of 2021 and determined that the factors now supported USD as the functional currency for the Company. The Company has applied the change in functional currency from CAD to USD effective January 1, 2021.The change in functional currency is discussed in Note 3. Foreign operations translation On consolidation, the assets and liabilities of foreign operations that have a functional currency other than USD are translated into USD at the exchange rates in effect at the end of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the period. The resulting translation gains and losses are included as other comprehensive loss. The cumulative deferred translation gains or losses on the foreign operations are reclassified to net income only on disposal of the foreign operations. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | September 30, 2021 December 31, 2020 Cash $ 228,813,286 $ 58,450,680 Cash equivalent — 70,999,996 $ 228,813,286 $ 129,450,676 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables | |
Schedule of receivables | September 30, 2021 December 31, 2020 Trade receivable $ 5,313 $ — GST receivable 180,632 49,385 Interest receivable 79 162,316 Other receivables 147,248 1,645 $ 333,272 $ 213,346 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory | |
Summary of inventory | September 30, 2021 December 31, 2020 Parts and battery $ 708,347 $ 995,368 Work in progress 128,708 75,811 Vehicles 2,497,847 48,324 Inventory provision (28,260) (510,409) $ 3,306,642 $ 609,094 |
Plant and equipment (Tables)
Plant and equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Plant and equipment | |
Schedule of plant and equipment | Computer Production Furniture and hardware and Leasehold Right-of-use tooling and equipment software Vehicles Improvements assets molds Total Cost: December 31, 2019 438,358 209,170 299,386 396,303 1,590,456 6,064,826 8,998,499 Additions 32,937 208,294 1,090,673 64,495 465,312 1,738,462 3,600,173 Disposals/write off — — (10,907) (28,366) — (299,606) (338,879) Lease termination and derecognition1,2 — — — — (425,932) — (425,932) Foreign exchange translation difference 6,528 3,734 5,445 2,944 30,262 110,287 159,200 December 31, 2020 477,823 421,198 1,384,597 435,376 1,660,098 7,613,969 11,993,061 Additions 272,731 404,222 1,670,911 29,617 1,575,434 350,727 4,303,642 Transfer to R&D 3 — — (894,316) — — — (894,316) Foreign exchange translation difference (251) 4 — 46 240 — 39 September 30, 2021 750,303 825,424 2,161,192 465,039 3,235,772 7,964,696 15,402,426 Amortization: December 31, 2019 238,223 100,324 256,588 182,599 512,902 — 1,290,636 Additions 67,030 96,191 41,005 112,591 414,102 903,756 1,634,675 Disposals — — (7,588) (23,119) — (9,847) (40,554) Lease termination and derecognition 1,2 — — — — (204,590) — (204,590) Foreign exchange translation difference 4,068 1,816 4,667 1,685 10,350 — 22,586 December 31, 2020 309,321 198,331 294,672 273,756 732,764 893,909 2,702,753 Additions 65,209 170,208 181,165 81,694 548,441 1,955,903 3,002,620 Transfer to R&D — — (38,022) — — — (38,022) Foreign exchange translation difference 94 4 — 43 55 — 196 September 30, 2021 374,624 368,543 437,815 355,493 1,281,260 2,849,812 5,667,547 Net book value: December 31, 2020 168,502 222,867 1,089,925 161,620 927,334 6,720,060 9,290,308 September 30, 2021 375,679 456,881 1,723,377 109,546 1,954,512 5,114,884 9,734,879 1 2 3 Vehicles with cost of $894,316 and accumulated depreciation of $38,022 were transferred to R&D usage. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Other Intangible Assets | |
Schedule of goodwill and other intangible assets | September 30, 2021 December 31, 2020 Identifiable intangibles on acquisition of InterMeccanica $ 404,805 $ 407,751 Goodwill on acquisition of InterMeccanica 549,760 549,760 Other intangibles 11,956 11,956 $ 966,521 $ 969,467 |
Trade payables and accrued li_2
Trade payables and accrued liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Trade payables and accrued liabilities | |
Schedule of trade payables and accrued liabilities | September 30, 2021 December 31, 2020 Trade payables $ 979,779 $ 1,001,773 Due to related parties (Note 19) 26,786 280,432 Accrued liabilities 1,324,827 2,179,134 $ 2,331,392 $ 3,461,339 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease liabilities. | |
Schedule of change in the lease liabilities | Balance as at December 31, 2019 $ 1,129,249 Lease addition 465,312 Lease termination (33,442) Accretion of lease liability 79,205 Repayment of principal and interest (564,551) Balance as at December 31, 2020 $ 1,075,773 Lease addition 1,575,435 Accretion of lease liability 104,888 Repayment of principal and interest (662,865) Balance as at September 30, 2021 $ 2,093,231 |
Schedule of the contractual undiscounted cash flows related to leases | 11 . The Company leases buildings for its engineering center and head office and warehouse spaces and kiosk locations to promote vehicle sales. These leases generally span a period of one The Company incurred $336,858 and $782,490 of lease expenses for the three and nine months ended September 30, 2021, respectively (September 30, 2020 - $68,346 and $104,423 for the three and nine months, respectively), for short-term leases and low-value leases which are not included in the measurement of lease liabilities. The following tables reconcile the change in the lease liabilities and disclose a maturity analysis of the lease liabilities for the nine months ended September 30, 2021 and the year ended December 31, 2020: Balance as at December 31, 2019 $ 1,129,249 Lease addition 465,312 Lease termination (33,442) Accretion of lease liability 79,205 Repayment of principal and interest (564,551) Balance as at December 31, 2020 $ 1,075,773 Lease addition 1,575,435 Accretion of lease liability 104,888 Repayment of principal and interest (662,865) Balance as at September 30, 2021 $ 2,093,231 During the three months ended September 30, 2021, the Company entered a new lease agreement for a kiosk location to promote vehicle sales. The lease is for a 30 month period. During the three months ended June 30, 2021, the Company amended a lease agreement to extend the lease term for seven months. During the three months ended March 31, 2021, the Company entered into a long-term lease agreement for its engineering center and head office in Canada which expires on February 28, 2026, with the Company holding an option to renew for a further five years. Present value of Future minimum minimum lease At September 30, 2021 lease payments Interest payments Less than one year $ 667,397 $ 136,563 $ 530,834 Between one and five years 1,194,171 304,274 889,897 More than five years 774,702 102,202 672,500 $ 2,636,270 $ 543,039 $ 2,093,231 Current portion of lease liabilities 530,834 Non-current portion of lease liabilities $ 1,562,397 |
Derivative liability (Tables)
Derivative liability (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative liability | |
