Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | FSD Pharma Inc. |
Entity Central Index Key | 0001771885 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2020 |
Entity Common Stock, Shares Outstanding | 19,161,620 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Current assets | |||
Cash | $ 17,524,822 | $ 5,967,798 | $ 15,899,808 |
Other receivables | 161,342 | 1,557,302 | 745,520 |
Prepaid expenses and deposits | 569,401 | 323,776 | 334,096 |
Inventories | 0 | 709,373 | 0 |
Current assets other than assets held for sale | 18,255,565 | 8,558,249 | 16,979,424 |
Assets held for sale | 8,610,504 | 0 | |
Total current assets | 26,866,069 | 8,558,249 | 16,979,424 |
Non-current assets | |||
Investments | 1,676,745 | 8,862,744 | 13,589,954 |
Right-of-use asset, net | 0 | 95,851 | 183,424 |
Property, plant and equipment, net | 0 | 8,880,258 | 9,134,183 |
Intangible assets, net | 13,424,391 | 16,820,625 | 0 |
Total assets | 41,967,205 | 43,217,727 | 39,886,985 |
Current liabilities | |||
Trade and other payables | 3,700,103 | 3,361,145 | 1,311,865 |
Lease obligations | 46,842 | 42,285 | 40,875 |
Derivative liability | 0 | 1,990,788 | 0 |
Warrants liability | 1,447,910 | 0 | 0 |
Notes payable | 384,647 | 1,435,698 | 0 |
Total current liabilities | 5,579,502 | 6,829,916 | 1,352,740 |
Non-current liabilities | |||
Lease obligations | 79,120 | 110,334 | 142,549 |
Total liabilities | 5,658,622 | 6,940,250 | 1,495,289 |
SHAREHOLDERS EQUITY | |||
Share capital | 103,208,126 | 73,737,925 | |
Warrant reserve | 4,968,958 | 4,321,989 | 3,341,826 |
Contributed surplus | 18,792,590 | 17,371,434 | 3,744,423 |
Foreign exchange translation reserve | 207,797 | (84,776) | 0 |
Accumulated deficit | (90,868,888) | (59,069,095) | (19,939,575) |
Total equity | 36,308,583 | 36,277,477 | 38,391,696 |
Equity and liabilities | 41,967,205 | 43,217,727 | 39,886,985 |
Class A shares | |||
SHAREHOLDERS EQUITY | |||
Share capital | 151,588 | 151,588 | 151,588 |
Total equity | 151,588 | 151,588 | 151,588 |
Class B shares | |||
SHAREHOLDERS EQUITY | |||
Share capital | 103,056,538 | 73,586,337 | 51,093,434 |
Total equity | $ 103,056,538 | $ 73,586,337 | $ 51,093,434 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | ||
General and administrative | $ 10,058,083 | $ 8,407,427 |
External research and development fees | 7,832,847 | |
Share-based payments | 8,052,011 | 12,082,930 |
Depreciation and amortization | 3,900,458 | 1,943,048 |
Legal provision | 757,829 | |
Impairment of right-of-use asset | 89,860 | 50,888 |
Total operating expenses | 30,691,088 | 22,484,293 |
Loss from continuing operations | (30,691,088) | (22,484,293) |
Other income | (3,691) | (40,454) |
Finance expense | 235,581 | 155,316 |
Loss (gain) on settlement of financial liability | (680,164) | 18,665 |
Loss (gain) on change in fair value of warrants and derivative liability | (2,561,456) | 2,684,436 |
Loss on changes in fair value of investments | 770,874 | 8,778,707 |
Net loss from continuing operations | (28,452,232) | (34,080,963) |
Net loss from discontinued operations | (3,347,561) | (5,048,557) |
Net loss for the period | (31,799,793) | (39,129,520) |
Items that may be subsequently reclassified to income: | ||
Exchange gain (loss) on translation of foreign operations | 292,573 | (84,776) |
Comprehensive loss | $ (31,507,220) | $ (39,214,296) |
Basic and diluted - continuing operations (in dollars per share) | $ (2.36) | $ (4.83) |
Basic and diluted - discontinued operations (in dollars per share) | $ (0.28) | $ (0.72) |
Weighted average number of shares outstanding - basic and diluted | 12,043,961 | 7,056,245 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY - USD ($) | Class A shares | Class B shares | Warrants | Contributed surplus | exchange translation | Accumulated deficit | Total |
Beginning balance at Jan. 01, 2019 | $ 151,588 | $ 51,093,434 | $ 3,341,826 | $ 3,744,423 | $ (19,939,575) | $ 38,391,696 | |
Beginning balance (shares) at Jan. 01, 2019 | 72 | 6,843,780 | 546,212 | ||||
Shares issued | $ 8,681,103 | 8,681,103 | |||||
Shares issued (shares) | 408,651 | ||||||
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc. | $ 12,361,657 | $ 1,420,407 | 1,931,384 | 15,713,448 | |||
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc. (shares) | 510,940 | 67,598 | |||||
Share options exercised | 12,082,930 | 12,082,930 | |||||
Share based payments | $ 1,340,929 | (789,794) | 551,135 | ||||
Share-based payments (shares) | 130,189 | ||||||
Warrants exercised | $ 109,214 | $ (37,753) | 71,461 | ||||
Warrants exercised (shares) | 12,167 | (12,167) | |||||
Warrants expired | $ (402,491) | 402,491 | |||||
Warrants expired (shares) | (134,192) | ||||||
Comprehensive loss for the year | $ (84,776) | (39,129,520) | (39,214,296) | ||||
Ending balance at Dec. 31, 2019 | $ 151,588 | $ 73,586,337 | $ 4,321,989 | 17,371,434 | (84,776) | (59,069,095) | 36,277,477 |
Ending balance (shares) at Dec. 31, 2019 | 72 | 7,905,727 | 467,451 | ||||
Shares issued | $ 22,242,975 | $ 1,110,904 | (1,302,076) | 22,051,803 | |||
Shares issued (shares) | 8,925,942 | 6,335,758 | |||||
Share options exercised | $ 563,747 | (504,185) | 59,562 | ||||
Share options exercised (shares) | 22,382 | ||||||
Share based payments | $ 6,663,479 | 2,763,482 | 9,426,961 | ||||
Share-based payments (shares) | 2,307,569 | ||||||
Warrants expired | $ (463,935) | 463,935 | |||||
Warrants expired (shares) | (54,100) | ||||||
Comprehensive loss for the year | 292,573 | (31,799,793) | (31,507,220) | ||||
Ending balance at Dec. 31, 2020 | $ 151,588 | $ 103,056,538 | $ 4,968,958 | $ 18,792,590 | $ 207,797 | $ (90,868,888) | $ 36,308,583 |
Ending balance (shares) at Dec. 31, 2020 | 72 | 19,161,620 | 6,749,109 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net loss from continuing operations | $ (28,452,232) | $ (34,080,963) |
Add (deduct) items not affecting cash | ||
Depreciation and amortization | 3,900,458 | 1,943,048 |
Impairment of right-of-use asset | 89,860 | 183,161 |
Interest expense | 7,860 | 155,315 |
Share-based payments | 8,052,011 | 12,082,930 |
Change in fair value of investments | 770,874 | 8,778,707 |
Change in fair value of derivative liability | (2,561,456) | 2,684,436 |
Unrealized foreign exchange loss (gain) | (327,161) | |
Loss (gain) on settlement of financial liability | (680,164) | 18,665 |
Changes in non-cash working capital balances | ||
Other receivables | 435,183 | (387,837) |
Prepaid expenses and deposits | (526,738) | (24,214) |
Other payables | 898,691 | 1,516,025 |
Cash used in continuing operating activities | (18,392,814) | (7,130,727) |
Cash used in discontinued operating activities | (737,659) | (6,581,998) |
Cash used in operating activities | (19,130,473) | (13,712,725) |
Investing activities | ||
Cash acquired from acquisition of Prismic Pharmaceuticals Inc. | 1,752 | |
Proceeds from sale of investments | 6,477,510 | 462,303 |
Additions to intangible assets | (293,126) | |
Cash provided by continuing investing activities | 6,477,510 | 170,929 |
Cash provided by (used in) discontinued investing activities | 36,616 | (401,817) |
Cash provided by (used in) investing activities | 6,514,126 | (230,888) |
Financing activities | ||
Repayment of lease obligation | (39,993) | (42,285) |
Proceeds from issuance of shares, net of issuance costs | 25,100,459 | 3,431,294 |
Repayment of notes payable | (946,643) | 0 |
Proceeds from exercise of stock options | 59,548 | 551,133 |
Proceeds from exercise of warrants | 71,461 | |
Cash provided by continuing financing activities | 24,173,371 | 4,011,603 |
Cash provided by discontinued financing activities | 0 | 0 |
Cash provided by financing activities | 24,173,371 | 4,011,603 |
Net increase (decrease) | 11,557,024 | (9,932,010) |
Cash, beginning of the year | 5,967,798 | 15,899,808 |
Cash, end of the year | $ 17,524,822 | $ 5,967,798 |
Nature of business
Nature of business | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Nature of business [abstract] | |
Nature of business | 1. Nature of business FSD FSD Pharma Inc. (“FSD” or the “Company”), through its wholly owned subsidiary, FSD Biosciences Inc., is focused on Pharmaceutical research and development ("R&D") of its lead compound, FSD 201, ultra-micronized Palmitoyl ethylamine (“PEA”). FSD 201 is known to stabilize mast cells of the human body and down-regulate the pro-inflammatory cytokines to effectuate an anti-inflammatory response. FV Pharma Inc. ("FV Pharma"), a wholly owned subsidiary of the Company, was a licensed producer of cannabis in Canada under the Cannabis Act (Canada) (together with the regulations promulgated thereunder (the "Cannabis Regulations"), the "Cannabis Act") and associated Cannabis Regulations. FV Pharma surrendered its cannabis license in September 2020. In March 2020, substantially all the assets of FV Pharma were classified as held for sale (refer to Note 5). The Company's registered office is located at 1 Rossland Road West, Suite 202, Ajax, Ontario, L1Z 1Z2. On October 16, 2019, the Company completed a reverse share split of 201 to 1 Class B Shares. All share and per share amounts for all periods presented in these financial statements have been adjusted retrospectively to reflect the reverse share split. Subsidiaries These consolidated financial statements are comprised of the financial results of the Company and its subsidiaries, which are the entities over which FSD has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. The Company has the following subsidiaries: Ownership percentage as at Entity Name Country December 31, 2020 December 31, 2019 January 1, 2019 % % % FSD Biosciences Inc. USA 100 — — Prismic Pharmaceuticals Inc. USA 100 100 100 FV Pharma Inc. Canada 100 100 100 Impact of COVID-19 The outbreak of the novel strain of coronavirus, specifically identified as "COVID-19," has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The extent to which COVID-19 and any other pandemic or public health crisis impacts the Company's business, affairs, operations, financial condition, liquidity, availability of credit and results of operations will depend on future developments that are highly uncertain and cannot be predicted with any meaningful precision, including new information which may emerge concerning the severity of the COVID-19 virus and the actions required to contain the COVID-19 virus or remedy its impact, among others. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company and its operating subsidiaries in future periods. In order to mitigate the impact of COVID-19, the Company implemented a systematic and orderly scale back of FV Pharma's cultivation operations and a furlough policy for its workforce, except for certain personnel working staggered shifts to ensure continuity of operations and licensure effective March 23, 2020. In September 2020, FV Pharma surrendered its licenses and ceased all other operational activities. The Company’s clinical trials for the use of FSD-201, its lead compound, to treat suspected or confirmed cases of COVID-19 continued to proceed throughout the year and as a result the impact of COVID-19 did not have a material impact on the continuing operations or financial results of the Company for the year ended December 31, 2020. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis of presentation | 2. Basis of presentation [a] Statement of compliance These financial statements have been prepared by management in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The policies set out below have been consistently applied to all periods presented, unless otherwise noted. These financial statements were approved and authorized for issuance by the Board of Directors of the Company on March 15, 2021. [b] Basis of measurement These financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. Historical costs are generally based upon the fair value of the consideration given in exchange for goods and services received. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment Impairment of Assets [c] Basis of presentation The accompanying financial statements include the accounts of FSD and its subsidiaries, FV Pharma, FSD Biosciences and Prismic. The financial statements incorporate the assets and liabilities of the Company and its subsidiaries as at December 31, 2020 and 2019 and January 1, 2019 and the results of these subsidiaries for the years ended December 31, 2020 and 2019. Subsidiaries are all those entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. All intra-entity assets and liabilities, revenue, expenses and cash flows relating to transactions between subsidiaries of the Company are eliminated in full on consolidation. [d] Functional currency and presentation currency The financial statements of each company within the consolidated group are measured using their functional currency which is the currency of the primary economic environment in which an entity operates. The Company changed its functional currency from the Canadian dollar (C$) to the United States dollar (US$) as of October 1, 2020. The change in functional currency was the result of a review of the primary economic environment in which the entity operates and the currency that mainly influences the underlying transactions entered into by the Company. The Company's functional currency is the United States dollar and the functional currencies of its subsidiaries are as follows: The Company has elected to change its presentation currency from the Canadian dollar to the United States dollar effective October 1, 2020. The change in presentation currency is a voluntary change which is accounted for retrospectively. The change in presentation currency was made to better reflect the Company's business activities. For comparative reporting purposes, historical financial information has been translated to United States dollars using the exchange rate as at October 1, 2020, which is the date of the change in the functional and presentation currency. The following shows the restatement of prior period information: December 31, 2018 as reported, Foreign currency translation December 31, 2018 restated, Adoption of January 1, C$ US$ US$ US$ ASSETS Current assets Cash 21,134,930 (5,235,122 ) 15,899,808 — 15,899,808 Trade and other receivables 990,988 (245,468 ) 745,520 — 745,520 Prepaid expenses and deposits 444,099 (110,003 ) 334,096 — 334,096 22,570,017 (5,590,593 ) 16,979,424 — 16,979,424 Non-current assets Other investments 18,064,541 (4,474,587 ) 13,589,954 — 13,589,954 Right-of-use asset, net — — — 183,424 183,424 Property, plant and equipment, net 12,141,676 (3,007,493 ) 9,134,183 — 9,134,183 52,776,234 (13,072,673 ) 39,703,561 183,424 39,886,985 LIABILITIES Current liabilities Trade and other payables 1,743,806 (431,941 ) 1,311,865 — 1,311,865 Lease obligations — — — 40,875 40,875 1,743,806 (431,941 ) 1,311,865 40,875 1,352,740 Non-current liabilities Lease obligations — — — 142,549 142,549 1,743,806 (431,941 ) 1,311,865 183,424 1,495,289 SHAREHOLDER'S EQUITY Class A share capital 201,500 (49,912 ) 151,588 — 151,588 Class B share capital 67,916,302 (16,822,868 ) 51,093,434 — 51,093,434 Warrant reserve 4,442,145 (1,100,319 ) 3,341,826 — 3,341,826 Contributed surplus 4,977,300 (1,232,877 ) 3,744,423 — 3,744,423 Accumulated deficit (26,504,819 ) 6,565,244 (19,939,575 ) — (19,939,575 ) 51,032,428 (12,640,732 ) 38,391,696 — 38,391,696 52,776,234 (13,072,673 ) 39,703,561 183,424 39,886,985 [e] Use of estimates and judgments The preparation of these financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities as at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. Estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgments, apart from those involving estimations, that management has made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognized in the financial statements: [i] At each reporting period, management assesses the basis of preparation of the financial statements. These financial statements have been prepared on a going concern basis in accordance with IFRS. The going concern basis of presentation assumes that the Company will continue its operations for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. [ii] Depreciation of property, plant and equipment is dependent upon estimates of useful lives and residual values, which are determined through the exercise of judgment. The assessment of any impairment of these assets' is dependent upon estimates of recoverable amounts that take into account factors such as economic and market conditions and the useful lives of assets. [iii] The Company employs significant estimates to determine the estimated useful lives of intangible assets, considering the nature of the asset, contractual rights, expected use and review of asset useful lives. The Company reviews amortization methods and useful lives annually or when circumstances change and adjusts its amortization methods and assumptions prospectively. [iv] The determination as to whether a disposal group meets the requirements to be classified as held for sale, and the assets and liabilities to be included within that disposal group, requires management to exercise judgment when making these determinations. Management must also exercise judgment when determining at which date all of the criteria are satisfied to be classified as held for sale. Management must also use estimates when determining the fair value less costs to sell of the disposal group to assess if the carrying value of the disposal group is greater than its recoverable amount. [v] Management measures the costs for share-based payments and warrants using market-based option valuation techniques. Assumptions are made and estimates are used in applying the valuation techniques. These include estimating the future volatility of the share price, expected dividend yield, expected term, expected risk-free interest rate and the rate of forfeiture. Such estimates and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates of share-based payments and warrants. [vi] The financial information of private companies may not always be available, or such information may be insufficient or unreliable for valuation purposes. In determining the fair value of shares held in private company investments, management is required to make certain estimates and assumptions regarding the fair value as of the reporting date. Assumptions are made and estimates are used in applying the valuation techniques to determine fair value. These include the most recently available financial statements of the investee, price for most recently completed financing, as well as closely comparable public companies and general market and economic conditions. Such investments are classified as Level 3 within the fair value hierarchy. The value at which the Company could ultimately realize upon disposition of these investments may differ from their carrying value and such differences could be material. [vii] In the acquisition of Prismic on June 28, 2019 judgment was required to determine if the acquisition represented either a business combination or an asset purchase. Management concluded that Prismic did not represent a business as the assets acquired were not an integrated set of activities with inputs, processes and outputs. Since it was concluded that the acquisition represented the purchase of assets, there was no goodwill recognized on the transaction and acquisition costs were capitalized to the assets purchased rather than expensed. The fair values of the net assets acquired were determined using estimates and judgments. Refer to Note 4 for additional information on the Company's asset acquisition. [viii] The Company and its subsidiaries are required to determine their functional currencies based on the primary economic environment in which each entity operates. In order to do that, management has to analyze several factors, including which currency mainly influences the cost of undertaking the business activities, in which currency the entity has received financing, and in which currency it keeps its receipts from operating activities. Management uses its judgment to determine which factors are most important when the above indicators are mixed and the functional currency is not obvious. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. [a] Cash consists of cash and cash held in trust accounts. There are no restrictions on cash held in trust. [b] Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in consolidated statements of loss and comprehensive loss. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the consolidated statements of loss and comprehensive loss. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognized net within other income in the consolidated statements of loss and comprehensive loss. Depreciation is based on the estimated useful lives of the assets provided as follows: Computer equipment 30% declining balance Production equipment 20% declining balance Furniture and fixtures 20% declining balance Facility and related 20 years under straight-line Land Not amortized An item of property, plant and equipment and any significant part initially recognized are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of loss and comprehensive loss when the asset is derecognized. The assets' residual values, useful lives and methods of depreciation and the depreciation charge are adjusted prospectively, if appropriate. [c] intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized in profit or loss on a straight-line basis over the following terms: Intellectual Property 5 years [d] The Company's accounting policy for revenue recognition under IFRS 15, Revenue from Contracts with Customers ("IFRS 15") is to follow a five step model to determine the amount and timing of revenue to be recognized i) identify the contract with a customer; ii) identify the performance obligations in the contract; iii) determine the transaction price; iv) allocate the transaction price to the performance obligations in the contract; and v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue from the sale of cannabis is recognized when the Company transfers control of the good to the customer. This is generally considered to have occurred when products have been delivered to the location specified in the sales contract and accepted by the customer. