Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | FSD Pharma Inc. |
Entity Central Index Key | 0001771885 |
Current Fiscal Year End Date | --12-31 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2021 |
Entity Voluntary Filers | No |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39152 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 199 Bay St. |
Entity Address, Address Line two | Suite 4000 |
Entity Address, City or Town | Toronto |
Entity Address, Country | CA |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5L 1A9 |
Document Annual Report | true |
Document Registration Statement | false |
Trading Symbol | HUGE |
Title of 12(b) Security | Class B Subordinate Voting Shares, no par value |
Security Exchange Name | NASDAQ |
ICFR Auditor Attestation Flag | false |
Auditor Firm ID | 1930 |
Auditor Name | MNP LLP |
Auditor Location | Toronto, Canada |
Entity Well-known Seasoned Issuer | No |
Entity Shell Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Filer Category | Non-accelerated Filer |
Document Transition Report | false |
Document Shell Company Report | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 199 Bay St. |
Entity Address, Address Line two | Suite 4000 |
Entity Address, City or Town | Toronto |
Entity Address, Country | CA |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5L 1A9 |
City Area Code | 416 |
Local Phone Number | 854-8884 |
Contact Personnel Email Address | zsaeed@fsdpharma.com |
Contact Personnel Name | Zeeshan Saeed |
Class A Multiple Voting Shares [Member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 72 |
Class B Subordinate Voting Shares [Member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 40,450,754 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 35,259,645 | $ 17,524,822 |
Other receivables | 500,964 | 161,342 |
Prepaid expenses and deposits | 1,366,421 | 569,401 |
Investments | 158,036 | 0 |
Current assets other than assets held for sale | 37,285,066 | 18,255,565 |
Assets held for sale | 8,647,779 | 8,610,504 |
Total current assets | 45,932,845 | 26,866,069 |
Non-current assets | ||
Investments | 660,226 | 1,676,745 |
Right-of-use asset, net | 168,307 | 0 |
Intangible assets, net | 16,201,739 | 13,424,391 |
Total assets | 62,963,117 | 41,967,205 |
Current liabilities | ||
Trade and other payables | 7,510,771 | 3,700,103 |
Lease obligations | 124,311 | 46,842 |
Warrants liability | 765,403 | 1,447,910 |
Notes payable | 300,549 | 384,647 |
Total current liabilities | 8,701,034 | 5,579,502 |
Non-current liabilities | ||
Lease obligations | 131,045 | 79,120 |
Total liabilities | 8,832,079 | 5,658,622 |
SHAREHOLDER'S EQUITY | ||
Share capital | 152,324,677 | 103,208,126 |
Warrants | 5,137,417 | 4,968,958 |
Contributed surplus | 22,583,649 | 18,792,590 |
Foreign exchange translation reserve | 239,612 | 207,797 |
Accumulated deficit | (126,154,317) | (90,868,888) |
Total equity | 54,131,038 | 36,308,583 |
Equity and liabilities | 62,963,117 | 41,967,205 |
Class A share capital | ||
SHAREHOLDER'S EQUITY | ||
Share capital | 151,588 | 151,588 |
Total equity | 151,588 | 151,588 |
Class B share capital | ||
SHAREHOLDER'S EQUITY | ||
Share capital | 152,173,089 | 103,056,538 |
Total equity | $ 152,173,089 | $ 103,056,538 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
General and administrative | $ 15,926,103 | $ 10,058,083 | $ 8,407,427 |
External research and development fees | 6,328,104 | 7,832,847 | 0 |
Share-based payments | 7,443,930 | 8,052,011 | 12,082,930 |
Depreciation and amortization | 4,045,523 | 3,900,458 | 1,943,048 |
Legal provision | 0 | 757,829 | 0 |
Impairment of right-of-use asset | 0 | 89,860 | 50,888 |
Total operating expenses | 33,743,660 | 30,691,088 | 22,484,293 |
Loss from continuing operations | (33,743,660) | (30,691,088) | (22,484,293) |
Other income | (1,292) | (3,691) | (40,454) |
Finance expense | 69,404 | 235,581 | 155,316 |
Loss (gain) on settlement of financial liability | (49,792) | (680,164) | 18,665 |
Loss (gain) on change in fair value of warrants and derivative liability | (682,507) | (2,561,456) | 2,684,436 |
Loss (gain) on changes in fair value of investments | 858,483 | 770,874 | 8,778,707 |
Net loss from continuing operations | (33,937,956) | (28,452,232) | (34,080,963) |
Net loss from discontinued operations | (1,347,473) | (3,347,561) | (5,048,557) |
Net loss | (35,285,429) | (31,799,793) | (39,129,520) |
Items that may be subsequently reclassified to income (loss): | |||
Exchange gain (loss) on translation of foreign operations | 31,815 | 292,573 | (84,776) |
Comprehensive loss | $ (35,253,614) | $ (31,507,220) | $ (39,214,296) |
Basic and diluted - continuing operations (in dollars per share) | $ (0.97) | $ (2.36) | $ (4.83) |
Basic and diluted - discontinued operations (in dollars per share) | $ (0.04) | $ (0.28) | $ (0.72) |
Weighted average number of shares outstanding – basic and diluted | 34,945,210 | 12,043,961 | 7,056,245 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY - USD ($) | Class A share capital | Class B share capital | Warrants | Contributed surplus | Foreign exchange translation reserve | Accumulated deficit | Total |
Beginning balance at Dec. 31, 2018 | $ 151,588 | $ 51,093,434 | $ 3,341,826 | $ 3,744,423 | $ (19,939,575) | $ 38,391,696 | |
Beginning balance (shares) at Dec. 31, 2018 | 72 | 6,843,780 | 546,212 | ||||
Shares issued | $ 8,681,103 | $ 0 | 8,681,103 | ||||
Shares issued (shares) | 408,651 | 0 | |||||
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 | ||||
Shares issued | $ 38,341,407 | 38,341,407 | |||||
Shares issued (shares) | 15,480,462 | ||||||
Share based payments | $ 3,751,412 | $ 98,513 | 3,594,006 | 7,443,931 | |||
Share-based payments (shares) | 1,462,558 | 100,000 | |||||
Lucid acquisition | $ 7,023,732 | $ 70,563 | 196,436 | 7,290,731 | |||
Lucid acquisition (shares) | 4,502,392 | 112,162 | |||||
Share cancelation (shares) | (156,278) | ||||||
Warrants expired | $ (617) | (617) | |||||
Warrants expired (shares) | (4,476) | ||||||
Comprehensive loss for the year | 31,815 | (35,285,429) | (35,253,614) | ||||
Ending balance at Dec. 31, 2021 | $ 151,588 | $ 152,173,089 | $ 5,137,417 | $ 22,583,649 | $ 239,612 | $ (126,154,317) | $ 54,131,038 |
Ending balance (shares) at Dec. 31, 2021 | 72 | 40,450,754 | 6,956,795 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net loss from continuing operations | $ (33,937,956) | $ (28,452,232) | $ (34,080,963) |
Add (deduct) items not affecting cash | |||
Depreciation and amortization | 4,045,523 | 3,900,458 | 1,943,048 |
Impairment of right-of-use asset | 0 | 89,860 | 183,161 |
Interest expense | 69,404 | 7,860 | 155,315 |
Share-based payments | 7,443,930 | 8,052,011 | 12,082,930 |
Change in fair value of other investments | 858,483 | 770,874 | 8,778,707 |
Change in fair value of derivative liability | (682,507) | (2,561,456) | 2,684,436 |
Unrealized foreign exchange gain (loss) | 0 | (327,161) | 0 |
Loss (gain) on settlement of financial liability | (49,792) | (680,164) | 18,665 |
Changes in non-cash working capital balances | |||
Other receivables | (106,880) | 435,183 | (387,837) |
Prepaid expenses and deposits | (609,153) | (526,738) | (24,214) |
Trade and other payables | 3,604,766 | 898,691 | 1,516,025 |
Cash used in continuing operating activities | (19,364,182) | (18,392,814) | (7,130,727) |
Cash used in discontinued operating activities | (1,382,041) | (737,659) | (6,581,998) |
Cash used in operating activities | (20,746,223) | (19,130,473) | (13,712,725) |
Investing activities | |||
Cash acquired from acquisition of Prismic Pharmaceuticals Inc. | 0 | 0 | 1,752 |
Cash acquired from acquisition of Lucid Psycheceuticals Inc. | 768,964 | 0 | 0 |
Additions to intangible assets | (500,000) | 0 | (293,126) |
Proceeds from sale of investments | 0 | 6,477,510 | 462,303 |
Cash provided by continuing investing activities | 268,964 | 6,477,510 | 170,929 |
Cash provided by (used in) discontinued investing activities | 0 | 36,616 | (401,817) |
Cash provided by (used in) investing activities | 268,964 | 6,514,126 | (230,888) |
Financing activities | |||
Proceeds from issuance of shares, net | 38,341,407 | 25,100,459 | 3,431,294 |
Proceeds from exercise of share-options | 0 | 59,548 | 551,133 |
Proceeds from exercise of warrants | 0 | 0 | 71,461 |
Repayment of notes payable | (71,759) | (946,643) | 0 |
Repayment of lease obligation | (57,566) | (39,993) | (42,285) |
Cash provided by continuing financing activities | 38,212,082 | 24,173,371 | 4,011,603 |
Cash provided by discontinued financing activities | 0 | 0 | 0 |
Cash provided by financing activities | 38,212,082 | 24,173,371 | 4,011,603 |
Net increase (decrease) | 17,734,823 | 11,557,024 | (9,932,010) |
Cash, beginning of the year | 17,524,822 | 5,967,798 | 15,899,808 |
Cash, end of the year | $ 35,259,645 | $ 17,524,822 | $ 5,967,798 |
Nature of business
Nature of business | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Nature of business [abstract] | |
Nature of business | 1. Nature of business FSD Pharma Inc. (“FSD” or the “Company”) is a biotechnology company with three drug candidates in different stages of development. FSD Biosciences Inc., a wholly-owned subsidiary, is focused on pharmaceutical research and development ("R&D") of its lead compound, ultra-micronized palmitoylethanolamide (“PEA”) or FSD-PEA (also known as FSD-201). Through the Company’s wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), the Company is also focused on the research and development of its lead compounds, Lucid-PSYCH (also known as Lucid-201) and Lucid-MS (also known as Lucid-21-302). PEA, the active substance in FSD-PEA, interacts with the endocannabinoid system in the body and exhibits anti-inflammatory activities. FSD-PEA has completed FDA-approved Phase 1 clinical trials with positive topline results and the Company is currently evaluating potential Phase 2 indications. Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. 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 July 2020 and suspended all activities in September 2020. In March 2020, substantially all the assets of FV Pharma were classified as held for sale (refer to Note 6). The Company's registered office is located at 199 Bay Street, Suite 4000, Toronto, Ontario, M5L 1A9. Subsidiaries These audited consolidated financial statements are comprised of the financial results of the Company and its subsidiaries, which are the entities over which the Company 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, 2021 December 31, 2020 December 31, 2019 % % % FSD Biosciences Inc. USA 100 100 - Prismic Pharmaceuticals Inc. USA 100 100 100 FV Pharma Inc. Canada 100 100 100 Lucid Psycheceuticals Inc. Canada 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. The Company's clinical trials for the use of FSD-PEA, a compound to treat suspected or confirmed cases of COVID-19, were placed on hold during the year pending the completion of a study to assess the commercial viability of FSD-PEA as a treatment for COVID-19. Following the completion of the study, the Company announced on August 24, 2021, that it was terminating the Phase 2 clinical program specific to treating COVID-19. The impact of COVID-19 did not have a material impact on the continuing operations or financial results of the Company for the years ended December 31, 2021 and 2020. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2021 | |
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 30, 2022. [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 IAS 36, Impairment of Assets ("IAS 36") [c] Basis of presentation The accompanying financial statements include the accounts of FSD and its subsidiaries, FV Pharma Inc., FSD Biosciences Inc., Prismic Pharmaceuticals Inc. and Lucid Psycheceuticals Inc. The financial statements incorporate the assets and liabilities of the Company and its subsidiaries as at December 31, 2021 and 2020 and the results of these subsidiaries for the years ended December 31, 2021, 2020 and 2019. Subsidiaries are 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, revenues, 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: FSD Biosciences Inc. United States Dollar Prismic Pharmaceuticals Inc. (Note 4) United States Dollar FV Pharma Inc. Canadian Dollar Lucid Psycheceuticals Inc. (Note 5) Canadian Dollar The Company 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 dollar using the exchange rate as at October 1, 2020, which is the date of the change in the functional and presentation currency. The impact of the retrospective application to the December 31, 2019 and 2018 financial information was reflected in the Company's December 31, 2020 audited financial statements. [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] Going concern 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] Contingencies 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. The actual results may vary and may cause significant adjustments. [iii] Intangible assets 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. The Company reviews intangible assets for impairment annually or when impairment indicators exist. If the recoverable amount of the respective intangible asset is less than its carrying amount, it is considered to be impaired. In the process of measuring the recoverable amount, management makes assumptions about future events and circumstances. The actual results may vary and may cause significant adjustments. [iv] Assets held for sale 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] Valuation of share-based payments and warrants Management measures the costs for share-based payments and warrants, including certain warrant liabilities, 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, warrants and warrant liabilities. [vi] Valuation of private company investments 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] Asset acquisition In the acquisition of Lucid on September 21, 2021, judgment was required to determine if the acquisition represented either a business combination or an asset purchase. Management concluded that Lucid 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 5 for additional information on the Company's asset acquisition. 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 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] Functional currency 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, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies [a] Cash Cash consists of cash and cash held in trust accounts. There are no restrictions on cash held in trust. [b] Property, Plant and Equipment 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. During the years ended December 31, 2020 and 2019, 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 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 - 15 years Expenditures on internally generated intangible assets during the development phase, which comprise deferred development costs, are initially capitalized and recognized in the consolidated balance sheet if they meet the recognition criteria. Subsequent to initial recognition, deferred development costs are accounted for at cost less accumulated amortization and are amortized on a straight-line basis over an estimated useful life beginning once the deferred development costs are used in commercial production. Expenditures on internally generated intangible assets during the research phase are expensed as incurred. [d] Revenue Recognition 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 was recognized when the Company transfers control of the good to the customer. This was 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 recognized 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. Prior to surrendering its cannabis licenses, 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 6) represents revenue from the sale of goods less applicable excise tax. [e] Foreign Currency Translation Foreign currency transactions are translated into functional currencies at exchange rates in effect on the date of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated into functional currencies at the foreign exchange rate applicable at that period-end date. 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. Expenses are translated at the exchange rates that approximate those in effect on the date of the transaction. Realized and unrealized exchange gains and losses are recognized in the consolidated statement of loss and comprehensive loss. On consolidation, assets and liabilities of operations with functional currency other than United States dollar are translated into United States dollar at period end foreign currency rates. Expenses of such operations are translated into the United States dollar at average rates for the period. Foreign currency translation gains and losses are recognized in other comprehensive income. The relevant amount in cumulative foreign currency translation adjustment is reclassified into earnings upon disposition of a foreign operation. [f] Inventories 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. [g] Financial Instruments 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. • Financial assets 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. • Financial liabilities 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. • Financial liabilities and equity instruments • Classification as debt or equity 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. • Equity instruments 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. • Classification of financial 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: Cash Amortized cost Other receivables Amortized cost Investments Fair value through profit or loss Trade and other payables Amortized cost Warrants liability Fair value through profit or loss Notes payable Amortized cost • Impairment of financial assets 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. [h] Impairment of long-lived assets 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 Taxes Income tax expense comprises 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-based Compensation 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 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, amendments and interpretations not yet adopted by the Company IAS 1, Presentation of financial statements ("IAS 1") In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1). The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the consolidated statements of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. In July 2020, the effective date was deferred to January 1, 2023. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 37, Provisions, Contingent Liabilities and Contingent Assets ("IAS 37") In May 2020, the IASB issued Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37). The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract and can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 16, Property, Plant and Equipment ("IAS 16") In May 2020, the IASB issued Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16). The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors ("IAS 8") In February 2021, the IASB issued Definition of Accounting Estimates, which amends IAS 8. The amendment will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty". The amendment provides clarification to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 12, Income Taxes ("IAS 12") In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a single transaction (Amendments to IAS 12). The amendment narrows the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal taxable and deductible temporary differences. As a result, companies will need to recognize a deferred tax asset and deferred tax liability for temporary differences arising on initial recognition of transactions such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. The Company is still assessing the impact of adopting these amendments on its financial statements. IFRS 9, Financial Instruments ("IFRS 9") As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for annual reporting periods beginning on or after January 1, 2022, with earlier adoption permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. All other IFRSs and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the Consolidated Financial Statements. |