Schedule of changes in fair values of the derivative liability | September 30, 2021 December 31, 2020 Balance, beginning $ 17,899,855 $ 5,456,265 Decrease of derivative liabilities for warrants priced in USD per change in functional currency (Note 3) (17,899,855) Recognize of derivative liabilities for warrants priced in CAD per change in functional currency (Note 3) 32,439,081 — Warrants exercised (12,560,212) (20,491,542) Changes in fair value of derivative liabilities (16,436,023) 32,935,132 Balance, ending $ 3,442,846 $ 17,899,855 |
Schedule of changes in DSU | Number of DSU Amount Balance, December 31, 2020 — $ — Reclassification to liability 44,623 152,164 DSUs exercised (11,510) (39,248) Issuance 51,468 9,484 Balance, September 30, 2021 84,581 $ 122,400 |
Share capital (Tables)
Share capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share capital | |
Schedule of changes in options | September 30, 2021 December 31, 2020 Weighted Weighted average average Number of options exercise price Number of options exercise price Options outstanding, beginning 13,008,364 $ 2.14 12,908,315 $ 2.03 Options granted 1,300,604 5.13 1,790,000 3.47 Options exercised (3,771,109) 1.58 (632,822) 1.83 Options forfeited/expired/cancelled (285,632) 4.85 (1,057,129) 3.20 Options outstanding, ending 10,252,227 $ 2.68 13,008,364 $ 2.14 |
Schedule of details of options outstanding | Weighted average Number of options Number of options Exercise price contractual life outstanding exercisable $ 0.30 CAD 0.71 1,327,273 1,327,273 $ 0.80 CAD 1.20 334,091 334,091 $ 2.00 CAD 2.61 85,104 85,104 $ 1.91 5.19 2,405,000 1,977,223 $ 2.45 4.85 1,250,000 1,250,000 $ 2.53 4.86 131,818 131,818 $ 2.62 1.98 700,000 700,000 $ 3.40 4.47 1,035,000 1,035,000 $ 3.41 5.81 1,179,708 648,054 $ 3.55 9.79 90,604 7,350 $ 3.77 6.74 240,000 137,090 $ 4.15 9.38 805,000 372,499 $ 5.00 2.17 193,629 193,629 $ 6.18 3.86 18,754 18,754 $ 7.23 6.28 225,000 93,754 $ 7.75 6.39 110,000 43,544 $ 9.60 3.27 121,246 114,176 10,252,227 8,469,359 |
Schedule of changes in warrants | September 30, 2021 December 31, 2020 Number of Weighted average Number of Weighted average warrants exercise price warrants exercise price Warrants outstanding, beginning 15,070,883 $ 4.01 20,603,396 $ 3.57 Warrants exercised (2,690,005) 2.96 (5,387,200) 2.49 Warrants expired (776,476) 6.89 (145,313) 1.49 Warrants outstanding, ending 11,604,402 $ 4.78 15,070,883 $ 4.01 |
Schedule of details in warrants outstanding | Weighted average Number of warrants Exercise Price contractual life outstanding Non-Transferable Warrants $4.00 CAD - $16.00 CAD 0.40 years 6,006,146 $2.00 USD - $24.00 USD 2.38 years 1,096,988 Transferable Warrants $4.25 USD 1.85 years 4,501,268 Warrants outstanding, ending 1.15 years 11,604,402 |
Schedule of changes in deferred share units | September 30, 2021 December 31, 2020 Weighted average Weighted average Number of DSU exercise price Number of DSU exercise price DSUs outstanding, beginning 44,623 $ 3.41 — $ — DSUs granted 51,468 3.41 44,623 3.41 DSUs exercised (11,510) 3.41 — — DSUs outstanding, ending 84,581 $ 3.41 44,623 $ 3.41 |
Schedule of details of deferred share units outstanding | Weighted average Number of DSUs Number of DSUs Deemed value contractual life outstanding exercisable $3.41 9.53 84,581 33,113 |
Schedule of changes in restricted share units | September 30, 2021 December 31, 2020 Weighted average Weighted average Number of RSU exercise price Number of RSU exercise price RSUs outstanding, beginning 507,849 $ 3.44 — $ — RSUs granted 450,442 3.41 507,849 3.44 RSUs exercised (169,283) 3.44 — — RSUs expired (139,535) 3.44 RSUs outstanding, ending 649,473 $ 3.44 507,849 $ 3.44 |
Schedule of details of restricted share units outstanding | Weighted average Number of RSUs Number of RSUs Deemed value contractual life outstanding exercisable $3.42 9.62 649,473 — |
General and administrative ex_2
General and administrative expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
General and administrative expenses | |
Schedule of general and administrative expenses | Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Rent $ 456,014 $ 150,454 $ 1,153,370 $ 302,686 Office expenses 2,150,981 313,041 5,637,354 882,454 Legal and professional 571,552 460,197 1,395,295 1,336,623 Consulting fees 767,813 203,633 2,492,575 770,867 Investor relations 292,704 57,352 564,190 219,143 Salaries 3,106,038 660,426 4,969,002 1,527,013 $ 7,345,102 $ 1,845,103 $ 16,211,786 $ 5,038,786 |
Research and development expe_2
Research and development expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Research and development expenses | |
Schedule of research and development expense | Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Labor $ 4,035,735 $ 1,103,139 $ 9,740,490 $ 2,904,113 Materials 1,254,717 438,311 1,906,467 1,158,575 $ 5,290,452 $ 1,541,450 $ 11,646,957 $ 4,062,688 |
Sales and marketing expenses (T
Sales and marketing expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Sales and marketing expenses | |
Schedule of sales and marketing expenses | Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Consulting $ 310,738 $ 60,003 $ 490,337 $ 250,173 Marketing 980,351 215,504 2,926,079 344,445 Salaries 1,302,138 250,153 3,137,092 488,902 $ 2,593,227 $ 525,660 $ 6,553,508 $ 1,083,520 |
Segmented information (Tables)
Segmented information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segmented information | |
Schedule of segmented information | Three months ended September 30, 2021 Three months ended September 30, 2020 Custom Built Custom Built Electric Vehicles Vehicles Electric Vehicles Vehicles Revenue $ — $ 110,139 $ — $ 245,691 Gross profit — (514) — 7,658 Operating expenses (17,081,621) (83,771) (6,532,162) (61,839) Other items 4,183,967 134,541 (4,650,704) 48,107 Current income tax recovery — — 97 1,107 Deferred income tax recovery — — — 8,505 Net income/(loss) $ (12,897,654) $ 50,256 $ (11,182,769) $ 3,538 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Custom Built Custom Built Electric Vehicles Vehicles Electric Vehicles Vehicles Revenue $ — $ 592,524 $ — $ 344,585 Gross profit — 12,561 — (45,715) Operating expenses (41,232,424) (202,153) (15,945,746) (153,855) Other items 16,662,028 285,391 (5,929,468) 109,136 Current income tax recovery (850) — (703) 1,107 Deferred income tax recovery — — — 28,886 Net income/(loss) $ (24,571,246) $ 95,799 $ (21,875,917) $ (60,441) September 30, 2021 December 31, 2020 Electric Vehicles Custom Built Vehicles Electric Vehicles Custom Built Vehicles Inventory $ 2,939,044 $ 367,598 $ 305,443 $ 303,651 Plant and equipment 9,492,486 242,393 9,014,777 275,531 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related party transactions | |
Schedule of key management personnel compensation | Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Consulting fees $ — $ — $ — $ 91,591 Salary 2,350,134 313,545 3,095,936 756,628 Directors fees 103,777 65,107 262,641 247,846 Stock-based compensation 559,734 1,133,580 2,442,098 3,959,926 $ 3,013,645 $ 1,512,232 $ 5,800,675 $ 5,055,991 |