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive taking into account any variation that may result from rights of return. The Company was required to remit excise tax to the Canada Revenue Agency on the sale of medical cannabis in Canada. The Company became liable for these excise duties when cannabis products were delivered to the customer. In accordance with IFRS 15, revenue presented within discontinued operations (Note 5) represents revenue from the sale of goods less applicable excise tax. Areas of judgment include identifying the customer per the definition within IFRS 15 and determining whether control has passed to the customer. [e] Foreign currency transactions are translated into United States dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are translated to United States dollars at the foreign exchange rate applicable at that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The assets and liabilities of foreign operations with functional currencies other than United States dollars, are translated into United States dollars at year-end exchange rates. Income and expenses, and cash flows of such foreign operations are translated into United States dollars using average exchange rates for the period. Exchange differences resulting from translating foreign operations are recognized in other comprehensive loss and accumulated in equity. [f] Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. • On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (''FVOCI''), or fair value through profit and loss (''FVTPL''). The classification of financial assets is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost Subsequently measured at amortized cost using the effective interest method, less any impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. • The Company initially recognizes financial liabilities at fair value on the date at which the Company becomes a party to the contractual provisions of the instrument. The Company classifies its financial liabilities as either financial liabilities at FVTPL or amortized cost. Subsequent to initial recognition, other liabilities are measured at amortized cost using the effective interest method. Financial liabilities at FVTPL are stated at fair value with changes being recognized in profit or loss. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. • • Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The Company does not reclassify financial liabilities or equity after initial recognition due to a change in circumstance. • An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments. • The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics and management intent as outlined below: Classification Cash Amortized cost Other receivables Amortized cost Investments Fair value through profit or loss Trade and other payables Amortized cost Derivative liability Fair value through profit or loss Warrants liability Fair value through profit or loss Notes payable Amortized cost • An expected credit loss ("ECL") model applies to financial assets measured at amortized cost. The Company's financial assets measured at amortized cost and subject to the ECL model consist primarily of trade and other receivables. The Company applies the simplified approach to impairment for trade and other receivables by recognizing a loss allowance based on lifetime expected losses at each reporting date taking into considerations historical credit loss experience and financial factors specific to the debtors and general economic conditions. The Company has assessed the impairment of its trade and other receivables using the expected credit loss model, and no material difference was noted. [g] Inventory of harvested work-in-process and finished goods are valued at the lower of cost and net realizable value. Inventory of harvested cannabis is transferred from biological assets at their fair value at harvest, which becomes the initial deemed cost. Any subsequent post-harvest costs are capitalized to inventory to the extent that cost is less than net realizable value. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory for supplies and consumables are valued at the lower of cost and net realizable value, with cost determined using the average cost basis. [h] Long-lived assets, including property, plant and equipment and intangible assets are tested for impairment when there are indicators of impairment at each reporting date or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. Intangible assets with an indefinite useful life are tested for impairment at least annually in the fourth quarter and whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or "CGU"). The recoverable amount of an asset or a CGU is the higher of its fair value, less costs to sell, and its value in use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognized immediately in net loss equal to the amount by which the carrying amount exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously. [i] Income tax expense comprises of current and deferred tax. Current tax and deferred tax are recognized in net profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. [j] Share options and warrants awarded to non-employees are accounted for using the fair value of the instrument awarded or service provided, whichever is considered more reliable. Share options and warrants awarded to employees are accounted for using the fair value method. The fair value of such share options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. [k] Net loss per share is calculated based on the loss for the financial year and the weighted average number of common shares outstanding during the year. Diluted net loss per share is calculated using the loss for the financial year adjusted for the effect of any dilutive instruments and the weighted average diluted number of shares [ignoring any potential issue of common shares that would be anti-dilutive] during the year. [l] Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of identified asset for a period of time in exchange for consideration. The Company recognized a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use assets are depreciated to the earlier of the end of useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of the consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use asset can be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Company's incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from the change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, unless it has been reduced to zero. [m] External research and development External research and development costs are expensed in the periods in which they are incurred, with the exception of development costs for new products with proven technical feasibility and for which a defined future market exists. Such development costs are capitalized in accordance with the Company's policy for intangible assets. The Company's external research and development costs consist primarily of third-party services. [n] Discontinued operations Discontinued operations are reported when a component of the Company, representing a separate major line of business or area of operations with clearly distinguishable cash flows, has been disposed of or is held for sale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. Discontinued operations are reported as a separate element of net income or loss on the consolidated statement of net and comprehensive loss for both the current and comparative periods. When a disposal group is classified as held for sale, assets and liabilities are aggregated and presented as separate line items, respectively, on the consolidated statement of financial position. Comparative periods are not restated on the consolidated statement of financial position. Assets held for sale are not depreciated and are measured at the lower of carrying value and fair value less costs to sell. New standards, amendment and interpretation adopted by the Company IFRS 3 - Business combinations Amendments to IFRS 3, issued in October 2018, provide clarification on the definition of a business. The amendments permit a simplified assessment to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The amendments are effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020. The amendment adoption did not have a significant impact on the Company's financial statements. IAS 1 - Presentation of financial statements Amendments to IAS 1, issued in October 2018, provide clarification on the definition of material and how it should be applied. The amendments also align the definition of material across International Financial Reporting Standards and other publications. The amendments are effective for annual periods beginning on or after January 1, 2020 and are required to be applied prospectively. The amendment adoption did not have a significant impact on the Company's financial statements. |
Acquisition of Prismic Pharmace
Acquisition of Prismic Pharmaceutical | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition of Prismic Pharmaceutical | 4. Acquisition of Prismic Pharmaceutical On June 28, 2019, the Company closed the acquisition of Prismic by acquiring all of the issued and outstanding Prismic Shares from the holders thereof. Prismic is a U.S.-based specialty research and development pharmaceutical company that is developing non-addictive prescription drugs for the treatment of pain and inflammation. Prismic's goal is to address the opioid crisis based on formulations utilizing micro-PEA's complementary effect on certain drugs used to impact the body's endocannabinoid system. It was determined that the acquisition of Prismic did not qualify as a business combination in accordance with IFRS 3 Business Combinations The total consideration for the purchase of Prismic was $15,713,448. $12,361,657 $1,931,384 $1,420,407 of warrants. Share Options Warrants Grant date share price C$32.16 C$32.16 Exercise price C$2.61 - C$17.89 C$2.61 - C$26.73 Expected dividend yield — — Risk free interest rate 1.39% - 1.66% 1.41% - 1.52% Expected life (years) 0.98—16.21 1.39—6.55 Annualized volatility 100% 100% The allocation of the total purchase consideration to the identifiable assets acquired and liabilities assumed as at the date of acquisition was as follows: Fair value recognized on acquisition $ Cash 1,752 Prepaid expenses and deposits 19,691 Intangible assets 18,543,379 Trade and other payables (1,404,732 ) Notes payable (1,446,642 ) 15,713,448 |
Assets held for sale
Assets held for sale | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Assets Held For Sale [Abstract] | |
Assets held for sale | 5. Assets held for sale In March 2020, the Company decided to focus its efforts and resources on the pharmaceutical business and initiated the process to sell its Cobourg facility and exit the medical cannabis industry. The Company expects that the sale of the facility will be completed within the next twelve months and is actively marketing the facility for sale. Assets held for sale consists of the Cobourg facility. It is anticipated that no liabilities of the Company will be transferred as part of any proposed transaction. Results of operations related to the Cobourg facility are reported as discontinued operations for the years ended December 31, 2020 and 2019. In accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations Assets held for sale as at December 31, 2020 consisted of the following: $ Property and plant 8,610,504 During the year ended December 31, 2020, the Company sold equipment for proceeds of $36,616 resulting in a loss on sale of $100,337. As part of the sale of equipment the Company also sold all remaining inventory for $1 and recognized a loss on sale of inventory of $197,436 during the year ended December 31, 2020. As FV Pharma surrendered its cannabis license in September 2020, the Company determined that the carrying value of the remaining equipment was not recoverable resulting in recognition of impairment loss of $387,474 for the year ended December 31, 2020. Net loss and comprehensive loss from discontinued operations for the year ended December 31, 2020 and 2019 is comprised of the following: For the year ended December 31, Notes 2020 2019 $ $ Revenue 14,514 193,416 Cost of revenue 1,032,010 1,473,839 Gross loss before fair value adjustments (1,017,496 ) (1,280,423 ) Fair value adjustments on inventory sold (945 ) 16,738 Unrealized loss on changes in fair value of biological assets 166,886 513,625 Gross loss (1,183,437 ) (1,810,786 ) Expenses General and administrative 16 1,665,541 2,735,286 Depreciation and amortization 90,340 424,199 Impairment of property, plant and equipment 387,474 132,273 Total operating expenses 2,143,355 3,291,758 Loss from discontinued operations (3,326,792 ) (5,102,544 ) Other income (79,568 ) (53,987 ) Loss on sale of equipment 100,337 — Net loss from discontinued operations (3,347,561 ) (5,048,557 ) Cash flows from discontinued operations for the year ended December 31, 2020 and 2019 are comprised of the following: 2020 2019 $ $ Operating activities Net loss from discontinued operations (3,347,561 ) (5,048,557 ) Add (deduct) items not affecting cash Depreciation and amortization 108,209 424,199 Change in fair value adjustments on inventory sold (945 ) 16,738 Impairment of inventory 534,814 — Impairment of property, plant and equipment 387,474 — Change in fair value of biological assets 166,886 513,625 Loss on disposal of inventory 197,436 — Loss on sale of equipment 100,337 — Changes in non-cash working capital balances Trade and other receivables 960,778 (423,945 ) Prepaid expenses and deposits 279,870 54,226 Inventories (21,932 ) (709,373 ) Biological assets (166,886 ) (513,625 ) Trade and other payables 63,861 (895,286 ) Cash used in operating activities (737,659 ) (6,581,998 ) Investing activities Purchase of property, plant and equipment — (401,817 ) Proceeds from sale of equipment 36,616 — Cash provided by (used in) investing activities 36,616 (401,817 ) |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Other receivables | 6. Other receivables The Company's other receivables are comprised of the following: December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Sales tax recoverable 134,717 1,529,828 739,257 Rent receivable — 9,772 6,263 Other 26,625 17,702 — 161,342 1,557,302 745,520 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Investments [Abstract] | |
Investments | 7. Investments The following tables outline changes in investments during the periods: Entity Instrument Note Balance at 1, Additions Change in fair Proceeds Balance at Pharmadrug Inc. Shares (i) — 2,256,900 (2,001,825 ) — 255,075 Cannara Biotech Inc. Shares (ii) 8,437,342 — (1,614,704 ) — 6,822,637 Clover Cannastrip Shares (iii) 1,128,450 — (1,128,450 ) — — High Tide Shares (iv) 1,352,665 — (890,362 ) 462,303 — High Tide Warrants (iv) 188,914 — (188,914 ) — — HUGE Shops Shares (v) 977,990 — (405,589 ) — 572,401 SciCann Therapeutics Shares (vi) 1,504,593 — (968,769 ) — 535,824 Solarvest BioEnergy Inc. Shares (vii) — 519,087 (191,837 ) — 327,251 Solarvest BioEnergy Inc. Warrants (vii) — 290,225 (202,470 ) — 87,756 Solarvest BioEnergy Inc. Convertible debenture (vii) — 1,447,588 (1,185,787 ) — 261,800 13,589,954 4,513,800 (8,778,707 ) 462,303 8,862,744 Entity Instrument Note Balance at Change in fair Foreign Proceeds Balance at $ $ $ $ $ Pharmadrug Inc. Shares (i) 255,075 397,006 — 652,081 — Cannara Biotech Inc. Shares (ii) 6,822,637 (997,208 ) — 5,825,429 — Clover Cannastrip Shares (iii) — — — — — HUGE Shops Shares (v) 572,401 7,674 20,358 — 600,433 SciCann Therapeutics Shares (vi) 535,824 (354,910 ) 14,765 — 195,679 Solarvest BioEnergy Inc. Shares (vii) 327,251 106,380 14,047 — 447,678 Solarvest BioEnergy Inc. Warrants (vii) 87,756 (14,920 ) 1,977 — 74,813 Solarvest BioEnergy Inc. Convertible debenture (vii) 261,800 85,104 11,238 — 358,142 8,862,744 (770,874 ) 62,385 6,477,510 1,676,745 (i) Pharmadrug Inc. (Formerly known as "Aura Health Inc.") On April 16, 2019, the Company entered into a share exchange agreement with Aura Health Inc. ("Aura"). Pursuant to the share exchange agreement, FSD acquired 13,562,387 common shares at C$0.2212 per share in the capital of Aura in exchange for the issuance of 65,577 Class B shares of the Company at C$45.75 for a total value of $2,256,900. The FSD shares issued to Aura were subject to a purchase price adjustment, such that FSD would be required to issue additional shares to Aura should the weighted average trading price of FSD's shares fall below the issue price. As the number of additional shares to be issued under the agreement were dependent on the FSD share price, it was determined that this created a derivative liability. As a result of the decline in the Company's share price, on September 20, 2019, 61,892 additional Class B shares of the Company were issued to Aura in settlement for the derivative liability. In 2019, Aura Health Inc. changed its name change to Pharmadrug Inc. During the year ended December 31, 2020, the Company sold 13,562,387 common shares for gross proceeds of $652,081. (ii) Cannara Biotech Inc. ("Cannara") On February 5, 2020, the Company sold its investment of 85,003,750 Class B shares of Cannara for total cash proceeds of $5,825,429. The Company recognized a loss on sale of investment of $997,208. (iii) Clover Cannastrip Thin Film Technologies Corp. ("Clover") On September 6, 2018, the Company subscribed for $1,128,450 of equity units in a brokered private placement by Clover. The equity investment is measured at fair value through profit or loss. Clover is not a publicly traded company therefore, the fair value was classified as level 3 within the fair value hierarchy. As at December 31, 2019 and as at December 31, 2020, the fair value was determined to be $nil based on the financial position of Clover and the Company's ability to recover its investment. (iv) High Tide The Company's investment in High Tide included 4,551,999 shares and 2,000,000 warrants. On November 22, 2019 the Company sold the shares and warrants of High Tide Inc. for total cash proceeds of $462,303. (v) HUGE Shops The Company's investment in HUGE Shops includes 17,333,333 shares based on the December 2018 subscription price of C$0.075 per share. The equity investment is measured at fair value through profit or loss. Huge Shops is not a publicly traded company therefore, the fair value was classified as level 3 within the fair value hierarchy. As at December 31, 2020, the Company determined the best information to assess the fair value of the investment was based on movement of comparable public companies' share prices, resulting in a nominal change in the fair value of the investment of 0% from December 31, 2019. Comparable companies were determined in looking at product offering, relative size of operations, geographical market and other factors. A change in this assumption of plus or minus 10% would result in a corresponding change in fair value of the investment of approximately $285. (vi) SciCann Therapeutics Inc. The investment includes 117,648 shares based on the subscription price in May of 2018 and October of 2018 of C$17 per share. The equity investment is measured at fair value through profit or loss. SciCann Therapeutics Inc. is not a publicly traded company therefore, the fair value was classified as level 3 within the fair value hierarchy. As at December 31, 2020, the Company determined the best information to assess the fair value of the investment was based on movement of comparable public companies' share prices, resulting in decline in the fair value of investment of 65% from December 31, 2019. Comparable companies were determined in looking at product offering, relative size of operations, geographical market and other factors. A change in this assumption of plus or minus 10% would result in a corresponding change in fair value of the investment of approximately $36,372. (vii) Solarvest BioEnergy Inc. ("Solarvest") On May 7, 2019, the Company acquired 3,000,000 common shares, 3,000,000 warrants and a convertible debenture at a principal amount of $1,805,520 for a total fair value of $2,256,900 of Solarvest in exchange for 49,751 Class B common shares of the Company with a fair value of $1,880,750 based on a market price of C$50.25 and recognition of a derivative liability of $376,150. Under the terms of the agreement, the Company has guaranteed a minimum liquidation value of its shares to Solarvest of $2,256,900 resulting in recognition of the derivative liability. If the liquidation value of the Company's shares is below $2,256,900, the Company would be required to issue additional shares for the difference in actual value realized and the minimum guaranteed value. As at December 31, 2019, the fair value of the derivative liability was $1,990,788. The fair value was determined based on the additional common shares of the Company required to be issued to Solarvest to meet the minimum liquidation value of $2,256,900. On February 4, 2020, the Company issued 225,371 shares to Solarvest to settle the derivative liability. The fair value of the shares issued was $1,356,373 resulting in recognition of a gain of $634,415 on settlement of the derivative liability. As at December 31, 2020, the fair value of the shares was determined based on the quoted market price of the shares at C$0.19 per share. The fair value of the associated warrants is based on the Black-Scholes model with the following assumptions: exercise price C$0.25, risk free rate 0.20%, expected volatility 112%, expected life 0.35 years and expected dividend yield of 0%. Fair value of the convertible debenture is calculated as the fair value of shares if converted at SVS share price as at December 31, 2020 of C$0.19. The shares have been classified as level 1 within the fair value hierarchy - quoted market price, and the warrants and convertible debenture have been classified as level 2 - valuation technique with observable market inputs. |
