Cover
Cover | 9 Months Ended |
Jul. 31, 2022 | |
Document Information [Line Items] | |
Document period end date | Jul. 31, 2022 |
Current fiscal year end date | --10-31 |
Amendment flag | false |
Central index key | 0001828811 |
Document fiscal year focus | 2022 |
Document fiscal period focus | Q3 |
Document Type | 6-K |
Registrant name | LI-CYCLE HOLDINGS CORP. |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 649,026,466 | $ 596,858,298 |
Accounts receivable | 5,267,403 | 4,072,701 |
Other receivables | 4,220,123 | 973,145 |
Prepayments and deposits | 93,722,271 | 8,585,224 |
Inventory | 5,900,931 | 1,259,581 |
Current assets | 758,137,194 | 611,748,949 |
Non-current assets | ||
Plant and equipment | 89,753,260 | 26,389,463 |
Right-of-use assets | 54,912,574 | 27,009,760 |
Other non-current assets | 2,109,568 | 0 |
Non-current assets | 146,775,402 | 53,399,223 |
Total assets | 904,912,596 | 665,148,172 |
Current liabilities | ||
Accounts payable and accrued liabilities | 38,458,692 | 18,701,116 |
Lease liabilities | 5,478,799 | 2,868,795 |
Loans payable | 7,495 | 7,752 |
Current liabilities | 43,944,986 | 21,577,663 |
Non-current liabilities | ||
Lease liabilities | 51,486,271 | 26,496,074 |
Loans payable | 26,335 | 31,996 |
Total Convertible Debt at end of period | 284,853,896 | 100,877,838 |
Warrants | 0 | 82,109,334 |
Restoration provisions | 434,489 | 334,233 |
Non-current liabilities | 336,800,991 | 209,849,475 |
Total liabilities | 380,745,977 | 231,427,138 |
Shareholders' equity | ||
Share capital | 768,608,594 | 672,079,154 |
Contributed surplus | 16,238,257 | 3,026,721 |
Accumulated deficit | (260,647,570) | (241,088,229) |
Accumulated other comprehensive loss | (296,612) | (296,612) |
Equity attributable to owners of parent | 523,902,669 | 433,721,034 |
Net assets attributable to non-controlling interest | 263,950 | 0 |
Shareholders' equity | 524,166,619 | 433,721,034 |
Liabilities and shareholders' equity | $ 904,912,596 | $ 665,148,172 |
Consolidated statements of loss
Consolidated statements of loss and comprehensive loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenue | ||||
Product sales | $ (2,338,949) | $ 1,593,563 | $ 9,574,620 | $ 2,682,531 |
Recycling services | 372,510 | 115,560 | 950,134 | 301,216 |
Revenue | (1,966,439) | 1,709,123 | 10,524,754 | 2,983,747 |
Expenses | ||||
Employee salaries and benefits | 9,525,996 | 3,476,995 | 28,633,550 | 7,722,475 |
Professional fees | 4,184,457 | 1,216,310 | 10,618,212 | 4,218,362 |
Share-based compensation | 3,998,966 | 298,489 | 13,675,130 | 1,307,874 |
Raw materials and supplies | 3,571,752 | 1,109,582 | 6,802,193 | 2,003,939 |
Office, administrative and travel | 5,293,879 | 431,881 | 11,287,158 | 1,053,766 |
Depreciation | 2,969,337 | 697,604 | 6,790,188 | 1,830,603 |
Research and development | 514,769 | 576,551 | 1,384,635 | 1,928,582 |
Freight and shipping | 671,358 | 155,456 | 1,469,203 | 587,953 |
Plant facilities | 1,073,881 | 227,942 | 2,494,919 | 676,278 |
Marketing | 661,749 | 160,479 | 1,858,324 | 465,269 |
Change in finished goods inventory | 81,820 | (475,862) | 82,807 | (1,120,755) |
Expenses by nature | 32,547,964 | 7,875,427 | 85,096,319 | 20,674,346 |
Loss from operations | (34,514,403) | (6,166,304) | (74,571,565) | (17,690,599) |
Other (income) expense | ||||
Fair value (gain) loss on financial instruments | (8,567,022) | 508,850 | (62,300,143) | 2,433,196 |
Interest expense | 3,533,007 | 437,163 | 9,725,534 | 932,497 |
Foreign exchange (gain) loss | 51,691 | (214,496) | 180,534 | 536,216 |
Interest income | (2,010,423) | (503) | (2,557,099) | (1,725) |
Other (income) expense | (6,992,747) | 731,014 | (54,951,174) | 3,900,184 |
Net loss before taxes | (27,521,656) | (6,897,318) | (19,620,391) | (21,590,783) |
Income tax | 0 | 0 | 5,000 | 0 |
Net loss | (27,521,656) | (6,897,318) | (19,625,391) | (21,590,783) |
Shareholders of Li-Cycle Holdings Corp. | (27,479,280) | (6,897,318) | (19,559,341) | (21,590,783) |
Non-controlling interest | $ (42,376) | $ 0 | $ (66,050) | $ 0 |
Loss per common share - basic (in dollars per share) | $ (0.16) | $ (0.07) | $ (0.12) | $ (0.23) |
Loss per common share - diluted (in dollars per share) | $ (0.16) | $ (0.07) | $ (0.12) | $ (0.23) |
Consolidated statements of chan
Consolidated statements of changes in equity | USD ($) shares | Stock options USD ($) | Restricted share units USD ($) shares | Series C Shares USD ($) | Public Shares USD ($) | Share capital USD ($) shares | Share capital Restricted share units USD ($) shares | Share capital Series C Shares USD ($) shares | Share capital Public Shares USD ($) shares | Contributed surplus USD ($) | Contributed surplus Stock options USD ($) | Contributed surplus Restricted share units USD ($) | Accumulated deficit USD ($) | Accumulated other comprehensive loss USD ($) | Equity attributable to the Shareholders of Li-Cycle Holdings Corp. USD ($) | Equity attributable to the Shareholders of Li-Cycle Holdings Corp. Stock options USD ($) | Equity attributable to the Shareholders of Li-Cycle Holdings Corp. Restricted share units USD ($) | Non-controlling interest (Note 15) USD ($) |
Shareholders' equity, beginning balance (in shares) at Oct. 31, 2020 | shares | 83,361,291 | |||||||||||||||||
Shareholders' equity, beginning balance at Oct. 31, 2020 | $ 1,440,730 | $ 15,441,600 | $ 824,683 | $ (14,528,941) | $ (296,612) | $ 1,440,730 | ||||||||||||
Changes in equity [abstract] | ||||||||||||||||||
Stock option expense | $ 702,932 | $ 702,932 | $ 702,932 | |||||||||||||||
Share issuance (in shares) | shares | 11,220,218 | 0 | ||||||||||||||||
Share issuance | $ 21,620,000 | $ 0 | $ 21,620,000 | 21,620,000 | ||||||||||||||
Shares issued for non-cash costs (in shares) | shares | 478,920 | |||||||||||||||||
Equity issued for non-cash costs | 0 | $ 455,055 | (455,055) | |||||||||||||||
Exercise of stock options (in shares) | shares | 1,024,250 | |||||||||||||||||
Exercise of stock options | 169,105 | $ 289,224 | (120,119) | 169,105 | ||||||||||||||
Exercise of warrants (in shares) | shares | 0 | |||||||||||||||||
Exercise of warrants | 0 | $ 0 | 0 | |||||||||||||||
Restricted Share Units Expense | $ 0 | $ 0 | ||||||||||||||||
Restricted Share Units settled in shares (in shares) | shares | 0 | |||||||||||||||||
Restricted share units settled | 0 | $ 0 | ||||||||||||||||
Comprehensive loss | (21,590,783) | (21,590,783) | (21,590,783) | |||||||||||||||
Shareholders' equity, ending balance (in shares) at Jul. 31, 2021 | shares | 96,084,679 | |||||||||||||||||
Shareholders' equity, ending balance at Jul. 31, 2021 | 2,341,984 | $ 37,805,879 | 952,441 | (36,119,724) | (296,612) | 2,341,984 | ||||||||||||
Shareholders' equity, beginning balance (in shares) at Oct. 31, 2020 | shares | 83,361,291 | |||||||||||||||||
Shareholders' equity, beginning balance at Oct. 31, 2020 | 1,440,730 | $ 15,441,600 | 824,683 | (14,528,941) | (296,612) | 1,440,730 | ||||||||||||
Changes in equity [abstract] | ||||||||||||||||||
Share issuance (in shares) | shares | 11,220,218 | 65,671,374 | ||||||||||||||||
Share issuance | $ 21,620,000 | $ 629,748,295 | ||||||||||||||||
Shares issued for non-cash costs (in shares) | shares | 478,920 | |||||||||||||||||
Equity issued for non-cash costs | $ 455,055 | |||||||||||||||||
Exercise of stock options (in shares) | shares | 2,055,476 | |||||||||||||||||
Exercise of stock options | $ 891,162 | |||||||||||||||||
Restricted Share Units settled in shares (in shares) | shares | 392,276 | |||||||||||||||||
Restricted share units settled | $ 3,922,754 | |||||||||||||||||
Shareholders' equity, ending balance (in shares) at Oct. 31, 2021 | shares | 163,179,655 | |||||||||||||||||
Shareholders' equity, ending balance at Oct. 31, 2021 | 433,721,034 | $ 672,079,154 | 3,026,721 | (241,088,229) | (296,612) | 433,721,034 | $ 0 | |||||||||||
Changes in equity [abstract] | ||||||||||||||||||
Stock option expense | 5,427,228 | 5,427,228 | 5,427,228 | |||||||||||||||
Share issuance (in shares) | shares | 5,300,352 | |||||||||||||||||
Share issuance | $ 49,698,756 | $ 49,698,756 | 49,698,756 | |||||||||||||||
Exercise of stock options (in shares) | shares | 1,251,547 | 1,183,352 | ||||||||||||||||
Exercise of stock options | $ 0 | $ 296,128 | (296,128) | |||||||||||||||
Exercise of warrants (in shares) | shares | 5,712,222 | |||||||||||||||||
Exercise of warrants | 46,001,223 | $ 46,001,223 | 0 | 46,001,223 | ||||||||||||||
Restricted Share Units Expense (in shares) | shares | 0 | |||||||||||||||||
Restricted Share Units Expense | $ 8,613,769 | $ 0 | 8,613,769 | $ 8,613,769 | ||||||||||||||
Restricted Share Units settled in shares (in shares) | shares | 40,404 | 40,404 | ||||||||||||||||
Increase (Decrease) Through Exercise Of Equity Instruments | $ 533,333 | $ (533,333) | ||||||||||||||||
Non-controlling interest in subsidiary | 330,000 | 330,000 | ||||||||||||||||
Comprehensive loss | (19,625,391) | (19,559,341) | 0 | (19,559,341) | (66,050) | |||||||||||||
Shareholders' equity, ending balance (in shares) at Jul. 31, 2022 | shares | 175,415,985 | |||||||||||||||||
Shareholders' equity, ending balance at Jul. 31, 2022 | $ 524,166,619 | $ 768,608,594 | $ 16,238,257 | $ (260,647,570) | $ (296,612) | $ 523,902,669 | $ 263,950 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Operating activities | ||||
Net loss for the period | $ (27,521,656) | $ (6,897,318) | $ (19,625,391) | $ (21,590,783) |
Items not affecting cash | ||||
Share-based compensation | 3,998,966 | 298,489 | 13,675,130 | 1,307,874 |
Depreciation | 2,969,337 | 697,604 | 6,790,188 | 1,830,603 |
Amortization of government grants | 0 | (26,887) | 0 | (92,926) |
Loss on disposal of assets | 0 | 0 | 0 | 13,399 |
Foreign exchange (gain) loss on translation | (103,895) | (152,562) | (561,803) | 509,195 |
Fair value (gain) loss on financial instruments | (8,567,022) | 508,850 | (62,300,143) | 2,433,196 |
Interest and accretion on convertible debt | 2,886,555 | 0 | 8,094,918 | 0 |
Cash flows from (used in) operations before changes in working capital | (26,337,715) | (5,571,824) | (53,927,101) | (15,589,442) |
Changes in non-cash working capital items | ||||
Accounts receivable | 6,233,862 | (1,467,219) | (1,194,702) | (2,309,564) |
Other receivables | (2,655,693) | (37,157) | (3,246,978) | (56,188) |
Prepayments and deposits | (5,914,245) | (2,668,131) | (3,543,585) | (7,118,905) |
Inventory | (2,468,948) | (719,231) | (4,641,350) | (1,322,927) |
Accounts payable and accrued liabilities | 5,953,737 | 6,518,975 | 2,729,377 | 9,830,211 |
Net cash provided by operating activities | (25,189,002) | (3,944,587) | (63,824,339) | (16,566,815) |
Investing activity | ||||
Purchases of plant and equipment | (29,555,201) | (5,804,757) | (45,037,303) | (10,903,007) |
Prepaid equipment deposits | (42,745,602) | (794,002) | (62,591,565) | (1,163,841) |