Financial instruments and fin_2
Financial instruments and financial risk management (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial instruments and financial risk management | |
Schedule of contractual maturities of non-derivative financial liabilities | Between one More than At September 30, 2021 Within one year and five years five years Trade payables $ 979,779 $ — $ — Accrued liabilities 1,324,827 — — Due to related parties 26,786 — — Lease liabilities 530,834 889,897 672,500 DSU liabilities — 122,400 — $ 2,862,226 $ 1,012,297 $ 672,500 Between one More than At December 31, 2020 Within one year and five years five years Trade payables $ 1,001,773 $ — $ — Accrued liabilities 2,179,134 — — Due to related parties 280,432 — — Lease liabilities 576,232 373,889 125,652 $ 4,037,571 $ 373,889 $ 125,652 |
Schedule of financial assets and liabilities that are denominated in US dollars | September 30, 2020 September 30, 2021 Restated Cash and cash equivalents $ 889,739 $ 355,948 Restricted cash 80,697 77,182 Receivables 180,632 95,818 Lease liabilities (1,511,194) (432,103) Trade payables and accrued liabilities (912,401) (427,709) $ (1,272,527) $ (330,864) |
Schedule of classification of financial instruments | September 30, 2021 December 31, 2020 Amortized cost: Cash and cash equivalents $ 228,813,286 $ 129,450,676 Restricted cash 161,197 143,800 Receivables 152,640 159,664 $ 229,127,123 $ 129,754,140 September 30, 2021 December 31, 2020 Non-derivative financial liabilities at amortized cost: Trade payable and accrued liabilities $ 2,331,392 $ 3,461,339 Lease liabilities 2,093,231 1,075,773 Derivative financial liabilities at fair value through profit or loss: Derivative liabilities 3,565,246 17,899,855 $ 7,989,869 $ 22,436,967 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
Schedule of future minimum lease payments | Fiscal year Amount 2021 $ 425,743 2022 1,464,629 2023 1,956,861 2024 2,016,267 2025 and after 17,606,800 Total $ 23,470,300 |
Nature and continuance of ope_2
Nature and continuance of operations (Details) | Sep. 30, 2021USD ($) |
Nature and continuance of operations | |
Revenue from sale of electric vehicles | $ 0 |
Change in presentation curren_2
Change in presentation currency and functional currency (Details) | Jan. 01, 2021USD ($) | Sep. 30, 2021CAD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020CAD ($) |
Change in presentation currency and functional currency | ||||
Exchange rate | 1.273 | |||
Change in derivative liabilities | $ 14,539,226 | |||
Derivative liabilities | $ 32,439,081 | $ 227,681 | $ 17,899,855 | $ 300,936 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | ||||||
Cash | $ 228,813,286 | $ 58,450,680 | ||||
Cash equivalent | 70,999,996 | |||||
Cash and cash equivalents | $ 228,813,286 | $ 250,028,791 | $ 129,450,676 | $ 76,064,056 | $ 37,728,278 | $ 8,560,624 |
Receivables (Details)
Receivables (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 333,272 | $ 213,346 |
Trade receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 5,313 | |
GST receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 180,632 | 49,385 |
Interest receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | 79 | 162,316 |
Other receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Receivables | $ 147,248 | $ 1,645 |
Inventory (Details)
Inventory (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory | ||
Parts and battery | $ 708,347 | $ 995,368 |
Work in progress | 128,708 | 75,811 |
Vehicles | 2,497,847 | 48,324 |
Inventory provision | (28,260) | (510,409) |
Total current inventories | $ 3,306,642 | $ 609,094 |
Plant and equipment (Details)
Plant and equipment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 9,290,308 | |
Ending balance | 9,734,879 | $ 9,290,308 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 11,993,061 | 8,998,499 |
Additions | 4,303,642 | 3,600,173 |
Transfer to R&D | (894,316) | |
Disposals/write off | (338,879) | |
Lease termination and derecognition | (425,932) | |
Foreign exchange translation difference | 39 | 159,200 |
Ending balance | 15,402,426 | 11,993,061 |
Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,702,753) | 1,290,636 |
Additions | 3,002,620 | 1,634,675 |
Transfer to R&D | (38,022) | |
Disposals | 40,554 | |
Lease termination and derecognition | (204,590) | |
Foreign exchange translation difference | (196) | 22,586 |
Ending balance | 5,667,547 | (2,702,753) |
Furniture and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 168,502 | |
Ending balance | 375,679 | 168,502 |
Furniture and equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 477,823 | 438,358 |
Additions | 272,731 | 32,937 |
Foreign exchange translation difference | (251) | 6,528 |
Ending balance | 750,303 | 477,823 |
Furniture and equipment | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (309,321) | 238,223 |
Additions | 65,209 | 67,030 |
Foreign exchange translation difference | (94) | 4,068 |
Ending balance | 374,624 | (309,321) |
Computer hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 222,867 | |
Ending balance | 456,881 | 222,867 |
Computer hardware | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 421,198 | 209,170 |
Additions | 404,222 | 208,294 |
Foreign exchange translation difference | 4 | 3,734 |
Ending balance | 825,424 | 421,198 |
Computer hardware | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (198,331) | 100,324 |
Additions | 170,208 | 96,191 |
Foreign exchange translation difference | (4) | 1,816 |
Ending balance | 368,543 | (198,331) |
Vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,089,925 | |
Ending balance | 1,723,377 | 1,089,925 |
Vehicles | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,384,597 | 299,386 |
Additions | 1,670,911 | 1,090,673 |
Transfer to R&D | (894,316) | |
Disposals/write off | (10,907) | |
Foreign exchange translation difference | 5,445 | |
Ending balance | 2,161,192 | 1,384,597 |
Vehicles | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (294,672) | 256,588 |
Additions | 181,165 | 41,005 |
Transfer to R&D | (38,022) | |
Disposals | 7,588 | |
Foreign exchange translation difference | 4,667 | |
Ending balance | 437,815 | (294,672) |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 161,620 | |
Ending balance | 109,546 | 161,620 |
Leasehold improvements | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 435,376 | 396,303 |
Additions | 29,617 | 64,495 |
Disposals/write off | (28,366) | |
Foreign exchange translation difference | 46 | 2,944 |
Ending balance | 465,039 | 435,376 |
Leasehold improvements | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (273,756) | 182,599 |
Additions | 81,694 | 112,591 |
Disposals | 23,119 | |
Foreign exchange translation difference | (43) | 1,685 |
Ending balance | 355,493 | (273,756) |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 927,334 | |
Ending balance | 1,954,512 | 927,334 |