Right-of-use asset
Right-of-use asset | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use asset | 8. Right-of-use asset The right-of-use asset as at December 31, 2020 is as follows: $ Balance – January 1, 2019 183,424 Depreciation (36,685 ) Impairment (50,888 ) Balance – December 31, 2019 95,851 Depreciation (5,991 ) Impairment (89,860 ) Balance – December 31, 2020 — The right-of-use asset relates to an office lease. The right-of-use asset is carried at the lower of carrying value and present value of the expected future lease payments to be received from subleasing the premise over the remaining term of the lease. As of March 31, 2020, the Company did not occupy the leased premise and has been unsuccessful in subleasing the space. As a result, the Company recognized an impairment loss of $89,860 resulting in right-of-use asset balance of $nil. The Company recognized depreciation expense of $5,991 for the year ended December 31, 2020, respectively (2019 - $36,685). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Changes in intangible assets other than goodwill [abstract] | |
Intangible assets | 9. Intangible assets Intangible assets as at December 31, 2020 are as follows: Intangible Assets Cost $ As at January 1, 2019 — Acquisition of Prismic Pharmaceuticals Inc. 18,543,379 Additions 293,126 Effects of foreign exchange (140,276 ) As at December 31, 2019 18,696,229 Effects of foreign exchange 505,264 As at December 31, 2020 19,201,493 Accumulated amortization As at January 1, 2019 — Amortization 1,906,363 Effects of foreign exchange (30,759 ) As at December 31, 2019 1,875,604 Amortization 3,894,467 Effects of foreign exchange 7,031 As at December 31, 2020 5,777,102 Net book value As at January 1, 2019 — As at December 31, 2019 16,820,625 As at December 31, 2020 13,424,391 The Company acquired intellectual property as part of the acquisition of Prismic on June 28, 2019. Refer to Note 4 for additional details. The life of the intellectual property has been determined to be 5 years. Amortization of the intellectual property commenced on the date of acquisition. The Company recognized amortization expense of $3,894,467 for the year ended December 31, 2020 (2019 - $1,906,363). |
Notes payable
Notes payable | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Notes payable | 10. Notes payable Notes payable consists of the following: December 31, 2020 December 31, 2019 $ $ Short-term notes 49,647 145,943 Notes payable 335,000 1,289,755 384,647 1,435,698 Short-term notes The short-term notes represent notes outstanding that the Company assumed on acquisition of Prismic. The notes have matured, are due on demand and accrue interest at a rate of 10% per annum. The notes are held by former Directors and Shareholders of Prismic. Notes payable The notes payable represent notes outstanding that the Company assumed on acquisition of Prismic. The notes have matured and are due on demand. The notes accrue interest at a rate of 20% per annum. The notes are held by former Directors and Shareholders of Prismic. The Company recognized accrued interest of $227,366 during the year ended December 31, 2020 (2019 - $142,907). During the year ended December 31, 2020, the Company settled notes payable in the amount of $1,084,719, accrued interest of $795,367, and $438,599 of other Prismic related liabilities with 63,714 Class B Common Shares with a fair value of $185,976 and cash of $1,484,369. A gain of $680,164 was recognized on settlement as the value of the consideration was less than the carrying value of the notes payable, accrued interest and other related Prismic liabilities. |
Lease obligations
Lease obligations | 12 Months Ended |
Dec. 31, 2020 | |
Lease liabilities [abstract] | |
Lease obligations | 11. Lease obligations The lease obligations as at December 31, 2020 are as follows: $ Balance as at January 1, 2019 183,424 Add: Interest Expense 11,480 Less: Lease Payments (42,285 ) Balance – December 31, 2019 152,619 Add: Interest Expense 10,367 Less: Lease Payments (39,993 ) Effects of foreign exchange 2,969 Balance – December 31, 2020 125,962 Current 46,842 Non-current 79,120 Balance – December 31, 2020 125,962 Lease obligations are related to the Company's office lease. The Company recognized $10,367 interest expense for the year ended December 31, 2020 (2019 - $11,480). As of December 31, 2020, the Company did not occupy the leased premise. The Company has commenced plans to sublease the premise, however, if or when the Company will be able to sublease the premise is unknown. The following table sets out a maturity analysis of the lease payments payable, showing the undiscounted lease payments to be paid on an annual basis, reconciled to the lease obligation. $ Less than one year 46,842 One to two years 47,088 Two to three years 47,088 Thereafter — Total undiscounted lease payments payable 141,018 Less: impact of present value (15,056 ) Balance as at December 31, 2020 125,962 |
Warrants Liability
Warrants Liability | 12 Months Ended |
Dec. 31, 2020 | |
Warrant Liabilities [Abstract] | |
Warrants Liability | 12. Warrants Liability In August 2020, the Company issued 2,762,430 Class B Common Shares and 1,381,215 warrants to purchase Class B Shares for total cash proceeds of $9,999,997. Each warrant is exercisable to purchase one Class B Common Share of the Company at an exercise price of $4.26 per share and expire five years from the date of issuance. On initial recognition the Company determined that these warrants did not meet the IFRS definition of equity due to the exercise price being denominated in United States dollars, which was not the functional currency of the Company at the time resulting in variability in exercise price. The change in functional currency was determined to be a change in circumstance and, as such, the Company has made an accounting policy choice to continue to recognize the warrants as a financial liability classified at fair value through profit or loss. The classification of any new warrants issued from October 1, 2020 forward are assessed based on the new functional currency which is the United States dollar. Transaction costs allocated to the warrants of $284,049 were expensed immediately. The fair value of these warrants is classified as Level 2 in the fair value hierarchy. As at the date of issuance the fair value of the warrants was determined to be $3,289,069 using the Black-Scholes option pricing model and the following assumptions: exercise price of $4.26, the underlying share price of $3.01 on date of issuance, risk free interest rate of 0.32% and annualized volatility of 121%. The fair value of the warrants liability as at December 31, 2020 was $1,447,910 resulting in a gain on change in fair value of $1,927,041 for the year ended December 31, 2020. The fair value was determined using the Black-Scholes option pricing model and the following assumptions: exercise price of $4.26, the underlying share price of $1.56, risk free interest rate of 0.33% and annualized volatility of 117%. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reserves within equity [abstract] | |
Share capital | 13. Share capital [a] Authorized The Company is authorized to issue an unlimited number of Class A multiple voting shares ("Class A shares") and an unlimited number of Class B subordinate voting shares ("Class B shares"), all without par value. All shares are ranked equally with regards to the Company's residual assets. The holders of Class A shares are entitled to 276,660 votes per Class A share held. [b] Issued and outstanding Reconciliation of the Company's share capital is as follows: Class A shares Class B shares Warrants # $ # $ # $ Balance, January 1, 2019 72 151,588 6,843,780 51,093,434 546,212 3,341,826 Shares issued [a] [b] [c] [d] — — 408,651 8,681,103 — — Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc. [e] — — 510,940 12,361,657 67,598 1,420,407 Stock options exercised — — — — — — Share-based payments — — 130,189 1,340,929 — — Warrants exercised — — 12,167 109,214 (12,167 ) (37,753 ) Warrants expired — — — — (134,192 ) (402,491 ) Balance, December 31, 2019 72 151,588 7,905,727 73,586,337 467,451 4,321,989 Shares issued [g] [j] [k] [l] [n] [o] — — 8,925,942 22,242,975 6,335,758 1,110,904 Share-based payments [f] [h] [i] [m] — — 2,307,569 6,663,479 — — Share options exercised — — 22,382 563,747 — — Warrants expired — — — — (54,100 ) (463,935 ) Balance, December 31, 2020 72 151,588 19,161,620 103,056,538 6,749,109 4,968,958 [a] On September 20, 2019, the Company issued an additional 61,892 [b] [c] [d] the issuance of 228,670 Class B shares at a price of C$20.10 per share for total gross proceeds of $3,455,898. [e] [f] [g] [h] [i] [j] [k] [l] [m] [n] [o] The changes in the number of warrants outstanding during the year ended December 31, 2020 and 2019 were as follows: Number of warrants Weighted average # C$ Outstanding as at December 31, 2018 546,212 9.47 Issued 67,598 10.45 Exercised (12,167 ) 7.81 Expired (134,192 ) 7.64 Outstanding as at December 31, 2019 467,451 10.20 Issued 6,335,758 5.27 Expired (54,100 ) 4.97 Outstanding as at December 31, 2020 6,749,109 5.62 Measurement of fair values The fair value of warrants during the year ended December 31, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs: 2020 2019 Grant date share price C$2.58 - C$4.00 C$32.16 Exercise price C$3.46 - C$5.80 C$2.61 - C$26.73 Expected dividend yield — — Risk free interest rate 0.32% 0.36% 1.41% - 1.52% Expected life 5 years 1.39 - 6.55 Expected volatility 118% - 121% 100% The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # August 1, 2021 5.43 4,476 May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 May 20, 2023 16.08 7,311 July 24, 2023 13.07 3,357 September 11, 2023 5.43 22,382 May 4, 2025 26.73 3,730 May 10, 2025 26.73 1,865 May 17, 2025 26.73 3,730 May 31, 2025 26.73 1,865 June 8, 2025 9.65 1,500,000 August 6, 2020 (i) 5.42 1,381,215 October 20, 2020 (ii) 3.31 3,454,543 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 5.62 6,749,109 (i) (ii) The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # January 5, 2020 6.03 37,313 November 30, 2020 2.61 16,787 August 1, 2021 5.43 4,476 May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 May 20, 2023 16.08 7,311 July 24, 2023 13.07 3,357 September 11, 2023 5.43 22,382 May 4, 2025 26.73 3,730 May 10, 2025 26.73 1,865 May 17, 2025 26.73 3,730 May 31, 2025 26.73 1,865 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 10.20 467,451 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation | 14. The Company has established a share option plan (the "Option Plan") for directors, officers, employees and consultants of the Company. The Company's Board of Directors determines, among other things, the eligibility of individuals to participate in the Option Plan, the term and vesting periods, and the exercise price of options granted to individuals under the Option Plan. Each share option converts into one common share of the Company on exercise. No amounts are paid or payable by the individual on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. Share-based payment arrangements The changes in the number of share options during the year ended December 31, 2020 and 2019 were as follows: Number of Weighted average # C$ Outstanding as at December 31, 2018 485,159 74.53 Granted 1,363,322 20.68 Exercised (82,094 ) 10.02 Forfeited (12,438 ) 56.28 Cancelled (299,006 ) 115.80 Outstanding as at December 31, 2019 1,454,943 21.96 Granted 1,082,639 4.14 Exercised (22,382 ) 2.61 Cancelled (822,137 ) 31.65 Outstanding as at December 31, 2020 1,693,063 6.11 Exercisable as at December 31, 2020 1,528,186 6.13 Measurement of fair values The fair value of share options granted during the year ended December 31, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs: 2020 2019 Grant date share price C$3.75 — C$9.54 C$6.45 — C$75.38 Exercise price C$3.68 — C$9.80 C$7.17 — C$75.38 Expected dividend yield — — Risk free interest rate 0.27% — 1.55% 1.24% — 1.90% Expected life 4 — 9 years 5 years Expected volatility 120% 100% Expected volatility was estimated by using the annualized historical volatility of the Company. The expected option life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on Canadian government bonds with a remaining term equal to the expected life of the options. The following table is a summary of the Company's share options outstanding as at December 31, 2020: Options outstanding Options exercisable Exercise price Number outstanding Weighted average remaining contractual life [years] Exercise price Number exercisable C$ # # C$ # 2.61 12,683 2.49 2.61 12,683 3.75 5,500 6.47 3.75 500 3.86 872,139 4.08 3.86 864,139 4.42 99,502 1.71 4.42 99,502 4.75 110,000 4.29 4.75 77,500 5.03 60,000 4.70 5.03 7,498 5.43 16,264 2.49 5.43 16,264 6.16 20,000 3.18 6.16 20,000 7.17 199,005 3.83 7.17 199,005 7.63 203,750 4.34 7.63 138,750 9.54 15,000 4.06 9.54 13,125 10.65 3,730 2.49 10.65 3,730 13.07 10,855 2.49 13.07 10,855 13.47 1,418 2.49 13.47 1,418 16.08 18,409 2.49 16.08 18,409 17.89 4,178 2.49 17.89 4,178 18.09 17,413 2.21 18.09 17,413 20.10 8,289 2.27 20.10 8,289 47.24 1,493 3.37 47.24 1,493 50.25 5,224 3.31 50.25 5,224 52.26 498 3.21 52.26 498 55.28 498 3.12 55.28 498 59.30 498 2.96 59.30 498 75.38 498 3.04 75.38 498 86.43 1,244 2.87 86.43 1,244 142.71 4,975 2.74 142.71 4,975 6.11 1,693,063 3.88 6.13 1,528,186 The following table is a summary of the Company's share options outstanding as at December 31, 2019: Options outstanding Options exercisable Exercise price Number outstanding Weighted average remaining contractual life [years] Exercise price Number exercisable C$ # # C$ # 2.61 35,065 3.49 2.61 35,065 4.42 99,502 2.71 4.42 99,502 5.43 16,264 3.49 5.43 16,264 10.65 3,730 3.49 10.65 3,730 13.07 10,855 3.49 13.07 10,855 13.47 1,418 3.49 13.47 1,418 16.08 18,409 3.49 16.08 18,409 17.89 4,178 3.49 17.89 4,178 18.09 37,313 3.34 18.09 37,313 20.10 493,363 4.72 20.10 493,363 21.11 12,438 4.67 21.11 12,438 24.12 9,950 4.59 24.12 6,219 26.13 14,925 3.62 26.13 14,925 40.20 29,851 4.45 40.20 22,388 44.22 2,488 3.41 44.22 2,488 47.24 1,493 4.37 47.24 1,493 50.25 227,861 5.09 50.25 129,353 52.26 498 4.21 52.26 498 55.28 498 4.12 55.28 498 59.30 498 3.96 59.30 498 7.17 199,005 4.83 7.17 199,005 75.38 498 4.04 75.38 498 7.63 203,750 5.34 7.63 58,750 86.43 1,244 3.88 86.43 1,244 88.44 14,925 3.87 88.44 14,925 120.60 9,950 3.71 120.60 9,950 142.71 4,974 3.74 142.71 4,975 21.96 1,454,943 4.59 21.24 1,200,242 During the year ended December 31, 2020, the Company cancelled 822,137 share options outstanding and issued 822,137 replacement share options at an exercise price of C$3.86 resulting in incremental grant date fair value of $661,811 which was expensed immediately as all the replacement share options vested on date of replacement. The fair value was determined using the Black-Scholes option pricing model and the following assumptions: exercise price of C$3.86, the underlying share price of C$3.86, risk free interest rate of 0.72% and annualized volatility of 120%. The Company recognized $8,052,011 of share-based compensation expenses during the year ended December 31, 2020 (2019 - $12,082,930). |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Loss per share | 15. Loss per share Net loss per common share represents net loss attributable to common shareholders divided by the weighted average number of common shares outstanding during the year. For all the periods presented, diluted loss per share equals basic loss per share due to the anti-dilutive effect of warrants and share options. The outstanding number and type of securities that could potentially dilute basic net loss per share in the future but would have decreased the loss per share (anti-dilutive) for the period ended December 31, 2020 and 2019 presented are as follows: Year ended December 31, 2020 2019 # # Warrants 6,749,109 467,451 Share Options 1,693,063 1,454,943 8,442,172 1,922,394 |
General and administrative
General and administrative | 12 Months Ended |
Dec. 31, 2020 | |
Selling, general and administrative expense [abstract] | |
General and administrative | 16. Components of general and administrative expenses for the year ended December 31, 2020 and 2019 were as follows: Year ended December 31, 2020 2019 $ $ Professional fees 2,734,123 3,101,136 General office, insurance and administration expenditures 3,616,159 1,742,550 Consulting fees 1,775,269 1,675,258 Salaries, wages and benefits 2,656,162 1,705,696 Investor relations 541,944 2,241,275 Building and facility costs 586,926 676,798 Foreign exchange loss (186,959 ) — 11,723,624 11,142,713 Allocated to: Continuing operations 10,058,083 8,407,427 Discontinued operations 1,665,541 2,735,286 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes paid (refund) [abstract] | |
Income taxes | 17. The reconciliation of income tax expense for the years ended December 31, 2020 and 2019 consists of the following: 2020 2019 $ $ Loss from continuing operations before income taxes (28,452,232 ) (34,080,963 ) Statutory federal and provincial tax rate 26.50% 26.50% Income tax recovery at the statutory tax rate (7,539,841 ) (9,031,455 ) Permanent differences 2,235,657 5,866,153 Book to filing adjustments (1,545,244 ) 4,765,959 Share issuance cost booked directly to equity (584,538 ) — Foreign exchange (370,457 ) — Change in tax benefits not recognized 7,804,423 (1,600,657 ) — — Deferred taxes reflect the tax effects of temporary differences that arise due to the differences between the income tax values and the carrying amount of assets and liabilities. Deferred tax liabilities as at December 31, 2020 and 2019 are comprised of the following: 2020 2019 $ $ Other investments — (126,461 ) Capital losses carried forward — 126,461 Total — — Deferred tax assets have not been recognized in respect of the following temporary differences as at December 31, 2020 and 2019: 2020 2019 $ $ Non-capital losses - Canada 44,897,393 20,703,137 Net-operating loss - US 5,032,915 206,480 Unrealized foreign exchange loss 94,733 — Share-issuance costs 3,419,003 879,959 Capital losses carried forward — 263,666 Other investments 4,449,544 968,811 IFRS 16 125,962 — Property, plant and equipment 88,248 30,290 Total 58,107,798 23,052,343 The Company's Canadian non-capital income tax losses expire as follows: $ 2032 26,982 2033 114,405 2034 144,411 2035 65,782 2036 689,676 2037 2,677,789 2038 6,092,686 2039 11,415,413 2040 23,670,249 44,897,393 The company has cumulative United States federal net operating loss carryforwards of approximately $5.03M which will start to expire in 2032. Utilization of net operating loss carryforwards may be subject to limitations in the event of a change in ownership pursuant to IRC § 382, and similar state provisions. As a result of the acquisition of Prismic on June 28, 2019, the preacquisition net operating loss carryforwards of approximately $4.93M could be subject to IRC § 382 limitation as the acquisition could constitute a change of ownership. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitments And Contingent Liabilities [abstract] | |