Prepaid construction charges | (9,812,572) | 0 | (21,891,269) | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 | 0 | 16,866 |
Net cash used in investing activities | (82,113,375) | (6,598,759) | (129,520,137) | (12,049,982) |
Financing activities | ||||
Proceeds from exercise of warrants | 0 | 0 | 65,180 | 0 |
Proceeds from loans payable | 0 | 7,000,000 | 0 | 10,091,220 |
Proceeds from government grants | 0 | 26,887 | 0 | 92,926 |
Capital contribution from the holders of non-controlling interest | 0 | 0 | 330,000 | 0 |
Repayment of lease liabilities | (1,366,336) | (204,231) | (3,258,899) | (530,953) |
Repayment of loans payable | (1,548) | (423,595) | (4,631) | (1,138,336) |
Net cash used in financing activities | 247,013,110 | 6,568,166 | 245,512,644 | 30,303,962 |
Net change in cash and cash equivalents | 139,710,733 | (3,975,180) | 52,168,168 | 1,687,165 |
Cash and cash equivalents, beginning of period | 509,315,733 | 6,325,902 | 596,858,298 | 663,557 |
Cash and cash equivalents, end of period | 649,026,466 | 2,350,722 | 649,026,466 | 2,350,722 |
Non-cash investing activities | ||||
Purchase of plant and equipment in payables and accruals | (12,653,536) | 22,392 | 17,028,199 | 2,655,301 |
Non-cash financing activities | ||||
Equity issued for non-cash costs | 0 | 0 | 0 | 455,055 |
Interest Paid | (648,032) | (437,163) | (1,632,196) | (932,497) |
Proceeds from exercise of stock options | 0 | 169,105 | 0 | 169,105 |
Proceeds From Issuance Of Convertible Debt | 198,682,238 | 0 | 198,682,238 | 0 |
Private Shares | ||||
Financing activities | ||||
Proceeds from private share issuance, net of share issuance costs | 0 | 0 | 0 | 21,620,000 |
Public Shares | ||||
Financing activities | ||||
Proceeds from private share issuance, net of share issuance costs | $ 49,698,756 | $ 0 | $ 49,698,756 | $ 0 |
Nature of operations and busine
Nature of operations and business combination | 9 Months Ended |
Jul. 31, 2022 | |
Nature Of Operations [Abstract] | |
Nature of operations and business combination | Nature of operations Nature of Operations Li-Cycle Holdings Corp. and its subsidiaries, collectively ("Li-Cycle" or the "Company") started their business as Li-Cycle Corp. Li-Cycle Corp. was incorporated in Ontario, Canada under the Business Corporations Act (Ontario) on November 18, 2016. Li-Cycle’s core business model is to build, own and operate recycling plants tailored to regional needs. Li-Cycle’s Spoke & Hub Technologies™ provide an environmentally friendly resource recovery solution that addresses the growing global lithium-ion battery recycling challenges, supporting the global transition toward electrification. On March 28, 2019, Li-Cycle Corp. incorporated a wholly owned subsidiary, Li-Cycle Inc., under the General Corporation Law of the State of Delaware. This subsidiary operates the Company’s U.S. Spoke facilities. On September 2, 2020, Li-Cycle Corp. incorporated a wholly owned subsidiary, Li-Cycle North America Hub, Inc., under the General Corporation Law of the State of Delaware. This subsidiary is developing the Company’s first commercial Hub, in Rochester, New York. On August 10, 2021, in accordance with the plan of arrangement to reorganize Li-Cycle Corp., the Company finalized a business combination (the "Business Combination") with Peridot Acquisition Corp., and the combined company was renamed Li-Cycle Holdings Corp. On closing, the common shares of Li-Cycle Holdings Corp. were listed on the New York Stock Exchange and commenced trading under the symbol “LICY”. |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Jul. 31, 2022 | |
List Of Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies (a) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) under International Accounting Standard (IAS) 34 – Interim Financial Reporting. Except as described below, these financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Significant accounting policies in the Company’s consolidated financial statements for the year ended October 31, 2021. These financial statements do not include all the notes required in annual financial statements. These condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on September 13, 2022. (b) Basis of consolidation These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. The subsidiaries are included in the condensed consolidated interim financial results of the Company from the effective date of incorporation up to the effective date of disposition or loss of control. The Company’s principal subsidiaries and their geographic location as at July 31, 2022 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Holdings Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 67% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries are eliminated. (c) Basis of preparation These condensed consolidated interim financial statements are presented in U.S. dollars, which is the Company's functional currency. (d) New and revised IFRS Standards issued but not yet effective At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. New/Revised Standard Description Amendments to IFRS 3 Reference to the Conceptual Framework IFRS 17 (including the June 2020 amendments to IFRS 17) Insurance Contracts Annual Improvements to IFRS Standards 2018-2020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture Amendments to IAS 1 Disclosure of Accounting Policies Amendments to IAS 1 Classifying liabilities as current or non-current Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use Amendments to IAS 37 Onerous Contracts—Cost of Fulfilling a Contract The adoption of the IFRS Standards listed above are not expected to have a material impact on the financial statements of the Company in future periods, except as noted below. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The International Accounting Standards Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The Company is assessing the potential impact of these amendments. |
Prepayments and deposits
Prepayments and deposits | 9 Months Ended |
Jul. 31, 2022 | |
Prepayments And Deposits [Abstract] | |
Prepayments and deposits | Prepayments and deposits July 31, 2022 October 31, 2021 $ $ Prepaid lease deposits 2,693,162 886,951 Prepaid equipment deposits 62,591,565 3,231,836 Prepaid insurance 5,772,465 3,839,880 Prepaid construction charges 21,891,269 — Other prepaids 2,883,378 626,557 95,831,839 8,585,224 Non-current portion of prepaid lease deposits 2,109,568 — Current prepaids and deposits 93,722,271 8,585,224 Other prepaids consist principally of deposits, subscriptions, and environmental financial assurance. |
Plant and equipment
Plant and equipment | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Plant and equipment | Plant and equipment Assets under construction Plant equipment Computer software and equipment Storage containers Vehicles Leasehold improvements Total $ $ $ $ $ $ $ Cost At October 31, 2021 15,638,165 6,275,419 196,273 67,619 179,298 6,219,456 28,576,230 Additions 63,102,238 12,622 897,763 62,227 62,000 1,620,272 65,757,122 Transfers from Assets under construction (12,875,473) 12,875,473 — — — — — At July 31, 2022 65,864,930 19,163,514 1,094,036 129,846 241,298 7,839,728 94,333,352 Accumulated depreciation At October 31, 2021 — (1,549,700) (8,645) (14,172) (49,314) (564,936) (2,186,767) Depreciation — (1,673,934) (148,682) (8,050) (35,514) (527,145) (2,393,325) At July 31, 2022 — (3,223,634) (157,327) (22,222) (84,828) (1,092,081) (4,580,092) Carrying amounts — At October 31, 2021 15,638,165 4,725,719 187,628 53,447 129,984 5,654,520 26,389,463 At July 31, 2022 65,864,930 15,939,880 936,709 107,624 156,470 6,747,647 89,753,260 |
Right-of-use assets
Right-of-use assets | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Right-of-use assets | Right - of-use assets Premises Equipment Total Cost $ $ $ At October 31, 2021 28,821,956 133,769 28,955,725 Additions 31,758,625 117,516 31,876,141 Modifications 239,799 (25,125) 214,674 At July 31, 2022 60,820,380 226,160 61,046,540 Accumulated depreciation At October 31, 2021 (1,894,179) (51,786) (1,945,965) Depreciation (4,364,642) (32,221) (4,396,863) Disposals 208,862 — 208,862 At July 31, 2022 (6,049,959) (84,007) (6,133,966) Carrying amounts At October 31, 2021 26,927,777 81,983 27,009,760 At July 31, 2022 54,770,421 142,153 54,912,574 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 9 Months Ended |
Jul. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities July 31, 2022 October 31, 2021 $ $ Trade payables 16,872,263 9,447,394 Accrued fixed assets 6,846,088 2,074,681 Accrued expenses 7,661,077 4,378,073 Accrued compensation 7,079,264 2,800,968 38,458,692 18,701,116 |
Lease liabilities
Lease liabilities | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Lease liabilities | Lease liabilities The Company has the following lease liabilities as of July 31, 2022. Maturity analysis Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Undiscounted $ $ $ $ $ $ $ Premises 8,296,494 7,356,848 6,961,704 6,796,674 6,406,488 42,978,042 78,796,250 Equipment 61,217 53,716 43,213 22,235 12,536 — 192,917 Total 8,357,711 7,410,564 7,004,917 6,818,909 6,419,024 42,978,042 78,989,167 Lease liabilities Current Non-Current Total Discounted $ $ $ Premises 5,434,043 51,373,640 56,807,683 Equipment 44,756 112,631 157,387 Total 5,478,799 51,486,271 56,965,070 The Company has the following lease liabilities as of October 31, 2021. Maturity analysis Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Undiscounted $ $ $ $ $ $ $ Premises 4,468,877 4,590,357 3,741,940 3,332,312 3,290,786 16,302,071 35,726,343 Equipment 48,898 44,044 44,044 42,384 21,022 7,835 208,227 Total 4,517,775 4,634,401 3,785,984 3,374,696 3,311,808 16,309,906 35,934,570 Lease liabilities Current Non-Current Total Discounted $ $ $ Premises 2,836,348 26,366,448 29,202,796 Equipment 32,447 129,626 162,073 Total 2,868,795 26,496,074 29,364,869 In the three and nine months ended July 31, 2022, the Company recognized an interest expense of $596,694 and $1,494,127 related to lease liabilities, respectively (three and nine months ended July 31, 2021: $98,272 and $223,278). The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees. In the nine months ended July 31, 2022, the Company has added 8 new premises leases, modified 2 leases, and terminated 1 lease. |
Convertible Debt
Convertible Debt | 9 Months Ended |
Jul. 31, 2022 | |
Financial Instruments [Abstract] | |