Acquisition of Prismic
Acquisition of Prismic | 12 Months Ended |
Dec. 31, 2021 | |
Prismic | |
Disclosure of detailed information about business combination [line items] | |
Acquisition of Prismic | 4. Acquisition of Prismic 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. The purchase consideration consisted of $12,361,657 of Class B subordinate voting shares, $1,931,384 of share options and $1,420,407 of warrants. The fair value of the Class B subordinate voting shares was determined based on a total of 510,940 shares issued and a fair value of C$32.16 per share, which reflects the share price on the date of acquisition. The fair value of the 89,898 share options and 67,598 warrants issued as part of the consideration were determined using a Black-Scholes options pricing model with the following assumptions: Warrants Share Options Grant date share price C$32.16 C$32.16 Exercise Price C$2.61 - C$26.73 C$2.61 - C$17.89 Expected dividend yield - - Risk free interest rate 1.41% - 1.52% 1.39% - 1.66% Expected life (years) 1.39 - 6.55 0.98 - 16.21 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 |
Acquisition of Lucid
Acquisition of Lucid | 12 Months Ended |
Dec. 31, 2021 | |
Lucid | |
Disclosure of detailed information about business combination [line items] | |
Acquisition of Lucid | 5. Acquisition of Lucid On September 21, 2021, the Company acquired all of the issued and outstanding common shares of Lucid, an early-stage Canadian-based specialty pharmaceutical company focused on the development of therapies to treat critical neurodegenerative diseases, for total consideration of $7,290,731. The acquisition is part of the Company’s strategy of building a portfolio of biotech assets. Prior to the acquisition, the Company’s interim CEO and Executive Co-Chairman of the Board beneficially held approximately 4.5% ownership interest in Lucid through an entity related to this individual. It was determined that the acquisition of Lucid did not qualify as a business combination in accordance with IFRS 3 The total consideration for the purchase of Lucid was $7,290,731. The purchase consideration consisted of $7,023,732 of Class B shares, $196,436 of share options and $70,563 of warrants. 304,880 Class B shares and all of the warrants were issued to an entity related to the interim CEO and Executive Co-Chairman of the Board. The fair value of the Class B shares was determined based on a total of 4,502,392 shares issued and a fair value of $1.56 per share, which reflects the share price on the date of acquisition. The fair value of the 161,091 share options and 112,162 warrants issued as part of the consideration were determined using the Black-Scholes options pricing model with the following assumptions: Warrants Share Options Grant date share price $1.56 $1.56 Exercise Price $0.96 - $1.93 $1.35 - $2.31 Expected dividend yield - - Risk free interest rate 0.43% 0.43% - 0.79% Expected life (years) 1.19 - 1.28 2.23 - 4.28 Annualized volatility 88% 124% The allocation of the total consideration to the fair value of the identifiable assets acquired and liabilities assumed as at the date of the acquisition was as follows: Fair value recognized on acquisition $ Cash and cash equivalents 768,964 Other receivables 271,564 Prepaid expenses and deposits 167,776 Intangible assets 6,186,251 Trade and other payables (103,824 ) 7,290,731 The Company also capitalized $128,320 of acquisition related costs to the acquired intellectual property (Note 11). |
Assets held for sale
Assets held for sale | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Assets Held For Sale [Abstract] | |
Assets held for sale | 6. 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 exit the medical cannabis industry and sell FV Pharma's facility located at 520 William Street, Cobourg, Ontario, K9A 3A5 (the "Facility") and the 64-acre property on which the Facility is located (the “Facility Property”). On February 23, 2022, the Company entered into a firm agreement in connection with the sale of the Facility and the Facility Property. In consideration for the purchase of the Facility and the Facility Property, the purchaser has agreed to pay a cash sum of C$16,500,000, including a deposit of C$660,000. The deposit was received by the Company on February 24, 2022 and the sale is expected to close in mid 2022. Initially, assets held for sale consisted of the Facility and Facility Property, all biological assets and inventory on hand, and equipment related to the Facility operations (collectively the "Disposal Group"). During the year ended December 31, 2020, the Company either sold or recognized impairment losses on biological assets, inventory and equipment. It is anticipated that no liabilities of the Company will be transferred as part of any proposed transaction. Results of operations related to the Disposal Group are reported as discontinued operations for the years ended December 31, 2021, 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, 2021 and 2020 consisted of the following: 2021 2020 $ $ Property and plant 8,647,779 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 July 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 years ended December 31, 2021, 2020 and 2019 is comprised of the following: For the year ended December 31, Notes 2021 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 19 1,412,392 1,665,541 2,735,286 Depreciation and amortization - 90,340 424,199 Impairment of equipment - 387,474 132,273 Total operating expenses 1,412,392 2,143,355 3,291,758 Loss from discontinued operations (1,412,392 ) (3,326,792 ) (5,102,544 ) Other income (64,919 ) (79,568 ) (53,987 ) Loss on sale of equipment - 100,337 - Net loss from discontinued operations (1,347,473 ) (3,347,561 ) (5,048,557 ) Cash flows from discontinued operations for the years ended December 31, 2021, 2020 and 2019 are comprised of the following: For the year ended December 31, 2021 2020 2019 $ $ $ Operating activities Net loss from discontinued operations (1,347,473 ) (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 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 Other receivables 38,822 960,778 (423,945 ) Prepaid expenses and deposits (20,091 ) 279,870 54,226 Inventories - (21,932 ) (709,373 ) Biological assets - (166,886 ) (513,625 ) Trade and other payables (53,299 ) 63,861 (895,286 ) Cash used in operating activities (1,382,041 ) (737,659 ) (6,581,998 ) F-19 FSD PHARMA INC. Notes to the consolidated financial statements (expressed in United States dollars) |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Other receivables | 7. Other receivables The Company's other receivables are comprised of the following: December 31, 2021 December 31, 2020 $ $ Sales tax recoverable 272,212 134,717 ITC Receivable 228,752 - Other - 26,625 500,964 161,342 |
Prepaid expenses and deposits
Prepaid expenses and deposits | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Deposits [Abstract] | |
Prepaid expenses and deposits | 8. Prepaid expenses and deposits The Company's prepaid expenses and deposits include the following: December 31, 2021 December 31, 2020 $ $ Insurance 116,649 246,752 Research and development 602,497 - Other prepaids and deposits 647,275 322,649 1,366,421 569,401 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Investments [Abstract] | |
Investments | 9. Investments The following tables outline changes in investments during the periods: Balance at Change in fair Foreign Balance at December 31, value through exchange Proceeds December 31, Entity Instrument Note 2019 profit or loss gain from sale 2020 $ $ $ $ $ Pharmadrug Inc. Shares (i) 255,075 397,006 - 652,081 - Cannara Biotech Inc. Shares (ii) 6,822,637 (997,208 ) - 5,825,429 - True Pharma Strip Inc. Shares (iii) - - - - - HUGE Shops Shares (iv) 572,401 7,674 20,358 - 600,433 SciCann Therapeutics Shares (v) 535,824 (354,910 ) 14,765 - 195,679 Solarvest BioEnergy Inc. Shares (vi) 327,251 106,380 14,047 - 447,678 Solarvest BioEnergy Inc. Warrants (vi) 87,756 (14,920 ) 1,977 - 74,813 Solarvest BioEnergy Inc. Convertible debenture (vi) 261,800 85,104 11,238 - 358,142 8,862,744 (770,874 ) 62,385 6,477,510 1,676,745 Balance at Change in fair value Balance at Entity Instrument Note December 31, 2020 through profit or loss December 31, 2021 $ $ $ True Pharma Strip Inc. Shares (iii) - 197 197 HUGE Shops Shares (iv) 600,433 (442,673 ) 157,760 SciCann Therapeutics Shares (v) 195,679 (195,600 ) 79 Solarvest BioEnergy Inc. Shares (vi) 447,678 (80,886 ) 366,792 Solarvest BioEnergy Inc. Warrants (vi) 74,813 (74,813 ) - Solarvest BioEnergy Inc. Convertible debenture (vi) 358,142 (64,708 ) 293,434 1,676,745 (858,483 ) 818,262 Current 158,036 Non-Current 660,226 818,262 (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) True Pharma Strip Inc. ("True Pharma") On September 6, 2018, the Company subscribed for $1,128,450 of equity units in a brokered private placement. The equity investment is measured at fair value through profit or loss. True Pharma is not a publicly traded company; therefore, the fair value was classified as level 3 within the fair value hierarchy - significant unobservable inputs that are supported by little or no market activity. On December 31, 2021, the Company entered into an agreement to sell the investment. Subsequent to December 31, 2021, the Company completed the sale for gross proceeds of C$250 ($197). As at December 31, 2021, the fair value of the shares was determined to be $197 (2020 - $nil and 2019 - $nil) based on the sales agreement. (iv) 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. On December 31, 2021, the Company entered into an agreement to sell the investment. Subsequent to December 31, 2021, the Company completed the sale for gross proceeds of C$200,000 ($157,760). As at December 31, 2021, the fair value of the shares was determined to be $157,760 (2020 - $600,433 and 2019 - $572,401) based on the sales agreement. (v) SciCann Therapeutics Inc. ("SciCann") 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 is not a publicly traded company therefore, the fair value was classified as level 3 within the fair value hierarchy. On December 31, 2021, the Company entered into an agreement to sell the investment. Subsequent to December 31, 2021, the Company completed the sale for gross proceeds of C$100 ($79). As at December 31, 2021, the fair value of the shares was determined to be $79 (2020 - $195,679 and 2019 - $535,824) based on the sales agreement. (vi) 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 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. As at December 31, 2021, the fair value of the shares was determined based on the quoted market price of the shares of C$0.155 per share. The warrants expired unexercised during the year ended December 31, 2021. The fair value of the convertible debenture is calculated as the fair value of the shares if the debenture were converted at the SVS share price of C$0.155 as at December 31, 2021. The shares have been classified as level 1 within the fair value hierarchy - quoted market price, and the convertible debenture has been classified as level 2 - valuation technique with observable market inputs. |
Right-of-use asset
Right-of-use asset | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use asset | 10. Right-of-use asset Right-of-use assets as at December 31, 2021 are as follows: $ Balance - December 31, 2019 95,851 Amortization (5,991 ) Impairment (89,860 ) Balance - December 31, 2020 - Additions 179,755 Amortization (8,300 ) Effects of foreign exchange (3,148 ) Balance - December 31, 2021 168,307 As of March 31, 2020, the Company did not occupy one of the leased premises and has been unsuccessful in subleasing this space. As a result, the Company recognized an impairment loss of $89,860 resulting in a right-of-use asset balance of $nil as of December 31, 2020. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Changes in intangible assets other than goodwill [abstract] | |
Intangible assets | 11. Intangible assets Intangible assets as at December 31, 2021 are as follows: $ As at December 31, 2019 18,696,229 Effects of foreign exchange 505,264 As at December 31, 2020 19,201,493 Additions 500,000 Acquisition of Lucid 6,314,571 As at December 31, 2021 26,016,064 Accumulated amortization 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 Amortization 4,037,223 As at December 31, 2021 9,814,325 Net book value As at December 31, 2020 13,424,391 As at December 31, 2021 16,201,739 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. On March 9, 2021, the Company 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 Company is required to make payments to Innovet upon the achievement of certain milestones (Note 21), including $500,000 which was paid upon execution of the Innovet License Agreement as consideration in exchange for the rights to the Licensed Products. The life of the intellectual property has been determined to be 5 years. Amortization of the intellectual property commenced on the date of the agreement. The Company acquired intellectual property as part of the acquisition of Lucid on September 21, 2021. The intellectual property acquired relates to license and service agreements between Lucid and the University Health Network, as well as the related patents and/or patent applications associated with the Lucid-MS and Lucid-PSYCH compounds. The cost of the acquired intellectual property of $6,314,571 consists of $6,186,251 of the total purchase consideration allocated and $128,320 of acquisition related costs capitalized. The life of the intellectual property has been determined to be 15 years, which represents the remaining life of the patents. Amortization of the intellectual property commenced on the date of acquisition. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Trade and other payables | 12. Trade and other payables Trade and other payables consist of the following: December 31, 2021 December 31, 2020 $ $ Trade payables 2,995,726 2,063,162 Accrued liabilities (i) 4,455,346 1,622,227 Other payables 59,699 14,714 7,510,771 3,700,103 (i) Accrued liabilities consist of the following: December 31, 2021 December 31, 2020 $ $ External research and development fees 3,062,844 248,898 Operational expenses 412,008 229,758 Professional fees 570,193 435,244 Accrued interest 364,275 349,566 Severance 46,026 166,662 Bonus - 192,099 4,455,346 1,622,227 |
Notes payable
Notes payable | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Notes payable | 13. Notes payable Notes payable consists of the following: December 31, 2021 December 31, 2020 $ $ Short-term notes 549 49,647 Notes payable 300,000 335,000 300,549 384,647 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. During the year ended December 31, 2021, the Company settled notes payables in the amount of $84,098, accrued interest of $45,346, and $201,695 of other Prismic related liabilities with cash of $290,246. A gain of $49,904 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, 2021 | |
Lease liabilities [abstract] | |