Right-of-use assets | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,660,098 | 1,590,456 |
Additions | 1,575,434 | 465,312 |
Lease termination and derecognition | (425,932) | |
Foreign exchange translation difference | 240 | 30,262 |
Ending balance | 3,235,772 | 1,660,098 |
Right-of-use assets | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (732,764) | 512,902 |
Additions | 548,441 | 414,102 |
Lease termination and derecognition | (204,590) | |
Foreign exchange translation difference | (55) | 10,350 |
Ending balance | 1,281,260 | (732,764) |
Production tooling and molds | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 6,720,060 | |
Ending balance | 5,114,884 | 6,720,060 |
Production tooling and molds | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 7,613,969 | 6,064,826 |
Additions | 350,727 | 1,738,462 |
Disposals/write off | (299,606) | |
Foreign exchange translation difference | 110,287 | |
Ending balance | 7,964,696 | 7,613,969 |
Production tooling and molds | Amortization | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (893,909) | |
Additions | 1,955,903 | 903,756 |
Disposals | 9,847 | |
Ending balance | $ 2,849,812 | $ (893,909) |
Plant and equipment - Additiona
Plant and equipment - Additional information (Details) - USD ($) | Feb. 01, 2020 | Jan. 31, 2020 | Sep. 30, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Lease derecognition | $ 298,708 | $ 127,224 | |
Lease termination | $ 120,131 | $ 84,459 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfer to R&D | $ (894,316) | ||
Amortization | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfer to R&D | $ (38,022) |
Net investment in sublease (Det
Net investment in sublease (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Net investment in sublease | ||
Net investment in sublease | $ 0 | $ 38,541 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill and intangible assets | $ 966,521 | $ 969,467 |
Identifiable intangibles on acquisition of Intermeccanica | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill and intangible assets | 404,805 | 407,751 |
Goodwill on acquisition of Intermeccanica | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill and intangible assets | 549,760 | 549,760 |
Other intangibles | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill and intangible assets | $ 11,956 | $ 11,956 |
Trade payables and accrued li_3
Trade payables and accrued liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Trade payables and accrued liabilities | ||
Trade payables | $ 979,779 | $ 1,001,773 |
Due to related parties (Note 19) | 26,786 | 280,432 |
Accrued liabilities | 1,324,827 | 2,179,134 |
Trade payables and accrued liabilities | $ 2,331,392 | $ 3,461,339 |
Lease liabilities - change in t
Lease liabilities - change in the lease liability and discloses a maturity analysis (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lease liabilities. | ||
Balance as at beginning period | $ 1,075,773 | $ 1,129,249 |
Lease addition | 1,575,435 | 465,312 |
Lease termination | (33,442) | |
Accretion of lease liability | 104,888 | 79,205 |
Repayment of principal and interest | (662,865) | (564,551) |
Balance as at end period | $ 2,093,231 | $ 1,075,773 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of maturity analysis of lease payments [line items] | ||
Future minimum lease payments | $ 2,636,270 | |
Interest | 543,039 | |
Present value of minimum lease payments | 2,093,231 | |
Current portion of lease liabilities | 530,834 | $ 576,232 |
Non-current portion of lease liabilities | 1,562,397 | $ 499,541 |
2021 | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Future minimum lease payments | 667,397 | |
Interest | 136,563 | |
Present value of minimum lease payments | 530,834 | |
Between one and five years | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Future minimum lease payments | 1,194,171 | |
Interest | 304,274 | |
Present value of minimum lease payments | 889,897 | |
More than five years | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Future minimum lease payments | 774,702 | |
Interest | 102,202 | |
Present value of minimum lease payments | $ 672,500 |
Lease liabilities - Additional
Lease liabilities - Additional information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lessee, Leases, Description [Line Items] | |||||
" Expense Relating To Short-Term And Low Value Leases For Which Recognition Exemption Has Been Used" | $ 336,858 | $ 68,346 | $ 782,490 | $ 104,423 | |
Lease Termination, Lease Liability | $ (33,442) | ||||
New lease agreement for a kiosk location | |||||
Lessee, Leases, Description [Line Items] | |||||
Lease term | 30 months | ||||
Lease agreement | |||||
Lessee, Leases, Description [Line Items] | |||||
Extension term | 7 months | ||||
Long-term lease agreement for its engineering center and head offic | |||||
Lessee, Leases, Description [Line Items] | |||||
Term Of Leases Expire | 5 years | ||||
Minimum | |||||
Lessee, Leases, Description [Line Items] | |||||
Lease term | 1 year | ||||
Maximum | |||||
Lessee, Leases, Description [Line Items] | |||||
Lease term | 5 years |
Derivative liability - Changes
Derivative liability - Changes in fair values of the derivative liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative liability | ||
Balance, beginning | $ 17,899,855 | $ 5,456,265 |
Decrease of derivative liabilities for warrants priced in USD per change in functional currency (Note 3) | (17,899,855) | |
Recognize of derivative liabilities for warrants priced in CAD per change in functional currency (Note 3) | 32,439,081 | |
Warrants exercised | (12,560,212) | (20,491,542) |
Changes in fair value of derivative liabilities | (16,436,023) | 32,935,132 |
Balance, ending | $ 3,442,846 | $ 17,899,855 |
Derivative liability - Change_2
Derivative liability - Changes in deferred stock units (Details) - Deferred Stock Units [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Reclassification to liability | $ 152,164 | |
Number of units issued | 51,468 | 51,468 |
Vesting period | 1 year | |
Number of DSU | ||
Reclassification to liability | 44,623 | |
DSUs exercised | (11,510) | |
Issuance | 51,468 | 51,468 |
Balance at the end | 84,581 | 84,581 |
Amount | ||
Reclassification to liability | $ 152,164 | |
DSUs exercised | (39,248) | |
Issuance | 9,484 | |
Balance at the end | $ 122,400 | $ 122,400 |
Share capital - Fully diluted l
Share capital - Fully diluted loss per share did not include effect would be anti dilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
IFRS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Fully diluted loss per share did not include in calculation of EPS as the effect would be anti-dilutive | 12,847,398 | 11,179,230 | 24,475,447 | 21,936,358 |
Weighted average number of common shares outstanding | 113,670,604 | 69,948,843 | 110,110,785 | 51,080,739 |
Stock options | ||||
IFRS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Fully diluted loss per share did not include in calculation of EPS as the effect would be anti-dilutive | 10,252,227 | 13,375,438 | ||