Convertible Debt | Convertible Debt July 31, 2022 October 31, 2021 $ $ KSP Note (a) 92,343,624 100,877,838 Glencore Note (b) 192,510,272 — Total Convertible Debt at end of period 284,853,896 100,877,838 (a) KSP Note July 31, 2022 October 31, 2021 $ $ Principal of convertible note at beginning of period 100,000,000 — Issuance of convertible notes 5,923,518 100,000,000 Principal of convertible note at end of period 105,923,518 100,000,000 Conversion feature at beginning of period 29,028,938 — Conversion feature issued — 27,681,043 Fair value (gain) loss on embedded derivative (16,744,434) 1,347,895 Conversion feature at end of period 12,284,504 29,028,938 Debt component at beginning of period 71,848,900 — Debt component issued 5,923,518 72,318,957 Transaction costs — (1,599,737) Accrued interest paid in kind (5,923,518) — Accrued interest expense 8,210,220 1,129,680 Debt component at end of period 80,059,120 71,848,900 Total Convertible Debt at end of period 92,343,624 100,877,838 On September 29, 2021, the Company entered into a Note Purchase Agreement (the “KSP Note Purchase Agreement”) with Spring Creek Capital, LLC (an affiliate of Koch Strategic Platforms, LLC, being a subsidiary of Koch Investments Group) and issued an unsecured convertible note (the “KSP Note”) for a principal amount of $100 million to Spring Creek Capital, LLC. The KSP Note will mature on September 29, 2026 unless earlier repurchased, redeemed or converted. Interest on the KSP Note is payable semi-annually, and Li-Cycle is permitted to pay interest on the KSP Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of LIBOR plus 5.0% per year, and PIK interest payments were based on an interest rate of LIBOR plus 6.0% per year. Under the terms of the KSP Note, LIBOR has a floor of 1% and a cap of 2%. Once the LIBOR interest rate is no longer published, the interest rate will instead be based on the sum of the Secured Overnight Financing Rate ("SOFR") and the average spread between the SOFR and LIBOR during the three-month period ending on the date on which LIBOR ceases to be published. The PIK election results in a new note under the same terms as the original KSP Note, issued in lieu of interest payments with an issuance date on the applicable interest date. On May 1, 2022, Spring Creek Capital, LLC assigned the KSP Note and the PIK note outstanding at that time to an affiliate, Wood River Capital, LLC. On June 30, 2022, the Company issued a PIK Note to Wood River Capital, LLC in the amount of $4,095,740. The KSP Note and the PIK notes issued thereunder are referred to collectively as the “2021 Convertible Notes”, and as at July 31, 2022, comprised the following: Note Date Issued Amount Issued KSP Note September 29, 2021 $ 100,000,000 PIK Note December 31, 2021 $ 1,827,778 PIK Note June 30, 2022 $ 4,095,740 Total $ 105,923,518 The conversion feature under the 2021 Convertible Notes has been recorded as an embedded derivative liability since the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The KSP Note had an initial conversion price of approximately $13.43 per Li-Cycle common share, subject to customary anti-dilution adjustments, which price was established based on 125% of the 7-day volume-weighted average price of Li-Cycle’s common shares prior to the date of the KSP Note Purchase Agreement. Should the Company’s share price be equal to or greater than $17.46, for a period of twenty consecutive days, the Company can force conversion of the 2021 Convertible Notes. Li-Cycle will settle its conversion obligations through the delivery of its own common shares. As at July 31, 2022, no conversions had taken place. The fair value of the embedded derivatives upon issuance of the original KSP Note was determined to be a liability of $27,681,043 whereas the remaining $72,318,957, net of transaction costs of $1,599,737, was allocated to the principal portion of the debt. During the three and nine months ended July 31, 2022, the Company recognized a fair value loss of $815,396 and fair value gain of $16,744,434 on the embedded derivatives, respectively. The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows: September 29, 2021 October 31, 2021 July 31, 2022 Risk free interest rate 1.06% 1.23% 2.77% Expected life of options 5 years 4.92 years 4.17 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 62% 65% Share Price 12.56 12.94 7.19 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company. |
Product sales revenue
Product sales revenue | 9 Months Ended |
Jul. 31, 2022 | |
Product sales revenue [Abstract] | |
Product sales revenue | Three months ended July 31, 2022 Three months ended July 31, 2021 Nine months ended July 31, 2022 Nine months ended July 31, 2021 $ $ $ $ Product sales revenue recognized in the period 1 4,992,231 1,232,423 11,183,309 2,153,422 Fair value pricing adjustments (7,331,180) 361,140 (1,608,689) 529,109 Product sales revenue (2,338,949) 1,593,563 9,574,620 2,682,531 Recycling services revenue recognized in the period 1 372,510 115,560 950,134 301,216 Revenue (1,966,439) 1,709,123 10,524,754 2,983,747 1R evenue recognized in the period before fair value pricing adjustments was $5,364,741 and $12,133,443, respectively, for the three and nine months ended July 31, 2022 (three and nine months ended July 31, 2021: $1,347,983 and $2,454,638, respectively). |
Non-Controlling Interest
Non-Controlling Interest | 9 Months Ended |
Jul. 31, 2022 | |
Non-Controlling Interest [Abstract] | |
Non-Controlling Interest | Non-Controlling InterestOn January 26, 2022, the Company entered into a joint venture agreement with ECO STOR AS (“ECO STOR”) and Morrow Batteries AS (“Morrow”) to form Li-Cycle Norway AS which will construct a new commercial lithium-ion battery recycling facility in southern Norway. Li-Cycle is the majority owner of Li-Cycle Norway AS with 67% ownership, with ECO STOR and Morrow being minority owners and Nordic-headquartered strategic partners with 31% and 2% ownership, respectively. These holdings allow the shareholders to nominate 2 Directors, 1 Director, and 1 observer respectively with their ownership holdings. Summarized financial information for Li-Cycle Norway AS is as follows: July 31, 2022 $ Current assets 1,049,799 Current liabilities 249,951 Net assets 799,848 Net assets attributable to non-controlling interest 263,950 Three months ended July 31, 2022 Nine months ended July 31, 2022 $ $ Revenue — — Expenses 128,413 200,151 Net loss (128,413) (200,151) Net loss attributable to non-controlling interest (42,376) (66,050) |
Commitments
Commitments | 9 Months Ended |
Jul. 31, 2022 | |
Commitments [Abstract] | |
Commitments | Commitments and contingenciesAs of July 31, 2022, there were $60,178,017 in committed purchase orders or agreements for equipment and services (October 31, 2021:$6,858,617). |
Loss per share
Loss per share | 9 Months Ended |
Jul. 31, 2022 | |
Earnings per share [abstract] | |
Loss per share | per share Three months ended July 31, Nine months ended July 31, 2022 2021 2022 2021 Net loss $ (27,521,656) $ (6,897,318) $ (19,625,391) $ (21,590,783) Weighted average number of common shares 174,383,980 95,563,454 169,067,783 94,695,650 Basic and diluted loss per share $ (0.16) $ (0.07) $ (0.12) $ (0.23) For comparability, the stated weighted average number of common shares and the number of potential common shares have been scaled by the Business Combination exchange ratio of 1:39.91 for periods prior to the completion of the Business Combination on August 10, 2021. Adjustments for diluted loss per share were not made for the three months ended July 31, 2022 and three and nine months ended July 31, 2021 as they would be anti-dilutive in nature. The following table represents instruments that could potentially dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share because they are antidilutive for the periods presented: July 31, July 31, 2022 2021 Stock options 4,762,105 6,415,533 Convertible debt 28,564,628 — Restricted share units 2,230,020 — 35,556,753 6,415,533 |
Segment reporting
Segment reporting | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment reporting | Segment reporting The condensed consolidated interim financial data presented in these financial statements is reviewed regularly by the Company’s chief operating decision maker (“CODM”) for making strategic decisions, allocations resources and assessing performance. The Corporation’s CODM is its Chief Executive Officer. During the three and nine months ended July 31, 2022, the Company operated in Canada and the United States. Management has concluded that the customers, and the nature and method of distribution of goods and services delivered, if any, to these geographic regions are similar in nature. The risks and returns across the geographic regions are not dissimilar; therefore, the Company operates as a single operating segment. The following is a summary of the Company’s geographical information: Canada United States Total $ $ $ Revenues Nine months ended July 31, 2022 3,764,697 6,760,057 10,524,754 Nine months ended July 31, 2021 2,042,730 941,017 2,983,747 Non-current assets Nine months ended July 31, 2022 18,681,071 128,094,331 146,775,402 Year ended October 31, 2021 15,476,877 37,922,346 53,399,223 |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Jul. 31, 2022 | |
List Of Accounting Policies [Abstract] | |
Statement of compliance | Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) under International Accounting Standard (IAS) 34 – Interim Financial Reporting. Except as described below, these financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as outlined in Note 2, Significant accounting policies in the Company’s consolidated financial statements for the year ended October 31, 2021. These financial statements do not include all the notes required in annual financial statements. These condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on September 13, 2022. |
Basis of consolidation | Basis of consolidationThese condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. The subsidiaries are included in the condensed consolidated interim financial results of the Company from the effective date of incorporation up to the effective date of disposition or loss of control. The Company’s principal subsidiaries and their geographic location as at July 31, 2022 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Holdings Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 67% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries are eliminated. |
Basis of preparation | Basis of preparation These condensed consolidated interim financial statements are presented in U.S. dollars, which is the Company's functional currency. (d) New and revised IFRS Standards issued but not yet effective At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. New/Revised Standard Description Amendments to IFRS 3 Reference to the Conceptual Framework IFRS 17 (including the June 2020 amendments to IFRS 17) Insurance Contracts Annual Improvements to IFRS Standards 2018-2020 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture Amendments to IAS 1 Disclosure of Accounting Policies Amendments to IAS 1 Classifying liabilities as current or non-current Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use Amendments to IAS 37 Onerous Contracts—Cost of Fulfilling a Contract The adoption of the IFRS Standards listed above are not expected to have a material impact on the financial statements of the Company in future periods, except as noted below. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The International Accounting Standards Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted and are applied prospectively. The Company is assessing the potential impact of these amendments. |