Lease obligations | 14. Lease obligations The lease obligations as at December 31, 2021, are as follows: $ Balance - 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 Additions 179,755 Add: Interest Expense 9,349 Less: Lease Payments (57,566 ) Effects of foreign exchange (2,144 ) Balance - December 31, 2021 255,356 Current 124,311 Non-current 131,045 Balance - December 31, 2021 255,356 Lease obligations are related to the Company's office leases. As of December 31, 2021, the Company did not occupy one of the leased premise. The Company has commenced plans to sublease the premise, however, it is unknown if or when the Company will be able to sublease the premises. 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 136,318 One to two years 138,862 Thereafter - Total undiscounted lease payments payable 275,180 Less: impact of present value (19,824 ) Balance - December 31, 2021 255,356 |
Warrants Liability
Warrants Liability | 12 Months Ended |
Dec. 31, 2021 | |
Warrant Liabilities [Abstract] | |
Warrants Liability | 15. Warrants Liability In August 2020, the Company issued 2,762,430 Class B 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 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 dollar, which was not the functional currency of the Company at the time resulting in variability in exercise price. The change in functional currency on October 1, 2020, 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 in fiscal 2020. 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. 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%. The fair value of the warrants liability as at December 31, 2021, was $765,403 resulting in a gain on change in fair value of $682,507 for the year ended December 31, 2021. 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 $1.02, risk-free interest rate of 1.22% and annualized volatility of 120%. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Share capital | 16. 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. Class A shares are held by certain Directors and the former CEO of the Company. The holders of Class B shares are entitled to one (1) vote per share held. [b] Issued and outstanding Reconciliation of the Company's share capital is as follows: Class A shares Class B shares Warrants # $ # $ # $ Balance, December 31, 2018 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 - - 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 Shares issued [p] - - 15,480,462 38,341,407 - - Share-based payments [q] [r] [s] - - 1,462,558 3,751,412 100,000 98,513 Share cancellation [q] - - (156,278 ) - - - Lucid acquisition [t] - - 4,502,392 7,023,732 112,162 70,563 Warrants expired - - - - (4,476 ) (617 ) Balance, December 31, 2021 72 151,588 40,450,754 152,173,089 6,956,795 5,137,417 [a] On April 24, 2019, the Company entered into a share exchange agreement with Aura. Pursuant to the share exchange agreement, FSD acquired 13,562,386 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. On September 20, 2019, the Company issued an additional 61,892 Class B shares as part of the adjustment of purchase price related to the share exchange agreement with Aura to settle the related derivative liability. As part of the settlement, the Company recognized a loss on change in the fair value of derivative liability of $1,069,798. [b] On May 7, 2019, the Company entered into an agreement with Solarvest. Per the agreement the Company issued 49,751 Class B Shares to Solarvest in exchange for the investment in Solarvest for a total fair value of $1,880,750. Refer to Note 9 for details regarding the investment in Solarvest. [c] On October 4, 2019, the Company issued 3,735 Class B shares in settlement for trade payables of $18,808. [d] On November 4, 2019, the Company completed a private placement through 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] On June 28, 2019, the Company acquired all outstanding common and preferred shares of Prismic through the issuance of an aggregate of 510,940 Class B Shares. The Class B Shares issued to the Prismic shareholders were deposited into escrow upon closing of the transaction and were subject to an 18-month staggered escrow release. [f] On January 2, 2020, the Company issued 27,580 Class B Common Shares as share-based compensation to certain members of the Board of Directors for services performed as directors for the fiscal year 2019 for the amount payable of $74,117, which was recorded as trade and other payables as at December 31, 2019. [g] On February 4, 2020, the Company issued 225,371 Class B Common Shares to Solarvest as settlement under the Share Exchange Agreement to settle the derivative liability of $1,990,788. [h] On March 16, 2020, the Company issued 405,926 Class B Common Shares as part of a share-based bonus to employees for performance related to fiscal year 2019 resulting in movement of $1,302,076 from contributed surplus to share capital and the recognition of an additional share-based compensation expense of $93,502 as a result of the increase in value of the shares issued. [i] On March 16, 2020, the Company issued 69,069 Class B Common Shares to members of the Board of Directors as share-based compensation, in lieu of cash, for their annual compensation for the year ended December 31, 2020. [j] On April 15, 2020, the Company issued 63,714 Class B Common Shares to settle Prismic notes payable of $226,385. The fair value of the Class B Common Shares was $185,976 resulting in a gain on settlement of liability of $40,409. [k] On June 8, 2020, the Company issued 1,500,000 Class B Common Shares and 1,500,000 warrants as part of a private placement financing for total cash proceeds of C$10,125,000 ($7,617,038). The more reliably measured component, Class B Common Shares, were measured first, with the residual amount being allocated to the warrants. The fair value of the Class B Common Shares was $7,515,477 and the residual value allocated to the warrants was $101,561. The Company incurred issuance costs of $707,043, which has been allocated pro-rata to the common shares and warrants. [l] On August 6, 2020, the Company issued 2,762,430 Class B Common Shares and 1,381,215 warrants as part of a direct offering for total cash proceeds of $9,999,997. Total cash proceeds were allocated to the warrants liability first with the residual amount allocated to the Class B Common Shares (Note 15). The fair value of the warrants liability was determined to be $3,289,069 and the residual amount of $6,710,928 was allocated to the Class B Common Shares. The Company incurred total cash transaction costs of $913,349. Transaction costs allocated to the warrants of $284,049 were expensed immediately and the transaction costs allocated to common shares were deducted from equity. [m] In August 2020, the Company approved the issuance of 1,804,994 Class B Common Shares to members of the Board of Directors and certain officers and employees of the company in the form of a compensation bonus for past services provided. Total fair value of the share-based compensation bonus was $4,956,324. [n] In October 2020, the Company issued 4,318,179 Class B Common Shares and 3,454,543 warrants as part of a direct offering for total proceeds of $9,499,994. The more reliably measured component, Class B Common Shares, were measured first, with the residual amount being allocated to the warrants. The fair value of the Class B Common Shares was $8,377,267 and the residual value allocated to the warrants was $1,122,727. The Company incurred issuance costs of $879,621, which has been allocated pro-rata to the common shares and warrants. [o] During the year ended December 31, 2020, the Company issued 56,248 Class B Common Shares through the Equity Distribution Agreement with A.G.P/Alliance Global Partners for net proceeds of $199,785. [p] During the year ended December 31, 2021, the Company issued 15,480,462 Class B shares through the Equity Distribution Agreements with A.G.P/Alliance Global Partners for gross proceeds of $39,765,474. The Company incurred transaction fees of $1,424,067. [q] On February 17, 2021, the Company issued 1,349,764 Class B shares to certain officers and members of the Board of Directors as share-based compensation with a fair value of $3,576,875 based on a share-price of $2.65 on the day of issuance. In June 2021, 156,278 Class B shares issued to certain members of the Board of Directors were cancelled. On March 8, 2022, following litigation with respect to certain of the shares issued to Raza Bokhari in February 2021, the court issued a decision cancelling 504,888 of the shares issued to Raza Bokhari (see Note 21). [r] On July 26, 2021, the Company issued 100,000 warrants to a related party with a fair value of $98,513. Each warrant is exercisable to purchase one Class B share of the Company. The fair value was determined using the Black-Scholes option pricing model and the following assumptions: exercise price of $1.99, underlying share price of $1.63, risk-free interest rate of 0.46% and annualized volatility of 129%. [s] During the year ended December 31, 2021, the Company issued 112,794 Class B shares for services received during the period with a fair value of $174,537. [t] On September 21, 2021, the Company issued 4,502,392 Class B shares and 112,162 warrants as part of the Lucid acquisition (Note 5). The changes in the number of warrants outstanding during the years ended December 31, 2021, 2020 and 2019 were as follows: Weighted average Number of warrants exercise price # C$ 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 Issued 212,162 1.93 Expired (4,476 ) 5.43 Outstanding as at December 31, 2021 6,956,795 5.50 Measurement of fair values The fair value of warrants issued during the years ended December 31, 2021, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs: 2021 2020 2019 Grant date share price C$2.00 - C$2.04 C$2.58 - C$4.00 C$32.16 Exercise price C$1.53 - C$2.50 C$3.46 - C$5.80 C$2.61 - C$26.73 Expected dividend yield - - - Risk free interest rate 0.43% - 0.46% 0.32% 0.36% 1.41% - 1.52% Expected life 1.19 - 2 years 5 years 1.39 - 6.55 years Expected volatility 88% - 129% 118% - 121% 100% The following table is a summary of the Company's warrants outstanding as at December 31, 2021: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 November 30, 2022 1.21 46,242 December 31, 2022 2.43 65,920 May 20, 2023 16.08 7,311 June 23, 2023 2.50 100,000 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, 2025 (i) 5.40 1,381,215 October 20, 2025 (ii) 3.30 3,454,543 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 5.50 6,956,795 (i) Warrants were issued in US$ with exercise price of $4.26 (ii) Warrants were issued in US$ with exercise price of $2.60 The following table is a summary of the Company's warrants outstanding as at December 31, 2020: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # 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, 2025 (i) 5.42 1,381,215 October 20, 2025 (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) Warrants were issued in US$ with exercise price of $4.26 (ii) Warrants were issued in US$ with exercise price of $2.60 The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # 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, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation | 17. Share-based compensation 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 years ended December 31, 2021, 2020 and 2019 were as follows: Weighted average Number of options exercise price # 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 Exercisable as at December 31, 2019 1,200,242 21.24 Weighted average Number of options exercise price # C$ 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 Weighted average Number of options exercise price # C$ Outstanding as at December 31, 2020 1,693,063 6.11 Granted 2,841,086 2.26 Forfeited (47,500 ) 4.83 Expired (953,803 ) 4.87 Cancelled (307,987 ) 9.85 Outstanding as at December 31, 2021 3,224,859 2.75 Exercisable as at December 31, 2021 3,197,601 2.72 During the year ended December 31, 2021, 953,803 share options related to former members of the Board of Directors, officers and employees who are no longer with the Company expired. Individuals who are no longer with the Company have 30 days after their last day to exercise any vested share options. Vested options that remain unexercised after 30 days expire. During the year ended December 31, 2021, the Company cancelled 307,987 options outstanding in accordance with the Option Plan and agreements with the respective option holders. 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 the 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%. Measurement of fair values The fair value of share options granted during the years ended December 31, 2021, 2020 and 2019 were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs: 2021 2020 2019 Grant date share price C$1.96 - C$2.85 C$3.75 - C$9.54 C$6.45 - C$75.38 Exercise price C$1.70 - C$4.25 C$3.68 - C$9.80 C$7.17 - C$75.38 Expected dividend yield - - - Risk free interest rate 0.34% - 1.10% 0.27% - 1.55% 1.24% - 1.90% Expected life 2 - 6 years 4 - 9 years 5 years Expected volatility 116% - 132% 120% 100% Expected volatility was estimated by using the annualized historical volatility of the Company. The expected option life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on Canadian government bonds with a remaining term equal to the expected life of the options. The following table is a summary of the Company's share options outstanding as at December 31, 2021: Options outstanding Options exercisable Weighted average remaining contractual Exercise price Number outstanding life [years] Exercise price Number exercisable C$ # # C$ # 1.70 154,953 3.46 1.70 154,953 2.91 5,150 4.00 2.91 5,150 2.25 2,559,995 2.42 2.25 2,559,995 2.61 12,684 1.49 2.61 12,683 3.75 10,500 3.92 3.75 6,500 3.86 256,245 3.21 3.86 252,993 4.42 99,503 0.71 4.42 99,502 4.75 15,000 3.29 4.75 15,000 5.43 16,265 1.49 5.43 16,264 7.63 50,000 4.00 7.63 30,000 10.65 3,731 1.49 10.65 3,730 13.07 10,856 1.49 13.07 10,855 13.47 1,418 1.49 13.47 1,418 16.08 18,410 1.49 16.08 18,409 17.89 4,178 1.49 17.89 4,178 18.09 2,488 1.24 18.09 2,488 50.25 3,483 2.28 50.25 3,483 2.75 3,224,859 2.50 2.72 3,197,601 The following table is a summary of the Company's share options outstanding as at December 31, 2020: Options outstanding Options exercisable Weighted average remaining contractual Exercise price Number outstanding 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 Weighted average remaining contractual Exercise price Number outstanding 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 The Company recognized share-based compensation for the year ended December 31, 2021, 2020 and 2019 as follows: For the year ended December 31 2021 2020 2019 $ $ $ Share options 3,594,005 2,825,863 10,780,853 Warrants 98,513 - - Class B Common Shares issued for services 174,537 - - Class B Common Shares issued for compensation 3,576,875 5,226,148 1,302,077 7,443,930 8,052,011 12,082,930 |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Loss per share | 18. 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 years ended December 31, 2021, 2020 and 2019 presented are as follows: December 31, 2021 December 31, 2020 December 31, 2019 # # # Warrants 6,956,795 6,749,109 467,451 Share Options 3,224,859 1,693,063 1,454,943 10,181,654 8,442,172 1,922,394 |
General and administrative
General and administrative | 12 Months Ended |
Dec. 31, 2021 | |
Selling, general and administrative expense [abstract] | |
General and administrative | 19. General and administrative Components of general and administrative expenses for the years ended December 31, 2021, 2020 and 2019 were as follows: Year ended December 31, 2021 2020 2019 $ $ $ Professional fees 6,256,165 2,734,123 3,101,136 General office, insurance and administration expenditures 3,479,801 3,616,159 1,742,550 Consulting fees 2,196,812 1,775,269 1,675,258 Salaries, wages and benefits 2,856,887 2,656,162 1,705,696 Investor relations 1,642,653 541,944 2,241,275 Building and facility costs 759,590 586,926 676,798 Foreign exchange gain (loss) 146,587 (186,959 ) - 17,338,495 11,723,624 11,142,713 Allocated to: Continuing operations 15,926,103 10,058,083 8,407,427 Discontinued operations 1,412,392 1,665,541 2,735,286 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | |
Income taxes | 20. Income taxes The reconciliation of income tax expense for the years ended December 31, 2021 and 2020 consists of the following: 2021 2020 $ $ Loss from continuing operations before income taxes (33,937,956 ) (28,452,232 ) Statutory federal and provincial tax rate 26.50% 26.50% Income tax recovery at the statutory tax rate (8,993,558 ) (7,539,841 ) Permanent differences 3,758,401 2,235,657 Book to filing adjustments 75,474 (1,545,244 ) Share issuance cost booked directly to equity (377,378 ) (584,538 ) Foreign exchange (120 ) (370,457 ) Change in tax benefits not recognized 5,537,181 7,804,423 - - 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, 2021 and 2020 are comprised of the following: 2021 2020 $ $ Other investments - - Capital losses carried forward - - Total - - Deferred tax assets have not been recognized in respect of the following temporary differences as at December 31, 2021 and 2020: 2021 2020 $ $ Non-capital losses - Canada 63,216,617 44,897,393 Net-operating loss - US 5,111,610 5,032,915 Unrealized foreign exchange loss 94,733 94,733 Share-issuance costs 3,349,261 3,419,003 Other investments 5,308,027 4,449,544 IFRS 16 87,050 125,962 Property, plant and equipment 167,653 88,248 Total 77,334,951 58,107,798 The Company's Canadian non-capital income tax losses expire as follows: $ 2038 6,471,979 2039 11,464,501 2040 23,261,185 2041 22,018,952 63,216,617 The company has cumulative US federal net operating loss carryforwards of approximately $5.11 million which will start to expire in 2026. Utilization of net operating loss carryforwards may be subject to limitations in the event of a change in ownership pursuant to United States Internal Revenue Code ("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 $4.93 million 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, 2021 | |
Disclosure Of Commitments And Contingent Liabilities [abstract] | |