Warrants | ||||
IFRS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Fully diluted loss per share did not include in calculation of EPS as the effect would be anti-dilutive | 11,604,402 | 20,603,396 | ||
DSUs | ||||
IFRS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Fully diluted loss per share did not include in calculation of EPS as the effect would be anti-dilutive | 84,581 | 44,623 | ||
RSUs | ||||
IFRS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Fully diluted loss per share did not include in calculation of EPS as the effect would be anti-dilutive | 649,473 | 507,849 |
Share capital - Changes in opti
Share capital - Changes in options (Details) - Stock options - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of options outstanding, beginning | 13,008,364 | 12,908,315 |
Number of options, Options granted | 1,300,604 | 1,790,000 |
Number of options, Options exercised | (3,771,109) | (632,822) |
Number of options, Options expired and forfeited | (285,632) | (1,057,129) |
Number of options outstanding, ending | 10,252,227 | 13,008,364 |
Weighted average exercise price, Options outstanding, beginning | $ 2.14 | $ 2.03 |
Weighted average exercise price, Options granted | 5.13 | 3.47 |
Weighted average exercise price, Options exercised | 1.58 | 1.83 |
Weighted average exercise price, Options expired and forfeited | 4.85 | 3.20 |
Weighted average exercise price, Options outstanding, ending | $ 2.68 | $ 2.14 |
Share capital - Options outstan
Share capital - Options outstanding (Details) - Stock options | 9 Months Ended | |
Sep. 30, 2021$ / sharesshares | Sep. 30, 2021$ / sharesshares | |
Disclosure of classes of share capital [line items] | ||
Number of options outstanding | 10,252,227 | 10,252,227 |
Number of options exercisable | 8,469,359 | 8,469,359 |
Exercise price $ 0.30 CAD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 0.30 | |
Weighted average contractual life | 8 months 15 days | |
Number of options outstanding | 1,327,273 | 1,327,273 |
Number of options exercisable | 1,327,273 | 1,327,273 |
Exercise price $ 0.80 CAD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 0.80 | |
Weighted average contractual life | 1 year 2 months 12 days | |
Number of options outstanding | 334,091 | 334,091 |
Number of options exercisable | 334,091 | 334,091 |
Exercise price $ 2.00 CAD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 2 | |
Weighted average contractual life | 2 years 7 months 9 days | |
Number of options outstanding | 85,104 | 85,104 |
Number of options exercisable | 85,104 | 85,104 |
Exercise price $ 1.91 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 1.91 | |
Weighted average contractual life | 5 years 2 months 8 days | |
Number of options outstanding | 2,405,000 | 2,405,000 |
Number of options exercisable | 1,977,223 | 1,977,223 |
Exercise price $ 2.45 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 2.45 | |
Weighted average contractual life | 4 years 10 months 6 days | |
Number of options outstanding | 1,250,000 | 1,250,000 |
Number of options exercisable | 1,250,000 | 1,250,000 |
Exercise price $ 2.53 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 2.53 | |
Weighted average contractual life | 4 years 10 months 9 days | |
Number of options outstanding | 131,818 | 131,818 |
Number of options exercisable | 131,818 | 131,818 |
Exercise price $ 2.62 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 2.62 | |
Weighted average contractual life | 1 year 11 months 23 days | |
Number of options outstanding | 700,000 | 700,000 |
Number of options exercisable | 700,000 | 700,000 |
Exercise price $ 3.40 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 3.40 | |
Weighted average contractual life | 4 years 5 months 19 days | |
Number of options outstanding | 1,035,000 | 1,035,000 |
Number of options exercisable | 1,035,000 | 1,035,000 |
Exercise price $ 3.41 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 3.41 | |
Weighted average contractual life | 5 years 9 months 21 days | |
Number of options outstanding | 1,179,708 | 1,179,708 |
Number of options exercisable | 648,054 | 648,054 |
Exercise price $ 3.55 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 3.55 | |
Weighted average contractual life | 9 years 9 months 14 days | |
Number of options outstanding | 90,604 | 90,604 |
Number of options exercisable | 7,350 | 7,350 |
Exercise price $ 3.77 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 3.77 | |
Weighted average contractual life | 6 years 8 months 26 days | |
Number of options outstanding | 240,000 | 240,000 |
Number of options exercisable | 137,090 | 137,090 |
Exercise price $ 4.15 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 4.15 | |
Weighted average contractual life | 9 years 4 months 17 days | |
Number of options outstanding | 805,000 | 805,000 |
Number of options exercisable | 372,499 | 372,499 |
Exercise price $ 5.00 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 5 | |
Weighted average contractual life | 2 years 2 months 1 day | |
Number of options outstanding | 193,629 | 193,629 |
Number of options exercisable | 193,629 | 193,629 |
Exercise price $ 6.18 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 6.18 | |
Weighted average contractual life | 3 years 10 months 9 days | |
Number of options outstanding | 18,754 | 18,754 |
Number of options exercisable | 18,754 | 18,754 |
Exercise Price $7.23 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 7.23 | |
Weighted average contractual life | 6 years 3 months 10 days | |
Number of options outstanding | 225,000 | 225,000 |
Number of options exercisable | 93,754 | 93,754 |
Exercise Price $7.75 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 7.75 | |
Weighted average contractual life | 6 years 4 months 20 days | |
Number of options outstanding | 110,000 | 110,000 |
Number of options exercisable | 43,544 | 43,544 |
Exercise Price $9.60 USD | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ / shares | $ 9.60 | |
Weighted average contractual life | 3 years 3 months 7 days | |
Number of options outstanding | 121,246 | 121,246 |
Number of options exercisable | 114,176 | 114,176 |
Share capital - The changes in
Share capital - The changes in warrants (Details) - Warrants - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of warrants, Warrants outstanding, beginning | 15,070,883 | 20,603,396 |
Number of warrants, Warrants exercised | (2,690,005) | (5,387,200) |
Number of warrants expired | (776,476) | (145,313) |
Number of warrants, Warrants outstanding, ending | 11,604,402 | 15,070,883 |
Weighted average exercise price, Warrants outstanding, beginning | $ 4.01 | $ 3.57 |
Weighted average exercise price, Warrants exercised | 2.96 | 2.49 |
Weighted average exercise price, Warrants expired | 6.89 | 1.49 |
Weighted average exercise price, Warrants outstanding, ending | $ 4.78 | $ 4.01 |
Share capital - Warrants outsta