Commitments and contingencies | 18. Commitments and contingencies Commitments Epitech License Agreement Under the terms of the Company's License Agreement with Epitech Group SPA ("Epitech"), the Company has payments due to Epitech pending the achievement of specified milestones. Upon first notification by the Food and Drug Administration ("FDA") of approval of a New Drug Application, the non-refundable sum of $700,000 will be due and payable to Epitech. Within ten business days of the first notification of approval of a Supplemental New Drug Application by the FDA, the Company will pay the non-refundable sum of $1,000,000 to Epitech. For non-prescription drug rights, any one-off lump sum payments received by the Company as consideration for granting a sub-license to a Commercial Partner with respect to a Licensed Product, shall require the Company to pay to Epitech 25% of the lump sum payment received by the Company. For prescription drug rights the Company shall pay 5% of any one-off lump sum payments to Epitech as consideration for granting a sub-license to a Commercial Partner with respect to a Licensed Product. The Company will pay the amounts payable on a quarterly basis within 60 days of the end of each calendar quarter. The Company shall pay either a) 7% of Net Sales of the Licensed Product in a Product Regulatory Category other than prescription drugs place on the market by the Company; or b) 25% of Net Receipts received by the Company from Commercial Partners where Licensed Products in a Product Regulatory Category other than prescription drugs are placed on the market by such Commercial Partners; or c) 5% of Net Sales or Net receipts of the Licensed Products in the Product Regulatory Category of prescription drugs. The Company will pay the amounts payable on a quarterly basis within 60 days of the end of each calendar quarter. Heritage Building Restoration Commitment The Company has a commitment to restore the designated heritage building on the Company's premises. The estimated commitment of remaining restoration work to be completed is $266,349. Contingencies Legal matters From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to profit or loss in that period. Environmental Management believes that there are no probable environmental related liabilities that will have a material adverse effect on the financial position or operating results of the Company. Claims from suppliers A dismissed contractor commenced a lien action combined with a breach of contract action in the Cobourg Superior Court of Justice in early 2019 claiming approximately C$1,700,000 in various purported damages, with the claim for lien component of C$188,309 being registered on November 26, 2018. The Company has paid C$235,387 to the Cobourg Superior Court to vacate the lien from title for which the funds stand both as security for the lien claim as well as its costs with the Cobourg Superior Court of Justice. On October 7, 2020, FSD signed a settlement agreement of C$198,000. On December 16, 2020, the settlement was paid from funds paid into court and the remaining balance was remitted to the Company in accordance with the settlement agreement. Former employee FSD hired an individual by way of employment agreement. The individual's employment was subsequently terminated in the probationary period due to non-performance/cause in February 2019. The individual retained legal counsel in or around February 15, 2019 demanding that he be provided (i) unpaid wages; (ii) unpaid holiday pay, (iii) payment for wrongful dismissal (one week) and (iv) breach of contract. The Company has a provision of $81,562 (£59,748) in relation to the claimed amounts for unpaid wages and unpaid holiday pay. On July 29, 2020, a judgment was issued ordering the Company to pay unpaid wages and unpaid holiday pay in the amount of £59,748. On August 6, 2020, the Company filed an application for reconsideration for that decision which was refused by the Tribunal on October 24, 2020. On August 25, 2020, the Claimant filed a separate cost order against the Company. To date, the Tribunal has not responded to this matter. The ultimate outcome of the matter cannot be reliably determined at this time and no additional provision has been recorded for this matter as at December 31, 2020. Class Action On February 22, 2019, a shareholder in FSD commenced a proposed class action proceeding against the Company by issuing a statement of claim in the Ontario Superior Court. Amongst other causes of action, the individual seeks leave to bring a claim pursuant to s.138 of the Ontario Securities Act, alleging the Company made statements containing misrepresentations related to the build-out of the Company's Cobourg facility. The Company has settled the class action by entering into a definitive settlement agreement in the amount of C$5.5M. In entering into the Settlement Agreement, the Company made no admissions of liability whatsoever. The Settlement Agreement provides for a full and final release of the Company, its officers, directors and various other related parties from any and all claims that arose or could have arisen from the claim issued by the plaintiff within the Settled Action. During November 2020, the Company paid C$928,541 as part of the settlement with the remaining amount of C$4,571,459 covered by the Company's insurance policy. The Settlement Agreement was approved in the Superior Court of Justice of Ontario on February 4, 2021. Auxly Cannabis Group Inc. On March 3, 2018, FSD entered into a Definitive Strategic Alliance and Streaming Agreement (the "Agreement") with Auxly Cannabis Group Inc. ("Auxly"). On February 6, 2019, the Company delivered to Auxly a Notice of Default, thereby terminating the Agreement effective immediately. Subsequent to the issuance of the Notice of Default, Auxly sent a Notice of Default to the Company on February 6, 2019 in response. To date, neither party has taken further legal action against the counter party. To fund the development, Auxly purchased 37,313 Class B shares for the aggregate of $5,642,250 from the Company's treasury by way of private placement, which funds were placed in trust to be spent on construction and development costs. The funds were placed in a trust account to be administered by Auxly. Due to the termination and subsequent negotiations, it is indeterminable at this point as to the amount, if any, of these funds will be released to the Company. Should any funds be released to the Company, those amounts will be recognized in future periods. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 19. Key management personnel are those persons having the authority and responsibility for planning, directing and controlling activities of the entity, directly or indirectly. Transactions with key management and directors comprised the following: • • • • Key management personnel compensation during the year ended December 31, 2020 and 2019 is comprised of: 2020 2019 $ $ Salaries, benefits, bonuses and consulting fees 2,936,816 3,638,267 Share-based payments 7,045,994 9,385,984 Total 9,982,810 13,024,251 |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Capital Management [Abstract] | |
Capital Management | 20. The Company's capital management objectives are to maintain financial flexibility in order to complete the pharmaceutical research and development program centered on the lead asset, micro-PEA. The Company defines capital as the aggregate of its capital stock and borrowings. As at December 31, 2020, the Company's Share Capital was $103,208,126 (2019 - $73,737,925) The Company manages its capital structure in accordance with changes in economic conditions. In order to maintain or adjust its capital structure, the Company may elect to issue or repay financial liabilities, issue shares, repurchase shares or undertake any other activities as deemed appropriate under the specific circumstances. The Company is not subject to any externally imposed capital requirements. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments and Risk Management | 21. Financial Instruments and Risk Management Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from deposits with banks and outstanding receivables. The Company trades only with recognized, creditworthy third parties. The Company does not currently have any material outstanding trade receivables with customers. The Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. Liquidity risk Liquidity risk is the risk the Company will not be able to meet its financial obligations as they come due. The Company's exposure to liquidity risk is dependent on the Company's ability to raise additional financing to meet its commitments and sustain operations. The Company mitigates liquidity risk by management of working capital, cash flows, the issuance of share capital and if desired, the issuance of debt. The Company's trade and other payables and notes payables are all due within twelve months from the date of these financial statements. If unanticipated events occur that impact the Company's ability to carrying the planned clinical trials, the Company may need to take additional measures to increase its liquidity and capital resources, including issuing debt or additional equity financing or strategically altering the business forecast and plan. In this case, there is no guarantee that the Company will obtain satisfactory financing terms or adequate financing. Failure to obtain adequate financing on satisfactory terms could have a material adverse effect on the Company's results of operations or financial condition. Market risk Market risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other price risk. • Foreign currency risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company's primary exposure with respect to foreign currencies is from Canadian dollar denominated cash and other payables. A 1% change in the foreign exchange rates would not result in any significant impact to the financial statements. • Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk as at December 31, 2020 as there are no material long-term borrowings outstanding. • Other price risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Company is not exposed to other price risk as at December 31, 2020. Fair values The carrying values of cash, other receivables, trade and other payables and notes payable approximate fair values due to the short-term nature of these items or they are being carried at fair value or, for notes payable, interest payables are close to the current market rates. The risk of material change in fair value is not considered to be significant. The Company does not use derivative financial instruments to manage this risk. Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: • • • The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. Private company investments measured at fair value are classified as Level 3 financial instruments. The valuation method and significant assumptions used to determine the fair value of private company investments have been disclosed in the Investments note. During the year, there were no transfers of amounts between levels. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Segmented information | 22. Segmented information The Company reports segment information based on internal reports used by the chief operating decision maker ("CODM") to make operating and resource decisions and to assess performance. The CODM is the Chief Executive Officer of the Company. The CODM makes decisions and assesses performance of the Company on a consolidated basis such that the Company is a single reportable operating segment. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 23. Subsequent events On January 21, 2021, the Company approved the grant of 75,000 share options to certain board members. January 22, 2021, the Corporation announced that it will hold its annual meeting of shareholders on June 29, 2021, at which, in addition to normal course matters, it will address matters contained in a requisition for a special meeting submitted to the Corporation by certain shareholders of the Corporation claiming to hold in excess of 5.1% of the Corporation's class B subordinated voting shares, including two directors of the Corporation. These shareholders are seeking to reduce the size of the Corporation's board of directors to five, and to replace six of the incumbent directors with three directors selected by such shareholders. The annual meeting date of June 29, 2021 was contested by certain shareholders and, pursuant to a decision by the Superior Court of Justice, province of Ontario, issued on March 5, 2021, the annual meeting of shareholders and special meeting of the shareholders has been set for May 14, 2021. Furthermore, the annual meeting of shareholders shall be conducted by an independent chair and Class B Common Shares issued on February 17, 2021, to certain directors and officers of the Company will not be allowed to vote at the meeting. From February 1, 2021 to February 10, 2021, the Company issued 7,356,326 Class B Common Shares through the Equity Distribution Agreement with A.G.P/Alliance Global Partners for gross proceeds of $19,770,762. On February 11, 2021, the Company entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with A.G.P./Alliance Global Partners. Under the Sales Agreement the Company may, at its discretion and from time-to-time during the term of the Sales Agreement, sell, through the Sales Agent, Class B Subordinate Voting Shares of the Company, with an aggregate offering price of up to $20,000,000. From February 11, 2021 to March 12, 2021, the Company issued 7,247,288 Class B Common Shares through the Equity Distribution Agreement with A.G.P/Alliance Global Partners for gross proceeds of $18,167,511. On February 17, 2021, the Company issued 1,349,764 Class B Common Shares to certain directors and officers of the Company. The fair value of the shares based on the February 17, 2021 closing share price of $2.65 per Class B Common Share was $3,576,875. Effective March 1, 2021, Randell Mack was appointed as President of FSD Biosciences and Dr. Ed Brennan was name Chief Medical Officer of the Company. In March 2021, the Corporation entered into a license agreement ("Innovet License Agreement") with Innovet Italia S.R.L. ("Innovet"), under which Innovet granted the Company a license to use ultra-micro PEA to develop FDA approved veterinary drugs for the treatment of gastro-intestinal diseases in canines and felines. Under the Innovet License Agreement, the Corporation is required to make payments to Innovet upon the achievement of certain milestones. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash | [a] Cash consists of cash and cash held in trust accounts. There are no restrictions on cash held in trust. |
Property, Plant and Equipment | [b] Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in consolidated statements of loss and comprehensive loss. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the consolidated statements of loss and comprehensive loss. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognized net within other income in the consolidated statements of loss and comprehensive loss. Depreciation is based on the estimated useful lives of the assets provided as follows: Computer equipment 30% declining balance Production equipment 20% declining balance Furniture and fixtures 20% declining balance Facility and related 20 years under straight-line Land Not amortized An item of property, plant and equipment and any significant part initially recognized are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of loss and comprehensive loss when the asset is derecognized. The assets' residual values, useful lives and methods of depreciation and the depreciation charge are adjusted prospectively, if appropriate. |
Intangible Assets | [c] intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized in profit or loss on a straight-line basis over the following terms: Intellectual Property 5 years |
Revenue Recognition | [d] The Company's accounting policy for revenue recognition under IFRS 15, Revenue from Contracts with Customers ("IFRS 15") is to follow a five step model to determine the amount and timing of revenue to be recognized i) identify the contract with a customer; ii) identify the performance obligations in the contract; iii) determine the transaction price; iv) allocate the transaction price to the performance obligations in the contract; and v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue from the sale of cannabis is recognized when the Company transfers control of the good to the customer. This is generally considered to have occurred when products have been delivered to the location specified in the sales contract and accepted by the customer. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive taking into account any variation that may result from rights of return. The Company was required to remit excise tax to the Canada Revenue Agency on the sale of medical cannabis in Canada. The Company became liable for these excise duties when cannabis products were delivered to the customer. In accordance with IFRS 15, revenue presented within discontinued operations (Note 5) represents revenue from the sale of goods less applicable excise tax. Areas of judgment include identifying the customer per the definition within IFRS 15 and determining whether control has passed to the customer. |
Foreign Currency Translation | [e] Foreign currency transactions are translated into United States dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are translated to United States dollars at the foreign exchange rate applicable at that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The assets and liabilities of foreign operations with functional currencies other than United States dollars, are translated into United States dollars at year-end exchange rates. Income and expenses, and cash flows of such foreign operations are translated into United States dollars using average exchange rates for the period. Exchange differences resulting from translating foreign operations are recognized in other comprehensive loss and accumulated in equity. |
Financial Instruments | [f] Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. • On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (''FVOCI''), or fair value through profit and loss (''FVTPL''). The classification of financial assets is based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. The following accounting policies apply to the subsequent measurement of financial assets. Financial assets at FVTPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost Subsequently measured at amortized cost using the effective interest method, less any impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. • The Company initially recognizes financial liabilities at fair value on the date at which the Company becomes a party to the contractual provisions of the instrument. The Company classifies its financial liabilities as either financial liabilities at FVTPL or amortized cost. Subsequent to initial recognition, other liabilities are measured at amortized cost using the effective interest method. Financial liabilities at FVTPL are stated at fair value with changes being recognized in profit or loss. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. • • Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The Company does not reclassify financial liabilities or equity after initial recognition due to a change in circumstance. • An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments. • The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics and management intent as outlined below: Classification Cash Amortized cost Other receivables Amortized cost Investments Fair value through profit or loss Trade and other payables Amortized cost Derivative liability Fair value through profit or loss Warrants liability Fair value through profit or loss Notes payable Amortized cost • An expected credit loss ("ECL") model applies to financial assets measured at amortized cost. The Company's financial assets measured at amortized cost and subject to the ECL model consist primarily of trade and other receivables. The Company applies the simplified approach to impairment for trade and other receivables by recognizing a loss allowance based on lifetime expected losses at each reporting date taking into considerations historical credit loss experience and financial factors specific to the debtors and general economic conditions. The Company has assessed the impairment of its trade and other receivables using the expected credit loss model, and no material difference was noted. |
Inventories | [g] Inventory of harvested work-in-process and finished goods are valued at the lower of cost and net realizable value. Inventory of harvested cannabis is transferred from biological assets at their fair value at harvest, which becomes the initial deemed cost. Any subsequent post-harvest costs are capitalized to inventory to the extent that cost is less than net realizable value. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory for supplies and consumables are valued at the lower of cost and net realizable value, with cost determined using the average cost basis. |
Impairment of long-lived assets | [h] Long-lived assets, including property, plant and equipment and intangible assets are tested for impairment when there are indicators of impairment at each reporting date or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. Intangible assets with an indefinite useful life are tested for impairment at least annually in the fourth quarter and whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or "CGU"). The recoverable amount of an asset or a CGU is the higher of its fair value, less costs to sell, and its value in use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognized immediately in net loss equal to the amount by which the carrying amount exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Income Taxes | [i] Income tax expense comprises of current and deferred tax. Current tax and deferred tax are recognized in net profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. |
Share-based Compensation | [j] Share options and warrants awarded to non-employees are accounted for using the fair value of the instrument awarded or service provided, whichever is considered more reliable. Share options and warrants awarded to employees are accounted for using the fair value method. The fair value of such share options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. |
Net Loss per Share | [k] Net loss per share is calculated based on the loss for the financial year and the weighted average number of common shares outstanding during the year. Diluted net loss per share is calculated using the loss for the financial year adjusted for the effect of any dilutive instruments and the weighted average diluted number of shares [ignoring any potential issue of common shares that would be anti-dilutive] during the year. |
Leases | [l] Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of identified asset for a period of time in exchange for consideration. The Company recognized a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use assets are depreciated to the earlier of the end of useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of the consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use asset can be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Company's incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from the change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, unless it has been reduced to zero. |