Commitments and contingencies | 21. 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 U.S. 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 placed 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. Innovet License Agreement Under the terms of the Innovet license agreement, the Company has payments due to Innovet pending the achievement of specified milestones. Upon the one-year anniversary of the agreement, the non-refundable sum of $250,000 will be due and payable to Innovet. Within thirty days from the first notification by the FDA of approval of a New Animal Drug Application ("NADA"), the Company will pay the non-refundable sum of $750,000 to Innovet. 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 Innovet 14% of the lump sum payment received by the Company. 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 5% of Net Sales of the Licensed Product. The Company will pay the amounts payable on a quarterly basis within 60 days of the end of each calendar quarter. Lucid-MS Agreement The Company has entered into a license agreement that governs the Lucid-MS compound. Under the terms of the agreement, the Company shall pay a yearly license maintenance fee of C$100,000 until the first commercial sale of a product is made. Under the agreement the Company is committed to minimum milestones payments of $nil and maximum milestones payments of C$12,500,000 if all product development and regulatory milestones are met. Furthermore, the Company is also responsible to pay revenue milestone payments and royalties if revenue milestones from commercial sales are achieved. Milestones can be extended by mutual agreement. 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. Contract Research Organization ("CRO") Dispute The Company is involved in arbitration proceedings with a CRO regarding amounts claimed to be owed to the CRO by the Company. The CRO is claiming it is owed amounts outstanding for work on clinical trials in the United States. The Company is disputing the amounts claimed to be owed. The Company believes it has sufficiently provided for amounts claimed to be owed to the CRO which are recorded in trade and other payables. As at December 31, 2021, the ultimate outcome of the matter cannot be reliably determined at this time. 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) payment for breach of contract. 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. On March 9, 2021, the Company received a Case Management Order with respect to the claim against the Company before a British Employment Tribunal. The Case Management Order stipulated that the Tribunal would proceed to hear the claim for costs, although no specifics on timing have been received. The Claimant has also asserted that he has a breach of notice claim against the Company that Claimant values at £400,000. To date, the Claimant has not brought such a claim. On May 6, 2021, a judge granted a cost order in the sum of £10,287. In July 2021, the Company settled the claim for $228,373 (£165,000), which was paid during the year. The settlement 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. 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 Facility. On October 26, 2020, the Company entered into a definitive settlement agreement (“Settlement Agreement”) in the amount of C$5.5M and on February 4, 2021, the Settlement Agreement was approved by the Ontario Superior Court of Justice. 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. Parkway Clinical Laboratories Parkway Clinical Laboratories ("PCL"), a company wholly owned by the Company's former CEO, Raza Bokhari, has filed an action in Pennsylvania on July 8, 2021, against the Company. PCL has advanced two claims: (1) breach of contract in which PCL alleges that the Company failed to pay for $1,412,951 worth of services rendered (e.g., providing office space, personnel, and financial assistance); and (2) alleging that the Company received the benefit of the same services referenced in the breach of contract claim without paying for them. The matter is currently in the discovery phase, which is scheduled to end in April 2022, with a trial scheduled for June 27, 2022. The Company denies that the money sought by PCL is owed and intends to vigorously defend the claim. As the ultimate outcome of the matter cannot be reliably determined t this time no provision has been recorded for this matter as at December 31, 2021. Raza Bokhari On July 15, 2021, the Company's former CEO, Raza Bokhari, filed a notice of arbitration and is seeking relief and support for breach of contract and severance and damages in the amount of $30,200,000, for aggravated and punitive damages in the amount of $500,000 and legal fees and disbursements associated with the arbitration. Raza Bokhari was placed on administrative leave from his role as the Company’s Chief Executive Officer following the Company’s annual general and special meeting of shareholders on May 14, 2021, pending the outcome of an investigation of various concerns by a Special Committee comprised of independent directors using independent legal counsel. Upon the recommendation of the Special Committee, Raza Bokhari’s employment was terminated for cause by the Company’s board of directors on July 27, 2021. The arbitration hearing commenced in March 2022 and has proceeded through the production and oral examination stages. The Company disputes the allegations and intends to vigorously defend against the claim. It has counterclaimed against Raza Bokhari for losses sustained as a result of Raza Bokhari’s alleged breaches of his duties to the Corporation. As the ultimate outcome of the matter cannot be reliably determined at this time, no provision has been recorded for this matter as at December 31, 2021. Share Cancellation Application On July 2, 2021, the former CEO, Raza Bokhari, filed an action against the Company (the “Complaint”) seeking to prevent the Company from cancelling shares of the Company issued in February 2021, to Raza Bokhari. Raza Bokhari filed a Motion for Temporary Restraining order and Preliminary Injunction, in which he sought to prevent the defendants from interfering with his access to and use of the disputed shares. This motion was heard in court and denied in its entirety on July 26, 2021. On August 30, 2021, Raza Bokhari filed an Amended Complaint, which is substantively similar to his original Complaint, and includes the same claims. On December 2, 2021, the Court ordered the parties to present the dispute for binding arbitration in Ontario. The Court placed the case in civil suspense pending resolution of the Ontario arbitration. On July 21, 2021, the Company filed an application with the Ontario Superior Court to cancel shares issued to certain directors and officers of the Company on February 10, 2021. In December 2021, the Company reached an agreement with all of the former directors other than Raza Bokhari, under which the directors did not oppose the Company’s application and agreed to be bound by the decision in the application, and the Corporation agreed not to seek costs against them. The 156,278 shares issued to the former directors were cancelled during the year. The hearing proceeded before the court on December 20, 2021, related to the cancellation of shares issued to Raza Bokhari. On March 8, 2022, the court issued a decision in the application, permitting the share grant to Raza Bokhari until the date of his termination but cancelling the shares relating to services that were to be provided after the date of termination. Derivative Complaint On July 20, 2021, a shareholder filed a claim in Delaware against the Company and its directors and officers seeking to remedy harm they believe the directors and officers of the Company have caused by their actions. The shareholder has filed the claim on count of breach of fiduciary duties and corporate waste against the directors and officers with no dollar amount being claimed. On September 13, 2021, the Company filed a motion to dismiss in its entirety and the motion was heard on February 8, 2022. The ultimate outcome of the matter cannot be reliably determined at this time and no provision has been recorded for this matter as at December 31, 2021. Indemnity Application Dr. Raza Bokhari has commenced an application in the Superior Court seeking an order appointing an arbitrator to arbitrate his claim to be entitled to indemnification of his legal expenses associated with the litigation he has commenced against the Company or in which he has been named as a party by the Company. The Company denies the validity of the underlying indemnification agreement and is opposing the application, which is scheduled to be heard in May 2022. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 22. Related party transactions 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: a) The Company paid expenses of $262,834 (2020 - $1,445,043 and 2019 - $567,468) to a company owned by the former CEO for the year ended December 31, 2021, included in the consolidated statement of loss and comprehensive loss under various expense line categories. As at December 31, 2020, the former CEO had repaid a related party loan of $355,778 for withholding taxes paid by the Company on behalf of the CEO in relation to the Class B common shares issue during the year ended December 31, 2020. b) As at December 31, 2020, the former President of FSD BioSciences Division had repaid a related party loan of $21,876 for withholding taxes paid by the Company on behalf of the President of FSD BioSciences Division in relation to the Class B common shares issued during the year ended December 31, 2020. c) In fiscal 2021, the Company pays independent directors' compensation of C$60,000, with the chair of the audit committee receiving an additional C$20,000 and the chair of the compensation committee receiving an additional C$10,000. Director's compensation for the year ended December 31, 2021, was $757,690 (2020 - $246,226 and 2019 - $153,109), which includes $466,546 (2020 - $238,703 and 2019 - $nil) recognized as share-based compensation for shares issued. d) In February 2021, as compensation, the Company issued 1,349,764 shares with a fair value of $3,576,875 to Raza Bokhari, in his capacity as Board Chair and Chief Executive Officer, and to certain other directors. Of the 1,349,764 shares issued, 1,173,709, with a fair value of $3,110,330, were issued to Raza Bokhari and 176,055 shares, with a fair value of $466,545, were issued to other directors. In June 2021, 156,278 of the shares issued to directors in February 2021 were cancelled. On March 8, 2022, following litigation with respect to certain of the shares issued to Raza Bokhari in February 2021, the court issued a decision, permitting the part of the share grant to Raza Bokhari of 536,979 shares (see Note 21). e) During the year ended December 31, 2020, the Company issued 1,676,066 shares to key management and directors in the form of a compensation bonus for past services provided. The fair value of shares issued to key management and directors is $4,602,301 and is included in share-based payments and bonuses for the year ended December 31, 2020. f) The Company reimbursed certain directors C$1,334,158 for expenses incurred in relation to requisitioning, calling and holding the shareholders' meeting. Key management personnel compensation during the years ended December 31, 2021, 2020 and 2019 is comprised of: 2021 2020 2019 $ $ $ Salaries, benefits, bonuses and consulting fees 2,075,893 2,936,816 3,638,267 Share-based payments and bonuses 6,881,641 7,045,994 9,385,984 Total 8,957,534 9,982,810 13,024,251 |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Capital Management [Abstract] | |
Capital Management | 23. Capital Management The Company's capital management objectives are to maintain financial flexibility in order to complete the pharmaceutical research and development programs centered on the lead compounds, FSD-PEA, Lucid-PSYCH and LUCID-MS. The Company defines capital as the aggregate of its capital stock and borrowings. As at December 31, 2021, the Company's Share Capital was $152,324,677 (2020 - $103,208,126) The Company does not have any long-term debt. Outstanding Notes payable were assumed on acquisition of Prismic and are due on demand. 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, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments and Risk Management | 24. 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 carry out 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 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, investments and trade 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 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, 2021, as there are no material long-term borrowings outstanding. • Other price risk 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, 2021. 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: • Level 1 - Unadjusted quoted prices as at the measurement date for identical assets or liabilities in active markets. • Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Significant unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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, 2021 | |
Disclosure of operating segments [abstract] | |
Segmented information | 25. 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, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 26. Subsequent events Subsequent to December 31, 2021, the Company repurchased and cancelled 1,524,700 Class B Common Shares at prevailing market prices as part of its share repurchase program. Subsequent to December 31, 2021, the Company issued 70,179 Class B shares for services. On February 23, 2022, the Company entered into an agreement for the sale of the Facility and the Facility Property for total consideration of CAD$16,500,000. The sale remains subject to the satisfaction of a number of closing conditions and is expected to close in mid 2022. On March 29, 2022, the Company cancelled 504,888 Class B shares previously held by the former CEO. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash | [a] Cash 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 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. During the years ended December 31, 2020 and 2019, 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 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 - 15 years Expenditures on internally generated intangible assets during the development phase, which comprise deferred development costs, are initially capitalized and recognized in the consolidated balance sheet if they meet the recognition criteria. Subsequent to initial recognition, deferred development costs are accounted for at cost less accumulated amortization and are amortized on a straight-line basis over an estimated useful life beginning once the deferred development costs are used in commercial production. Expenditures on internally generated intangible assets during the research phase are expensed as incurred. |
Revenue Recognition | [d] Revenue Recognition 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 was recognized when the Company transfers control of the good to the customer. This was 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 recognized 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. Prior to surrendering its cannabis licenses, 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 6) represents revenue from the sale of goods less applicable excise tax. |
Foreign Currency Translation | [e] Foreign Currency Translation Foreign currency transactions are translated into functional currencies at exchange rates in effect on the date of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated into functional currencies at the foreign exchange rate applicable at that period-end date. 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. Expenses are translated at the exchange rates that approximate those in effect on the date of the transaction. Realized and unrealized exchange gains and losses are recognized in the consolidated statement of loss and comprehensive loss. On consolidation, assets and liabilities of operations with functional currency other than United States dollar are translated into United States dollar at period end foreign currency rates. Expenses of such operations are translated into the United States dollar at average rates for the period. Foreign currency translation gains and losses are recognized in other comprehensive income. The relevant amount in cumulative foreign currency translation adjustment is reclassified into earnings upon disposition of a foreign operation. |
Inventories | [f] Inventories 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. |
Financial Instruments | [g] Financial Instruments 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. • Financial assets 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. • Financial liabilities 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. • Financial liabilities and equity instruments • Classification as debt or equity 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. • Equity instruments 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. • Classification of financial 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: Cash Amortized cost Other receivables Amortized cost Investments Fair value through profit or loss Trade and other payables Amortized cost Warrants liability Fair value through profit or loss Notes payable Amortized cost • Impairment of financial assets 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. |