Share capital - Warrants outstanding (Details) - Warrants | 9 Months Ended | |||
Sep. 30, 2021$ / sharesshares | Sep. 30, 2021$ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure of classes of share capital [line items] | ||||
Weighted average contractual life | 1 year 1 month 24 days | |||
Number of warrants outstanding | shares | 11,604,402 | 11,604,402 | 15,070,883 | 20,603,396 |
Non-Transferable Warrants $4.00 CAD - $16.00 CAD | ||||
Disclosure of classes of share capital [line items] | ||||
Weighted average contractual life | 4 months 24 days | |||
Number of warrants outstanding | shares | 6,006,146 | 6,006,146 | ||
Non-Transferable Warrants $4.00 CAD - $16.00 CAD | Minimum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price | $ 4 | |||
Non-Transferable Warrants $4.00 CAD - $16.00 CAD | Maximum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price | $ 16 | |||
Non-Transferable Warrants $2.00 USD - $24.00 USD | ||||
Disclosure of classes of share capital [line items] | ||||
Weighted average contractual life | 2 years 4 months 17 days | |||
Number of warrants outstanding | shares | 1,096,988 | 1,096,988 | ||
Non-Transferable Warrants $2.00 USD - $24.00 USD | Minimum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price | $ 2 | |||
Non-Transferable Warrants $2.00 USD - $24.00 USD | Maximum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price | 24 | |||
Transferable Warrants $4.25 USD | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price | $ 4.25 | |||
Weighted average contractual life | 1 year 10 months 6 days | |||
Number of warrants outstanding | shares | 4,501,268 | 4,501,268 |
Share capital - Deferred share
Share capital - Deferred share units (Details) - DSUs - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of options outstanding, beginning | 44,623 | 0 |
Number of options granted | 51,468 | 44,623 |
Number of options exercised | (11,510) | 0 |
Number of options outstanding, ending | 84,581 | 44,623 |
Weighted average exercise price, Options outstanding, beginning | $ 3.41 | $ 0 |
Weighted average exercise price, Options granted | 3.41 | 3.41 |
Weighted average exercise price, Options exercised | 3.41 | 0 |
Weighted average exercise price, Options outstanding, ending | $ 3.41 | $ 3.41 |
Share capital - Deferred shar_2
Share capital - Deferred share units Outstanding (Details) - DSUs - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Number Of Outstanding Share Option | 84,581 | 44,623 | 0 |
Deferred share unit Exercise Price Range One [Member] | |||
Disclosure of classes of share capital [line items] | |||
Options Outstanding Exercise Price | $ 3.41 | ||
Options Outstanding Weighted Average Contractual Life | 9 years 6 months 10 days | ||
Number Of Outstanding Share Option | 84,581 | ||
Number Of Shares Option Exercisable In Share Based Payment Arrangement | 33,113 |
Share capital - Restricted shar
Share capital - Restricted share units (Details) - RSUs | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Disclosure of classes of share capital [line items] | ||
Number of options outstanding, beginning | shares | 507,849 | 0 |
Number Of Share Option Granted In Sharebased Payment Arrangement | shares | 450,442 | 507,849 |
Number Of Share Option Exercised In Sharebased Payment Arrangement | shares | (169,283) | 0 |
Number Of Share Option Expired In Sharebased Payment Arrangement | $ | 139,535 | |
Number of options outstanding, ending | shares | 649,473 | 507,849 |
Weighted average exercise price, Options outstanding, beginning | $ 3.44 | $ 0 |
Weighted Average Exercise Price Of Share Option Granted In Sharebased Payment Arrangement | 3.41 | 3.44 |
Weighted Average Exercise Price Of Share Option Exercised In Sharebased Payment Arrangement | 3.44 | 0 |
Weighted Average Exercise Price Of Share Option Expired In Sharebased Payment Arrangement | 3.44 | |
Weighted average exercise price, Options outstanding, ending | $ 3.44 | $ 3.44 |
Share capital - Restricted sh_2
Share capital - Restricted share units Outstanding (Details) - RSUs - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Number Of Outstanding Share Option | 649,473 | 507,849 | 0 |
Restricted share unit Exercise Price Range One [Member] | |||
Disclosure of classes of share capital [line items] | |||
Options Outstanding Exercise Price | $ 3.42 | ||
Options Outstanding Weighted Average Contractual Life | 9 years 7 months 13 days | ||
Number Of Outstanding Share Option | 649,473 |
Share capital - Additional Info
Share capital - Additional Information (Details) | Jan. 08, 2021USD ($)shares | Mar. 12, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($)shares | Mar. 31, 2021USD ($)shares | Mar. 31, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021CAD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Feb. 08, 2021USD ($) | Jan. 01, 2021shares | Dec. 31, 2020shares | Dec. 21, 2020USD ($) | Dec. 31, 2019shares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued pursuant to exercise of warrants | $ 1,682,416 | $ 404,354 | $ 16,801,135 | $ 6,663,708 | $ 110,246 | |||||||||||||
Shares issued for stock option exercised | 645,750 | 50,329 | 449,459 | 65,425 | 5,501 | |||||||||||||
Net loss for the period | $ (12,847,398) | (11,447,385) | $ (180,664) | $ (11,179,230) | $ (9,338,299) | $ (1,418,829) | $ (24,475,447) | $ (21,936,358) | ||||||||||
Weighted average number of common shares outstanding | shares | 113,670,604 | 69,948,843 | 110,110,785 | 110,110,785 | 51,080,739 | |||||||||||||
Stock-based compensation expense | $ 833,973 | $ 2,237,334 | $ 4,017,322 | $ 5,143,722 | ||||||||||||||
Share issue related cost | $ 2,887 | $ 51,913 | ||||||||||||||||
Payment of withholding tax for RSU exercised | 185,274 | 185,274 | ||||||||||||||||
Payment for DSU settlement | 19,625 | $ 19,625 | ||||||||||||||||
Stock options | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Maximum number of common shares reserved for issuance | shares | 30,000,000 | 30,000,000 | ||||||||||||||||
Stock options exercisable period | 10 years | 10 years | ||||||||||||||||
Stock Option Exercise Period Not Later Than Ninety Days | 90 days | 90 days | ||||||||||||||||
Weighted average share price, share options granted | $ / shares | $ 2.59 | $ 2.16 | ||||||||||||||||
Stock-based compensation expense | 930,097 | 1,688,796 | $ 3,579,636 | $ 4,595,184 | ||||||||||||||
Consultant [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of common shares issued | shares | 6,741,420 | 13,624,075 | ||||||||||||||||
Investors [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Maximum aggregate offering price | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Investor Two [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Maximum aggregate offering price | 200,000,000 | $ 200,000,000 | ||||||||||||||||
Employee Stock Options Exercise [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Proceeds from issuing shares | $ 46,558,988 | |||||||||||||||||
Share issue related cost | $ 99,999,996 | |||||||||||||||||