External research and development | [m] External research and development External research and development costs are expensed in the periods in which they are incurred, with the exception of development costs for new products with proven technical feasibility and for which a defined future market exists. Such development costs are capitalized in accordance with the Company's policy for intangible assets. The Company's external research and development costs consist primarily of third-party services. |
Discontinued operations | [n] Discontinued operations Discontinued operations are reported when a component of the Company, representing a separate major line of business or area of operations with clearly distinguishable cash flows, has been disposed of or is held for sale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. Discontinued operations are reported as a separate element of net income or loss on the consolidated statement of net and comprehensive loss for both the current and comparative periods. When a disposal group is classified as held for sale, assets and liabilities are aggregated and presented as separate line items, respectively, on the consolidated statement of financial position. Comparative periods are not restated on the consolidated statement of financial position. Assets held for sale are not depreciated and are measured at the lower of carrying value and fair value less costs to sell. |
New standards, amendments and interpretations adopted by the Company | New standards, amendment and interpretation adopted by the Company IFRS 3 - Business combinations Amendments to IFRS 3, issued in October 2018, provide clarification on the definition of a business. The amendments permit a simplified assessment to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The amendments are effective for transactions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020. The amendment adoption did not have a significant impact on the Company's financial statements. IAS 1 - Presentation of financial statements Amendments to IAS 1, issued in October 2018, provide clarification on the definition of material and how it should be applied. The amendments also align the definition of material across International Financial Reporting Standards and other publications. The amendments are effective for annual periods beginning on or after January 1, 2020 and are required to be applied prospectively. The amendment adoption did not have a significant impact on the Company's financial statements. |
Nature of business (Tables)
Nature of business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Nature of business [abstract] | |
Schedule of ownership percentage in subsidiaries | Ownership percentage as at Entity Name Country December 31, 2020 December 31, 2019 January 1, 2019 % % % FSD Biosciences Inc. USA 100 — — Prismic Pharmaceuticals Inc. USA 100 100 100 FV Pharma Inc. Canada 100 100 100 |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Schedule of restatement of prior period information | December 31, 2018 as reported, Foreign currency translation December 31, 2018 restated, Adoption of January 1, C$ US$ US$ US$ ASSETS Current assets Cash 21,134,930 (5,235,122 ) 15,899,808 — 15,899,808 Trade and other receivables 990,988 (245,468 ) 745,520 — 745,520 Prepaid expenses and deposits 444,099 (110,003 ) 334,096 — 334,096 22,570,017 (5,590,593 ) 16,979,424 — 16,979,424 Non-current assets Other investments 18,064,541 (4,474,587 ) 13,589,954 — 13,589,954 Right-of-use asset, net — — — 183,424 183,424 Property, plant and equipment, net 12,141,676 (3,007,493 ) 9,134,183 — 9,134,183 52,776,234 (13,072,673 ) 39,703,561 183,424 39,886,985 LIABILITIES Current liabilities Trade and other payables 1,743,806 (431,941 ) 1,311,865 — 1,311,865 Lease obligations — — — 40,875 40,875 1,743,806 (431,941 ) 1,311,865 40,875 1,352,740 Non-current liabilities Lease obligations — — — 142,549 142,549 1,743,806 (431,941 ) 1,311,865 183,424 1,495,289 SHAREHOLDER'S EQUITY Class A share capital 201,500 (49,912 ) 151,588 — 151,588 Class B share capital 67,916,302 (16,822,868 ) 51,093,434 — 51,093,434 Warrant reserve 4,442,145 (1,100,319 ) 3,341,826 — 3,341,826 Contributed surplus 4,977,300 (1,232,877 ) 3,744,423 — 3,744,423 Accumulated deficit (26,504,819 ) 6,565,244 (19,939,575 ) — (19,939,575 ) 51,032,428 (12,640,732 ) 38,391,696 — 38,391,696 52,776,234 (13,072,673 ) 39,703,561 183,424 39,886,985 |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of estimated useful lives of assets | Computer equipment 30% declining balance Production equipment 20% declining balance Furniture and fixtures 20% declining balance Facility and related 20 years under straight-line Land Not amortized Intellectual Property 5 years |
Acquisition of Prismic Pharma_2
Acquisition of Prismic Pharmaceutical (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of share options and warrants | Share Options Warrants Grant date share price C$32.16 C$32.16 Exercise price C$2.61 - C$17.89 C$2.61 - C$26.73 Expected dividend yield — — Risk free interest rate 1.39% - 1.66% 1.41% - 1.52% Expected life (years) 0.98—16.21 1.39—6.55 Annualized volatility 100% 100% |
Schedule of identifiable assets acquired and liabilities assumed | Fair value recognized on acquisition $ Cash 1,752 Prepaid expenses and deposits 19,691 Intangible assets 18,543,379 Trade and other payables (1,404,732 ) Notes payable (1,446,642 ) 15,713,448 |
Assets held for sale (Tables)
Assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Assets Held For Sale [Abstract] | |
Schedule of components of assets held for sale | $ Property and plant 8,610,504 |
Schedule of net loss and comprehensive loss from discontinued operations | For the year ended December 31, Notes 2020 2019 $ $ Revenue 14,514 193,416 Cost of revenue 1,032,010 1,473,839 Gross loss before fair value adjustments (1,017,496 ) (1,280,423 ) Fair value adjustments on inventory sold (945 ) 16,738 Unrealized loss on changes in fair value of biological assets 166,886 513,625 Gross loss (1,183,437 ) (1,810,786 ) Expenses General and administrative 16 1,665,541 2,735,286 Depreciation and amortization 90,340 424,199 Impairment of property, plant and equipment 387,474 132,273 Total operating expenses 2,143,355 3,291,758 Loss from discontinued operations (3,326,792 ) (5,102,544 ) Other income (79,568 ) (53,987 ) Loss on sale of equipment 100,337 — Net loss from discontinued operations (3,347,561 ) (5,048,557 ) |
Schedule of cash flows from discontinued operations | 2020 2019 $ $ Operating activities Net loss from discontinued operations (3,347,561 ) (5,048,557 ) Add (deduct) items not affecting cash Depreciation and amortization 108,209 424,199 Change in fair value adjustments on inventory sold (945 ) 16,738 Impairment of inventory 534,814 — Impairment of property, plant and equipment 387,474 — Change in fair value of biological assets 166,886 513,625 Loss on disposal of inventory 197,436 — Loss on sale of equipment 100,337 — Changes in non-cash working capital balances Trade and other receivables 960,778 (423,945 ) Prepaid expenses and deposits 279,870 54,226 Inventories (21,932 ) (709,373 ) Biological assets (166,886 ) (513,625 ) Trade and other payables 63,861 (895,286 ) Cash used in operating activities (737,659 ) (6,581,998 ) Investing activities Purchase of property, plant and equipment — (401,817 ) Proceeds from sale of equipment 36,616 — Cash provided by (used in) investing activities 36,616 (401,817 ) |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other current payables [abstract] | |
Schedule of other receivables | December 31, 2020 December 31, 2019 January 1, 2019 $ $ $ Sales tax recoverable 134,717 1,529,828 739,257 Rent receivable — 9,772 6,263 Other 26,625 17,702 — 161,342 1,557,302 745,520 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Investments [Abstract] | |
Schedule of investments | Entity Instrument Note Balance at 1, Additions Change in fair Proceeds Balance at Pharmadrug Inc. Shares (i) — 2,256,900 (2,001,825 ) — 255,075 Cannara Biotech Inc. Shares (ii) 8,437,342 — (1,614,704 ) — 6,822,637 Clover Cannastrip Shares (iii) 1,128,450 — (1,128,450 ) — — High Tide Shares (iv) 1,352,665 — (890,362 ) 462,303 — High Tide Warrants (iv) 188,914 — (188,914 ) — — HUGE Shops Shares (v) 977,990 — (405,589 ) — 572,401 SciCann Therapeutics Shares (vi) 1,504,593 — (968,769 ) — 535,824 Solarvest BioEnergy Inc. Shares (vii) — 519,087 (191,837 ) — 327,251 Solarvest BioEnergy Inc. Warrants (vii) — 290,225 (202,470 ) — 87,756 Solarvest BioEnergy Inc. Convertible debenture (vii) — 1,447,588 (1,185,787 ) — 261,800 13,589,954 4,513,800 (8,778,707 ) 462,303 8,862,744 Entity Instrument Note Balance at Change in fair Foreign Proceeds Balance at $ $ $ $ $ Pharmadrug Inc. Shares (i) 255,075 397,006 — 652,081 — Cannara Biotech Inc. Shares (ii) 6,822,637 (997,208 ) — 5,825,429 — Clover Cannastrip Shares (iii) — — — — — HUGE Shops Shares (v) 572,401 7,674 20,358 — 600,433 SciCann Therapeutics Shares (vi) 535,824 (354,910 ) 14,765 — 195,679 Solarvest BioEnergy Inc. Shares (vii) 327,251 106,380 14,047 — 447,678 Solarvest BioEnergy Inc. Warrants (vii) 87,756 (14,920 ) 1,977 — 74,813 Solarvest BioEnergy Inc. Convertible debenture (vii) 261,800 85,104 11,238 — 358,142 8,862,744 (770,874 ) 62,385 6,477,510 1,676,745 |
Right-of-use asset (Tables)
Right-of-use asset (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Schedule of Right-of-use asset | $ Balance – January 1, 2019 183,424 Depreciation (36,685 ) Impairment (50,888 ) Balance – December 31, 2019 95,851 Depreciation (5,991 ) Impairment (89,860 ) Balance – December 31, 2020 — |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Changes in intangible assets other than goodwill [abstract] | |
Schedule of intangible assets | Intangible Assets Cost $ As at January 1, 2019 — Acquisition of Prismic Pharmaceuticals Inc. 18,543,379 Additions 293,126 Effects of foreign exchange (140,276 ) As at December 31, 2019 18,696,229 Effects of foreign exchange 505,264 As at December 31, 2020 19,201,493 Accumulated amortization As at January 1, 2019 — Amortization 1,906,363 Effects of foreign exchange (30,759 ) As at December 31, 2019 1,875,604 Amortization 3,894,467 Effects of foreign exchange 7,031 As at December 31, 2020 5,777,102 Net book value As at January 1, 2019 — As at December 31, 2019 16,820,625 As at December 31, 2020 13,424,391 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of notes payable | December 31, 2020 December 31, 2019 $ $ Short-term notes 49,647 145,943 Notes payable 335,000 1,289,755 384,647 1,435,698 |
Lease obligations (Tables)
Lease obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease liabilities [abstract] | |
Schedule of lease obligations | $ Balance as at January 1, 2019 183,424 Add: Interest Expense 11,480 Less: Lease Payments (42,285 ) Balance – December 31, 2019 152,619 Add: Interest Expense 10,367 Less: Lease Payments (39,993 ) Effects of foreign exchange 2,969 Balance – December 31, 2020 125,962 Current 46,842 Non-current 79,120 Balance – December 31, 2020 125,962 |
Schedule of maturity analysis of operating lease payments | $ Less than one year 46,842 One to two years 47,088 Two to three years 47,088 Thereafter — Total undiscounted lease payments payable 141,018 Less: impact of present value (15,056 ) Balance as at December 31, 2020 125,962 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reserves within equity [abstract] | |
Schedule of changes in share capital | Class A shares Class B shares Warrants # $ # $ # $ Balance, January 1, 2019 72 151,588 6,843,780 51,093,434 546,212 3,341,826 Shares issued [a] [b] [c] [d] — — 408,651 8,681,103 — — Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc. [e] — — 510,940 12,361,657 67,598 1,420,407 Stock options exercised — — — — — — Share-based payments — — 130,189 1,340,929 — — Warrants exercised — — 12,167 109,214 (12,167 ) (37,753 ) Warrants expired — — — — (134,192 ) (402,491 ) Balance, December 31, 2019 72 151,588 7,905,727 73,586,337 467,451 4,321,989 Shares issued [g] [j] [k] [l] [n] [o] — — 8,925,942 22,242,975 6,335,758 1,110,904 Share-based payments [f] [h] [i] [m] — — 2,307,569 6,663,479 — — Share options exercised — — 22,382 563,747 — — Warrants expired — — — — (54,100 ) (463,935 ) Balance, December 31, 2020 72 151,588 19,161,620 103,056,538 6,749,109 4,968,958 |
Schedule of changes in warrants outstanding and weighted average exercise price | Number of warrants Weighted average # C$ Outstanding as at December 31, 2018 546,212 9.47 Issued 67,598 10.45 Exercised (12,167 ) 7.81 Expired (134,192 ) 7.64 Outstanding as at December 31, 2019 467,451 10.20 Issued 6,335,758 5.27 Expired (54,100 ) 4.97 Outstanding as at December 31, 2020 6,749,109 5.62 |
Schedule of fair value assumptions of warrants outstanding | 2020 2019 Grant date share price C$2.58 - C$4.00 C$32.16 Exercise price C$3.46 - C$5.80 C$2.61 - C$26.73 Expected dividend yield — — Risk free interest rate 0.32% 0.36% 1.41% - 1.52% Expected life 5 years 1.39 - 6.55 Expected volatility 118% - 121% 100% |
Schedule of number of warrants outstanding and exercise price | The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # August 1, 2021 5.43 4,476 May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 May 20, 2023 16.08 7,311 July 24, 2023 13.07 3,357 September 11, 2023 5.43 22,382 May 4, 2025 26.73 3,730 May 10, 2025 26.73 1,865 May 17, 2025 26.73 3,730 May 31, 2025 26.73 1,865 June 8, 2025 9.65 1,500,000 August 6, 2020 (i) 5.42 1,381,215 October 20, 2020 (ii) 3.31 3,454,543 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 5.62 6,749,109 (i) (ii) The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # January 5, 2020 6.03 37,313 November 30, 2020 2.61 16,787 August 1, 2021 5.43 4,476 May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 May 20, 2023 16.08 7,311 July 24, 2023 13.07 3,357 September 11, 2023 5.43 22,382 May 4, 2025 26.73 3,730 May 10, 2025 26.73 1,865 May 17, 2025 26.73 3,730 May 31, 2025 26.73 1,865 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 10.20 467,451 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of stock options granted | Number of Weighted average # C$ Outstanding as at December 31, 2018 485,159 74.53 Granted 1,363,322 20.68 Exercised (82,094 ) 10.02 Forfeited (12,438 ) 56.28 Cancelled (299,006 ) 115.80 Outstanding as at December 31, 2019 1,454,943 21.96 Granted 1,082,639 4.14 Exercised (22,382 ) 2.61 Cancelled (822,137 ) 31.65 Outstanding as at December 31, 2020 1,693,063 6.11 Exercisable as at December 31, 2020 1,528,186 6.13 |
Schedule of fair values of options granted using the Black-Scholes option pricing model | 2020 2019 Grant date share price C$3.75 — C$9.54 C$6.45 — C$75.38 Exercise price C$3.68 — C$9.80 C$7.17 — C$75.38 Expected dividend yield — — Risk free interest rate 0.27% — 1.55% 1.24% — 1.90% Expected life 4 — 9 years 5 years Expected volatility 120% 100% |
Schedule of number and weighted average remaining contractual life of outstanding and exercisable share options | The following table is a summary of the Company's share options outstanding as at December 31, 2020: Options outstanding Options exercisable Exercise price Number outstanding Weighted average remaining contractual life [years] Exercise price Number exercisable C$ # # C$ # 2.61 12,683 2.49 2.61 12,683 3.75 5,500 6.47 3.75 500 3.86 872,139 4.08 3.86 864,139 4.42 99,502 1.71 4.42 99,502 4.75 110,000 4.29 4.75 77,500 5.03 60,000 4.70 5.03 7,498 5.43 16,264 2.49 5.43 16,264 6.16 20,000 3.18 6.16 20,000 7.17 199,005 3.83 7.17 199,005 7.63 203,750 4.34 7.63 138,750 9.54 15,000 4.06 9.54 13,125 10.65 3,730 2.49 10.65 3,730 13.07 10,855 2.49 13.07 10,855 13.47 1,418 2.49 13.47 1,418 16.08 18,409 2.49 16.08 18,409 17.89 4,178 2.49 17.89 4,178 18.09 17,413 2.21 18.09 17,413 20.10 8,289 2.27 20.10 8,289 47.24 1,493 3.37 47.24 1,493 50.25 5,224 3.31 50.25 5,224 52.26 498 3.21 52.26 498 55.28 498 3.12 55.28 498 59.30 498 2.96 59.30 498 75.38 498 3.04 75.38 498 86.43 1,244 2.87 86.43 1,244 142.71 4,975 2.74 142.71 4,975 6.11 1,693,063 3.88 6.13 1,528,186 The following table is a summary of the Company's share options outstanding as at December 31, 2019: Options outstanding Options exercisable Exercise price Number outstanding Weighted average remaining contractual life [years] Exercise price Number exercisable C$ # # C$ # 2.61 35,065 3.49 2.61 35,065 4.42 99,502 2.71 4.42 99,502 5.43 16,264 3.49 5.43 16,264 10.65 3,730 3.49 10.65 3,730 13.07 10,855 3.49 13.07 10,855 13.47 1,418 3.49 13.47 1,418 16.08 18,409 3.49 16.08 18,409 17.89 4,178 3.49 17.89 4,178 18.09 37,313 3.34 18.09 37,313 20.10 493,363 4.72 20.10 493,363 21.11 12,438 4.67 21.11 12,438 24.12 9,950 4.59 24.12 6,219 26.13 14,925 3.62 26.13 14,925 40.20 29,851 4.45 40.20 22,388 44.22 2,488 3.41 44.22 2,488 47.24 1,493 4.37 47.24 1,493 50.25 227,861 5.09 50.25 129,353 52.26 498 4.21 52.26 498 55.28 498 4.12 55.28 498 59.30 498 3.96 59.30 498 7.17 199,005 4.83 7.17 199,005 75.38 498 4.04 75.38 498 7.63 203,750 5.34 7.63 58,750 86.43 1,244 3.88 86.43 1,244 88.44 14,925 3.87 88.44 14,925 120.60 9,950 3.71 120.60 9,950 142.71 4,974 3.74 142.71 4,975 21.96 1,454,943 4.59 21.24 1,200,242 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Schedule of loss per share | Year ended December 31, 2020 2019 # # Warrants 6,749,109 467,451 Share Options 1,693,063 1,454,943 8,442,172 1,922,394 |
General and administrative (Tab
General and administrative (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selling, general and administrative expense [abstract] | |
Schedule of general and administrative expense | Year ended December 31, 2020 2019 $ $ Professional fees 2,734,123 3,101,136 General office, insurance and administration expenditures 3,616,159 1,742,550 Consulting fees 1,775,269 1,675,258 Salaries, wages and benefits 2,656,162 1,705,696 Investor relations 541,944 2,241,275 Building and facility costs 586,926 676,798 Foreign exchange loss (186,959 ) — 11,723,624 11,142,713 Allocated to: Continuing operations 10,058,083 8,407,427 Discontinued operations 1,665,541 2,735,286 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes paid (refund) [abstract] | |
Schedule of provision for income taxes | 2020 2019 $ $ Loss from continuing operations before income taxes (28,452,232 ) (34,080,963 ) Statutory federal and provincial tax rate 26.50% 26.50% Income tax recovery at the statutory tax rate (7,539,841 ) (9,031,455 ) Permanent differences 2,235,657 5,866,153 Book to filing adjustments (1,545,244 ) 4,765,959 Share issuance cost booked directly to equity (584,538 ) — Foreign exchange (370,457 ) — Change in tax benefits not recognized 7,804,423 (1,600,657 ) — — |
Schedule of deferred tax assets (liabilities) | 2020 2019 $ $ Other investments — (126,461 ) Capital losses carried forward — 126,461 Total — — |
Schedule of temporary differences for which no deferred tax asset is recognised | 2020 2019 $ $ Non-capital losses - Canada 44,897,393 20,703,137 Net-operating loss - US 5,032,915 206,480 Unrealized foreign exchange loss 94,733 — Share-issuance costs 3,419,003 879,959 Capital losses carried forward — 263,666 Other investments 4,449,544 968,811 IFRS 16 125,962 — Property, plant and equipment 88,248 30,290 Total 58,107,798 23,052,343 |
Schedule of non-capital loss carryforwards | $ 2032 26,982 2033 114,405 2034 144,411 2035 65,782 2036 689,676 2037 2,677,789 2038 6,092,686 2039 11,415,413 2040 23,670,249 44,897,393 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of key management personnel compensation | 2020 2019 $ $ Salaries, benefits, bonuses and consulting fees 2,936,816 3,638,267 Share-based payments 7,045,994 9,385,984 Total 9,982,810 13,024,251 |
Nature of business - Schedule o
Nature of business - Schedule of ownership percentage in subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
FSD Biosciences Inc. | |||
Disclosure of subsidiaries [line items] | |||
Country | USA | ||
Ownership percentage | 100.00% | 0.00% | 0.00% |
Prismic Pharmaceuticals Inc. | |||
Disclosure of subsidiaries [line items] | |||
Country | USA | ||
Ownership percentage | 100.00% | 100.00% | 100.00% |
FV Pharma Inc. | |||
Disclosure of subsidiaries [line items] | |||
Country | Canada | ||
Ownership percentage | 100.00% | 100.00% | 100.00% |
Basis of presentation - Schedul
Basis of presentation - Schedule of restatement of prior period information (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) |
Current assets | |||||
Cash | $ 17,524,822 | $ 5,967,798 | $ 15,899,808 | $ 15,899,808 | |
Trade and other receivables | 161,342 | 1,557,302 | 745,520 | 745,520 | |
Prepaid expenses and deposits | 569,401 | 323,776 | 334,096 | 334,096 | |
Total current assets | 26,866,069 | 8,558,249 | 16,979,424 | 16,979,424 | |
Non-current assets | |||||
Investments | 1,676,745 | 8,862,744 | 13,589,954 | 13,589,954 | |
Right-of-use asset, net | 0 | 95,851 | 183,424 | 0 | |
Property, plant and equipment, net | 0 | 8,880,258 | 9,134,183 | 9,134,183 | |
Assets | 41,967,205 | 43,217,727 | 39,886,985 | 39,703,561 | |
Current liabilities | |||||
Trade and other payables | 3,700,103 | 3,361,145 | 1,311,865 | 1,311,865 | |
Lease obligations | 46,842 | 42,285 | 40,875 | 0 | |
Total current liabilities | 5,579,502 | 6,829,916 | 1,352,740 | 1,311,865 | |
Non-current liabilities | |||||
Lease obligations | 79,120 | 110,334 | 142,549 | 0 | |
Total Liabilities | 5,658,622 | 6,940,250 | 1,495,289 | 1,311,865 | |
SHAREHOLDER'S EQUITY | |||||
Share capital | 103,208,126 | 73,737,925 | |||
Warrant reserve | 4,968,958 | 4,321,989 | 3,341,826 | 3,341,826 | |
Contributed surplus | 18,792,590 | 17,371,434 | 3,744,423 | 3,744,423 | |
Accumulated deficit | (90,868,888) | (59,069,095) | (19,939,575) | (19,939,575) | |