Impairment of long-lived assets | [h] Impairment of long-lived assets 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 Taxes Income tax expense comprises 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-based Compensation 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 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 not yet adopted by the Company IAS 1, Presentation of financial statements ("IAS 1") In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1). The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the consolidated statements of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. In July 2020, the effective date was deferred to January 1, 2023. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 37, Provisions, Contingent Liabilities and Contingent Assets ("IAS 37") In May 2020, the IASB issued Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37). The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract and can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 16, Property, Plant and Equipment ("IAS 16") In May 2020, the IASB issued Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16). The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors ("IAS 8") In February 2021, the IASB issued Definition of Accounting Estimates, which amends IAS 8. The amendment will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty". The amendment provides clarification to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023. The Company is still assessing the impact of adopting these amendments on its financial statements. IAS 12, Income Taxes ("IAS 12") In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a single transaction (Amendments to IAS 12). The amendment narrows the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal taxable and deductible temporary differences. As a result, companies will need to recognize a deferred tax asset and deferred tax liability for temporary differences arising on initial recognition of transactions such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. The Company is still assessing the impact of adopting these amendments on its financial statements. IFRS 9, Financial Instruments ("IFRS 9") As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued an amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for annual reporting periods beginning on or after January 1, 2022, with earlier adoption permitted. The Company is still assessing the impact of adopting these amendments on its financial statements. All other IFRSs and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the Consolidated Financial Statements. |
Nature of business (Tables)
Nature of business (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Nature of business [abstract] | |
Schedule of ownership percentage in subsidiaries | Ownership percentage as at Entity Name Country December 31, 2021 December 31, 2020 December 31, 2019 % % % FSD Biosciences Inc. USA 100 100 - Prismic Pharmaceuticals Inc. USA 100 100 100 FV Pharma Inc. Canada 100 100 100 Lucid Psycheceuticals Inc. Canada 100 - - |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 - 15 years |
Acquisition of Prismic (Tables)
Acquisition of Prismic (Tables) - Prismic | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of share options and warrants | Warrants Share Options Grant date share price C$32.16 C$32.16 Exercise Price C$2.61 - C$26.73 C$2.61 - C$17.89 Expected dividend yield - - Risk free interest rate 1.41% - 1.52% 1.39% - 1.66% Expected life (years) 1.39 - 6.55 0.98 - 16.21 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 |
Acquisition of Lucid (Tables)
Acquisition of Lucid (Tables) - Lucid | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of share options and warrants | Warrants Share Options Grant date share price $1.56 $1.56 Exercise Price $0.96 - $1.93 $1.35 - $2.31 Expected dividend yield - - Risk free interest rate 0.43% 0.43% - 0.79% Expected life (years) 1.19 - 1.28 2.23 - 4.28 Annualized volatility 88% 124% |
Schedule of identifiable assets acquired and liabilities assumed | Fair value recognized on acquisition $ Cash and cash equivalents 768,964 Other receivables 271,564 Prepaid expenses and deposits 167,776 Intangible assets 6,186,251 Trade and other payables (103,824 ) 7,290,731 |
Assets held for sale (Tables)
Assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Assets Held For Sale [Abstract] | |
Schedule of components of assets held for sale | 2021 2020 $ $ Property and plant 8,647,779 8,610,504 |
Schedule of net loss and comprehensive loss from discontinued operations | For the year ended December 31, Notes 2021 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 19 1,412,392 1,665,541 2,735,286 Depreciation and amortization - 90,340 424,199 Impairment of equipment - 387,474 132,273 Total operating expenses 1,412,392 2,143,355 3,291,758 Loss from discontinued operations (1,412,392 ) (3,326,792 ) (5,102,544 ) Other income (64,919 ) (79,568 ) (53,987 ) Loss on sale of equipment - 100,337 - Net loss from discontinued operations (1,347,473 ) (3,347,561 ) (5,048,557 ) |
Schedule of cash flows from discontinued operations | For the year ended December 31, 2021 2020 2019 $ $ $ Operating activities Net loss from discontinued operations (1,347,473 ) (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 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 Other receivables 38,822 960,778 (423,945 ) Prepaid expenses and deposits (20,091 ) 279,870 54,226 Inventories - (21,932 ) (709,373 ) Biological assets - (166,886 ) (513,625 ) Trade and other payables (53,299 ) 63,861 (895,286 ) Cash used in operating activities (1,382,041 ) (737,659 ) (6,581,998 ) |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current payables [abstract] | |
Schedule of other receivables | December 31, 2021 December 31, 2020 $ $ Sales tax recoverable 272,212 134,717 ITC Receivable 228,752 - Other - 26,625 500,964 161,342 |
Prepaid expenses and deposits (
Prepaid expenses and deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses And Deposits [Abstract] | |
Schedule of prepaid expenses and deposits | December 31, 2021 December 31, 2020 $ $ Insurance 116,649 246,752 Research and development 602,497 - Other prepaids and deposits 647,275 322,649 1,366,421 569,401 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Investments [Abstract] | |
Schedule of investments | Balance at Change in fair Foreign Balance at December 31, value through exchange Proceeds December 31, Entity Instrument Note 2019 profit or loss gain from sale 2020 $ $ $ $ $ Pharmadrug Inc. Shares (i) 255,075 397,006 - 652,081 - Cannara Biotech Inc. Shares (ii) 6,822,637 (997,208 ) - 5,825,429 - True Pharma Strip Inc. Shares (iii) - - - - - HUGE Shops Shares (iv) 572,401 7,674 20,358 - 600,433 SciCann Therapeutics Shares (v) 535,824 (354,910 ) 14,765 - 195,679 Solarvest BioEnergy Inc. Shares (vi) 327,251 106,380 14,047 - 447,678 Solarvest BioEnergy Inc. Warrants (vi) 87,756 (14,920 ) 1,977 - 74,813 Solarvest BioEnergy Inc. Convertible debenture (vi) 261,800 85,104 11,238 - 358,142 8,862,744 (770,874 ) 62,385 6,477,510 1,676,745 Balance at Change in fair value Balance at Entity Instrument Note December 31, 2020 through profit or loss December 31, 2021 $ $ $ True Pharma Strip Inc. Shares (iii) - 197 197 HUGE Shops Shares (iv) 600,433 (442,673 ) 157,760 SciCann Therapeutics Shares (v) 195,679 (195,600 ) 79 Solarvest BioEnergy Inc. Shares (vi) 447,678 (80,886 ) 366,792 Solarvest BioEnergy Inc. Warrants (vi) 74,813 (74,813 ) - Solarvest BioEnergy Inc. Convertible debenture (vi) 358,142 (64,708 ) 293,434 1,676,745 (858,483 ) 818,262 Current 158,036 Non-Current 660,226 818,262 |
Right-of-use asset (Tables)
Right-of-use asset (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Schedule of Right-of-use asset | $ Balance - December 31, 2019 95,851 Amortization (5,991 ) Impairment (89,860 ) Balance - December 31, 2020 - Additions 179,755 Amortization (8,300 ) Effects of foreign exchange (3,148 ) Balance - December 31, 2021 168,307 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Changes in intangible assets other than goodwill [abstract] | |
Schedule of intangible assets | $ As at December 31, 2019 18,696,229 Effects of foreign exchange 505,264 As at December 31, 2020 19,201,493 Additions 500,000 Acquisition of Lucid 6,314,571 As at December 31, 2021 26,016,064 Accumulated amortization 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 Amortization 4,037,223 As at December 31, 2021 9,814,325 Net book value As at December 31, 2020 13,424,391 As at December 31, 2021 16,201,739 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | December 31, 2021 December 31, 2020 $ $ Trade payables 2,995,726 2,063,162 Accrued liabilities (i) 4,455,346 1,622,227 Other payables 59,699 14,714 7,510,771 3,700,103 |
Schedule of accrued liabilities | December 31, 2021 December 31, 2020 $ $ External research and development fees 3,062,844 248,898 Operational expenses 412,008 229,758 Professional fees 570,193 435,244 Accrued interest 364,275 349,566 Severance 46,026 166,662 Bonus - 192,099 4,455,346 1,622,227 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of notes payable | December 31, 2021 December 31, 2020 $ $ Short-term notes 549 49,647 Notes payable 300,000 335,000 300,549 384,647 |
Lease obligations (Tables)
Lease obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Schedule of lease obligations | $ Balance - 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 Additions 179,755 Add: Interest Expense 9,349 Less: Lease Payments (57,566 ) Effects of foreign exchange (2,144 ) Balance - December 31, 2021 255,356 Current 124,311 Non-current 131,045 Balance - December 31, 2021 255,356 |
Schedule of maturity analysis of operating lease payments | $ Less than one year 136,318 One to two years 138,862 Thereafter - Total undiscounted lease payments payable 275,180 Less: impact of present value (19,824 ) Balance - December 31, 2021 255,356 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Schedule of changes in share capital | Class A shares Class B shares Warrants # $ # $ # $ Balance, December 31, 2018 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 - - 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 Shares issued [p] - - 15,480,462 38,341,407 - - Share-based payments [q] [r] [s] - - 1,462,558 3,751,412 100,000 98,513 Share cancellation [q] - - (156,278 ) - - - Lucid acquisition [t] - - 4,502,392 7,023,732 112,162 70,563 Warrants expired - - - - (4,476 ) (617 ) Balance, December 31, 2021 72 151,588 40,450,754 152,173,089 6,956,795 5,137,417 |
Schedule of changes in warrants outstanding and weighted average exercise price | Weighted average Number of warrants exercise price # 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 Issued 212,162 1.93 Expired (4,476 ) 5.43 Outstanding as at December 31, 2021 6,956,795 5.50 |
Schedule of fair value assumptions of warrants outstanding | 2021 2020 2019 Grant date share price C$2.00 - C$2.04 C$2.58 - C$4.00 C$32.16 Exercise price C$1.53 - C$2.50 C$3.46 - C$5.80 C$2.61 - C$26.73 Expected dividend yield - - - Risk free interest rate 0.43% - 0.46% 0.32% 0.36% 1.41% - 1.52% Expected life 1.19 - 2 years 5 years 1.39 - 6.55 years Expected volatility 88% - 129% 118% - 121% 100% |
Schedule of number of warrants outstanding and exercise price | Warrants Outstanding Exercise price Number outstanding Expiry Date C$ # May 24, 2022 18.09 163,535 September 15, 2022 4.42 199,005 November 30, 2022 1.21 46,242 December 31, 2022 2.43 65,920 May 20, 2023 16.08 7,311 June 23, 2023 2.50 100,000 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, 2025 (i) 5.40 1,381,215 October 20, 2025 (ii) 3.30 3,454,543 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 5.50 6,956,795 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, 2025 (i) 5.42 1,381,215 October 20, 2025 (ii) 3.31 3,454,543 January 16, 2026 26.73 1,722 January 20, 2026 26.73 373 5.62 6,749,109 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, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of stock options granted | Weighted average Number of options exercise price # 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 Exercisable as at December 31, 2019 1,200,242 21.24 Weighted average Number of options exercise price # C$ 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 Weighted average Number of options exercise price # C$ Outstanding as at December 31, 2020 1,693,063 6.11 Granted 2,841,086 2.26 Forfeited (47,500 ) 4.83 Expired (953,803 ) 4.87 Cancelled (307,987 ) 9.85 Outstanding as at December 31, 2021 3,224,859 2.75 Exercisable as at December 31, 2021 3,197,601 2.72 |
Schedule of fair values of options granted using the Black-Scholes option pricing model | 2021 2020 2019 Grant date share price C$1.96 - C$2.85 C$3.75 - C$9.54 C$6.45 - C$75.38 Exercise price C$1.70 - C$4.25 C$3.68 - C$9.80 C$7.17 - C$75.38 Expected dividend yield - - - Risk free interest rate 0.34% - 1.10% 0.27% - 1.55% 1.24% - 1.90% Expected life 2 - 6 years 4 - 9 years 5 years Expected volatility 116% - 132% 120% 100% |
Schedule of number and weighted average remaining contractual life of outstanding and exercisable share options | The following table is a summary of the Company's share options outstanding as at December 31, 2021: Options outstanding Options exercisable Weighted average remaining contractual Exercise price Number outstanding life [years] Exercise price Number exercisable C$ # # C$ # 1.70 154,953 3.46 1.70 154,953 2.91 5,150 4.00 2.91 5,150 2.25 2,559,995 2.42 2.25 2,559,995 2.61 12,684 1.49 2.61 12,683 3.75 10,500 3.92 3.75 6,500 3.86 256,245 3.21 3.86 252,993 4.42 99,503 0.71 4.42 99,502 4.75 15,000 3.29 4.75 15,000 5.43 16,265 1.49 5.43 16,264 7.63 50,000 4.00 7.63 30,000 10.65 3,731 1.49 10.65 3,730 13.07 10,856 1.49 13.07 10,855 13.47 1,418 1.49 13.47 1,418 16.08 18,410 1.49 16.08 18,409 17.89 4,178 1.49 17.89 4,178 18.09 2,488 1.24 18.09 2,488 50.25 3,483 2.28 50.25 3,483 2.75 3,224,859 2.50 2.72 3,197,601 The following table is a summary of the Company's share options outstanding as at December 31, 2020: Options outstanding Options exercisable Weighted average remaining contractual Exercise price Number outstanding 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 Weighted average remaining contractual Exercise price Number outstanding 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 |
Schedule of share-based compensation | For the year ended December 31 2021 2020 2019 $ $ $ Share options 3,594,005 2,825,863 10,780,853 Warrants 98,513 - - Class B Common Shares issued for services 174,537 - - Class B Common Shares issued for compensation 3,576,875 5,226,148 1,302,077 7,443,930 8,052,011 12,082,930 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of loss per share | December 31, 2021 December 31, 2020 December 31, 2019 # # # Warrants 6,956,795 6,749,109 467,451 Share Options 3,224,859 1,693,063 1,454,943 10,181,654 8,442,172 1,922,394 |
General and administrative (Tab
General and administrative (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Selling, general and administrative expense [abstract] | |
Schedule of general and administrative expense | Year ended December 31, 2021 2020 2019 $ $ $ Professional fees 6,256,165 2,734,123 3,101,136 General office, insurance and administration expenditures 3,479,801 3,616,159 1,742,550 Consulting fees 2,196,812 1,775,269 1,675,258 Salaries, wages and benefits 2,856,887 2,656,162 1,705,696 Investor relations 1,642,653 541,944 2,241,275 Building and facility costs 759,590 586,926 676,798 Foreign exchange gain (loss) 146,587 (186,959 ) - 17,338,495 11,723,624 11,142,713 Allocated to: Continuing operations 15,926,103 10,058,083 8,407,427 Discontinued operations 1,412,392 1,665,541 2,735,286 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | |
Schedule of provision for income taxes | 2021 2020 $ $ Loss from continuing operations before income taxes (33,937,956 ) (28,452,232 ) Statutory federal and provincial tax rate 26.50% 26.50% Income tax recovery at the statutory tax rate (8,993,558 ) (7,539,841 ) Permanent differences 3,758,401 2,235,657 Book to filing adjustments 75,474 (1,545,244 ) Share issuance cost booked directly to equity (377,378 ) (584,538 ) Foreign exchange (120 ) (370,457 ) Change in tax benefits not recognized 5,537,181 7,804,423 - - |
Schedule of deferred tax assets (liabilities) | 2021 2020 $ $ Other investments - - Capital losses carried forward - - Total - - |
Schedule of temporary differences for which no deferred tax asset is recognised | 2021 2020 $ $ Non-capital losses - Canada 63,216,617 44,897,393 Net-operating loss - US 5,111,610 5,032,915 Unrealized foreign exchange loss 94,733 94,733 Share-issuance costs 3,349,261 3,419,003 Other investments 5,308,027 4,449,544 IFRS 16 87,050 125,962 Property, plant and equipment 167,653 88,248 Total 77,334,951 58,107,798 |
Schedule of non-capital loss carryforwards | $ 2038 6,471,979 2039 11,464,501 2040 23,261,185 2041 22,018,952 63,216,617 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of key management personnel compensation | 2021 2020 2019 $ $ $ Salaries, benefits, bonuses and consulting fees 2,075,893 2,936,816 3,638,267 Share-based payments and bonuses 6,881,641 7,045,994 9,385,984 Total 8,957,534 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FSD Biosciences Inc. | |||
Disclosure of subsidiaries [line items] | |||
Country | USA | ||
Ownership percentage | 100.00% | 100.00% | 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% |
Lucid Psycheceuticals Inc. | |||
Disclosure of subsidiaries [line items] | |||
Country | Canada | ||
Ownership percentage | 100.00% | 0.00% | 0.00% |
Significant accounting polici_4
Significant accounting policies - Schedule of estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 - 15 years |
Acquisition of Prismic (Narrati
Acquisition of Prismic (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 - Schedu
Acquisition of Prismic - Schedule of black scholes options pricing model (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 28, 2019Year$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Warrants [Abstract] | ||||