Stock options | Share transaction | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued pursuant to exercise of warrants | $ 645,750 | |||||||||||||||||
Number of common shares issued | shares | 1,375,400 | |||||||||||||||||
Number of stock options exercised | 14,065 | |||||||||||||||||
Share issued price | $ / shares | $ 3.41 | |||||||||||||||||
Number of common shares issued | shares | 291 | 291 | ||||||||||||||||
Share Issued Price Per Share | $ / shares | $ 3.41 | |||||||||||||||||
RSUs | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 548,538 | $ 428,202 | $ (105,608) | ||||||||||||||
RSUs | Share transaction | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued pursuant to exercise of RSU (in shares) | shares | 118,497 | |||||||||||||||||
Payment of withholding tax for RSU exercised | $ 184,274 | |||||||||||||||||
DSUs | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock-based compensation expense | $ 9,484 | $ 152,164 | ||||||||||||||||
DSUs | Share transaction | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued pursuant to exercise of DSU (in shares) | shares | 5,755 | |||||||||||||||||
Payment for DSU settlement | $ 19,625 | |||||||||||||||||
ATM Offerings | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | shares | 0 | 0 | ||||||||||||||||
Share capital | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued | shares | 114,944,673 | 114,944,673 | 89,309,563 | |||||||||||||||
Number of shares outstanding | shares | 77,789,748 | 114,944,673 | 113,040,021 | 112,929,422 | 112,929,422 | 77,789,748 | 63,182,739 | 37,056,874 | 114,944,673 | 77,789,748 | 89,309,563 | 89,309,563 | 37,049,374 | |||||
Shares issued pursuant to exercise of warrants | $ 1,682,416 | $ 404,354 | $ 16,802,299 | $ 6,719,617 | $ 110,246 | |||||||||||||
Number of common shares issued | shares | 1,375,400 | 21,825 | 1,058,724 | 135,171 | 25,000 | |||||||||||||
Shares issued for stock option exercised | $ 3,115,294 | $ 104,301 | $ 727,253 | $ 93,634 | $ 9,538 | |||||||||||||
Shares issued pursuant to exercise of warrants (in shares) | shares | 405,000 | 88,774 | 2,195,640 | 1,413,767 | 187,500 | |||||||||||||
Proceeds from issuing shares | $ 1,258,122 | $ 2,702,209 | ||||||||||||||||
Share issue related cost | $ 2,887 | $ 51,913 | ||||||||||||||||
Shares issued pursuant to exercise of RSU (in shares) | shares | 118,497 | |||||||||||||||||
Shares issued pursuant to exercise of DSU (in shares) | shares | 5,755 | |||||||||||||||||
Share capital | Investors One [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued pursuant to exercise of warrants | $ 50,329 | $ 449,459 | ||||||||||||||||
Number of common shares issued | shares | 21,825 | 1,058,724 | ||||||||||||||||
Shares issued for stock option exercised | $ 404,354 | $ 16,801,135 | $ 1,682,416 | |||||||||||||||
Shares issued pursuant to exercise of warrants (in shares) | shares | 88,774 | 2,195,640 | 135,000 | 135,000 |
General and administrative ex_3
General and administrative expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
General and administrative expenses | ||||
Rent | $ 456,014 | $ 150,454 | $ 1,153,370 | $ 302,686 |
Office expenses | 2,150,981 | 313,041 | 5,637,354 | 882,454 |
Legal and professional | 571,552 | 460,197 | 1,395,295 | 1,336,623 |
Consulting fees | 767,813 | 203,633 | 2,492,575 | 770,867 |
Investor relations | 292,704 | 57,352 | 564,190 | 219,143 |
Salaries | 3,106,038 | 660,426 | 4,969,002 | 1,527,013 |
General and administrative expenses | $ 7,345,102 | $ 1,845,103 | $ 16,211,786 | $ 5,038,786 |
Research and development expe_3
Research and development expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Research and development expenses | ||||
Labor | $ 4,035,735 | $ 1,103,139 | $ 9,740,490 | $ 2,904,113 |
Materials | 1,254,717 | 438,311 | 1,906,467 | 1,158,575 |
Research and development expenses | $ 5,290,452 | $ 1,541,450 | $ 11,646,957 | $ 4,062,688 |
Sales and marketing expenses (D
Sales and marketing expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sales and marketing expenses | ||||
Consulting | $ 310,738 | $ 60,003 | $ 490,337 | $ 250,173 |
Marketing | 980,351 | 215,504 | 2,926,079 | 344,445 |
Salaries | 1,302,138 | 250,153 | 3,137,092 | 488,902 |
Total sales and marketing expenses | $ 2,593,227 | $ 525,660 | $ 6,553,508 | $ 1,083,520 |
Segmented information (Details)
Segmented information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||||||||
Revenue | $ 110,139 | $ 245,691 | $ 592,524 | $ 344,585 | |||||
Gross profit | (514) | 7,658 | 12,561 | (45,715) | |||||
Operating expenses | 17,165,392 | 6,594,001 | 41,434,577 | 16,099,601 | |||||
Current income tax recovery | (1,204) | 850 | (404) | ||||||
Net loss/(income) | (12,847,398) | $ (11,447,385) | $ (180,664) | (11,179,230) | $ (9,338,299) | $ (1,418,829) | (24,475,447) | (21,936,358) | |
FX translation | (11,804) | (1,029,997) | 97,239 | (646,160) | |||||
Comprehensive loss/(income) | (12,829,710) | (9,989,603) | (24,472,092) | (21,584,654) | |||||
Inventory | 3,306,642 | 3,306,642 | $ 609,094 | ||||||
Plant and equipment | 9,734,879 | 9,734,879 | 9,290,308 | ||||||
Electric Vehicles | |||||||||
Disclosure of operating segments [line items] | |||||||||
Revenue | 0 | ||||||||
Gross profit | 0 | ||||||||
Operating expenses | (17,081,621) | (6,532,162) | (41,232,424) | (15,945,746) | |||||
Other items | 4,183,967 | (4,650,704) | 16,662,028 | (5,929,468) | |||||
Current income tax recovery | 97 | (850) | (703) | ||||||
Deferred income tax recovery | 0 | ||||||||
Net loss/(income) | (12,897,654) | (11,182,769) | (24,571,246) | (21,875,917) | |||||
Inventory | 2,939,044 | 2,939,044 | 305,443 | ||||||
Plant and equipment | 9,492,486 | 9,492,486 | 9,014,777 | ||||||
Custom Built Vehicles | |||||||||
Disclosure of operating segments [line items] | |||||||||
Revenue | 110,139 | 245,691 | 592,524 | 344,585 | |||||
Gross profit | (514) | 7,658 | 12,561 | (45,715) | |||||
Operating expenses | (83,771) | (61,839) | (202,153) | (153,855) | |||||
Other items | 134,541 | 48,107 | 285,391 | 109,136 | |||||
Current income tax recovery | 1,107 | 1,107 | |||||||
Deferred income tax recovery | 8,505 | 28,886 | |||||||
Net loss/(income) | 50,256 | $ 3,538 | 95,799 | $ (60,441) | |||||
Inventory | 367,598 | 367,598 | 303,651 | ||||||
Plant and equipment | $ 242,393 | $ 242,393 | $ 275,531 |
Segmented information - Additio
Segmented information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segmented information | |
Number of reportable business segments | 2 |
Related party transactions - Am
Related party transactions - Amounts due to related parties (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Related party transactions | ||
Amounts due to related parties | $ 26,786 | $ 280,432 |
Related party transactions - Ke
Related party transactions - Key management personnel compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related party transactions | ||||
Consulting fees | $ 91,591 | |||