Total equity | 36,308,583 | 36,277,477 | 38,391,696 | 38,391,696 | |
Equity and liabilities | 41,967,205 | 43,217,727 | 39,886,985 | 39,703,561 | |
December 31, 2018 as reported | |||||
Current assets | |||||
Cash | $ 21,134,930 | ||||
Trade and other receivables | 990,988 | ||||
Prepaid expenses and deposits | 444,099 | ||||
Total current assets | 22,570,017 | ||||
Non-current assets | |||||
Investments | 18,064,541 | ||||
Right-of-use asset, net | 0 | ||||
Property, plant and equipment, net | 12,141,676 | ||||
Assets | 52,776,234 | ||||
Current liabilities | |||||
Trade and other payables | 1,743,806 | ||||
Lease obligations | 0 | ||||
Total current liabilities | 1,743,806 | ||||
Non-current liabilities | |||||
Lease obligations | 0 | ||||
Total Liabilities | 1,743,806 | ||||
SHAREHOLDER'S EQUITY | |||||
Warrant reserve | 4,442,145 | ||||
Contributed surplus | 4,977,300 | ||||
Accumulated deficit | (26,504,819) | ||||
Total equity | 51,032,428 | ||||
Equity and liabilities | 52,776,234 | ||||
Foreign currency translation | |||||
Current assets | |||||
Cash | (5,235,122) | ||||
Trade and other receivables | (245,468) | ||||
Prepaid expenses and deposits | (110,003) | ||||
Total current assets | (5,590,593) | ||||
Non-current assets | |||||
Investments | (4,474,587) | ||||
Right-of-use asset, net | 0 | ||||
Property, plant and equipment, net | (3,007,493) | ||||
Assets | (13,072,673) | ||||
Current liabilities | |||||
Trade and other payables | (431,941) | ||||
Lease obligations | 0 | ||||
Total current liabilities | (431,941) | ||||
Non-current liabilities | |||||
Lease obligations | 0 | ||||
Total Liabilities | (431,941) | ||||
SHAREHOLDER'S EQUITY | |||||
Warrant reserve | (1,100,319) | ||||
Contributed surplus | (1,232,877) | ||||
Accumulated deficit | 6,565,244 | ||||
Total equity | (12,640,732) | ||||
Equity and liabilities | (13,072,673) | ||||
Adoption of IFRS 16 | |||||
Current assets | |||||
Cash | 0 | ||||
Trade and other receivables | 0 | ||||
Prepaid expenses and deposits | 0 | ||||
Total current assets | 0 | ||||
Non-current assets | |||||
Investments | 0 | ||||
Right-of-use asset, net | 183,424 | ||||
Property, plant and equipment, net | 0 | ||||
Assets | 183,424 | ||||
Current liabilities | |||||
Trade and other payables | 0 | ||||
Lease obligations | 40,875 | ||||
Total current liabilities | 40,875 | ||||
Non-current liabilities | |||||
Lease obligations | 142,549 | ||||
Total Liabilities | 183,424 | ||||
SHAREHOLDER'S EQUITY | |||||
Warrant reserve | 0 | ||||
Contributed surplus | 0 | ||||
Accumulated deficit | 0 | ||||
Total equity | 0 | ||||
Equity and liabilities | 183,424 | ||||
Class A shares | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | 151,588 | 151,588 | 151,588 | 151,588 | |
Total equity | 151,588 | 151,588 | 151,588 | ||
Class A shares | December 31, 2018 as reported | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | 201,500 | ||||
Class A shares | Foreign currency translation | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | (49,912) | ||||
Class A shares | Adoption of IFRS 16 | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | 0 | ||||
Class B shares | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | 103,056,538 | 73,586,337 | 51,093,434 | 51,093,434 | |
Total equity | $ 103,056,538 | $ 73,586,337 | 51,093,434 | ||
Class B shares | December 31, 2018 as reported | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | $ 67,916,302 | ||||
Class B shares | Foreign currency translation | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | $ (16,822,868) | ||||
Class B shares | Adoption of IFRS 16 | |||||
SHAREHOLDER'S EQUITY | |||||
Share capital | $ 0 |
Significant accounting polici_4
Significant accounting policies - Schedule of estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30% |
Method of amortized | declining balance |
Production equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20% |
Method of amortized | declining balance |
Furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20% |
Method of amortized | declining balance |
Facility and related | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 20 years |
Method of amortized | straight-line |
Land | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Method of amortized | Not amortized |
Intellectual Property | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives for intangible assets | 5 years |
Acquisition of Prismic Pharma_3
Acquisition of Prismic Pharmaceutical (Narrative) (Details) - Prismic Pharmaceuticals Inc. ("Prismic") | 1 Months Ended |
Jun. 28, 2019USD ($)Share$ / sharesshares | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 15,713,448 |
Class B subordinate voting shares | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 12,361,657 |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 510,940 |
Share issue price per share | $ / shares | $ 32.16 |
Stock options | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 1,931,384 |
Number of instruments or interests issued or issuable | Share | 89,898 |
Warrants | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 1,420,407 |
Number of instruments or interests issued or issuable | Share | 67,598 |
Acquisition of Prismic Pharma_4
Acquisition of Prismic Pharmaceutical - Schedule of black scholes options pricing model (Details) | 1 Months Ended | 12 Months Ended | |
Jun. 28, 2019Year$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Warrants [Abstract] | |||
Grant date share price | $ 32.16 | ||
Expected dividend yield | 0.00% | 0.00% | |
Expected life (years) | 5 years | ||
Annualized volatility | 117.00% | 100.00% | |
Bottom of range | |||
Warrants [Abstract] | |||
Grant date share price | $ 2.58 | ||
Exercise price | $ 3.46 | $ 2.61 | |
Risk free interest rate | 0.32% | 1.41% | |
Expected life (years) | 1 year 4 months 20 days | ||
Annualized volatility | 118.00% | ||
Top of range | |||
Warrants [Abstract] | |||
Grant date share price | $ 4 | ||
Exercise price | $ 5.80 | $ 26.73 | |
Risk free interest rate | 0.36% | 1.52% | |
Expected life (years) | 6 years 6 months 18 days | ||
Annualized volatility | 121.00% | ||
Prismic Pharmaceuticals Inc. ("Prismic") | |||
Share Options [Abstract] | |||
Grant date share price | $ 32.16 | ||
Expected dividend yield | 0.00% | ||
Annualized volatility | 100.00% | ||
Warrants [Abstract] | |||
Grant date share price | $ 32.16 | ||
Expected dividend yield | 0.00% | ||
Annualized volatility | 100.00% | ||
Prismic Pharmaceuticals Inc. ("Prismic") | Bottom of range | |||
Share Options [Abstract] | |||
Exercise price | $ 2.61 | ||
Risk free interest rate | 1.39% | ||
Expected life (years) | Year | 0.98 | ||
Warrants [Abstract] | |||
Exercise price | $ 2.61 | ||
Risk free interest rate | 1.41% | ||
Expected life (years) | 1 year 4 months 20 days | ||
Prismic Pharmaceuticals Inc. ("Prismic") | Top of range | |||
Share Options [Abstract] | |||
Exercise price | $ 17.89 | ||
Risk free interest rate | 1.66% | ||
Expected life (years) | Year | 16.21 | ||
Warrants [Abstract] | |||
Exercise price | $ 26.73 | ||
Risk free interest rate | 1.52% | ||
Expected life (years) | 6 years 6 months 18 days |
Acquisition of Prismic Pharma_5
Acquisition of Prismic Pharmaceutical - Schedule of identifiable assets acquired and liabilities assumed (Details) - Prismic Pharmaceuticals Inc. ("Prismic") | Jun. 28, 2019USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 1,752 |
Prepaid expenses and deposits | 19,691 |
Intangible assets | 18,543,379 |
Trade and other payables | (1,404,732) |
Notes payable | (1,446,642) |
Total consideration transferred, acquisition-date fair value | $ 15,713,448 |
Assets held for sale (Narrative
Assets held for sale (Narrative) (Details) - Cobourg facility - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Assets Held For Sale [Line Items] | ||
Proceeds from sale of equipment | $ 36,616 | $ 0 |
Loss on sale of equipment | 100,337 | 0 |
Proceeds from sales of inventories | 1 | |
Loss on disposal of inventory | 197,436 | |
Impairment of property, plant and equipment | $ 387,474 | $ 0 |
Assets held for sale - Schedule
Assets held for sale - Schedule of components of assets held for sale (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure Of Assets Held For Sale [Line Items] | ||||
Property and plant | $ 0 | $ 8,880,258 | $ 9,134,183 | $ 9,134,183 |
Cobourg facility | ||||
Disclosure Of Assets Held For Sale [Line Items] | ||||
Property and plant | $ 8,610,504 |
Assets held for sale - Schedu_2
Assets held for sale - Schedule of net loss and comprehensive loss from discontinued operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | ||
General and administrative | $ 10,058,083 | $ 8,407,427 |
Depreciation and amortization | 3,900,458 | 1,943,048 |
Other income | 3,691 | 40,454 |
Net loss from discontinued operations | (3,347,561) | (5,048,557) |
Cobourg facility | ||
Disclosure Of Assets Held For Sale [Line Items] | ||
Revenue | 14,514 | 193,416 |
Cost of revenue | 1,032,010 | 1,473,839 |
Gross loss before fair value adjustments | (1,017,496) | (1,280,423) |
Fair value adjustments on inventory sold | (945) | 16,738 |
Unrealized loss on changes in fair value of biological assets | 166,886 | 513,625 |
Gross loss | (1,183,437) | (1,810,786) |
Expenses | ||
General and administrative | 1,665,541 | 2,735,286 |
Depreciation and amortization | 90,340 | 424,199 |
Impairment of property, plant and equipment | 387,474 | 132,273 |
Total operating expenses | 2,143,355 | 3,291,758 |
Loss from discontinued operations | (3,326,792) | (5,102,544) |
Other income | (79,568) | (53,987) |
Loss on sale of equipment | 100,337 | 0 |
Net loss from discontinued operations | $ (3,347,561) | $ (5,048,557) |
Assets held for sale - Schedu_3
Assets held for sale - Schedule of cash flows from discontinued operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net loss from discontinued operations | $ (3,347,561) | $ (5,048,557) |
Changes in non-cash working capital balances | ||
Trade and other receivables | 435,183 | (387,837) |
Trade and other payables | 898,691 | 1,516,025 |
Cash used in operating activities | (737,659) | (6,581,998) |
Investing activities | ||
Cash provided by (used in) discontinued investing activities | 36,616 | (401,817) |
Cobourg facility | ||
Operating activities | ||
Net loss from discontinued operations | (3,347,561) | (5,048,557) |
Add (deduct) items not affecting cash | ||
Depreciation and amortization | 108,209 | 424,199 |
Change in fair value adjustments on inventory sold | (945) | 16,738 |
Impairment of inventory | 534,814 | 0 |
Impairment of property, plant and equipment | 387,474 | 0 |
Change in fair value of biological assets | 166,886 | 513,625 |
Loss on disposal of inventory | 197,436 | 0 |
Loss on sale of equipment | 100,337 | 0 |
Changes in non-cash working capital balances | ||
Trade and other receivables | 960,778 | (423,945) |
Prepaid expenses and deposits | 279,870 | 54,226 |
Inventories | (21,932) | (709,373) |
Biological assets | (166,886) | (513,625) |
Trade and other payables | 63,861 | (895,286) |
Cash used in operating activities | (737,659) | (6,581,998) |
Investing activities | ||
Purchase of property, plant and equipment | 0 | (401,817) |
Proceeds from sale of equipment | 36,616 | 0 |
Cash provided by (used in) discontinued investing activities | $ 36,616 | $ (401,817) |
Other receivables - Schedule of
Other receivables - Schedule of other receivables (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Trade and other current payables [abstract] | |||
Sales tax recoverable | $ 134,717 | $ 1,529,828 | $ 739,257 |
Rent receivable | 0 | 9,772 | 6,263 |
Other | 26,625 | 17,702 | 0 |
Total trade and other receivables | $ 161,342 | $ 1,557,302 | $ 745,520 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | Feb. 05, 2020USD ($)shares | Feb. 04, 2020USD ($) | Nov. 04, 2019$ / shares | Nov. 04, 2019USD ($) | May 07, 2019USD ($)$ / shares | May 07, 2019USD ($)shares | Sep. 06, 2018USD ($) | Feb. 04, 2020USD ($)shares | Nov. 22, 2019USD ($) | Sep. 20, 2019USD ($)shares | Apr. 24, 2019$ / shares | Apr. 24, 2019USD ($)shares | Apr. 16, 2019$ / shares | Apr. 16, 2019USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($)$ / shares | Feb. 04, 2021USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018$ / shares | Oct. 31, 2018$ / shares | May 31, 2018$ / shares |
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Proceeds from sale | $ 6,477,510 | $ 462,303 | ||||||||||||||||||||||
Proceeds from issuing shares | 25,100,459 | $ 3,431,294 | ||||||||||||||||||||||
Derivative liability | $ 0 | $ 1,990,788 | $ 0 | |||||||||||||||||||||
Class B shares | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 20.10 | |||||||||||||||||||||||
Proceeds from issuing shares | $ 3,455,898 | |||||||||||||||||||||||
Pharmadrug Inc. | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of investment shares sold | shares | 13,562,387 | |||||||||||||||||||||||
Proceeds from sale | $ 652,081 | |||||||||||||||||||||||
Pharmadrug Inc. | Share Exchange Agreement | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares acquired | shares | 13,562,386 | 13,562,387 | ||||||||||||||||||||||
Share price per share | $ / shares | $ 0.2212 | $ 0.2212 | ||||||||||||||||||||||
Pharmadrug Inc. | Share Exchange Agreement | Class B shares | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares issued in share exchange | shares | 61,892 | 65,577 | 65,577 | |||||||||||||||||||||
Share issue price per share | $ / shares | $ 45.75 | $ 45.75 | ||||||||||||||||||||||
Value of shares issued in share exchange | $ 2,256,900 | $ 2,256,900 | ||||||||||||||||||||||
Loss on change in fair value of derivative liability | $ 1,069,798 | |||||||||||||||||||||||
Cannara Biotech Inc. | Class B shares | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of investment shares sold | shares | 85,003,750 | |||||||||||||||||||||||
Proceeds from sale | $ 5,825,429 | |||||||||||||||||||||||
Gain (loss) on sale of investment | $ (997,208) | |||||||||||||||||||||||
Clover Cannastrip Thin Film Technologies Corp. | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Value of subscribed equity units in brokered private placement | $ 1,128,450 | |||||||||||||||||||||||
High Tide Inc. | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares held | shares | 4,551,999 | |||||||||||||||||||||||
Number of warrants held | shares | 2,000,000 | |||||||||||||||||||||||
Proceeds from sale of shares and warrants | $ 462,303 | |||||||||||||||||||||||
HUGE Shops | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares held | shares | 17,333,333 | |||||||||||||||||||||||
Subscription price per share | $ / shares | $ 0.075 | |||||||||||||||||||||||
Percentage of decline in fair value of investment | 0.00% | |||||||||||||||||||||||
Change in fair value of investment due to ten percent change in assumptions used | $ 285 | |||||||||||||||||||||||
SciCann Therapeutics Inc. | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares held | shares | 117,648 | |||||||||||||||||||||||
Subscription price per share | $ / shares | $ 17 | $ 17 | ||||||||||||||||||||||
Percentage of decline in fair value of investment | 65.00% | |||||||||||||||||||||||
Change in fair value of investment due to ten percent change in assumptions used | $ 36,372 | |||||||||||||||||||||||
Solarvest BioEnergy Inc. | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.19 | $ 0.19 | ||||||||||||||||||||||
Number of shares held | shares | 3,000,000 | |||||||||||||||||||||||
Number of warrants held | shares | 3,000,000 | |||||||||||||||||||||||
Principal amount of convertible debenture | $ 1,805,520 | $ 1,805,520 | ||||||||||||||||||||||
Fair value of shares and warrants acquired | 2,256,900 | 2,256,900 | ||||||||||||||||||||||
Exercise price of warrants | $ / shares | 0.25 | 0.25 | ||||||||||||||||||||||
Quoted market price of investments | $ / shares | $ 0.19 | $ 0.19 | ||||||||||||||||||||||
Risk free rate of warrants | 0.20% | |||||||||||||||||||||||
Expected volatility of warrants | 112.00% | |||||||||||||||||||||||
Expected term of warrants | 4 months 6 days | |||||||||||||||||||||||
Expected dividend yield | 0.00% | |||||||||||||||||||||||
Solarvest BioEnergy Inc. | Share Exchange Agreement | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Derivative financial liabilities | 376,150 | 376,150 | ||||||||||||||||||||||
Guaranteed minimum liquidation value of shares | $ 2,256,900 | $ 2,256,900 | $ 2,256,900 | $ 2,256,900 | ||||||||||||||||||||
Solarvest BioEnergy Inc. | Share Exchange Agreement | Class B shares | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Number of shares issued in share exchange | shares | 49,751 | 225,371 | ||||||||||||||||||||||
Share issue price per share | $ / shares | $ 50.25 | |||||||||||||||||||||||
Value of shares issued in share exchange | $ 1,880,750 | |||||||||||||||||||||||
Derivative liability | $ 1,990,788 | |||||||||||||||||||||||
Solarvest BioEnergy Inc. | Share exchange agreement | ||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||
Value of shares issued in share exchange | $ 1,356,373 | |||||||||||||||||||||||
Loss on change in fair value of derivative liability | $ 225,371 | |||||||||||||||||||||||
Gain on settlement of derivative liability | 634,415 | $ 634,415 | ||||||||||||||||||||||
Derivative liability | $ 1,990,788 | $ 1,990,788 |
Investments - Schedule of inves
Investments - Schedule of investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Investments [Line Items] | ||
Beginning balance | $ 8,862,744 | $ 13,589,954 |
Additions | 4,513,800 | |
Change in fair value through profit or loss | (770,874) | (8,778,707) |
Foreign exchange gain | 62,385 | |
Proceeds from sale | 6,477,510 | 462,303 |
Ending balance | 1,676,745 | 8,862,744 |
Pharmadrug Inc. | ||
Disclosure Of Investments [Line Items] | ||
Proceeds from sale | 652,081 | |
Pharmadrug Inc. | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 255,075 | 0 |
Additions | 2,256,900 | |
Change in fair value through profit or loss | 397,006 | (2,001,825) |
Foreign exchange gain | 0 | |
Proceeds from sale | 652,081 | 0 |
Ending balance | 0 | 255,075 |
Cannara Biotech Inc. | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 6,822,637 | 8,437,342 |
Additions | 0 | |
Change in fair value through profit or loss | (997,208) | (1,614,704) |
Foreign exchange gain | 0 | |
Proceeds from sale | 5,825,429 | 0 |
Ending balance | 0 | 6,822,637 |
Clover Cannastrip | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 0 | 1,128,450 |
Additions | 0 | |
Change in fair value through profit or loss | 0 | (1,128,450) |
Foreign exchange gain | 0 | |
Proceeds from sale | 0 | 0 |
Ending balance | 0 | 0 |
HUGE Shops | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 572,401 | 977,990 |
Additions | 0 | |
Change in fair value through profit or loss | 7,674 | (405,589) |
Foreign exchange gain | 20,358 | |
Proceeds from sale | 0 | 0 |
Ending balance | 600,433 | 572,401 |
High Tide Inc. | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 0 | 1,352,665 |
Additions | 0 | |
Change in fair value through profit or loss | (890,362) | |
Proceeds from sale | 462,303 | |
Ending balance | 0 | |
High Tide Inc. | Warrants | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 0 | 188,914 |
Additions | 0 | |
Change in fair value through profit or loss | (188,914) | |
Proceeds from sale | 0 | |
Ending balance | 0 | |
SciCann Therapeutics Inc. | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 535,824 | 1,504,593 |
Additions | 0 | |
Change in fair value through profit or loss | (354,910) | (968,769) |
Foreign exchange gain | 14,765 | |
Proceeds from sale | 0 | 0 |
Ending balance | 195,679 | 535,824 |
Solarvest BioEnergy Inc. | Shares | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 327,251 | 0 |
Additions | 519,087 | |
Change in fair value through profit or loss | 106,380 | (191,837) |
Foreign exchange gain | 14,047 | |
Proceeds from sale | 0 | 0 |
Ending balance | 447,678 | 327,251 |
Solarvest BioEnergy Inc. | Warrants | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 87,756 | 0 |
Additions | 290,225 | |
Change in fair value through profit or loss | (14,920) | (202,470) |
Foreign exchange gain | 1,977 | |
Proceeds from sale | 0 | 0 |
Ending balance | 74,813 | 87,756 |
Solarvest BioEnergy Inc. | Convertible debenture | ||
Disclosure Of Investments [Line Items] | ||
Beginning balance | 261,800 | 0 |
Additions | 1,447,588 | |
Change in fair value through profit or loss | 85,104 | (1,185,787) |
Foreign exchange gain | 11,238 | |
Proceeds from sale | 0 | 0 |
Ending balance | $ 358,142 | $ 261,800 |
Right-of-use asset (Narrative)
Right-of-use asset (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Impairment loss on right of use asset | $ 89,860 | $ 50,888 |
Depreciation on right of use assets | $ 5,991 | $ 36,685 |
Right-of-use asset - Schedule o
Right-of-use asset - Schedule of right-of-use asset (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Beginning balance | $ 95,851 | $ 183,424 |
Depreciation | (5,991) | (36,685) |
Impairment | (89,860) | (50,888) |
Ending balance | $ 0 | $ 95,851 |
Intangible assets (Narrative) (
Intangible assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in intangible assets other than goodwill [abstract] | ||
Useful life of intellectual property | 5 years | |
Amortisation, intangible assets other than goodwill | $ 3,894,467 | $ 1,906,363 |
Intangible assets - Schedule of
Intangible assets - Schedule of intangible assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 16,820,625 | $ 0 |
Amortization | 3,894,467 | 1,906,363 |
Ending balance | 13,424,391 | 16,820,625 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 18,696,229 | 0 |
Acquisition of Prismic Pharmaceuticals Inc | 18,543,379 | |
Additions | 293,126 | |
Effects of foreign exchange | 505,264 | (140,276) |