Grant date share price | $ 32.16 | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Expected life (years) | 5 years | |||
Annualized volatility | 120.00% | 117.00% | 100.00% | |
Bottom of range | ||||
Warrants [Abstract] | ||||
Grant date share price | $ 2 | $ 2.58 | ||
Exercise price | $ 1.53 | $ 3.46 | $ 2.61 | |
Risk free interest rate | 0.43% | 0.32% | 1.41% | |
Expected life (years) | 1 year 2 months 8 days | 1 year 4 months 20 days | ||
Annualized volatility | 88.00% | 118.00% | ||
Top of range | ||||
Warrants [Abstract] | ||||
Grant date share price | $ 2.04 | $ 4 | ||
Exercise price | $ 2.50 | $ 5.80 | $ 26.73 | |
Risk free interest rate | 0.46% | 0.36% | 1.52% | |
Expected life (years) | 2 years | 6 years 6 months 18 days | ||
Annualized volatility | 129.00% | 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 - Sche_2
Acquisition of Prismic - Schedule of identifiable assets acquired and liabilities assumed (Details) - 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 |
Acquisition of Lucid (Narrative
Acquisition of Lucid (Narrative) (Details) - Lucid | 1 Months Ended |
Sep. 21, 2021USD ($)Share$ / sharesshares | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 7,290,731 |
Ownership interest | 4.50% |
Acquisition related costs | $ 128,320 |
Class B subordinate voting shares | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 7,023,732 |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 4,502,392 |
Share issue price per share | $ / shares | $ 1.56 |
Number of instruments or interests issued or issuable | Share | 304,880 |
Stock options | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 196,436 |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 161,091 |
Warrants | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 70,563 |
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 112,162 |
Acquisition of Lucid - Schedule
Acquisition of Lucid - Schedule of Black Scholes options pricing model (Details) | 1 Months Ended | 12 Months Ended | ||
Sep. 21, 2021Year$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Warrants [Abstract] | ||||
Grant date share price | $ 32.16 | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Expected life (years) | 5 years | |||
Annualized volatility | 120.00% | 117.00% | 100.00% | |
Bottom of range | ||||
Warrants [Abstract] | ||||
Grant date share price | $ 2 | $ 2.58 | ||
Exercise price | $ 1.53 | $ 3.46 | $ 2.61 | |
Risk free interest rate | 0.43% | 0.32% | 1.41% | |
Expected life (years) | 1 year 2 months 8 days | 1 year 4 months 20 days | ||
Annualized volatility | 88.00% | 118.00% | ||
Top of range | ||||
Warrants [Abstract] | ||||
Grant date share price | $ 2.04 | $ 4 | ||
Exercise price | $ 2.50 | $ 5.80 | $ 26.73 | |
Risk free interest rate | 0.46% | 0.36% | 1.52% | |
Expected life (years) | 2 years | 6 years 6 months 18 days | ||
Annualized volatility | 129.00% | 121.00% | ||
Lucid | ||||
Warrants [Abstract] | ||||
Grant date share price | $ 1.56 | |||
Expected dividend yield | 0.00% | |||
Risk free interest rate | 0.43% | |||
Annualized volatility | 88.00% | |||
Share Options [Abstract] | ||||
Grant date share price | $ 1.56 | |||
Expected dividend yield | 0.00% | |||
Annualized volatility | 124.00% | |||
Lucid | Bottom of range | ||||
Warrants [Abstract] | ||||
Exercise price | $ 0.96 | |||
Expected life (years) | 1 year 2 months 8 days | |||
Share Options [Abstract] | ||||
Exercise price | $ 1.35 | |||
Risk free interest rate | 0.43% | |||
Expected life (years) | Year | 2.23 | |||
Lucid | Top of range | ||||
Warrants [Abstract] | ||||
Exercise price | $ 1.93 | |||
Expected life (years) | 1 year 3 months 10 days | |||
Share Options [Abstract] | ||||
Exercise price | $ 2.31 | |||
Risk free interest rate | 0.79% | |||
Expected life (years) | Year | 4.28 |
Acquisition of Lucid - Schedu_2
Acquisition of Lucid - Schedule of identifiable assets acquired and liabilities assumed (Details) - Lucid | Sep. 21, 2021USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 768,964 |
Other receivables | 271,564 |
Prepaid expenses and deposits | 167,776 |
Intangible assets | 6,186,251 |
Trade and other payables | (103,824) |
Total consideration transferred, acquisition-date fair value | $ 7,290,731 |
Assets held for sale (Narrative
Assets held for sale (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure Of Assets Held For Sale [Line Items] | ||||
Proceeds from disposal of assets held for sale | $ 16,500,000 | |||
Deposit received for sale of assets held for sale | $ 660,000 | |||
Cobourg facility | ||||
Disclosure Of Assets Held For Sale [Line Items] | ||||
Proceeds from sale of equipment | $ 36,616 | |||
Loss on sale of equipment | $ 0 | 100,337 | $ 0 | |
Proceeds from sales of inventories | 1 | |||
Loss on disposal of inventory | 197,436 | |||
Impairment of equipment | $ 0 | $ 387,474 | $ 0 |
Assets held for sale - Schedule
Assets held for sale - Schedule of components of assets held for sale (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cobourg facility | ||
Disclosure Of Assets Held For Sale [Line Items] | ||
Property and plant | $ 8,647,779 | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
General and administrative | $ 15,926,103 | $ 10,058,083 | $ 8,407,427 |
Depreciation and amortization | 4,045,523 | 3,900,458 | 1,943,048 |
Other income | (1,292) | (3,691) | (40,454) |
Net loss from discontinued operations | (1,347,473) | (3,347,561) | (5,048,557) |
Cobourg facility | |||
Disclosure Of Assets Held For Sale [Line Items] | |||
Revenue | 0 | 14,514 | 193,416 |
Cost of revenue | 0 | 1,032,010 | 1,473,839 |
Gross loss before fair value adjustments | 0 | (1,017,496) | (1,280,423) |
Fair value adjustments on inventory sold | 0 | (945) | 16,738 |
Unrealized loss on changes in fair value of biological assets | 0 | 166,886 | 513,625 |
Gross loss | 0 | (1,183,437) | (1,810,786) |
Expenses | |||
General and administrative | 1,412,392 | 1,665,541 | 2,735,286 |
Depreciation and amortization | 0 | 90,340 | 424,199 |
Impairment of equipment | 0 | 387,474 | 132,273 |
Total operating expenses | 1,412,392 | 2,143,355 | 3,291,758 |
Loss from discontinued operations | (1,412,392) | (3,326,792) | (5,102,544) |
Other income | (64,919) | (79,568) | (53,987) |
Loss on sale of equipment | 0 | 100,337 | 0 |
Net loss from discontinued operations | $ (1,347,473) | $ (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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net loss from discontinued operations | $ (1,347,473) | $ (3,347,561) | $ (5,048,557) |
Changes in non-cash working capital balances | |||
Other receivables | (106,880) | 435,183 | (387,837) |
Trade and other payables | 3,604,766 | 898,691 | 1,516,025 |
Cash used in operating activities | (1,382,041) | (737,659) | (6,581,998) |
Cobourg facility | |||
Operating activities | |||
Net loss from discontinued operations | (1,347,473) | (3,347,561) | (5,048,557) |
Add (deduct) items not affecting cash | |||
Depreciation and amortization | 0 | 108,209 | 424,199 |
Change in fair value adjustments on inventory sold | 0 | (945) | 16,738 |
Impairment of inventory | 0 | 534,814 | 0 |
Impairment of equipment | 0 | 387,474 | 0 |
Change in fair value of biological assets | 0 | 166,886 | 513,625 |
Loss on disposal of inventory | 0 | 197,436 | 0 |
Loss on sale of equipment | 0 | 100,337 | 0 |
Changes in non-cash working capital balances | |||
Other receivables | 38,822 | 960,778 | (423,945) |
Prepaid expenses and deposits | (20,091) | 279,870 | 54,226 |
Inventories | 0 | (21,932) | (709,373) |
Biological assets | 0 | (166,886) | (513,625) |
Trade and other payables | (53,299) | 63,861 | (895,286) |
Cash used in operating activities | $ (1,382,041) | $ (737,659) | $ (6,581,998) |
Other receivables - Schedule of
Other receivables - Schedule of other receivables (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other current payables [abstract] | ||
Sales tax recoverable | $ 272,212 | $ 134,717 |
ITC Receivable | 228,752 | 0 |
Other | 0 | 26,625 |
Total trade and other receivables | $ 500,964 | $ 161,342 |
Prepaid expenses and deposits -
Prepaid expenses and deposits - Schedule of prepaid expenses and deposits (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses And Deposits [Abstract] | ||
Insurance | $ 116,649 | $ 246,752 |
Research and development | 602,497 | 0 |
Other prepaids and deposits | 647,275 | 322,649 |
Prepaid expenses and deposits | $ 1,366,421 | $ 569,401 |
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. 17, 2021$ / shares | Feb. 04, 2020USD ($)shares | Sep. 20, 2019USD ($)shares | Apr. 24, 2019$ / shares | Apr. 24, 2019USD ($)shares | Apr. 16, 2019$ / shares | Apr. 16, 2019USD ($)shares | Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2021USD ($)shares | Feb. 04, 2021USD ($) | Dec. 31, 2020CAD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 31, 2018$ / shares | May 31, 2018$ / shares |
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | $ 0 | $ 6,477,510 | $ 462,303 | |||||||||||||||||||||||
Fair value of the shares | $ 818,262 | $ 1,676,745 | $ 8,862,744 | |||||||||||||||||||||||
Proceeds from issuing shares | $ 38,341,407 | 25,100,459 | $ 3,431,294 | |||||||||||||||||||||||
Class B share capital | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Number of shares issued | shares | 112,794 | |||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 20.10 | $ 2.65 | ||||||||||||||||||||||||
Proceeds from issuing shares | $ 3,455,898 | |||||||||||||||||||||||||
Fair value of shares | $ 174,537 | |||||||||||||||||||||||||
Pharmadrug Inc. | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Number of investment shares sold | shares | 13,562,387 | 13,562,387 | ||||||||||||||||||||||||
Proceeds from sale | $ 250 | $ 197 | 652,081 | |||||||||||||||||||||||
Pharmadrug Inc. | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | 652,081 | |||||||||||||||||||||||||
Fair value of the shares | 0 | 255,075 | ||||||||||||||||||||||||
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 share capital | ||||||||||||||||||||||||||
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. | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | 5,825,429 | |||||||||||||||||||||||||
Fair value of the shares | 0 | 6,822,637 | ||||||||||||||||||||||||
Cannara Biotech Inc. | Class B share capital | ||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
True Pharma Strip Inc. | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Value of subscribed equity units in brokered private placement | $ 1,128,450 | |||||||||||||||||||||||||
True Pharma Strip Inc. | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | 0 | |||||||||||||||||||||||||
Fair value of the shares | 197 | 0 | 0 | |||||||||||||||||||||||
HUGE Shops | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | $ 200,000 | $ 157,760 | ||||||||||||||||||||||||
Number of shares held | shares | 17,333,333 | 17,333,333 | ||||||||||||||||||||||||
Subscription price per share | $ / shares | $ 0.075 | |||||||||||||||||||||||||
HUGE Shops | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | 0 | |||||||||||||||||||||||||
Fair value of the shares | 157,760 | 600,433 | 572,401 | |||||||||||||||||||||||
SciCann Therapeutics Inc. | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | $ 100 | $ 79 | ||||||||||||||||||||||||
Number of shares held | shares | 117,648 | 117,648 | ||||||||||||||||||||||||
Subscription price per share | $ / shares | $ 17 | $ 17 | ||||||||||||||||||||||||
SciCann Therapeutics Inc. | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | $ 0 | |||||||||||||||||||||||||
Fair value of the shares | 79 | 195,679 | 535,824 | |||||||||||||||||||||||
Solarvest BioEnergy Inc. | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.19 | |||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 0.155 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Quoted market price of investments | $ / shares | $ 0.155 | $ 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. | Shares | ||||||||||||||||||||||||||
Disclosure Of Investments [Line Items] | ||||||||||||||||||||||||||
Proceeds from sale | $ 0 | |||||||||||||||||||||||||
Fair value of the shares | $ 366,792 | $ 447,678 | $ 327,251 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Solarvest BioEnergy Inc. | Share Exchange Agreement | Class B share capital | ||||||||||||||||||||||||||
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) | 12 Months Ended | |||
Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure Of Investments [Line Items] | ||||
Beginning balance | $ 1,676,745 | $ 8,862,744 | ||
Change in fair value through profit or loss | (858,483) | (770,874) | ||
Foreign exchange gain | 62,385 | |||
Proceeds from sale | 0 | 6,477,510 | $ 462,303 | |
Ending balance | 818,262 | 1,676,745 | 8,862,744 | |
Current | 158,036 | 0 | ||
Non-Current | 660,226 | 1,676,745 | ||
Investments | 818,262 | 1,676,745 | 8,862,744 | |
Pharmadrug Inc. | ||||
Disclosure Of Investments [Line Items] | ||||
Proceeds from sale | $ 250 | 197 | 652,081 | |
Pharmadrug Inc. | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 0 | 255,075 | ||
Change in fair value through profit or loss | 397,006 | |||
Foreign exchange gain | 0 | |||
Proceeds from sale | 652,081 | |||
Ending balance | 0 | 255,075 | ||
Investments | 0 | 255,075 | ||
Cannara Biotech Inc. | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 0 | 6,822,637 | ||
Change in fair value through profit or loss | (997,208) | |||
Foreign exchange gain | 0 | |||
Proceeds from sale | 5,825,429 | |||
Ending balance | 0 | 6,822,637 | ||
Investments | 0 | 6,822,637 | ||
True Pharma Strip Inc. | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Change in fair value through profit or loss | 197 | 0 | ||
Foreign exchange gain | 0 | |||
Proceeds from sale | 0 | |||
Ending balance | 197 | 0 | 0 | |
Investments | 197 | 0 | 0 | |
HUGE Shops | ||||
Disclosure Of Investments [Line Items] | ||||
Proceeds from sale | 200,000 | 157,760 | ||
HUGE Shops | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 600,433 | 572,401 | ||
Change in fair value through profit or loss | (442,673) | 7,674 | ||
Foreign exchange gain | 20,358 | |||
Proceeds from sale | 0 | |||
Ending balance | 157,760 | 600,433 | 572,401 | |
Investments | 157,760 | 600,433 | 572,401 | |
SciCann Therapeutics Inc. | ||||
Disclosure Of Investments [Line Items] | ||||
Proceeds from sale | $ 100 | 79 | ||
SciCann Therapeutics Inc. | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 195,679 | 535,824 | ||
Change in fair value through profit or loss | (195,600) | (354,910) | ||
Foreign exchange gain | 14,765 | |||
Proceeds from sale | 0 | |||
Ending balance | 79 | 195,679 | 535,824 | |
Investments | 79 | 195,679 | 535,824 | |
Solarvest BioEnergy Inc. | Shares | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 447,678 | 327,251 | ||
Change in fair value through profit or loss | (80,886) | 106,380 | ||
Foreign exchange gain | 14,047 | |||
Proceeds from sale | 0 | |||
Ending balance | 366,792 | 447,678 | 327,251 | |
Investments | 366,792 | 447,678 | 327,251 | |
Solarvest BioEnergy Inc. | Warrants | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 74,813 | 87,756 | ||
Change in fair value through profit or loss | (74,813) | (14,920) | ||
Foreign exchange gain | 1,977 | |||
Proceeds from sale | 0 | |||
Ending balance | 0 | 74,813 | 87,756 | |
Investments | 0 | 74,813 | 87,756 | |
Solarvest BioEnergy Inc. | Convertible debenture | ||||
Disclosure Of Investments [Line Items] | ||||
Beginning balance | 358,142 | 261,800 | ||
Change in fair value through profit or loss | (64,708) | 85,104 | ||
Foreign exchange gain | 11,238 | |||
Proceeds from sale | 0 | |||
Ending balance | 293,434 | 358,142 | 261,800 | |
Investments | $ 293,434 | $ 358,142 | $ 261,800 |
Right-of-use asset (Narrative)
Right-of-use asset (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Impairment loss on right of use asset | $ 0 | $ 89,860 | $ 50,888 |
Right-of-use asset balance | $ 168,307 | $ 0 | $ 95,851 |
Right-of-use asset - Schedule o
Right-of-use asset - Schedule of right-of-use asset (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Beginning balance | $ 0 | $ 95,851 | |
Additions | 179,755 | ||
Amortization | (8,300) | (5,991) | |
Impairment | 0 | (89,860) | $ (50,888) |
Effects of foreign exchange | (3,148) | ||
Ending balance | $ 168,307 | $ 0 | $ 95,851 |
Intangible assets (Narrative) (
Intangible assets (Narrative) (Details) - USD ($) | Mar. 09, 2021 | Sep. 21, 2021 | Jun. 28, 2019 |
Innovet License Agreement | |||
Disclosure of detailed information about intangible assets [line items] | |||
Acquisition | $ 500,000 | ||
Useful life of intellectual property | 5 years | ||
Lucid | |||
Disclosure of detailed information about intangible assets [line items] | |||
Acquisition | $ 6,314,571 | ||
Intangible assets, net | 6,186,251 | ||
Acquisition related costs | $ 128,320 | ||
Useful life of intellectual property | 15 years | ||
Prismic | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life of intellectual property | 5 years |
Intangible assets - Schedule of
Intangible assets - Schedule of intangible assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 13,424,391 | |
Ending balance | 16,201,739 | $ 13,424,391 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 19,201,493 | 18,696,229 |
Additions | 500,000 | |
Acquisition of Lucid | 6,314,571 | |
Effects of foreign exchange | 505,264 | |
Ending balance | 26,016,064 | 19,201,493 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (5,777,102) | (1,875,604) |
Amortization | 4,037,223 | 3,894,467 |
Effects of foreign exchange | 7,031 | |
Ending balance | $ (9,814,325) | $ (5,777,102) |
Trade and other payables - Sche
Trade and other payables - Schedule of trade and other payables (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables [abstract] | ||
Trade payables | $ 2,995,726 | $ 2,063,162 |
Accrued liabilities | 4,455,346 | 1,622,227 |
Other payables | 59,699 | 14,714 |
Total trade and other current payables | $ 7,510,771 | $ 3,700,103 |