Salary | $ 2,350,134 | $ 313,545 | $ 3,095,936 | 756,628 |
Directors fees | 103,777 | 65,107 | 262,641 | 247,846 |
Stock-based compensation | 559,734 | 1,133,580 | 2,442,098 | 3,959,926 |
Key management personnel compensation | $ 3,013,645 | $ 1,512,232 | $ 5,800,675 | $ 5,055,991 |
Financial instruments and fin_3
Financial instruments and financial risk management - Analysis of the contractual maturities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | $ 2,862,226 | $ 4,037,571 |
Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 1,012,297 | 373,889 |
More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 672,500 | 125,652 |
Trade payables | 2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 979,779 | 1,001,773 |
Trade payables | Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Trade payables | More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Accrued liabilities | 2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 1,324,827 | 2,179,134 |
Accrued liabilities | Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Accrued liabilities | More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Due to related parties | 2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 26,786 | 280,432 |
Due to related parties | Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Due to related parties | More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
Lease liabilities | 2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 530,834 | 576,232 |
Lease liabilities | Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 889,897 | 373,889 |
Lease liabilities | More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 672,500 | $ 125,652 |
DSU liabilities | 2021 | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 0 | |
DSU liabilities | Between one and five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | 122,400 | |
DSU liabilities | More than five years | ||
Financial instruments and financial risk management | ||
Total non-derivative financial liabilities | $ 0 |
Financial instruments and fin_4
Financial instruments and financial risk management - Statement of financial position (Details) - CAD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financial instruments and financial risk management | ||
Financial assets and liabilities | $ (1,272,527) | $ (330,864) |
Cash and cash equivalents | ||
Financial instruments and financial risk management | ||
Financial assets and liabilities | 889,739 | 355,948 |
Restricted cash | ||
Financial instruments and financial risk management | ||
Financial assets and liabilities | 80,697 | 77,182 |
Trade receivable | ||
Financial instruments and financial risk management | ||
Financial assets and liabilities | 180,632 | 95,818 |
Lease liabilities | ||
Financial instruments and financial risk management | ||
Financial assets and liabilities | (1,511,194) | (432,103) |
Trade payables and accrued liabilities | ||
Financial instruments and financial risk management | ||
Financial assets and liabilities | $ (912,401) | $ (427,709) |
Financial instruments and fin_5
Financial instruments and financial risk management - Financial liabilities (Details) | Sep. 30, 2021CAD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) |
Financial instruments and financial risk management | ||||
Financial assets | $ 229,127,123 | $ 129,754,140 | ||
Financial liabilities | 7,989,869 | 22,436,967 | ||
Cash and cash equivalents | ||||
Financial instruments and financial risk management | ||||
Financial assets | $ 228,813,286 | $ 129,450,676 | ||
Restricted cash | ||||
Financial instruments and financial risk management | ||||
Financial assets | 161,197 | 143,800 | ||
Receivables | ||||
Financial instruments and financial risk management | ||||
Financial assets | 152,640 | 159,664 | ||
Non-derivative financial liabilities | Trade payable and accrued liabilities | ||||
Financial instruments and financial risk management | ||||
Financial liabilities | 2,331,392 | 3,461,339 | ||
Non-derivative financial liabilities | Lease liabilities | ||||
Financial instruments and financial risk management | ||||
Financial liabilities | 2,093,231 | 1,075,773 | ||
Derivative financial liabilities | Derivative liabilities | ||||
Financial instruments and financial risk management | ||||
Financial liabilities | $ 3,565,246 | $ 17,899,855 |
Financial instruments and fin_6
Financial instruments and financial risk management - Additional information (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021CAD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Impact of net loss | $ (11,804) | $ (1,029,997) | $ 97,239 | $ (646,160) | ||||
Percentage of volatility used was increased | 10.00% | 10.00% | ||||||
Derivative liability | $ 227,681 | $ 300,936 | $ 32,439,081 | $ 17,899,855 | ||||
Interest rate risk | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Change in market interest rates | 1.00% | 1.00% | ||||||
Foreign exchange risk | ||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||
Change in the US dollars to Canadian dollar exchange rate | 10.00% | 10.00% | ||||||
Impact of net loss | $ 625,000 | $ 127,253 | $ 53,334 |
Commitments (Details)
Commitments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of lease payments [line items] | ||
Additional capital commitments | $ 3,505,163 | $ 0 |
Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | 23,470,300 | |
2021 | Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | 425,743 | |
2022 | Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | 1,464,629 | |
2023 | Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | 1,956,861 | |
2024 | Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | 2,016,267 | |
2025 and after | Lease commitments | ||
Disclosure of maturity analysis of lease payments [line items] | ||
Total | $ 17,606,800 |
Subsequent events - Additional
Subsequent events - Additional information (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021CAD ($)$ / sharesshares | Sep. 30, 2020USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Proceeds from exercise of options | $ 645,750 | $ 66,544 | $ 1,145,538 | $ 71,958 | |||
Shares issuance costs | $ 2,887 | $ 51,913 | |||||
Share transaction | Stock options | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Number of common shares issued | shares | 291 | 291 | |||||
Number of common shares issued | shares | 1,375,400 | ||||||
Number of cashless stock options exercised | 14,065 | ||||||
Share issued price | $ / shares | $ 3.41 | ||||||
Share transaction | Warrants | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Number of common shares issued | shares | 1,400,000 | 1,400,000 | |||||
Share issued price | $ / shares | $ 4 | ||||||
Gross proceeds from exercise of options | $ 5,600,000 | ||||||
Share transaction | ATM Offerings | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Number of common shares issued | shares | 698,000 | 698,000 | |||||
Shares issuance costs | $ 75,890 | ||||||
Gross proceeds | $ 2,810,229 |