Significant accounting polici_3
Significant accounting policies (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
List Of Accounting Policies [Abstract] | |
Summary of Principal Subsidiaries and their Geographic Location | The Company’s principal subsidiaries and their geographic location as at July 31, 2022 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Holdings Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 67% |
Summary of plant and equipment | Assets under construction Plant equipment Computer software and equipment Storage containers Vehicles Leasehold improvements Total $ $ $ $ $ $ $ Cost At October 31, 2021 15,638,165 6,275,419 196,273 67,619 179,298 6,219,456 28,576,230 Additions 63,102,238 12,622 897,763 62,227 62,000 1,620,272 65,757,122 Transfers from Assets under construction (12,875,473) 12,875,473 — — — — — At July 31, 2022 65,864,930 19,163,514 1,094,036 129,846 241,298 7,839,728 94,333,352 Accumulated depreciation At October 31, 2021 — (1,549,700) (8,645) (14,172) (49,314) (564,936) (2,186,767) Depreciation — (1,673,934) (148,682) (8,050) (35,514) (527,145) (2,393,325) At July 31, 2022 — (3,223,634) (157,327) (22,222) (84,828) (1,092,081) (4,580,092) Carrying amounts — At October 31, 2021 15,638,165 4,725,719 187,628 53,447 129,984 5,654,520 26,389,463 At July 31, 2022 65,864,930 15,939,880 936,709 107,624 156,470 6,747,647 89,753,260 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Trade and other current receivables [abstract] | |
Schedule of other receivables | July 31, 2022 October 31, 2021 $ $ Trade Receivables 5,267,403 4,072,701 Total accounts receivable 5,267,403 4,072,701 Sales Taxes receivable 2,320,614 379,814 Other 1,899,509 593,331 Total other receivables 4,220,123 973,145 |
Schedule of revenue by customers | The Company's revenue primarily comes from two key customers as shown in the table below. The Company's remaining customers do not make up significant percentages of these balances. The customer allocation for the revenue for the three months ended July 31, 2022 has been calculated on the basis of product revenues recognized in the period due to the fair value adjustment losses in the period. For additional details on product sales and fair value losses recognized in the period, refer to Note 14. Three months ended July 31, 2022 Nine months ended July 31, 2022 2022 2021 2022 2021 % % % % Revenue Customer A 5.4 % 44.0 % 19.1 % 61.0 % Customer B 83.9 % 49.0 % 67.0 % 28.0 % July 31, 2022 October 31, 2021 Trade Accounts Receivable Customer A 12.6 % 53.0 % Customer B 72.2 % 45.0 % |
Prepayments and deposits (Table
Prepayments and deposits (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Prepayments And Deposits [Abstract] | |
Schedule of prepayments and deposits | July 31, 2022 October 31, 2021 $ $ Prepaid lease deposits 2,693,162 886,951 Prepaid equipment deposits 62,591,565 3,231,836 Prepaid insurance 5,772,465 3,839,880 Prepaid construction charges 21,891,269 — Other prepaids 2,883,378 626,557 95,831,839 8,585,224 Non-current portion of prepaid lease deposits 2,109,568 — Current prepaids and deposits 93,722,271 8,585,224 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventory | July 31, 2022 October 31, 2021 $ $ Raw material 4,620,138 850,416 Finished goods 585,306 347,391 Parts and tools 695,487 61,774 5,900,931 1,259,581 |
Plant and equipment (Tables)
Plant and equipment (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of plant and equipment | Assets under construction Plant equipment Computer software and equipment Storage containers Vehicles Leasehold improvements Total $ $ $ $ $ $ $ Cost At October 31, 2021 15,638,165 6,275,419 196,273 67,619 179,298 6,219,456 28,576,230 Additions 63,102,238 12,622 897,763 62,227 62,000 1,620,272 65,757,122 Transfers from Assets under construction (12,875,473) 12,875,473 — — — — — At July 31, 2022 65,864,930 19,163,514 1,094,036 129,846 241,298 7,839,728 94,333,352 Accumulated depreciation At October 31, 2021 — (1,549,700) (8,645) (14,172) (49,314) (564,936) (2,186,767) Depreciation — (1,673,934) (148,682) (8,050) (35,514) (527,145) (2,393,325) At July 31, 2022 — (3,223,634) (157,327) (22,222) (84,828) (1,092,081) (4,580,092) Carrying amounts — At October 31, 2021 15,638,165 4,725,719 187,628 53,447 129,984 5,654,520 26,389,463 At July 31, 2022 65,864,930 15,939,880 936,709 107,624 156,470 6,747,647 89,753,260 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Schedule of right-of-use assets | Premises Equipment Total Cost $ $ $ At October 31, 2021 28,821,956 133,769 28,955,725 Additions 31,758,625 117,516 31,876,141 Modifications 239,799 (25,125) 214,674 At July 31, 2022 60,820,380 226,160 61,046,540 Accumulated depreciation At October 31, 2021 (1,894,179) (51,786) (1,945,965) Depreciation (4,364,642) (32,221) (4,396,863) Disposals 208,862 — 208,862 At July 31, 2022 (6,049,959) (84,007) (6,133,966) Carrying amounts At October 31, 2021 26,927,777 81,983 27,009,760 At July 31, 2022 54,770,421 142,153 54,912,574 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of transactions between related parties | Related party transactions Remuneration of key management personnel including directors The remuneration of the executive officers and directors, who are the key management personnel of the Company, during the three and nine months ended July 31, 2022 and 2021 are as follows: Three months ended Nine months ended July 31, 2022 July 31, 2021 July 31, 2022 July 31, 2021 $ $ $ $ Salaries 1,077,438 272,493 2,860,781 811,502 Share-based compensation 3,390,738 — 11,420,976 605,957 Fees and benefits 995,766 176,278 2,593,068 516,124 5,463,942 448,771 16,874,825 1,933,583 During the three and nine months ended July 31, 2022, the Company paid directors for providing director and consulting services. Total amounts paid to directors in respect of these activities in the period was $95,367 and $268,246, respectively (three and nine months ended July 31, 2021: $66,802 and $175,036). Outstanding balances of remunerations of the executive officers and directors are summarized as follows: July 31, 2022 October 31, 2021 $ $ Accounts payable and accrued liabilities 2,328,601 771,255 Outstanding balances 2,328,601 771,255 Related-Party Lease From January 1, 2019 to December 31, 2021, the Company leased certain office space from Ashlin BPG Marketing, which is controlled by certain members of the immediate family of the Company’s President and Chief Executive Officer. Under the terms of the lease, the Company was required to pay Cdn. $4,500 per month plus applicable taxes, subject to 60 days’ notice of termination. Li-Cycle terminated the lease, effective December 31, 2021. During the three and nine months ended July 31, 2022, the Company incurred expenses of $nil and $6,358 in relation to this vendor, compared to $13,076 and $30,429 for the three and nine months ended July 31, 2021, respectively. Related-Party Expenses The Company has engaged Fade In Production Pty. Ltd., which is controlled by certain members of the immediate family of the Executive Chair of Li-Cycle, to provide it with corporate video production services since 2017. During the three and nine months ended July 31, 2022, the Company incurred expenses of $26,804 and $134,277 in relation to this vendor, compared to $nil and $97,005 for the three and nine months ended July 31, 2021, respectively. The Company has engaged Ashlin BPG Marketing, a related party as described above, to provide it with Li-Cycle branded promotional products for both customers and employees since April 1, 2020. During the three and nine months ended July 31, 2022, the Company incurred expenses of $4,908 and $50,173 attributable to this vendor, compared to $12,581 and $36,268 for the three and nine months ended July 31, 2021, respectively. The Company has engaged Consulero Inc., which is controlled by certain members of the immediate family of the Company's President and Chief Executive Officer, to provide it with technology services in relation to the Company's inventory management system since September 1, 2020. During the three and nine months ended July 31, 2022, the Company incurred expenses of $74,173 and $121,528 attributable to this vendor, compared to $22,589 and $80,868 for the three and nine months ended July 31, 2021, respectively. Consulting Agreement On May 1, 2020, Li-Cycle entered into a consulting agreement with Atria Limited (“Atria”), an entity which beneficially owned more than 5% of the outstanding Li-Cycle Corp. common shares at that time, to agree upon and finalize the consideration for certain business development and marketing consulting services that were previously performed on behalf of Li-Cycle from 2018 through April 2020. The fees for the services were agreed at 12,000 common shares of Li-Cycle Corp., payable in installments of 1,000 shares per month. On January 25, 2021, Li-Cycle issued all of the 12,000 shares to Atria as full and final satisfaction of all obligations of Li-Cycle to Atria under the consulting agreement. Atria also directed the issuance of shares as follows: 8,000 Shares to Atria; 2,000 Shares to Pella Ventures (an affiliated company of Atria); and 2,000 Shares to a director of Li-Cycle Corp. at the time, who is not related to Atria . Director Consulting Agreement Under the terms of an agreement dated July 19, 2019 between Li-Cycle and Anthony Tse, Mr. Tse provided consulting services to Li-Cycle in relation to the proposed expansion of its operations in Asia and was entitled to a fee of $4,700 per month for his services. During the |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts payable and accrued liabilities | July 31, 2022 October 31, 2021 $ $ Trade payables 16,872,263 9,447,394 Accrued fixed assets 6,846,088 2,074,681 Accrued expenses 7,661,077 4,378,073 Accrued compensation 7,079,264 2,800,968 38,458,692 18,701,116 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure Of Leases [Abstract] | |