Trade and other payables - Sc_2
Trade and other payables - Schedule of accrued liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables [abstract] | ||
External research and development fees | $ 3,062,844 | $ 248,898 |
Operational expenses | 412,008 | 229,758 |
Professional fees | 570,193 | 435,244 |
Accrued interest | 364,275 | 349,566 |
Severance | 46,026 | 166,662 |
Bonus | 0 | 192,099 |
Accrued liabilities | $ 4,455,346 | $ 1,622,227 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash receipts from sales of debt instruments | $ 290,246 | ||
Gain on settlement of financial liability | $ 49,792 | $ 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% | ||
Settlement of notes payable | $ 84,098 | ||
Accrued interest settled | 45,346 | ||
Prismic Pharmaceuticals Inc. ("Prismic") | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Settlement of notes payable | 201,695 | ||
Gain on settlement of financial liability | $ 49,904 |
Notes Payable - Schedule of not
Notes Payable - Schedule of notes payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Notes payable | $ 300,549 | $ 384,647 |
Short-term notes | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Notes payable | 549 | 49,647 |
Notes payable | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Notes payable | $ 300,000 | $ 335,000 |
Lease obligations - Schedule of
Lease obligations - Schedule of lease obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||
Balance | $ 125,962 | $ 152,619 | $ 183,424 |
Additions | 179,755 | ||
Add: Interest Expense | 9,349 | 10,367 | 11,480 |
Less: Lease Payments | (57,566) | (39,993) | (42,285) |
Effects of foreign exchange | (2,144) | 2,969 | |
Balance | 255,356 | 125,962 | $ 152,619 |
Current | 124,311 | 46,842 | |
Non-current | $ 131,045 | $ 79,120 |
Lease obligations - Schedule _2
Lease obligations - Schedule of maturity analysis of operating lease payments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Total undiscounted lease payments payable | $ 275,180 | |||
Less: impact of present value | (19,824) | |||
Balance as at December 31, 2021 | 255,356 | $ 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 | 136,318 | |||
One to two years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Total undiscounted lease payments payable | 138,862 | |||
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, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019 |
Warrant [Line Items] | ||||||||
Expected life (years) | 5 years | |||||||
Warrant liability | $ 765,403 | $ 1,447,910 | ||||||
Gain on change in fair value | $ 682,507 | |||||||
Exercise Price Of Warrants Liability | $ / shares | $ 4.26 | $ 4.26 | ||||||
Share Prices Of Warrants Liability | $ / shares | $ 1.02 | $ 1.56 | ||||||
Risk Free Interest Rate Of Warrants Liability | 1.22% | 0.33% | ||||||
Annualized volatility | 120.00% | 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 share capital | ||||||||
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) | Mar. 08, 2022shares | 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 ($)shares | Sep. 21, 2021$ / sharesshares | Jul. 26, 2021USD ($)$ / sharesshares | Jun. 30, 2021shares | Feb. 17, 2021$ / shares | Feb. 17, 2021USD ($)shares | Oct. 31, 2020USD ($)shares | Aug. 31, 2020USD ($)$ / sharesshares | Apr. 15, 2020USD ($)shares | Mar. 16, 2020USD ($)shares | Feb. 04, 2020shares | Sep. 20, 2019USD ($)shares | Jun. 28, 2019$ / sharesshares | Apr. 24, 2019$ / shares | Apr. 24, 2019USD ($)shares | Apr. 16, 2019$ / shares | Apr. 16, 2019USD ($)shares | Dec. 31, 2021USD ($)$ / shares$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Feb. 04, 2021USD ($) | Dec. 31, 2020$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Fair value of shares issued as share-based compensation | $ 7,443,931 | $ 9,426,961 | $ 551,135 | |||||||||||||||||||||||||||||||
Gain (loss) on settlement of financial liability | 49,792 | 680,164 | (18,665) | |||||||||||||||||||||||||||||||
Proceeds from issuance of shares | $ 38,341,407 | $ 25,100,459 | $ 3,431,294 | |||||||||||||||||||||||||||||||
Warrants share price | $ / shares | $ 32.16 | |||||||||||||||||||||||||||||||||
Warrants annualized volatility | 120.00% | 117.00% | 100.00% | |||||||||||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Number of shares issued as share-based compensation | shares | 100,000 | |||||||||||||||||||||||||||||||||
Fair value of shares issued as share-based compensation | $ 98,513 | |||||||||||||||||||||||||||||||||
Issued on acquisition of net assets of Prismic Pharmaceuticals, Inc (shares) | shares | 67,598 | |||||||||||||||||||||||||||||||||
Warrants issue to a related party | shares | 100,000 | |||||||||||||||||||||||||||||||||
Fair value of warrants issued | $ 98,513 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.99 | |||||||||||||||||||||||||||||||||
Warrants share price | $ / shares | $ 1.63 | |||||||||||||||||||||||||||||||||
Warrants risk free interest rate | 0.46% | |||||||||||||||||||||||||||||||||
Warrants annualized volatility | 129.00% | |||||||||||||||||||||||||||||||||
Lucid acquisition | shares | 112,162 | |||||||||||||||||||||||||||||||||
Prismic Pharmaceuticals Inc. ("Prismic") | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Warrants share price | $ / shares | $ 32.16 | |||||||||||||||||||||||||||||||||
Warrants annualized volatility | 100.00% | |||||||||||||||||||||||||||||||||
Lucid | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Warrants share price | $ / shares | $ 1.56 | |||||||||||||||||||||||||||||||||
Warrants risk free interest rate | 0.43% | |||||||||||||||||||||||||||||||||
Warrants annualized volatility | 88.00% | |||||||||||||||||||||||||||||||||
Lucid | Warrants | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Lucid acquisition | shares | 112,162 | |||||||||||||||||||||||||||||||||
Solarvest BioEnergy Inc. | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.19 | |||||||||||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 0.155 | |||||||||||||||||||||||||||||||||
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 share capital | ||||||||||||||||||||||||||||||||||
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 share capital | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 112,794 | 112,794 | ||||||||||||||||||||||||||||||||
Fair value of shares issued | $ 174,537 | $ 174,537 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Number of shares issued as share-based compensation | shares | 1,349,764 | 1,462,558 | 2,307,569 | 130,189 | ||||||||||||||||||||||||||||||
Fair value of shares issued as share-based compensation | $ 3,576,875 | $ 3,751,412 | $ 6,663,479 | $ 1,340,929 | ||||||||||||||||||||||||||||||
Share issue price per share | $ / shares | $ 20.10 | $ 2.65 | ||||||||||||||||||||||||||||||||
Shares cancelled | shares | 504,888 | 156,278 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Lucid acquisition | shares | 4,502,392 | |||||||||||||||||||||||||||||||||
Class B share capital | 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 | |||||||||||||||||||||||||||||||||
Notes settled through issuance of shares | $ 226,385 | |||||||||||||||||||||||||||||||||
Fair value of common stock to settle notes payable | 185,976 | |||||||||||||||||||||||||||||||||
Gain (loss) on settlement of financial liability | $ 40,409 | |||||||||||||||||||||||||||||||||
Class B share capital | Lucid | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Lucid acquisition | shares | 4,502,392 | |||||||||||||||||||||||||||||||||
Class B share capital | 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 share capital | 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 share capital | 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 | 15,480,462 | 56,248 | ||||||||||||||||||||||||||||||||
Proceeds from issuance of shares | $ 39,765,474 | $ 199,785 | ||||||||||||||||||||||||||||||||
Total cash transaction costs | $ 1,424,067 | |||||||||||||||||||||||||||||||||
Warrants by expiry date at August 6, 2020 | ||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||||||
Exercise price of warrant issue | $ / shares | $ 4.26 | $ 4.26 | $ 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 | $ 2.60 | $ 2.60 |
Share capital - Schedule of rec
Share capital - Schedule of reconciliation of the share capital (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Beginning balance | $ 36,308,583 | $ 36,277,477 | $ 38,391,696 | |
Shares issued | 38,341,407 | 22,051,803 | 8,681,103 | |
Share based payments | 7,443,931 | 9,426,961 | 551,135 | |
Share options exercised | 59,562 | 12,082,930 | ||
Lucid acquisition | 7,290,731 | |||
Warrants exercised | 71,461 | |||
Ending balance | 54,131,038 | 36,308,583 | 36,277,477 | |
Class A share capital | ||||
Disclosure of classes of share capital [line items] | ||||
Beginning balance | $ 151,588 | $ 151,588 | $ 151,588 | |
Beginning balance (shares) | 72 | 72 | 72 | |
Ending balance | $ 151,588 | $ 151,588 | $ 151,588 | |
Ending balance (shares) | 72 | 72 | 72 | |
Class B share capital | ||||
Disclosure of classes of share capital [line items] | ||||
Beginning balance | $ 103,056,538 | $ 73,586,337 | $ 51,093,434 | |
Beginning balance (shares) | 19,161,620 | 7,905,727 | 6,843,780 | |
Shares issued | $ 38,341,407 | $ 22,242,975 | $ 8,681,103 | |
Shares issued (shares) | 15,480,462 | 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 | $ 3,576,875 | $ 3,751,412 | $ 6,663,479 | $ 1,340,929 |
Share-based payments (shares) | 1,349,764 | 1,462,558 | 2,307,569 | 130,189 |
Share options exercised | $ 563,747 | |||
Share options exercised (shares) | 22,382 | |||
Share cancellation (shares) | (156,278) | |||
Lucid acquisition | $ 7,023,732 | |||
Lucid acquisition (shares) | 4,502,392 | |||
Warrants exercised | $ 109,214 | |||
Warrants exercised (shares) | 12,167 | |||
Ending balance | $ 152,173,089 | $ 103,056,538 | $ 73,586,337 | |
Ending balance (shares) | 40,450,754 | 19,161,620 | 7,905,727 | |
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Beginning balance | $ 4,968,958 | $ 4,321,989 | $ 3,341,826 | |
Beginning balance (shares) | 6,749,109 | 467,451 | 546,212 | |
Shares issued | $ 1,110,904 | $ 0 | ||
Shares issued (shares) | 6,335,758 | 0 | ||
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 | |||
Share based payments | $ 98,513 | |||
Share-based payments (shares) | 100,000 | |||
Lucid acquisition | $ 70,563 | |||
Lucid acquisition (shares) | 112,162 | |||
Warrants exercised | $ (37,753) | |||
Warrants exercised (shares) | (12,167) | |||
Warrants expired | $ (617) | $ (463,935) | $ (402,491) | |
Warrants expired (shares) | (4,476) | (54,100) | (134,192) | |
Ending balance | $ 5,137,417 | $ 4,968,958 | $ 4,321,989 | |
Ending balance (shares) | 6,956,795 | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Share based compensation and warrant reserve [Abstract] | |||
Warrants outstanding, Opening balance | 6,749,109 | 467,451 | 546,212 |
Warrants, Issued | 212,162 | 6,335,758 | 67,598 |
Warrants, Exercised | (12,167) | ||
Warrants, Expired | (4,476) | (54,100) | (134,192) |
Warrants outstanding, Closing Balance | 6,956,795 | 6,749,109 | 467,451 |
Weighted average exercise price, Warrants outstanding opening balance | $ 5.62 | $ 10.20 | $ 9.47 |
Weighted average exercise price warrants issued | 1.93 | 5.27 | 10.45 |
Weighted average exercise price warrants exercised | 7.81 | ||
Weighted average exercise price warrants expired | 5.43 | 4.97 | 7.64 |
Weighted average exercise price, Warrants outstanding closing balance | $ 5.50 | $ 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, 2021 | 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% | 0.00% |
Expected life of warrants | 5 years | ||
Expected volatility of warrants granted | 120.00% | 117.00% | 100.00% |
Bottom of range | |||
Disclosure of warrants [Line Items] | |||
Weighted average share price of warrants | $ 2 | $ 2.58 | |
Exercise price of warrants granted | $ 1.53 | $ 3.46 | $ 2.61 |
Risk free interest rate of warrants granted | 0.43% | 0.32% | 1.41% |
Expected life of warrants | 1 year 2 months 8 days | 1 year 4 months 20 days | |
Expected volatility of warrants granted | 88.00% | 118.00% | |
Top of range | |||
Disclosure of warrants [Line Items] | |||
Weighted average share price of warrants | $ 2.04 | $ 4 | |
Exercise price of warrants granted | $ 2.50 | $ 5.80 | $ 26.73 |
Risk free interest rate of warrants granted | 0.46% | 0.36% | 1.52% |
Expected life of warrants | 2 years | 6 years 6 months 18 days | |
Expected volatility of warrants granted | 129.00% | 121.00% |
Share capital - Schedule of war
Share capital - Schedule of warrants outstanding and exercise price (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 5.50 | $ 5.62 | $ 10.20 | $ 9.47 |
Number of warrants outstanding | 6,956,795 | 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 | $ 18.09 | |
Number of warrants outstanding | 163,535 | 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 | $ 4.42 | |
Number of warrants outstanding | 199,005 | 199,005 | 199,005 | |
Warrants by expiry date at November 30, 2022 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 1.21 | |||
Number of warrants outstanding | 46,242 | |||
Warrants by expiry date at December 31, 2022 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 2.43 | |||
Number of warrants outstanding | 65,920 | |||
Warrants by expiry date at May 20, 2023 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 16.08 | $ 16.08 | $ 16.08 | |
Number of warrants outstanding | 7,311 | 7,311 | 7,311 | |
Warrants by expiry date at June 23, 2023 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 2.50 | |||
Number of warrants outstanding | 100,000 | |||
Warrants by expiry date at July 24, 2023 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 13.07 | $ 13.07 | $ 13.07 | |
Number of warrants outstanding | 3,357 | 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 | $ 5.43 | |
Number of warrants outstanding | 22,382 | 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 | $ 26.73 | |
Number of warrants outstanding | 3,730 | 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 | $ 26.73 | |
Number of warrants outstanding | 1,865 | 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 | $ 26.73 | |
Number of warrants outstanding | 3,730 | 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 | $ 26.73 | |
Number of warrants outstanding | 1,865 | 1,865 | 1,865 | |
Warrants by expiry date at June 8, 2025 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 9.65 | $ 9.65 | ||
Number of warrants outstanding | 1,500,000 | 1,500,000 | ||
Warrants by expiry date at August 6, 2025 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 5.40 | $ 5.42 | ||
Number of warrants outstanding | 1,381,215 | 1,381,215 | ||
Warrants by expiry date at October 20, 2025 | ||||
Disclosure of warrants [Line Items] | ||||
Exercise price of warrants outstanding | $ 3.30 | $ 3.31 | ||
Number of warrants outstanding | 3,454,543 | 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 | $ 26.73 | |
Number of warrants outstanding | 1,722 | 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 | $ 26.73 | |
Number of warrants outstanding | 373 | 373 | 373 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2021$ / shares | Dec. 31, 2021USD ($)Share | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)Share | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($)Share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based compensation expenses | $ | $ 7,443,930 | $ 8,052,011 | $ 12,082,930 | |||
Stock options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of share options expired | 953,803 | |||||
Number of share options cancelled | 307,987 | 822,137 | 299,006 | |||
Number of share options issued | 2,841,086 | 1,082,639 | 1,363,322 | |||
Share option exercise price | $ / shares | $ 2.26 | $ 4.14 | $ 20.68 | |||
Expected volatility, share options granted | 120.00% | 100.00% | ||||
Share-based compensation expenses | $ | $ 3,594,005 | $ 2,825,863 | $ 10,780,853 | |||
Replacement share options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of share options cancelled | 822,137 | |||||
Number of share options issued | 822,137 | |||||
Share option exercise price | $ / shares | $ 3.86 | |||||
Incremental grant date fair value of share options | $ | $ 661,811 | $ 661,811 | ||||
Exercise price | $ / shares | $ 3.86 | |||||
Underlying share price | $ / shares | $ 3.86 | |||||
Risk free interest rate | 0.72% | |||||
Expected volatility, share options granted | 120.00% |
Share-based compensation - Sche
Share-based compensation - Schedule of changes in number of share options (Details) - Stock options | 12 Months Ended | ||
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Opening Balance | Share | 1,693,063 | 1,454,943 | 485,159 |
Granted | Share | 2,841,086 | 1,082,639 | 1,363,322 |
Exercised | Share | (22,382) | (82,094) | |
Forfeited | Share | (47,500) | (12,438) | |
Expired | Share | (953,803) | ||
Cancelled | Share | (307,987) | (822,137) | (299,006) |
Closing Balance | Share | 3,224,859 | 1,693,063 | 1,454,943 |
Exercisable | Share | 3,197,601 | 1,528,186 | 1,200,242 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 6.11 | $ 21.96 | $ 74.53 |
Weighted average exercise price, Granted | $ / shares | 2.26 | 4.14 | 20.68 |
Weighted average exercise price, Exercised | $ / shares | 2.61 | 10.02 | |
Weighted average exercise price, Forfeited | $ / shares | 4.83 | 56.28 | |
Weighted average exercise price, Expired | $ / shares | 4.87 | ||
Weighted average exercise price, Cancelled | $ / shares | 9.85 | 31.65 | 115.80 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | 2.75 | 6.11 | 21.96 |
Weighted average exercise price, Exercisable | $ / shares | $ 2.72 | $ 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, 2021Year$ / shares | Dec. 31, 2020Year$ / shares | Dec. 31, 2019Year$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