Ending balance | 19,201,493 | 18,696,229 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,875,604 | 0 |
Amortization | 3,894,467 | 1,906,363 |
Effects of foreign exchange | 7,031 | (30,759) |
Ending balance | $ 5,777,102 | $ 1,875,604 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 15, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Cash receipts from sales of debt instruments | $ 1,484,369 | |||
Gain on settlement of financial liability | $ 680,164 | $ (18,665) | ||
Short-term notes | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Notes payable, interest rate | 10.00% | |||
Notes payable | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Notes payable, interest rate | 20.00% | |||
Interest expense on borrowings | $ 227,366 | $ 142,907 | ||
Settlement of notes payable | 1,084,719 | |||
Accrued interest settled | 795,367 | |||
Prismic Pharmaceuticals Inc. ("Prismic") | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Settlement of notes payable | $ 438,599 | |||
Prismic Pharmaceuticals Inc. ("Prismic") | Class B shares | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Issuance of common stock for notes payable | 63,714 | 63,714 | ||
Fair value of common stock to settle notes payable | $ 185,976 | $ 185,976 | ||
Gain on settlement of financial liability | $ 40,409 |
Notes Payable - Schedule of not
Notes Payable - Schedule of notes payable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Notes payable | $ 384,647 | $ 1,435,698 | $ 0 |
Short-term notes | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Notes payable | 49,647 | 145,943 | |
Notes payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Notes payable | $ 335,000 | $ 1,289,755 |
Lease obligations - (Narrative)
Lease obligations - (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | ||
Interest expense on lease liabilities | $ 10,367 | $ 11,480 |
Lease obligations - Schedule of
Lease obligations - Schedule of lease obligations (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lease liabilities [abstract] | ||||
Balance | $ 152,619 | $ 183,424 | ||
Add: Interest Expense | 10,367 | 11,480 | ||
Less: Lease Payments | (39,993) | (42,285) | ||
Effects of foreign exchange | 2,969 | |||
Balance | 125,962 | 152,619 | ||
Current | 46,842 | 42,285 | $ 40,875 | $ 0 |
Non-current | $ 79,120 | $ 110,334 | $ 142,549 | $ 0 |
Lease obligations - Schedule _2
Lease obligations - Schedule of maturity analysis of operating lease payments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments payable | $ 141,018 | ||
Less: impact of present value | (15,056) | ||
Balance as at December 31, 2020 | 125,962 | $ 152,619 | $ 183,424 |
Less than one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments payable | 46,842 | ||
One to two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments payable | 47,088 | ||
Two to three years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments payable | 47,088 | ||
Therafter | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Total undiscounted lease payments payable | $ 0 |
Warrants Liability (Narrative)
Warrants Liability (Narrative) (Details) | Aug. 06, 2020USD ($)shares | Jun. 08, 2020CAD ($) | Jun. 08, 2020USD ($) | Oct. 31, 2020USD ($)shares | Aug. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019 |
Warrant [Line Items] | |||||||
Expected life (years) | 5 years | ||||||
Warrant liability | $ 1,447,910 | ||||||
Gain on change in fair value | $ 1,927,041 | ||||||
Exercise Price Of Warrants Liability | $ / shares | $ 4.26 | ||||||
Share Prices Of Warrants Liability | $ / shares | $ 1.56 | ||||||
Risk Free Interest Rate Of Warrants Liability | 0.33% | ||||||
Annualized volatility | 117.00% | 100.00% | |||||
Level 2 | |||||||
Warrant [Line Items] | |||||||
Exercise price of warrant issue | $ / shares | $ 4.26 | ||||||
Transaction costs allocated to warrants | $ 284,049 | ||||||
Fair value of warrant liability | $ 3,289,069 | ||||||
Share price per share | $ / shares | $ 3.01 | ||||||
Risk free interest rate | 0.32% | ||||||
Annualized volatility | 121.00% | ||||||
Class B shares | |||||||
Warrant [Line Items] | |||||||
Issuance of common stock of direct offering | shares | 2,762,430 | 4,318,179 | 2,762,430 | ||||
Issuance of warrants of direct offering | shares | 1,381,215 | 3,454,543 | 1,381,215 | ||||
Proceeds from direct offering | $ 9,999,997 | $ 10,125,000 | $ 7,617,038 | $ 9,499,994 | $ 9,999,997 | ||
Exercise price of warrant issue | $ / shares | $ 4.26 | ||||||
Expected life (years) | 5 years | ||||||
Transaction costs allocated to warrants | 284,049 | ||||||
Fair value of warrant liability | $ 3,289,069 |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) | Aug. 06, 2020USD ($)shares | Jun. 08, 2020CAD ($)shares | Jun. 08, 2020USD ($)shares | Jan. 02, 2020USD ($)shares | Nov. 04, 2019$ / shares | Nov. 04, 2019USD ($)shares | Oct. 04, 2019USD ($)shares | May 07, 2019$ / shares | May 07, 2019USD ($)shares | Oct. 31, 2020USD ($)shares | Aug. 31, 2020USD ($)$ / sharesshares | Apr. 15, 2020USD ($)shares | Mar. 16, 2020USD ($)shares | Feb. 04, 2020shares | Sep. 20, 2019USD ($)shares | Jun. 29, 2019shares | Apr. 24, 2019$ / shares | Apr. 24, 2019USD ($)shares | Apr. 16, 2019$ / shares | Apr. 16, 2019USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Feb. 04, 2021USD ($) | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Derivative liability | $ 0 | $ 1,990,788 | $ 0 | |||||||||||||||||||||||
Gain (loss) on settlement of financial liability | 680,164 | $ (18,665) | ||||||||||||||||||||||||
Proceeds from issuance of shares | $ 25,100,459 | $ 3,431,294 | ||||||||||||||||||||||||
Solarvest BioEnergy Inc. | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.19 | |||||||||||||||||||||||||
Share Exchange Agreement | Pharmadrug Inc. | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Number of shares acquired | shares | 13,562,386 | 13,562,387 | ||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.2212 | $ 0.2212 | ||||||||||||||||||||||||
Class A shares | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Description of voting rights | The holders of Class A shares are entitled to 276,660 votes per Class A share held. | |||||||||||||||||||||||||
Class B shares | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Number of shares issued for debt settlement | shares | 3,735 | |||||||||||||||||||||||||
Value of shares issued for debt settlement | $ 18,808 | |||||||||||||||||||||||||
Number of shares issued in private placement | shares | 228,670 | |||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 20.10 | |||||||||||||||||||||||||
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 510,940 | |||||||||||||||||||||||||
Issuance of common stock of share based compensation | shares | 27,580 | |||||||||||||||||||||||||
Value of trade and other payable of shares based compensation | $ 74,117 | |||||||||||||||||||||||||
Issuance of common shares of share based bonus to employees for performance | shares | 1,804,994 | 405,926 | ||||||||||||||||||||||||
Fair value of share-based compensation bonus | $ 4,956,324 | $ 1,302,076 | ||||||||||||||||||||||||
Share based payment expenses | $ 93,502 | |||||||||||||||||||||||||
Issuance of common stock of board of directors in lieu of cash | shares | 69,069 | |||||||||||||||||||||||||
Common stock issued for private placement | shares | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||
Warrants issued for private placement | shares | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||
Proceeds from issuance of shares | $ 3,455,898 | |||||||||||||||||||||||||
Proceeds from equity issuance | $ 9,999,997 | $ 10,125,000 | $ 7,617,038 | $ 9,499,994 | $ 9,999,997 | |||||||||||||||||||||
Fair value of warrants issued | 101,561 | $ 1,122,727 | ||||||||||||||||||||||||
Issuance of common stock of direct offering | shares | 2,762,430 | 4,318,179 | 2,762,430 | |||||||||||||||||||||||
Issuance cost of common shares and warrants | 707,043 | $ 879,621 | ||||||||||||||||||||||||
Issuance of warrants of direct offering | shares | 1,381,215 | 3,454,543 | 1,381,215 | |||||||||||||||||||||||
Fair value of warrant liability | $ 3,289,069 | |||||||||||||||||||||||||
Transaction costs allocated to warrants | 284,049 | |||||||||||||||||||||||||
Fair value of common shares issued | 6,710,928 | $ 7,515,477 | $ 8,377,267 | |||||||||||||||||||||||
Share issue costs | $ 913,349 | |||||||||||||||||||||||||
Exercise price of warrant issue | $ / shares | $ 4.26 | |||||||||||||||||||||||||
Class B shares | Prismic Pharmaceuticals Inc. ("Prismic") | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 510,940 | |||||||||||||||||||||||||
Issuance of common stock for notes payable | shares | 63,714 | 63,714 | ||||||||||||||||||||||||
Notes settled through issuance of shares | $ 226,385 | |||||||||||||||||||||||||
Fair value of common stock to settle notes payable | 185,976 | $ 185,976 | ||||||||||||||||||||||||
Gain (loss) on settlement of financial liability | $ 40,409 | |||||||||||||||||||||||||
Class B shares | Share Exchange Agreement | Pharmadrug Inc. | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Number of shares issued in share exchange | shares | 61,892 | 65,577 | 65,577 | |||||||||||||||||||||||
Value of shares issued in share exchange | $ 2,256,900 | $ 2,256,900 | ||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 45.75 | $ 45.75 | ||||||||||||||||||||||||
Loss on change in fair value of derivative liability | $ 1,069,798 | |||||||||||||||||||||||||
Class B shares | Share Exchange Agreement | Solarvest BioEnergy Inc. | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Number of shares issued in share exchange | shares | 49,751 | 225,371 | ||||||||||||||||||||||||
Value of shares issued in share exchange | $ 1,880,750 | |||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 50.25 | |||||||||||||||||||||||||
Derivative liability | $ 1,990,788 | |||||||||||||||||||||||||
Class B shares | Equity distribution agreement | A.G.P/Alliance Global Partners | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Number of shares issued through equity distribution agreement | shares | 56,248 | |||||||||||||||||||||||||
Proceeds from issuance of shares | $ 199,785 | |||||||||||||||||||||||||
Warrants by expiry date at August 6, 2020 | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Exercise price of warrant issue | $ / shares | $ 4.26 | |||||||||||||||||||||||||
Warrants by expiry date at October 20, 2020 | ||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||
Exercise price of warrant issue | $ / shares | $ 2.60 |
Share capital - Schedule of rec
Share capital - Schedule of reconciliation of the share capital (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Beginning balance | $ 36,277,477 | $ 38,391,696 |
Shares issued | 22,051,803 | 8,681,103 |
Share based payments | 9,426,961 | 551,135 |
Share options exercised | 59,562 | 12,082,930 |
Warrants exercised | 71,461 | |
Ending balance | 36,308,583 | 36,277,477 |
Class A shares | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | $ 151,588 | $ 151,588 |
Beginning balance (shares) | 72 | 72 |
Ending balance | $ 151,588 | $ 151,588 |
Ending balance (shares) | 72 | 72 |
Class B shares | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | $ 73,586,337 | $ 51,093,434 |
Beginning balance (shares) | 7,905,727 | 6,843,780 |
Shares issued | $ 22,242,975 | $ 8,681,103 |
Shares issued (shares) | 8,925,942 | 408,651 |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc | $ 12,361,657 | |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | 510,940 | |
Share based payments | $ 6,663,479 | $ 1,340,929 |
Share-based payments (shares) | 2,307,569 | 130,189 |
Share options exercised | $ 563,747 | |
Share options exercised (shares) | 22,382 | |
Warrants exercised | $ 109,214 | |
Warrants exercised (shares) | 12,167 | |
Ending balance | $ 103,056,538 | $ 73,586,337 |
Ending balance (shares) | 19,161,620 | 7,905,727 |
Warrants | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | $ 4,321,989 | $ 3,341,826 |
Beginning balance (shares) | 467,451 | 546,212 |
Shares issued | $ 1,110,904 | |
Shares issued (shares) | 6,335,758 | |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc | $ 1,420,407 | |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | 67,598 | |
Warrants exercised | $ (37,753) | |
Warrants exercised (shares) | (12,167) | |
Warrants expired | $ (463,935) | $ (402,491) |
Warrants expired (shares) | (54,100) | (134,192) |
Ending balance | $ 4,968,958 | $ 4,321,989 |
Ending balance (shares) | 6,749,109 | 467,451 |
Share capital - Schedule of cha
Share capital - Schedule of changes in number of warrants outstanding (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Share based compensation and warrant reserve [Abstract] | ||
Warrants outstanding, Opening balance | 467,451 | 546,212 |
Warrants, Issued | 6,335,758 | 67,598 |
Warrants, Exercised | (12,167) | |
Warrants, Expired | (54,100) | (134,192) |
Warrants outstanding, Closing Balance | 6,749,109 | 467,451 |
Weighted average exercise price, Warrants outstanding opening balance | $ 10.20 | $ 9.47 |
Weighted average exercise price warrants issued | 5.27 | 10.45 |
Weighted average exercise price warrants exercised | 7.81 | |
Weighted average exercise price warrants expired | 4.97 | 7.64 |
Weighted average exercise price, Warrants outstanding closing balance | $ 5.62 | $ 10.20 |
Share capital - Schedule of fai
Share capital - Schedule of fair value assumptions of warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of warrants [Line Items] | ||
Weighted average share price of warrants | $ 32.16 | |
Expected dividend yield of warrants granted | 0.00% | 0.00% |
Expected life of warrants | 5 years | |
Expected volatility of warrants granted | 117.00% | 100.00% |
Bottom of range | ||
Disclosure of warrants [Line Items] | ||
Weighted average share price of warrants | $ 2.58 | |
Exercise price of warrants granted | $ 3.46 | $ 2.61 |
Risk free interest rate of warrants granted | 0.32% | 1.41% |
Expected life of warrants | 1 year 4 months 20 days | |
Expected volatility of warrants granted | 118.00% | |
Top of range | ||
Disclosure of warrants [Line Items] | ||
Weighted average share price of warrants | $ 4 | |
Exercise price of warrants granted | $ 5.80 | $ 26.73 |
Risk free interest rate of warrants granted | 0.36% | 1.52% |
Expected life of warrants | 6 years 6 months 18 days | |
Expected volatility of warrants granted | 121.00% |
Share capital - Schedule of war
Share capital - Schedule of warrants outstanding and exercise price (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 5.62 | $ 10.20 | $ 9.47 |
Number of warrants outstanding | 6,749,109 | 467,451 | 546,212 |
Warrants by expiry date at January 5, 2020 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 6.03 | ||
Number of warrants outstanding | 37,313 | ||
Warrants by expiry date at November 30, 2020 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 2.61 | ||
Number of warrants outstanding | 16,787 | ||
Warrants by expiry date at August 1, 2021 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 5.43 | $ 5.43 | |
Number of warrants outstanding | 4,476 | 4,476 | |
Warrants by expiry date at May 24, 2022 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 18.09 | $ 18.09 | |
Number of warrants outstanding | 163,535 | 163,535 | |
Warrants by expiry date at September 15, 2022 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 4.42 | $ 4.42 | |
Number of warrants outstanding | 199,005 | 199,005 | |
Warrants by expiry date at May 20, 2023 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 16.08 | $ 16.08 | |
Number of warrants outstanding | 7,311 | 7,311 | |
Warrants by expiry date at July 24, 2023 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 13.07 | $ 13.07 | |
Number of warrants outstanding | 3,357 | 3,357 | |
Warrants by expiry date at September 11, 2023 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 5.43 | $ 5.43 | |
Number of warrants outstanding | 22,382 | 22,382 | |
Warrants by expiry date at May 4, 2025 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 3,730 | 3,730 | |
Warrants by expiry date at May 10, 2025 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 1,865 | 1,865 | |
Warrants by expiry date at May 17, 2025 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 3,730 | 3,730 | |
Warrants by expiry date at May 31, 2025 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 1,865 | 1,865 | |
Warrants by expiry date at June 8, 2025 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 9.65 | ||
Number of warrants outstanding | 1,500,000 | ||
Warrants by expiry date at August 6, 2020 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 5.42 | ||
Number of warrants outstanding | 1,381,215 | ||
Warrants by expiry date at October 20, 2020 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 3.31 | ||
Number of warrants outstanding | 3,454,543 | ||
Warrants by expiry date at January 16, 2026 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 1,722 | 1,722 | |
Warrants by expiry date at January 20, 2026 | |||
Disclosure of warrants [Line Items] | |||
Exercise price of warrants outstanding | $ 26.73 | $ 26.73 | |
Number of warrants outstanding | 373 | 373 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)Shareshares | Dec. 31, 2019USD ($)Share | Dec. 31, 2020USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation expenses | $ | $ 8,052,011 | $ 12,082,930 | ||
Stock options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options cancelled | Share | 822,137 | 299,006 | ||
Number of replacement share options issued | shares | 822,137 | |||
Share option exercise price | $ 3.86 | |||
Incremental grant date fair value of share options | $ | $ 661,811 | |||
Exercise price | 3.86 | |||
Underlying share price | $ 3.86 | |||
Risk free interest rate | 0.72% | |||
Expected volatility, share options granted | 120.00% | 100.00% |
Share-based compensation - Sche
Share-based compensation - Schedule of changes in number of share options (Details) - Stock options | 12 Months Ended | |
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Opening Balance | Share | 1,454,943 | 485,159 |
Granted | Share | 1,082,639 | 1,363,322 |
Exercised | Share | (22,382) | (82,094) |
Forfeited | Share | (12,438) | |
Cancelled | Share | (822,137) | (299,006) |
Closing Balance | Share | 1,693,063 | 1,454,943 |
Exercisable | Share | 1,528,186 | 1,200,242 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 21.96 | $ 74.53 |
Weighted average exercise price, Granted | $ / shares | 4.14 | 20.68 |
Weighted average exercise price, Exercised | $ / shares | 2.61 | 10.02 |
Weighted average exercise price, Forfeited | $ / shares | 56.28 | |
Weighted average exercise price, Cancelled | $ / shares | 31.65 | 115.80 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | 6.11 | 21.96 |
Weighted average exercise price, Exercisable | $ / shares | $ 6.13 | $ 21.24 |
Share-based compensation - Sc_2
Share-based compensation - Schedule of fair value assumptions of share options granted (Details) - Stock options | 12 Months Ended | |
Dec. 31, 2020Year$ / shares | Dec. 31, 2019Year$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date share price | $ 3.86 | |
Exercise price | $ 3.86 | |
Expected dividend yield | 0.00% | 0.00% |
Risk free interest rate | 0.72% | |
Expected life (years) | Year | 5 | |
Expected volatility | 120.00% | 100.00% |
Bottom of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date share price | $ 3.75 | $ 6.45 |
Exercise price | $ 3.68 | $ 7.17 |
Risk free interest rate | 0.27% | 1.24% |
Expected life (years) | Year | 4 | |
Top of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date share price | $ 9.54 | $ 75.38 |
Exercise price | $ 9.80 | $ 75.38 |
Risk free interest rate | 1.55% | 1.90% |
Expected life (years) | Year | 9 |
Share-based compensation - Sc_3
Share-based compensation - Schedule of exercise price and weighted average contractual term of share options outstanding and exercisable (Details) - Stock options | 12 Months Ended | ||
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | Jan. 01, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 6.11 | $ 21.96 | $ 74.53 |
Number of share options outstanding in share-based payment arrangement | Share | 1,693,063 | 1,454,943 | 485,159 |
Weighted average remaining contractual life of outstanding share options | 3 years 10 months 17 days | 4 years 7 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 6.13 | $ 21.24 | |
Number of share options exercisable in share-based payment arrangement | Share | 1,528,186 | 1,200,242 | |
2.61 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 2.61 | $ 2.61 | |
Number of share options outstanding in share-based payment arrangement | Share | 12,683 | 35,065 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 2.61 | $ 2.61 | |
Number of share options exercisable in share-based payment arrangement | Share | 12,683 | 35,065 | |
3.75 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 3.75 | ||
Number of share options outstanding in share-based payment arrangement | Share | 5,500 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 5 months 19 days | ||
Exercise price of exercisable Share options | $ / shares | $ 3.75 | ||
Number of share options exercisable in share-based payment arrangement | Share | 500 | ||
3.86 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 3.86 | ||
Number of share options outstanding in share-based payment arrangement | Share | 872,139 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 29 days | ||
Exercise price of exercisable Share options | $ / shares | $ 3.86 | ||
Number of share options exercisable in share-based payment arrangement | Share | 864,139 | ||
4.42 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 4.42 | $ 4.42 | |