Lease liabilities | The Company has the following lease liabilities as of July 31, 2022. Maturity analysis Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Undiscounted $ $ $ $ $ $ $ Premises 8,296,494 7,356,848 6,961,704 6,796,674 6,406,488 42,978,042 78,796,250 Equipment 61,217 53,716 43,213 22,235 12,536 — 192,917 Total 8,357,711 7,410,564 7,004,917 6,818,909 6,419,024 42,978,042 78,989,167 Lease liabilities Current Non-Current Total Discounted $ $ $ Premises 5,434,043 51,373,640 56,807,683 Equipment 44,756 112,631 157,387 Total 5,478,799 51,486,271 56,965,070 The Company has the following lease liabilities as of October 31, 2021. Maturity analysis Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Undiscounted $ $ $ $ $ $ $ Premises 4,468,877 4,590,357 3,741,940 3,332,312 3,290,786 16,302,071 35,726,343 Equipment 48,898 44,044 44,044 42,384 21,022 7,835 208,227 Total 4,517,775 4,634,401 3,785,984 3,374,696 3,311,808 16,309,906 35,934,570 Lease liabilities Current Non-Current Total Discounted $ $ $ Premises 2,836,348 26,366,448 29,202,796 Equipment 32,447 129,626 162,073 Total 2,868,795 26,496,074 29,364,869 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Financial Instruments [Abstract] | |
Summary of Convertible Debt | July 31, 2022 October 31, 2021 $ $ Principal of convertible note at beginning of period 100,000,000 — Issuance of convertible notes 5,923,518 100,000,000 Principal of convertible note at end of period 105,923,518 100,000,000 Conversion feature at beginning of period 29,028,938 — Conversion feature issued — 27,681,043 Fair value (gain) loss on embedded derivative (16,744,434) 1,347,895 Conversion feature at end of period 12,284,504 29,028,938 Debt component at beginning of period 71,848,900 — Debt component issued 5,923,518 72,318,957 Transaction costs — (1,599,737) Accrued interest paid in kind (5,923,518) — Accrued interest expense 8,210,220 1,129,680 Debt component at end of period 80,059,120 71,848,900 Total Convertible Debt at end of period 92,343,624 100,877,838 |
Summary of assumptions used in stock option pricing | The assumptions used in the model were as follows: September 29, 2021 October 31, 2021 July 31, 2022 Risk free interest rate 1.06% 1.23% 2.77% Expected life of options 5 years 4.92 years 4.17 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 62% 65% Share Price 12.56 12.94 7.19 |
Share capital and share-based c
Share capital and share-based compensation (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of number and weighted average exercise prices of stock options | A summary of stock option activities is as follows: Number of Weighted average $ Balance – October 31, 2021 5,296,553 2.81 Granted 719,718 7.86 Exercised (1,251,547) 0.41 Forfeited (2,619) 10.93 Balance – July 31, 2022 4,762,105 4.20 A summary of the outstanding stock options is as follows: Number of Exercise price $ Expiration dates April 10, 2023 443,920 0.02 April 10, 2023 139,231 0.36 April 1, 2024 171,613 0.36 July 17, 2024 710,559 0.36 December 16, 2029 99,775 1.07 April 21, 2030 386,010 1.07 July 19, 2030 251,433 1.07 November 30, 2030 360,587 2.14 February 11, 2031 428,033 2.14 August 10, 2031 1,051,227 10.93 November 22, 2031 31,725 13.20 January 31, 2032 560,377 7.58 March 8, 2032 127,615 7.74 4,762,105 |
Summary of assumptions used in stock option pricing | The assumptions used in the stock option pricing model for the grants during the nine months ended July 31, 2022 were as follows: Risk free interest rate 1.44% - 1.83% Expected life of options 6 years Expected dividend yield 0.0% Expected stock price volatility 65% - 70% Expected forfeiture rate 0.0% |
Summary of restricted stock unit activity | A summary of RSU activities is as follows: Number of Weighted average Li-Cycle Holdings Corp RSUs share price on grant date Balance – October 31, 2021 716,763 $10.93 Granted 1,599,974 $8.46 Exercised (40,404) $13.20 Forfeited (46,313) $10.28 Balance – July 31, 2022 2,230,020 $9.13 |
Product sales revenue (Tables)
Product sales revenue (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Product sales revenue [Abstract] | |
Schedule of product sales revenue | Three months ended July 31, 2022 Three months ended July 31, 2021 Nine months ended July 31, 2022 Nine months ended July 31, 2021 $ $ $ $ Product sales revenue recognized in the period 1 4,992,231 1,232,423 11,183,309 2,153,422 Fair value pricing adjustments (7,331,180) 361,140 (1,608,689) 529,109 Product sales revenue (2,338,949) 1,593,563 9,574,620 2,682,531 Recycling services revenue recognized in the period 1 372,510 115,560 950,134 301,216 Revenue (1,966,439) 1,709,123 10,524,754 2,983,747 1R evenue recognized in the period before fair value pricing adjustments was $5,364,741 and $12,133,443, respectively, for the three and nine months ended July 31, 2022 (three and nine months ended July 31, 2021: $1,347,983 and $2,454,638, respectively). |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Non-Controlling Interest [Abstract] | |
Schedule of non-controlling interest | Summarized financial information for Li-Cycle Norway AS is as follows: July 31, 2022 $ Current assets 1,049,799 Current liabilities 249,951 Net assets 799,848 Net assets attributable to non-controlling interest 263,950 Three months ended July 31, 2022 Nine months ended July 31, 2022 $ $ Revenue — — Expenses 128,413 200,151 Net loss (128,413) (200,151) Net loss attributable to non-controlling interest (42,376) (66,050) |
Financial instruments and finan
Financial instruments and financial risk factors (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of fair value measurement of assets | The Company’s financial assets measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: Balance Level 2 $ $ As at July 31, 2022 Accounts receivable 5,267,403 5,267,403 5,267,403 5,267,403 As at October 31, 2021 Accounts receivable 4,072,701 4,072,701 4,072,701 4,072,701 |
Schedule of fair value measurement of liabilities | The Company’s financial liabilities measured at fair value on a recurring basis are measured under level 1 and 2 of the hierarchy and were calculated as follows: Balance Level 1 Level 2 $ $ $ As at July 31, 2022 Conversion feature of convertible debt (see Note 11) 46,156,445 — 46,156,445 46,156,445 — 46,156,445 As at October 31, 2021 Conversion feature of convertible debt (see Note 11) 29,028,938 — 29,028,938 Warrants (see Note 12) 82,109,334 53,549,990 28,559,344 111,138,272 53,549,990 57,588,282 |
Schedule of fair value measurement of price | The following table sets out the Company's exposure, as of July 31, 2022, in relation to the impact of movements in the Cobalt and Nickel price for the provisionally invoiced sales volume: Cobalt Nickel July 31, October 31, July 31, October 31, 2022 2021 2022 2021 $ $ $ $ Metric tonnes subject to fair value pricing adjustments 3,212 1,728 3,212 1,728 10% increase in prices 559,396 303,351 866,521 448,266 10% decrease in prices (559,396) (303,351) (866,521) (448,266) The following table sets out the period end commodity prices for Cobalt and Nickel for the last 9 months: Market price per tonne July 31, 2022 April 30, 2022 January 31, 2022 October 31, 2021 Cobalt 55,116 87,634 75,618 60,407 Nickel 22,045 32,419 22,745 19,300 |
Loss per share (Tables)
Loss per share (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Earnings per share [abstract] | |
Summary of earnings per share | Three months ended July 31, Nine months ended July 31, 2022 2021 2022 2021 Net loss $ (27,521,656) $ (6,897,318) $ (19,625,391) $ (21,590,783) Weighted average number of common shares 174,383,980 95,563,454 169,067,783 94,695,650 Basic and diluted loss per share $ (0.16) $ (0.07) $ (0.12) $ (0.23) July 31, July 31, 2022 2021 Stock options 4,762,105 6,415,533 Convertible debt 28,564,628 — Restricted share units 2,230,020 — 35,556,753 6,415,533 |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of geographical areas | The following is a summary of the Company’s geographical information: Canada United States Total $ $ $ Revenues Nine months ended July 31, 2022 3,764,697 6,760,057 10,524,754 Nine months ended July 31, 2021 2,042,730 941,017 2,983,747 Non-current assets Nine months ended July 31, 2022 18,681,071 128,094,331 146,775,402 Year ended October 31, 2021 15,476,877 37,922,346 53,399,223 |
Nature of operations and busi_2
Nature of operations and business combination - Narrative (Details) | 9 Months Ended | |||||
Jan. 26, 2022 | Jul. 31, 2022 USD ($) shares | Oct. 31, 2021 USD ($) shares | Aug. 10, 2021 USD ($) $ / shares | Jul. 31, 2021 shares | Oct. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | ||||||
Proportion of ownership interest in subsidiary | 67% | |||||
Business combination, share exchange ratio | 39.91 | |||||
Share capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | shares | 175,415,985 | 163,179,655 | 96,084,679 | 83,361,291 | ||
Peridot Acquisition Corp. | ||||||
Disclosure of classes of share capital [line items] | ||||||
Fair market value of warrants (in dollars per share) | $ / shares | $ 2.1 | |||||
Warrant liability | $ | $ 0 | $ 82,109,334 | $ 48,299,987 | |||
Li-Cycle Inc. | ||||||
Disclosure of classes of share capital [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | |||||
Li-Cycle North America Hub, Inc. | ||||||
Disclosure of classes of share capital [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% | |||||
Li-Cycle Corp. | ||||||
Disclosure of classes of share capital [line items] | ||||||
Proportion of ownership interest in subsidiary | 100% |
Significant accounting polici_4
Significant accounting policies - Summary of Subsidiary Ownership (Details) | 9 Months Ended | |
Jan. 26, 2022 | Jul. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 67% | |
Li-Cycle Corp. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle Americas Corp. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle U.S. Holdings Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle North America Hub, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle Europe AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle APAC PTE. LTD. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle Germany GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Li-Cycle Norway AS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 67% |
Significant accounting polici_5
Significant accounting policies - Summary of Office, Administrative, and Travel Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
List Of Accounting Policies [Abstract] | ||||
Research and development | $ 5,293,879 | $ 431,881 | $ 11,287,158 | $ 1,053,766 |
Accounts receivable - Schedule
Accounts receivable - Schedule of other receivables (Details) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Disclosure of provision matrix [line items] | ||
Accounts receivable | $ 5,267,403 | $ 4,072,701 |
Sales Taxes receivable | 2,320,614 | 379,814 |
Other | 1,899,509 | 593,331 |
Other receivables | $ 4,220,123 | $ 973,145 |
Accounts receivable - Narrative
Accounts receivable - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Trade and other current receivables [abstract] | |||||
Fair value pricing adjustments | $ (7,331,180) | $ 361,140 | $ (1,608,689) | $ 529,109 | |