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 | $ 1.96 | $ 3.75 | $ 6.45 |
Exercise price | $ 1.70 | $ 3.68 | $ 7.17 |
Risk free interest rate | 0.34% | 0.27% | 1.24% |
Expected life (years) | Year | 2 | 4 | |
Expected volatility | 116.00% | ||
Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date share price | $ 2.85 | $ 9.54 | $ 75.38 |
Exercise price | $ 4.25 | $ 9.80 | $ 75.38 |
Risk free interest rate | 1.10% | 1.55% | 1.90% |
Expected life (years) | Year | 6 | 9 | |
Expected volatility | 132.00% |
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, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | Dec. 31, 2018Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 2.75 | $ 6.11 | $ 21.96 | $ 74.53 |
Number of share options outstanding in share-based payment arrangement | Share | 3,224,859 | 1,693,063 | 1,454,943 | 485,159 |
Weighted average remaining contractual life of outstanding share options | 2 years 6 months | 3 years 10 months 17 days | 4 years 7 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 2.72 | $ 6.13 | $ 21.24 | |
Number of share options exercisable in share-based payment arrangement | Share | 3,197,601 | 1,528,186 | 1,200,242 | |
1.70 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 1.70 | |||
Number of share options outstanding in share-based payment arrangement | Share | 154,953 | |||
Weighted average remaining contractual life of outstanding share options | 3 years 5 months 15 days | |||
Exercise price of exercisable Share options | $ / shares | $ 1.70 | |||
Number of share options exercisable in share-based payment arrangement | Share | 154,953 | |||
2.91 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 2.91 | |||
Number of share options outstanding in share-based payment arrangement | Share | 5,150 | |||
Weighted average remaining contractual life of outstanding share options | 4 years | |||
Exercise price of exercisable Share options | $ / shares | $ 2.91 | |||
Number of share options exercisable in share-based payment arrangement | Share | 5,150 | |||
2.25 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 2.25 | |||
Number of share options outstanding in share-based payment arrangement | Share | 2,559,995 | |||
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 1 day | |||
Exercise price of exercisable Share options | $ / shares | $ 2.25 | |||
Number of share options exercisable in share-based payment arrangement | Share | 2,559,995 | |||
2.61 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 2.61 | $ 2.61 | $ 2.61 | |
Number of share options outstanding in share-based payment arrangement | Share | 12,684 | 12,683 | 35,065 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 2.61 | $ 2.61 | $ 2.61 | |
Number of share options exercisable in share-based payment arrangement | Share | 12,683 | 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 | $ 3.75 | ||
Number of share options outstanding in share-based payment arrangement | Share | 10,500 | 5,500 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 1 day | 6 years 5 months 19 days | ||
Exercise price of exercisable Share options | $ / shares | $ 3.75 | $ 3.75 | ||
Number of share options exercisable in share-based payment arrangement | Share | 6,500 | 500 | ||
3.86 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 3.86 | $ 3.86 | ||
Number of share options outstanding in share-based payment arrangement | Share | 256,245 | 872,139 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 2 months 15 days | 4 years 29 days | ||
Exercise price of exercisable Share options | $ / shares | $ 3.86 | $ 3.86 | ||
Number of share options exercisable in share-based payment arrangement | Share | 252,993 | 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 | $ 4.42 | |
Number of share options outstanding in share-based payment arrangement | Share | 99,503 | 99,502 | 99,502 | |
Weighted average remaining contractual life of outstanding share options | 8 months 15 days | 1 year 8 months 15 days | 2 years 8 months 15 days | |
Exercise price of exercisable Share options | $ / shares | $ 4.42 | $ 4.42 | $ 4.42 | |
Number of share options exercisable in share-based payment arrangement | Share | 99,502 | 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 | $ 4.75 | ||
Number of share options outstanding in share-based payment arrangement | Share | 15,000 | 110,000 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 3 months 14 days | 4 years 3 months 14 days | ||
Exercise price of exercisable Share options | $ / shares | $ 4.75 | $ 4.75 | ||
Number of share options exercisable in share-based payment arrangement | Share | 15,000 | 77,500 | ||
5.03 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of options outstanding | $ / shares | $ 5.43 | $ 5.03 | ||
Number of share options outstanding in share-based payment arrangement | Share | 16,265 | 60,000 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 4 years 8 months 12 days | ||
Exercise price of exercisable Share options | $ / shares | $ 5.43 | $ 5.03 | ||
Number of share options exercisable in share-based payment arrangement | Share | 16,264 | 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 | $ 7.63 | |
Number of share options outstanding in share-based payment arrangement | Share | 50,000 | 203,750 | 203,750 | |
Weighted average remaining contractual life of outstanding share options | 4 years | 4 years 4 months 2 days | 5 years 4 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 7.63 | $ 7.63 | $ 7.63 | |
Number of share options exercisable in share-based payment arrangement | Share | 30,000 | 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 | $ 10.65 | |
Number of share options outstanding in share-based payment arrangement | Share | 3,731 | 3,730 | 3,730 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 10.65 | $ 10.65 | $ 10.65 | |
Number of share options exercisable in share-based payment arrangement | Share | 3,730 | 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 | $ 13.07 | |
Number of share options outstanding in share-based payment arrangement | Share | 10,856 | 10,855 | 10,855 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 13.07 | $ 13.07 | $ 13.07 | |
Number of share options exercisable in share-based payment arrangement | Share | 10,855 | 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 | $ 13.47 | |
Number of share options outstanding in share-based payment arrangement | Share | 1,418 | 1,418 | 1,418 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 13.47 | $ 13.47 | $ 13.47 | |
Number of share options exercisable in share-based payment arrangement | Share | 1,418 | 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 | $ 16.08 | |
Number of share options outstanding in share-based payment arrangement | Share | 18,410 | 18,409 | 18,409 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 16.08 | $ 16.08 | $ 16.08 | |
Number of share options exercisable in share-based payment arrangement | Share | 18,409 | 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 | $ 17.89 | |
Number of share options outstanding in share-based payment arrangement | Share | 4,178 | 4,178 | 4,178 | |
Weighted average remaining contractual life of outstanding share options | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days | |
Exercise price of exercisable Share options | $ / shares | $ 17.89 | $ 17.89 | $ 17.89 | |
Number of share options exercisable in share-based payment arrangement | Share | 4,178 | 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 | $ 18.09 | |
Number of share options outstanding in share-based payment arrangement | Share | 2,488 | 17,413 | 37,313 | |
Weighted average remaining contractual life of outstanding share options | 1 year 2 months 26 days | 2 years 2 months 15 days | 3 years 4 months 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 18.09 | $ 18.09 | $ 18.09 | |
Number of share options exercisable in share-based payment arrangement | Share | 2,488 | 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 | $ 50.25 | |
Number of share options outstanding in share-based payment arrangement | Share | 3,483 | 5,224 | 227,861 | |
Weighted average remaining contractual life of outstanding share options | 2 years 3 months 10 days | 3 years 3 months 21 days | 5 years 1 month 2 days | |
Exercise price of exercisable Share options | $ / shares | $ 50.25 | $ 50.25 | $ 50.25 | |
Number of share options exercisable in share-based payment arrangement | Share | 3,483 | 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 |
Share-based compensation - Sc_4
Share-based compensation - Schedule of share-based compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expenses | $ 7,443,930 | $ 8,052,011 | $ 12,082,930 |
Stock options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expenses | 3,594,005 | 2,825,863 | 10,780,853 |
Warrants | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expenses | 98,513 | 0 | 0 |
Class B Common Shares issued for services | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expenses | 174,537 | 0 | 0 |
Class B Common Shares issued for compensation | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expenses | $ 3,576,875 | $ 5,226,148 | $ 1,302,077 |
Loss per share - Schedule of lo
Loss per share - Schedule of loss per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [line items] | |||
Dilutive effect of convertible instruments on number of ordinary shares | 10,181,654 | 8,442,172 | 1,922,394 |
Warrants | |||
Earnings per share [line items] | |||
Dilutive effect of convertible instruments on number of ordinary shares | 6,956,795 | 6,749,109 | 467,451 |
Stock options | |||
Earnings per share [line items] | |||
Dilutive effect of share options on number of ordinary shares | 3,224,859 | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, general and administrative expense [abstract] | |||
Professional fees | $ 6,256,165 | $ 2,734,123 | $ 3,101,136 |
General office, insurance and administration expenditures | 3,479,801 | 3,616,159 | 1,742,550 |
Consulting fees | 2,196,812 | 1,775,269 | 1,675,258 |
Salaries, wages and benefits | 2,856,887 | 2,656,162 | 1,705,696 |
Investor relations | 1,642,653 | 541,944 | 2,241,275 |
Building and facility costs | 759,590 | 586,926 | 676,798 |
Foreign exchange gain (loss) | 146,587 | (186,959) | 0 |
General and administrative | 17,338,495 | 11,723,624 | 11,142,713 |
Allocated to: | |||
Continuing operations | 15,926,103 | 10,058,083 | 8,407,427 |
Discontinued operations | $ 1,412,392 | $ 1,665,541 | $ 2,735,286 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes paid (refund) [abstract] | ||
Net operating losses carried forward - US | $ 5,111,610 | $ 5,032,915 |
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 United States Internal Revenue Code ("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 $4.93 million could be subject to IRC § 382 limitation as the acquisition could constitute a change of ownership. |
Income Taxes - Schedule of prov
Income Taxes - Schedule of provision for income taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Income taxes paid (refund) [abstract] | ||
Loss from continuing operations before income taxes | $ (33,937,956) | $ (28,452,232) |
Statutory federal and provincial tax rate | 26.50% | 26.50% |
Income tax recovery at the statutory tax rate | $ (8,993,558) | $ (7,539,841) |
Permanent differences | 3,758,401 | 2,235,657 |
Book to filing adjustments | 75,474 | (1,545,244) |
Share issuance cost booked directly to equity | (377,378) | (584,538) |
Foreign exchange | (120) | (370,457) |
Change in tax benefits not recognized | 5,537,181 | 7,804,423 |
Total Income tax expense | $ 0 | $ 0 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets (liabilities) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income taxes paid (refund) [abstract] | ||
Other investments | $ 0 | $ 0 |
Capital losses carried forward | 0 | 0 |
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, 2021 | Dec. 31, 2020 |
Income taxes paid (refund) [abstract] | ||
Non-capital losses - Canada | $ 63,216,617 | $ 44,897,393 |
Net-operating loss - US | 5,111,610 | 5,032,915 |
Unrealized foreign exchange loss | 94,733 | 94,733 |
Share-issuance costs | 3,349,261 | 3,419,003 |
Other investments | 5,308,027 | 4,449,544 |
IFRS 16 | 87,050 | 125,962 |
Property, plant and equipment | 167,653 | 88,248 |
Total | $ 77,334,951 | $ 58,107,798 |
Income Taxes - Schedule of non-
Income Taxes - Schedule of non-capital loss carryforwards (Details) | Dec. 31, 2021USD ($) |
Income taxes paid (refund) [abstract] | |
2038 | $ 6,471,979 |
2039 | 11,464,501 |
2040 | 23,261,185 |
2041 | 22,018,952 |
Non-capital income tax losses expire | $ 63,216,617 |
Commitments and contingencies (
Commitments and contingencies (Narrative) (Details) | Jul. 15, 2021USD ($) | Jul. 08, 2021USD ($) | May 06, 2021GBP (£) | Mar. 09, 2021GBP (£) | Jul. 31, 2021GBP (£) | Jul. 31, 2021USD ($) | Oct. 26, 2020CAD ($) | Jul. 29, 2020GBP (£) | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) |
Disclosure of contingent liabilities [line items] | ||||||||||
Claimant value | £ | £ 400,000 | |||||||||
Cost order | £ | £ 10,287 | |||||||||
Claim settlement amount | £ 165,000 | $ 228,373 | $ 5,500,000 | |||||||
Provision for employee related liability | £ | £ 59,748 | |||||||||
Parkway Clinical Laboratories | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Failed to pay for services | $ 1,412,951 | |||||||||
Raza Bokhari | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Severance and damages amount | $ 30,200,000 | |||||||||
Punitive damages | $ 500,000 | |||||||||
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 due and payable thirty days upon first notification of FDA | 500,000 | |||||||||
Non refundable sum payable within required 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% | |||||||||
Percentage of net receipts from commercial partners as second payment condition | 25.00% | |||||||||
Percentage of net sales or net receipts of licensed products as third payment condition | 5.00% | |||||||||
Innovet License Agreement | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Non refundable sum due and payable upon first notification of FDA | $ 250,000 | |||||||||
Non refundable sum payable within required business days of first notification FDA | $ 750,000 | |||||||||
Percentage of lump sum payment received to pay for non prescription drug rights | 14.00% | |||||||||
Percentage of one off lump sum payment to pay for prescription drug rights | 5.00% | |||||||||
License agreement | Lucid-MS and Lucid-Psych | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
License maintenance fee | $ 100,000 | |||||||||
License agreement | Lucid-MS and Lucid-Psych | Minimum | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Milestones payments | 0 | |||||||||
License agreement | Lucid-MS and Lucid-Psych | Maximum | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
License maintenance fee | $ 12,500,000 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | Mar. 08, 2022shares | Jun. 30, 2021shares | Feb. 28, 2021USD ($)shares | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Disclosure of transactions between related parties [line items] | ||||||||
Mixed decision - share grant permitted | shares | 536,979 | |||||||
Share-based payments expense | $ 6,881,641 | $ 7,045,994 | $ 9,385,984 | |||||
Director | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Directors remuneration expense | 757,690 | 246,226 | $ 153,109 | |||||
Share-based payments expense | 466,546 | 238,703 | 0 | |||||
Board Chair and Chief Executive Officer, and certain other directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued for compensation bonus | shares | 1,349,764 | |||||||
Number of shares cancelled for compensation bonus | shares | 156,278 | |||||||
Share-based payments expense | $ 3,576,875 | |||||||
Raza Bokhari | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued for compensation bonus | shares | 1,173,709 | |||||||
Share-based payments expense | $ 3,110,330 | |||||||
Certain other directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued for compensation bonus | shares | 176,055 | |||||||
Share-based payments expense | $ 466,545 | |||||||
Chief Executive Officer | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Payment of expenses | $ 262,834 | 1,445,043 | $ 567,468 | |||||
Related party payables | $ 355,778 | |||||||
Independent directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Directors remuneration expense | $ 60,000 | |||||||
Additional remuneration as chairman of audit committee | 20,000 | |||||||
Additional remuneration as chairman of compensation committee | 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 | |||||||
Share-based payments expense | $ 4,602,301 | |||||||
Reimbursed expenses incurred in relation to requisitioning, calling and holding the shareholders' meeting | $ 1,334,158 | |||||||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries, benefits, bonuses and consulting fees | $ 2,075,893 | $ 2,936,816 | $ 3,638,267 |
Share-based payments | 6,881,641 | 7,045,994 | 9,385,984 |
Total | $ 8,957,534 | $ 9,982,810 | $ 13,024,251 |
Capital management (Narrative)
Capital management (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Capital Management [Abstract] | ||
Share capital | $ 152,324,677 | $ 103,208,126 |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) - CAD ($) | Mar. 08, 2022 | Mar. 31, 2022 | Mar. 29, 2022 | Feb. 23, 2022 | Mar. 31, 2022 |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Mixed decision - share grant permitted | 536,979 | ||||
Subsequent events | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Consideration for the sale of the Facility and the Facility Property | $ 16,500,000 | ||||
Subsequent events | Class B Common Shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Shares repurchased and cancelled | 504,888 | 1,524,700 | |||
Shares issued for service | 70,179 |