Number of share options outstanding in share-based payment arrangement | Share | 99,502 | 99,502 | |
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 15 days | 2 years 8 months 15 days | |
Exercise price of exercisable Share options | $ / shares | $ 4.42 | $ 4.42 | |
Number of share options exercisable in share-based payment arrangement | Share | 99,502 | 99,502 | |
4.75 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 4.75 | ||
Number of share options outstanding in share-based payment arrangement | Share | 110,000 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 3 months 14 days | ||
Exercise price of exercisable Share options | $ / shares | $ 4.75 | ||
Number of share options exercisable in share-based payment arrangement | Share | 77,500 | ||
5.03 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 5.03 | ||
Number of share options outstanding in share-based payment arrangement | Share | 60,000 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 8 months 12 days | ||
Exercise price of exercisable Share options | $ / shares | $ 5.03 | ||
Number of share options exercisable in share-based payment arrangement | Share | 7,498 | ||
5.43 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 5.43 | $ 5.43 | |
Number of share options outstanding in share-based payment arrangement | Share | 16,264 | 16,264 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 5.43 | $ 5.43 | |
Number of share options exercisable in share-based payment arrangement | Share | 16,264 | 16,264 | |
6.16 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 6.16 | ||
Number of share options outstanding in share-based payment arrangement | Share | 20,000 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 2 months 4 days | ||
Exercise price of exercisable Share options | $ / shares | $ 6.16 | ||
Number of share options exercisable in share-based payment arrangement | Share | 20,000 | ||
7.17 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 7.17 | $ 7.17 | |
Number of share options outstanding in share-based payment arrangement | Share | 199,005 | 199,005 | |
Weighted average remaining contractual life of outstanding share options | 3 years 9 months 29 days | 4 years 9 months 29 days | |
Exercise price of exercisable Share options | $ / shares | $ 7.17 | $ 7.17 | |
Number of share options exercisable in share-based payment arrangement | Share | 199,005 | 199,005 | |
7.63 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 7.63 | $ 7.63 | |
Number of share options outstanding in share-based payment arrangement | Share | 203,750 | 203,750 | |
Weighted average remaining contractual life of outstanding share options | 4 years 4 months 2 days | 5 years 4 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 7.63 | $ 7.63 | |
Number of share options exercisable in share-based payment arrangement | Share | 138,750 | 58,750 | |
9.54 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 9.54 | ||
Number of share options outstanding in share-based payment arrangement | Share | 15,000 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 21 days | ||
Exercise price of exercisable Share options | $ / shares | $ 9.54 | ||
Number of share options exercisable in share-based payment arrangement | Share | 13,125 | ||
10.65 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 10.65 | $ 10.65 | |
Number of share options outstanding in share-based payment arrangement | Share | 3,730 | 3,730 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 10.65 | $ 10.65 | |
Number of share options exercisable in share-based payment arrangement | Share | 3,730 | 3,730 | |
13.07 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 13.07 | $ 13.07 | |
Number of share options outstanding in share-based payment arrangement | Share | 10,855 | 10,855 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 13.07 | $ 13.07 | |
Number of share options exercisable in share-based payment arrangement | Share | 10,855 | 10,855 | |
13.47 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 13.47 | $ 13.47 | |
Number of share options outstanding in share-based payment arrangement | Share | 1,418 | 1,418 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 13.47 | $ 13.47 | |
Number of share options exercisable in share-based payment arrangement | Share | 1,418 | 1,418 | |
16.08 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 16.08 | $ 16.08 | |
Number of share options outstanding in share-based payment arrangement | Share | 18,409 | 18,409 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 16.08 | $ 16.08 | |
Number of share options exercisable in share-based payment arrangement | Share | 18,409 | 18,409 | |
17.89 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 17.89 | $ 17.89 | |
Number of share options outstanding in share-based payment arrangement | Share | 4,178 | 4,178 | |
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 17.89 | $ 17.89 | |
Number of share options exercisable in share-based payment arrangement | Share | 4,178 | 4,178 | |
18.09 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 18.09 | $ 18.09 | |
Number of share options outstanding in share-based payment arrangement | Share | 17,413 | 37,313 | |
Weighted average remaining contractual life of outstanding share options | 2 years 2 months 15 days | 3 years 4 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 18.09 | $ 18.09 | |
Number of share options exercisable in share-based payment arrangement | Share | 17,413 | 37,313 | |
20.10 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 20.10 | $ 20.10 | |
Number of share options outstanding in share-based payment arrangement | Share | 8,289 | 493,363 | |
Weighted average remaining contractual life of outstanding share options | 2 years 3 months 7 days | 4 years 8 months 19 days | |
Exercise price of exercisable Share options | $ / shares | $ 20.10 | $ 20.10 | |
Number of share options exercisable in share-based payment arrangement | Share | 8,289 | 493,363 | |
21.11 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 21.11 | ||
Number of share options outstanding in share-based payment arrangement | Share | 12,438 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 8 months 1 day | ||
Exercise price of exercisable Share options | $ / shares | $ 21.11 | ||
Number of share options exercisable in share-based payment arrangement | Share | 12,438 | ||
24.12 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 24.12 | ||
Number of share options outstanding in share-based payment arrangement | Share | 9,950 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 7 months 2 days | ||
Exercise price of exercisable Share options | $ / shares | $ 24.12 | ||
Number of share options exercisable in share-based payment arrangement | Share | 6,219 | ||
26.13 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 26.13 | ||
Number of share options outstanding in share-based payment arrangement | Share | 14,925 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 13 days | ||
Exercise price of exercisable Share options | $ / shares | $ 26.13 | ||
Number of share options exercisable in share-based payment arrangement | Share | 14,925 | ||
40.20 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 40.20 | ||
Number of share options outstanding in share-based payment arrangement | Share | 29,851 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 5 months 12 days | ||
Exercise price of exercisable Share options | $ / shares | $ 40.20 | ||
Number of share options exercisable in share-based payment arrangement | Share | 22,388 | ||
44.22 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 44.22 | ||
Number of share options outstanding in share-based payment arrangement | Share | 2,488 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 28 days | ||
Exercise price of exercisable Share options | $ / shares | $ 44.22 | ||
Number of share options exercisable in share-based payment arrangement | Share | 2,488 | ||
47.24 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 47.24 | $ 47.24 | |
Number of share options outstanding in share-based payment arrangement | Share | 1,493 | 1,493 | |
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 13 days | 4 years 4 months 13 days | |
Exercise price of exercisable Share options | $ / shares | $ 47.24 | $ 47.24 | |
Number of share options exercisable in share-based payment arrangement | Share | 1,493 | 1,493 | |
50.25 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 50.25 | $ 50.25 | |
Number of share options outstanding in share-based payment arrangement | Share | 5,224 | 227,861 | |
Weighted average remaining contractual life of outstanding share options | 3 years 3 months 21 days | 5 years 1 month 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 50.25 | $ 50.25 | |
Number of share options exercisable in share-based payment arrangement | Share | 5,224 | 129,353 | |
52.26 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 52.26 | $ 52.26 | |
Number of share options outstanding in share-based payment arrangement | Share | 498 | 498 | |
Weighted average remaining contractual life of outstanding share options | 3 years 2 months 15 days | 4 years 2 months 15 days | |
Exercise price of exercisable Share options | $ / shares | $ 52.26 | $ 52.26 | |
Number of share options exercisable in share-based payment arrangement | Share | 498 | 498 | |
55.28 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 55.28 | $ 55.28 | |
Number of share options outstanding in share-based payment arrangement | Share | 498 | 498 | |
Weighted average remaining contractual life of outstanding share options | 3 years 1 month 13 days | 4 years 1 month 13 days | |
Exercise price of exercisable Share options | $ / shares | $ 55.28 | $ 55.28 | |
Number of share options exercisable in share-based payment arrangement | Share | 498 | 498 | |
59.30 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 59.30 | $ 59.30 | |
Number of share options outstanding in share-based payment arrangement | Share | 498 | 498 | |
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 15 days | 3 years 11 months 15 days | |
Exercise price of exercisable Share options | $ / shares | $ 59.30 | $ 59.30 | |
Number of share options exercisable in share-based payment arrangement | Share | 498 | 498 | |
75.38 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 75.38 | $ 75.38 | |
Number of share options outstanding in share-based payment arrangement | Share | 498 | 498 | |
Weighted average remaining contractual life of outstanding share options | 3 years 14 days | 4 years 14 days | |
Exercise price of exercisable Share options | $ / shares | $ 75.38 | $ 75.38 | |
Number of share options exercisable in share-based payment arrangement | Share | 498 | 498 | |
86.43 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 86.43 | $ 86.43 | |
Number of share options outstanding in share-based payment arrangement | Share | 1,244 | 1,244 | |
Weighted average remaining contractual life of outstanding share options | 2 years 10 months 13 days | 3 years 10 months 17 days | |
Exercise price of exercisable Share options | $ / shares | $ 86.43 | $ 86.43 | |
Number of share options exercisable in share-based payment arrangement | Share | 1,244 | 1,244 | |
88.44 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 88.44 | ||
Number of share options outstanding in share-based payment arrangement | Share | 14,925 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 10 months 13 days | ||
Exercise price of exercisable Share options | $ / shares | $ 88.44 | ||
Number of share options exercisable in share-based payment arrangement | Share | 14,925 | ||
120.60 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 120.60 | ||
Number of share options outstanding in share-based payment arrangement | Share | 9,950 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 8 months 15 days | ||
Exercise price of exercisable Share options | $ / shares | $ 120.60 | ||
Number of share options exercisable in share-based payment arrangement | Share | 9,950 | ||
142.71 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of options outstanding | $ / shares | $ 142.71 | $ 142.71 | |
Number of share options outstanding in share-based payment arrangement | Share | 4,975 | 4,974 | |
Weighted average remaining contractual life of outstanding share options | 2 years 8 months 26 days | 3 years 8 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 142.71 | $ 142.71 | |
Number of share options exercisable in share-based payment arrangement | Share | 4,975 | 4,975 |
Loss per share - Schedule of lo
Loss per share - Schedule of loss per share (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [line items] | ||
Dilutive effect of convertible instruments on number of ordinary shares | 8,442,172 | 1,922,394 |
Warrants | ||
Earnings per share [line items] | ||
Dilutive effect of convertible instruments on number of ordinary shares | 6,749,109 | 467,451 |
Stock options | ||
Earnings per share [line items] | ||
Dilutive effect of share options on number of ordinary shares | 1,693,063 | 1,454,943 |
General and administrative - Sc
General and administrative - Schedule of general and administrative expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, general and administrative expense [abstract] | ||
Professional fees | $ 2,734,123 | $ 3,101,136 |
General office, insurance and administration expenditures | 3,616,159 | 1,742,550 |
Consulting fees | 1,775,269 | 1,675,258 |
Salaries, wages and benefits | 2,656,162 | 1,705,696 |
Investor relations | 541,944 | 2,241,275 |
Building and facility costs | 586,926 | 676,798 |
Foreign exchange loss | (186,959) | 0 |
General and administrative | 11,723,624 | 11,142,713 |
Allocated to: | ||
Continuing operations | 10,058,083 | 8,407,427 |
Discontinued operations | $ 1,665,541 | $ 2,735,286 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes paid (refund) [abstract] | ||
Net operating losses carried forward - US | $ 5,032,915 | $ 206,480 |
Preacquisition net operating loss carryforwards | $ 4,930,000 | |
Description for limitations of utilization of net operating loss carryforwards | Utilization of net operating loss carryforwards may be subject to limitations in the event of a change in ownership pursuant to IRC § 382, and similar state provisions. As a result of the acquisition of Prismic on June 28, 2019, the preacquisition net operating loss carryforwards of approximately $4.93M could be subject to IRC § 382 limitation as the acquisition could constitute a change of ownership. |
Income Taxes - Schedule of prov
Income Taxes - Schedule of provision for income taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes paid (refund) [abstract] | ||
Loss from continuing operations before income taxes | $ (28,452,232) | $ (34,080,963) |
Statutory federal and provincial tax rate | 26.50% | 26.50% |
Income tax recovery at the statutory tax rate | $ (7,539,841) | $ (9,031,455) |
Permanent differences | 2,235,657 | 5,866,153 |
Book to filing adjustments | (1,545,244) | 4,765,959 |
Share issuance cost booked directly to equity | (584,538) | 0 |
Foreign exchange | (370,457) | 0 |
Change in tax benefits not recognized | 7,804,423 | (1,600,657) |
Total Income tax expense | $ 0 | $ 0 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets (liabilities) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income taxes paid (refund) [abstract] | ||
Other investments | $ 0 | $ (126,461) |
Capital losses carried forward | 0 | 126,461 |
Total | $ 0 | $ 0 |
Income Taxes - Schedule of temp
Income Taxes - Schedule of temporary differences for which deferred tax assets not recognised (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income taxes paid (refund) [abstract] | ||
Non-capital losses - Canada | $ 44,897,393 | $ 20,703,137 |
Net-operating loss - US | 5,032,915 | 206,480 |
Unrealized foreign exchange loss | 94,733 | 0 |
Share-issuance costs | 3,419,003 | 879,959 |
Capital losses carried forward | 0 | 263,666 |
Other investments | 4,449,544 | 968,811 |
IFRS 16 | 125,962 | 0 |
Property, plant and equipment | 88,248 | 30,290 |
Total | $ 58,107,798 | $ 23,052,343 |
Income Taxes - Schedule of non-
Income Taxes - Schedule of non-capital loss carryforwards (Details) | Dec. 31, 2020USD ($) |
Income taxes paid (refund) [abstract] | |
2032 | $ 26,982 |
2033 | 114,405 |
2034 | 144,411 |
2035 | 65,782 |
2036 | 689,676 |
2037 | 2,677,789 |
2038 | 6,092,686 |
2039 | 11,415,413 |
2040 | 23,670,249 |
Non-capital income tax losses expire | $ 44,897,393 |
Commitments and contingencies (
Commitments and contingencies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2020EUR (€) | Dec. 31, 2020CAD ($)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020USD ($)shares | |
Disclosure of contingent liabilities [line items] | ||||
Provision for employee related liability | € 59,748 | $ 81,562 | ||
Payment made to be unpaid wages and unpaid holiday | € | € 59,748 | |||
Legal proceedings contingent liability | ||||
Disclosure of contingent liabilities [line items] | ||||
Claim issued by contractor for various purported damages | $ 1,700,000 | |||
Claim for lien component | 188,309 | |||
Security deposit in respect of amount claimed and estimated legal fees | 235,387 | |||
Funds paid for settlement agreement | $ 198,000 | |||
Epitech License Agreement | ||||
Disclosure of contingent liabilities [line items] | ||||
Non refundable sum due and payable upon first notification of FDA | 700,000 | |||
Non refundable sum payable within ten business days of first notification FDA | $ 1,000,000 | |||
Percentage of lump sum payment received to pay for non prescription drug rights | 25.00% | |||
Percentage of one off lump sum payment to pay for prescription drug rights | 5.00% | |||
Percentage of net sales of Licensed Product as first payment condition | 7.00% | 7.00% | 7.00% | |
Percentage of net receipts from commercial partners as second payment condition | 25.00% | 25.00% | 25.00% | |
Percentage of net sales or net receipts of licensed products as third payment condition | 5.00% | 5.00% | 5.00% | |
Heritage Building Restoration Commitment | ||||
Disclosure of contingent liabilities [line items] | ||||
Estimated cost of restoration in commitment | $ 266,349 | |||
Definitive Strategic Alliance and Streaming Agreement | Contingent liability for construction and development costs | Auxly Cannabis Group Inc. | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of Class B shares issued from treasury under private placement | shares | 37,313 | 37,313 | 37,313 | |
Amount of Class B shares issued from treasury under private placement | $ 5,642,250 | |||
Definitive settlement agreement | ||||
Disclosure of contingent liabilities [line items] | ||||
Partial payment for settlement amount | $ 928,541 | |||
Claim settlement amount covered by insurance | $ 4,571,459 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020CAD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Disclosure of transactions between related parties [line items] | |||
Directors remuneration expense | $ 246,226 | $ 153,109 | |
Share-based payments expense | 7,045,994 | 9,385,984 | |
Chief Executive Officer | |||
Disclosure of transactions between related parties [line items] | |||
Payment of expenses | 1,445,043 | $ 567,468 | |
Related party payables | 355,778 | ||
President | |||
Disclosure of transactions between related parties [line items] | |||
Share-based payments expense | $ 238,703 | ||
Independent directors | |||
Disclosure of transactions between related parties [line items] | |||
Directors remuneration expense | $ 40,000 | ||
Additional remuneration as Chairman | $ 10,000 | ||
Key management and directors | |||
Disclosure of transactions between related parties [line items] | |||
Number of shares issued for compensation bonus | shares | 1,676,066 | 1,676,066 | |
Share-based payments expense | $ 4,602,301 | ||
FSD Biosciences | President of FSD | |||
Disclosure of transactions between related parties [line items] | |||
Related party payables | $ 21,876 |
Related party transactions - Sc
Related party transactions - Schedule of key management personnel compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries, benefits, bonuses and consulting fees | $ 2,936,816 | $ 3,638,267 |
Share-based payments | 7,045,994 | 9,385,984 |
Total | $ 9,982,810 | $ 13,024,251 |
Capital management (Narrative)
Capital management (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Capital Management [Abstract] | ||
Share capital | $ 103,208,126 | $ 73,737,925 |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) - USD ($) | Feb. 11, 2021 | Feb. 10, 2021 | Mar. 12, 2021 | Jan. 22, 2021 | Jan. 21, 2021 | Feb. 17, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proceeds from issuing shares | $ 25,100,459 | $ 3,431,294 | ||||||
Subsequent events | Class B Subordinated Voting Shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Certain shareholders claiming to hold in excess percentage of class B subordinated voting shares | 5.10% | |||||||
Subsequent events | Board members | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of stock options approved for issuance | 75,000 | |||||||
Subsequent events | Directors and officers | Class B Common Shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued | 1,349,764 | |||||||
Share issue price per share | $ 2.65 | |||||||
Proceeds from issuing shares | $ 3,576,875 | |||||||
Subsequent events | Equity distribution agreement | A.G.P/Alliance Global Partners | Class B Common Shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued through equity distribution agreement | 7,356,326 | 7,247,288 | ||||||
Proceeds from issuing shares | $ 19,770,762 | $ 18,167,511 | ||||||
Subsequent events | Equity distribution agreement | Directors and officers | Class B Common Shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Maximum aggregate offering price | $ 20,000,000 |