Allowance account for credit loss | $ 0 | $ (3,506) | $ (3,506) |
Accounts receivable - Schedul_2
Accounts receivable - Schedule of revenue by customers (Details) | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Customer A | ||||||
Disclosure of provision matrix [line items] | ||||||
Main customers as a percentage of revenue | 5.40% | 44% | 19.10% | 61% | ||
Main customers as a percentage of accounts receivable | 12.60% | 53% | ||||
Customer B | ||||||
Disclosure of provision matrix [line items] | ||||||
Main customers as a percentage of revenue | 83.90% | 49% | 67% | 28% | ||
Main customers as a percentage of accounts receivable | 72.20% | 45% |
Prepayments and deposits (Detai
Prepayments and deposits (Details) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Prepayments And Deposits [Abstract] | ||
Prepaid lease deposits | $ 2,693,162 | $ 886,951 |
Prepaid equipment deposits | 62,591,565 | 3,231,836 |
Prepaid insurance | 5,772,465 | 3,839,880 |
Current Prepaid Construction Costs | 21,891,269 | 0 |
Other prepaids | 2,883,378 | 626,557 |
Prepayment and deposits, current and noncurrent | 95,831,839 | 8,585,224 |
Other non-current assets | 2,109,568 | 0 |
Prepayments and deposits | $ 93,722,271 | $ 8,585,224 |
Inventory (Details)
Inventory (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Inventories [Abstract] | |||||
Raw material | $ 4,620,138 | $ 4,620,138 | $ 850,416 | ||
Finished goods | 585,306 | 585,306 | 347,391 | ||
Current spare parts | 695,487 | 695,487 | 61,774 | ||
Inventory | 5,900,931 | 5,900,931 | $ 1,259,581 | ||
Cost of inventories recognised as expense | 7,557,033 | $ 2,156,737 | 14,549,024 | $ 4,647,468 | |
Write-down of finished goods | (420,139) | 81,479 | 645,095 | ||
Write-down of raw materials | 971,979 | 148,522 | $ 998,880 | $ 94,765 | |
Borrowing costs capitalised | $ 3,325,754 | $ 0 |
Plant and equipment (Details)
Plant and equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | $ 26,389,463 | |||
Property, plant and equipment at end of period | $ 89,753,260 | 89,753,260 | ||
Borrowing costs capitalised | $ 3,325,754 | $ 0 | ||
Capitalisation rate of borrowing costs eligible for capitalisation | 11.70% | |||
Employee Salaries Capitalized To Assets Under Construction | $ 2,754,340 | 0 | 2,754,340 | $ 0 |
Share-Based Compensation Cost Capitalized To Assets Under Construction | 365,866 | $ 0 | 365,866 | $ 0 |
Plant equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 4,725,719 | |||
Property, plant and equipment at end of period | 15,939,880 | 15,939,880 | ||
Storage containers | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 53,447 | |||
Property, plant and equipment at end of period | 107,624 | 107,624 | ||
Vehicles | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 129,984 | |||
Property, plant and equipment at end of period | 156,470 | 156,470 | ||
Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 5,654,520 | |||
Property, plant and equipment at end of period | 6,747,647 | 6,747,647 | ||
Construction in progress | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 15,638,165 | |||
Property, plant and equipment at end of period | 65,864,930 | 65,864,930 | ||
Computer equipment [member] | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 187,628 | |||
Property, plant and equipment at end of period | 936,709 | 936,709 | ||
Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 28,576,230 | |||
Additions | 65,757,122 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | |||
Property, plant and equipment at end of period | 94,333,352 | 94,333,352 | ||
Cost | Plant equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 6,275,419 | |||
Additions | 12,622 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 12,875,473 | |||
Property, plant and equipment at end of period | 19,163,514 | 19,163,514 | ||
Cost | Storage containers | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 67,619 | |||
Additions | 62,227 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | |||
Property, plant and equipment at end of period | 129,846 | 129,846 | ||
Cost | Vehicles | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 179,298 | |||
Additions | 62,000 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | |||
Property, plant and equipment at end of period | 241,298 | 241,298 | ||
Cost | Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 6,219,456 | |||
Additions | 1,620,272 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | |||
Property, plant and equipment at end of period | 7,839,728 | 7,839,728 | ||
Cost | Construction in progress | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 15,638,165 | |||
Additions | 63,102,238 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | (12,875,473) | |||
Property, plant and equipment at end of period | 65,864,930 | 65,864,930 | ||
Cost | Computer equipment [member] | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 196,273 | |||
Additions | 897,763 | |||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | |||
Property, plant and equipment at end of period | 1,094,036 | 1,094,036 | ||
Accumulated depreciation | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (2,186,767) | |||
Depreciation | (2,393,325) | |||
Property, plant and equipment at end of period | (4,580,092) | (4,580,092) | ||
Accumulated depreciation | Plant equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (1,549,700) | |||
Depreciation | (1,673,934) | |||
Property, plant and equipment at end of period | (3,223,634) | (3,223,634) | ||
Accumulated depreciation | Storage containers | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (14,172) | |||
Depreciation | (8,050) | |||
Property, plant and equipment at end of period | (22,222) | (22,222) | ||
Accumulated depreciation | Vehicles | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (49,314) | |||
Depreciation | (35,514) | |||
Property, plant and equipment at end of period | (84,828) | (84,828) | ||
Accumulated depreciation | Leasehold improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (564,936) | |||
Depreciation | (527,145) | |||
Property, plant and equipment at end of period | (1,092,081) | (1,092,081) | ||
Accumulated depreciation | Construction in progress | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 0 | |||
Depreciation | 0 | |||
Property, plant and equipment at end of period | 0 | 0 | ||
Accumulated depreciation | Computer equipment [member] | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (8,645) | |||
Depreciation | (148,682) | |||
Property, plant and equipment at end of period | $ (157,327) | $ (157,327) |
Right-of-use assets (Details)
Right-of-use assets (Details) | 9 Months Ended |
Jul. 31, 2022 USD ($) | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | $ 27,009,760 |
Right-of-use assets, ending balance | $ 54,912,574 |
Lease term | 5 years |
Cost | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | $ 28,955,725 |
Additions | 31,876,141 |
Modifications | 214,674 |
Right-of-use assets, ending balance | 61,046,540 |
Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (1,945,965) |
Depreciation | (4,396,863) |
Disposals | 208,862 |
Right-of-use assets, ending balance | (6,133,966) |
Premises | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 26,927,777 |
Right-of-use assets, ending balance | 54,770,421 |
Premises | Cost | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 28,821,956 |
Additions | 31,758,625 |
Modifications | 239,799 |
Right-of-use assets, ending balance | 60,820,380 |
Premises | Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (1,894,179) |
Depreciation | (4,364,642) |
Disposals | 208,862 |
Right-of-use assets, ending balance | (6,049,959) |
Equipment | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 81,983 |
Right-of-use assets, ending balance | 142,153 |
Equipment | Cost | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 133,769 |
Additions | 117,516 |
Modifications | (25,125) |
Right-of-use assets, ending balance | 226,160 |
Equipment | Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (51,786) |
Depreciation | (32,221) |
Disposals | 0 |
Right-of-use assets, ending balance | $ (84,007) |
Related party transactions - Su
Related party transactions - Summary of Remuneration of Directors (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | ||||
Key management personnel compensation, short-term employee benefits | $ 1,077,438 | $ 272,493 | $ 2,860,781 | $ 811,502 |
Key management personnel compensation, share-based payment | 3,390,738 | 0 | 11,420,976 | 605,957 |
Key Management Personnel Compensation, Fees And Benefits | 995,766 | 176,278 | 2,593,068 | 516,124 |
Key management personnel compensation | $ 5,463,942 | $ 448,771 | $ 16,874,825 | $ 1,933,583 |
Related party transactions - Na
Related party transactions - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||||
May 01, 2021 shares | Jul. 19, 2019 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jan. 25, 2021 shares | Jan. 01, 2019 CAD ($) | |
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, directors fees | $ 95,367 | $ 66,802 | $ 268,246 | $ 175,036 | ||||
Marketing | 661,749 | 160,479 | 1,858,324 | 465,269 | ||||
Office, administrative and travel | 5,293,879 | 431,881 | 11,287,158 | 1,053,766 | ||||
Professional fees | 4,184,457 | 1,216,310 | 10,618,212 | 4,218,362 | ||||
Repayment of loans payable | 1,548 | 423,595 | 4,631 | 1,138,336 | ||||
Immediate Family Member Of Chief Executive Officer | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Monthly lease payment to related party | $ 4,500 | |||||||
Rental expense | 0 | 13,076 | 6,358 | 30,429 | ||||
Marketing | 4,908 | 12,581 | 50,173 | 36,268 | ||||
Office, administrative and travel | 74,173 | 22,589 | 121,528 | 80,868 | ||||
Immediate Family Member Of Chief Executive Chairman | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Marketing | 26,804 | 0 | 134,277 | 97,005 | ||||
Beneficial Owner | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Fees payable to related party, (in shares) | shares | 1,000 | |||||||
Fees payable to related party, maximum (in shares) | shares | 12,000 | |||||||
Number of shares issued in settlement of liabilities to related party (in shares) | shares | 12,000 | |||||||
Beneficial Owner | Atria Limited | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued in settlement of liabilities to related party (in shares) | shares | 8,000 | |||||||
Beneficial Owner | Pella Ventures | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued in settlement of liabilities to related party (in shares) | shares | 2,000 | |||||||
Beneficial Owner | Director Of Li-Cycle | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of shares issued in settlement of liabilities to related party (in shares) | shares | 2,000 | |||||||
Beneficial Owner | Atria Limited | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Proportion of ownership interest in entity by related party | 500% | |||||||
Director | Anthony Tse | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Professional fees, monthly payment | $ 4,700 | |||||||
Professional fees | $ 0 | $ 26,300 | $ 14,000 | $ 38,500 |
Related party transactions - Ou
Related party transactions - Outstanding Balances Of Remunerations Of Directors (Details) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 2,328,601 | $ 771,255 |
Accounts Payable And Accrued Liabilities | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 2,328,601 | $ 771,255 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 16,872,263 | $ 9,447,394 |
Accrued fixed assets | 6,846,088 | 2,074,681 |
Accrued expenses | 7,661,077 | 4,378,073 |
Accrued compensation | 7,079,264 | 2,800,968 |
Accounts payable and accrued liabilities | $ 38,458,692 | $ 18,701,116 |
Lease liabilities (Details)
Lease liabilities (Details) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) lease | Jul. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | $ 78,989,167 | $ 78,989,167 | $ 35,934,570 | ||
Current | 5,478,799 | 5,478,799 | 2,868,795 | ||
Non-Current | 51,486,271 | 51,486,271 | 26,496,074 | ||
Total | 56,965,070 | 56,965,070 | 29,364,869 | ||
Interest expense on lease liabilities | 596,694 | $ 98,272 | 1,494,127 | $ 223,278 | |
Year 1 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 8,357,711 | 8,357,711 | 4,517,775 | ||
Year 2 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 7,410,564 | 7,410,564 | 4,634,401 | ||
Year 3 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 7,004,917 | 7,004,917 | 3,785,984 | ||
Year 4 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 6,818,909 | 6,818,909 | 3,374,696 | ||
Year 5 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 6,419,024 | 6,419,024 | 3,311,808 | ||
Thereafter | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 42,978,042 | 42,978,042 | 16,309,906 | ||
Premises | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 78,796,250 | 78,796,250 | 35,726,343 | ||
Current | 5,434,043 | 5,434,043 | 2,836,348 | ||
Non-Current | 51,373,640 | 51,373,640 | 26,366,448 | ||
Total | 56,807,683 | $ 56,807,683 | 29,202,796 | ||
Number of leases | lease | 8 | ||||
Premises | Year 1 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 8,296,494 | $ 8,296,494 | 4,468,877 | ||
Premises | Year 2 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 7,356,848 | 7,356,848 | 4,590,357 | ||
Premises | Year 3 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 6,961,704 | 6,961,704 | 3,741,940 | ||
Premises | Year 4 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 6,796,674 | 6,796,674 | 3,332,312 | ||
Premises | Year 5 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 6,406,488 | 6,406,488 | 3,290,786 | ||
Premises | Thereafter | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 42,978,042 | 42,978,042 | 16,302,071 | ||
Equipment | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 192,917 | 192,917 | 208,227 | ||
Current | 44,756 | 44,756 | 32,447 | ||
Non-Current | 112,631 | 112,631 | 129,626 | ||
Total | 157,387 | 157,387 | 162,073 | ||
Equipment | Year 1 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 61,217 | 61,217 | 48,898 | ||
Equipment | Year 2 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 53,716 | 53,716 | 44,044 | ||
Equipment | Year 3 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 43,213 | 43,213 | 44,044 | ||
Equipment | Year 4 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 22,235 | 22,235 | 42,384 | ||
Equipment | Year 5 | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | 12,536 | 12,536 | 21,022 | ||
Equipment | Thereafter | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Undiscounted lease liabilities | $ 0 | $ 0 | $ 7,835 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Total Convertible Debt at end of period | $ 284,853,896 | $ 284,853,896 | $ 100,877,838 |
Convertible debt | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal of convertible note at beginning of period | 0 | ||
Fair value (gain) loss on embedded derivative | 815,396 | (16,744,434) | |
Total Convertible Debt at end of period | 92,343,624 | 92,343,624 | 100,877,838 |
Glencore Convertible Note | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal of convertible note at beginning of period | 0 | ||
Issuance of convertible notes | 200,000,000 | 0 | |
Principal of convertible note at end of period | 200,000,000 | 200,000,000 | 0 |
Conversion feature at beginning of period | 0 | 0 | |
Conversion feature issued | 43,254,358 | 0 | |
Fair value (gain) loss on embedded derivative | (9,382,418) | (9,382,418) | 0 |
Conversion feature at end of period | 33,871,940 | 33,871,940 | 0 |
Debt component at beginning of period | 0 | 0 | |
Debt Component Issued | 0 | ||
Transaction costs | 0 | ||
Accrued interest paid in kind | 0 | 0 | |
Accrued interest expense | 3,210,452 | 3,210,452 | 0 |
Debt component at end of period | 158,638,332 | 158,638,332 | 0 |
Total Convertible Debt at end of period | 192,510,272 | 192,510,272 | 0 |
Koch Strategic Platforms Convertible Note | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal of convertible note at beginning of period | 100,000,000 | 0 | |
Issuance of convertible notes | 5,923,518 | 100,000,000 | |
Principal of convertible note at end of period | 105,923,518 | 105,923,518 | 100,000,000 |
Conversion feature at beginning of period | 29,028,938 | 0 | |
Conversion feature issued | 0 | 27,681,043 | |
Fair value (gain) loss on embedded derivative | (16,744,434) | 1,347,895 | |
Conversion feature at end of period | 12,284,504 | 12,284,504 | 29,028,938 |
Debt component at beginning of period | 71,848,900 | 0 | |
Debt Component Issued | 5,923,518 | 72,318,957 | |
Transaction costs | 0 | (1,599,737) | |
Accrued interest paid in kind | (5,923,518) | 0 | |
Accrued interest expense | 8,210,220 | 8,210,220 | 1,129,680 |
Debt component at end of period | 80,059,120 | 80,059,120 | 71,848,900 |
Total Convertible Debt at end of period | $ 92,343,624 | $ 92,343,624 | $ 100,877,838 |
Convertible Debt - Narrative (D
Convertible Debt - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2022 | Sep. 29, 2021 | Jul. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | |
Koch Strategic Platforms Convertible Note | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Issuance of convertible notes | $ 100,000,000 | ||||
Accrued interest paid in kind | $ (5,923,518) | $ 0 | |||
Borrowings, conversion price (in dollars per share) | $ 13.43 | ||||
Percentage of 7-day-volume weighted average price of common shares used to determine conversion price | 125% | ||||
Borrowings, conversion price triggering conversion feature (in dollars per share) | $ 17.46 | ||||
Fair value (gain) loss on embedded derivative | (16,744,434) | 1,347,895 | |||
Koch Strategic Platforms Convertible Note | Embedded Derivative | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 27,681,043 | ||||
Koch Strategic Platforms Convertible Note | Debt Principal | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 72,318,957 | ||||
Koch Strategic Platforms Convertible Note | LIBOR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 5% | ||||
Adjustment to paid in kind interest rate | 6% | ||||
Koch Strategic Platforms Convertible Note | LIBOR | Minimum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, variable rate, fixed | 1% | ||||
Koch Strategic Platforms Convertible Note | LIBOR | Maximum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, variable rate, fixed | 2% | ||||
Convertible debt | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing costs recognised as expense | $ (1,599,737) | ||||
Fair value (gain) loss on embedded derivative | $ 815,396 | (16,744,434) | |||
Glencore Convertible Note | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Issuance of convertible notes | $ 200,000,000 | ||||
Accrued interest paid in kind | 0 | 0 | |||
Borrowings, conversion price (in dollars per share) | $ 9.95 | ||||
Borrowing costs recognised as expense | $ (1,317,762) | ||||
Fair value (gain) loss on embedded derivative | $ (9,382,418) | $ (9,382,418) | $ 0 | ||
Glencore Convertible Note | Embedded Derivative | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | 43,254,358 | ||||
Glencore Convertible Note | Debt Principal | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 156,745,642 | ||||
Glencore Convertible Note | LIBOR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 500% | ||||
Adjustment to paid in kind interest rate | 600% | ||||
Glencore Convertible Note | LIBOR | Floating interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 42.826% | ||||
Glencore Convertible Note | LIBOR | Minimum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, variable rate, fixed | 100% | ||||
Glencore Convertible Note | LIBOR | Maximum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, variable rate, fixed | 200% |
Convertible Debt - Assumptions
Convertible Debt - Assumptions (Details) | Jul. 31, 2022 USD ($) $ / shares yr | Jun. 30, 2022 USD ($) | May 31, 2022 yr $ / shares | Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) yr $ / shares | Sep. 29, 2021 yr $ / shares | Oct. 31, 2020 USD ($) |
Koch Strategic Platforms Convertible Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Amount Issued | $ 105,923,518 | $ 100,000,000 | $ 0 | ||||
Koch Strategic Platforms Convertible Note | Risk free interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 2.77 | 1.23 | 1.06 | ||||
Koch Strategic Platforms Convertible Note | Expected life of options | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | yr | 4.17 | 4.92 | 5 | ||||
Koch Strategic Platforms Convertible Note | Expected dividend yield | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 0 | 0 | 0 | ||||
Koch Strategic Platforms Convertible Note | Expected stock price volatility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 0.65 | 0.62 | 0.66 | ||||
Koch Strategic Platforms Convertible Note | Share Price | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | $ / shares | 7.19 | 12.94 | 12.56 | ||||
Glencore Convertible Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Amount Issued | $ 200,000,000 | $ 0 | |||||
Glencore Convertible Note | Risk free interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 2.77 | 2.87 | |||||
Glencore Convertible Note | Expected life of options | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | yr | 4.92 | 5 | |||||
Glencore Convertible Note | Expected dividend yield | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 0 | 0 | |||||
Glencore Convertible Note | Expected stock price volatility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | 0.65 | 0.68 | |||||
Glencore Convertible Note | Share Price | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Significant unobservable input, liabilities | $ / shares | 7.19 | 8.15 | |||||
Payment in Kind Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Amount Issued | $ 4,095,740 | $ 1,827,778 |
Warrants (Details)
Warrants (Details) | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2022 shares | Jan. 30, 2022 $ / shares shares | Oct. 31, 2021 USD ($) shares | Aug. 10, 2021 USD ($) $ / shares shares | Jul. 31, 2022 USD ($) d shares | Jul. 31, 2022 USD ($) d | Dec. 27, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | |||||||
Warrants, term | 5 years | 5 years | |||||
Exercise price of warrants (in dollars per share) | $ 11.5 | ||||||
Redemption price of warrants (in dollars per share) | $ 0.1 | $ 0.1 | |||||
Number of warrants exercised (in shares) | shares | 9,678 | 9,578 | |||||
Proceeds from exercise of warrants | $ | $ 22,370 | ||||||
Cashless exercises | $ | $ 45,868,706 | ||||||
Exercise of warrants (in shares) | shares | (22,540,651) | ||||||
Cashless exercises (in shares) | shares | 22,540,651 | ||||||
Redemptions | $ | $ 44,967 | ||||||
Redemptions (in shares) | shares | 449,665 | ||||||
Warrants | $ | $ 82,109,334 | $ 0 | $ 0 | ||||
Fair value adjustment of warrants | $ | $ 36,173,291 | ||||||
Shares issued per warrant | 0.253 | ||||||
Number of warrants unexercised (in shares) | shares | 449,665 | ||||||
Public Warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price of warrants (in dollars per share) | $ 11.5 | ||||||
Redemption price of warrants (in dollars per share) | 0.01 | ||||||
Warrants outstanding, threshold trading days | d | 20 | 20 | |||||
Warrants outstanding, threshold consecutive trading days | d | 30 | 30 | |||||
Redemption price of warrants after maximum stock price trigger (in dollars per share) | 0.1 | ||||||
Public Warrant | Minimum | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants, stock price trigger (in dollars per share) | 10 | ||||||
Public Warrant | Maximum | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants, stock price trigger (in dollars per share) | 18 | ||||||
Private Warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price of warrants (in dollars per share) | 11.5 | ||||||
Private Warrant | Minimum | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants, stock price trigger (in dollars per share) | 10 | ||||||
Private Warrant | Maximum | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants, stock price trigger (in dollars per share) | $ 18 | ||||||
Peridot Acquisition Corp. | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of warrants assumed in acquisition (in shares) | shares | 0 | 22,999,894 | 23,000,000 | ||||
Fair market value of warrants (in dollars per share) | $ 2.1 | ||||||
Warrant liability | $ | $ 82,109,334 | $ 48,299,987 | $ 0 | $ 0 | |||
Peridot Acquisition Corp. | Public Warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of warrants assumed in acquisition (in shares) | shares | 15,000,000 | ||||||
Peridot Acquisition Corp. | Private Warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of warrants assumed in acquisition (in shares) | shares | 8,000,000 |
Share capital and share-based_2
Share capital and share-based compensation - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 30, 2022 shares | Jul. 31, 2022 USD ($) shares | Jul. 31, 2021 USD ($) shares | Jul. 31, 2022 USD ($) shares | Jul. 31, 2021 USD ($) shares | Oct. 31, 2021 USD ($) shares | Aug. 10, 2021 | Oct. 31, 2020 USD ($) shares | |
Disclosure of classes of share capital [line items] | ||||||||
Number of share options exercised (in shares) | shares | 1,251,547 | |||||||
Exercise of stock options | $ 0 | $ 169,105 | ||||||
Business combination, share exchange ratio | 39.91 | |||||||
Number of warrants exercised (in shares) | shares | 9,678 | 9,578 | ||||||
Proceeds from exercise of warrants | $ 0 | $ 0 | $ 65,180 | 0 | ||||
Number of share options exercisable (in shares) | shares | 3,302,088 | 3,302,088 | 4,242,707 | |||||
Fair value of stock options granted | $ 0 | 0 | $ 3,528,169 | 1,242,844 | ||||
Vesting period | 1 year | 3 years | ||||||
Share-based compensation | $ 3,998,966 | 298,489 | $ 13,675,130 | 1,307,874 | ||||
Equity | 524,166,619 | 2,341,984 | 524,166,619 | 2,341,984 | $ 433,721,034 | $ 1,440,730 | ||
Share issuance | 49,698,756 | |||||||
Equity issued for non-cash costs | 0 | |||||||
RSU And Stock Option Costs To Assets Under Construction | $ 365,866 | $ 0 | $ 365,866 | $ 0 | ||||
Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of share options exercised (in shares) | shares | 1,183,352 | 1,024,250 | 2,055,476 | |||||
Exercise of stock options | $ 296,128 | $ 289,224 | $ 891,162 | |||||
Exercise of warrants (in shares) | shares | 1,982 | 100 | ||||||
Number of shares outstanding (in shares) | shares | 175,415,985 | 96,084,679 | 175,415,985 | 96,084,679 | 163,179,655 | 83,361,291 | ||
Equity | $ 768,608,594 | $ 37,805,879 | $ 768,608,594 | $ 37,805,879 | $ 672,079,154 | $ 15,441,600 | ||
Share issuance (in shares) | shares | 5,300,352 | |||||||
Share issuance | $ 49,698,756 | |||||||
Shares issued for non-cash costs (in shares) | shares | 478,920 | 478,920 | ||||||
Equity issued for non-cash costs | $ 455,055 | $ 455,055 | ||||||
Exercise of warrants | $ 29,450 | $ 288 | ||||||
Number Of Shares Issued Through Redemption Of Warrants (in shares) | shares | 7,596 | |||||||
Number Of Shares Issued Through Redemption Of Warrants | $ 103,067 | |||||||
Surrender of Warrants Due to Make-Whole Exercise (in shares) | shares | 5,702,644 | |||||||
Surrender of warrants due to Make-Whole Exercise | $ 45,868,706 | |||||||
Restricted share units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of other equity instruments exercised (in shares) | shares | 40,404 | |||||||
Share-based compensation | (2,708,634) | 0 | 604,943 | |||||
Restricted Share Units settled in shares | $ 0 | |||||||
Restricted share units | Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of other equity instruments exercised (in shares) | shares | 40,404 | 0 | 392,276 | |||||
Restricted Share Units settled in shares | $ 0 | $ 3,922,754 | ||||||
Increase (Decrease) Through Exercise Of Equity Instruments | $ 533,333 | |||||||
Restricted share units | Maximum | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Vesting period | 3 years | |||||||
LTIP | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Expiration period, share based payment arrangements | 10 years | |||||||
Vesting period | 3 years | |||||||
Stock options | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share-based compensation | $ (1,290,332) | $ (298,489) | $ (5,427,228) | (702,932) | ||||
Series C Shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share issuance | $ 21,620,000 | |||||||
Series C Shares | Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share issuance (in shares) | shares | 11,220,218 | 11,220,218 | ||||||
Share issuance | $ 21,620,000 | $ 21,620,000 | ||||||
Public Shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share issuance | $ 0 | |||||||
Public Shares | Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share issuance (in shares) | shares | 0 | 65,671,374 | ||||||
Share issuance | $ 629,748,295 |
Share capital and share-based_3
Share capital and share-based compensation - Summary of Stock Option Activity (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2022 shares $ / shares | Jul. 31, 2022 shares $ / shares | Jul. 31, 2021 shares | Oct. 31, 2021 shares $ / shares | |
Disclosure of classes of share capital [line items] | ||||
Number of stock options, beginning balance (in shares) | 5,296,553 | |||
Granted (in shares) | 719,718 | |||
Exercised (in shares) | (1,251,547) | |||
Number of stock options, ending balance (in shares) | 4,762,105 | 4,762,105 | 5,296,553 | |
Weighted average exercise price per stock option, beginning of period (in dollars per share) | $ / shares | $ 2.81 | |||
Granted (in dollars per share) | $ / shares | $ 7.86 | 0.41 | ||
Weighted average exercise price per stock option, end of period (in dollars per share) | $ / shares | $ 4.20 | $ 4.20 | $ 2.81 | |
Share capital | ||||
Disclosure of classes of share capital [line items] | ||||
Exercised (in shares) | (1,183,352) | (1,024,250) | (2,055,476) | |
Li-Cycle Corp. | ||||
Disclosure of classes of share capital [line items] | ||||
Forfeited (in shares) | (2,619) | |||
Forfeited (in dollars per share) | $ / shares | $ 10.93 |
Share capital and share-based_4
Share capital and share-based compensation - Schedule of Stock Option Expirations (Details) | Jul. 31, 2022 shares | Jul. 31, 2022 $ / shares | Oct. 31, 2021 shares |
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 4,762,105 | 5,296,553 | |
Tranche Two | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 443,920 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | $ 0.02 | ||
April 10, 2023 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 139,231 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 0.36 | ||
April 1, 2024 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 171,613 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 0.36 | ||
July 17, 2024 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 710,559 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 0.36 | ||
December 16, 2029 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 99,775 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 1.07 | ||
April 21, 2030 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 386,010 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 1.07 | ||
July 19, 2030 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 251,433 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 1.07 | ||
November 30, 2030 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 360,587 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 2.14 | ||
February 11, 2031 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 428,033 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 2.14 | ||
August 10, 2031 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 1,051,227 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 10.93 | ||
November 22, 2031 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 31,725 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | 13.20 | ||
March 8, 2032 | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 560,377 | ||
Exercise price of outstanding stock options (in shares) | $ / shares | $ 7.58 | ||
Tranche Fourteen | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options (in shares) | 127,615 | ||
Exercise price of outstanding stock options (in shares) | shares 7.74 |
Share capital and share-based_5
Share capital and share-based compensation - Schedule of Assumptions (Details) - yr | 3 Months Ended | 9 Months Ended |
Jul. 31, 2022 | Jul. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Expected life of options | 6 | |
Expected dividend yield | 0% | |
Expected forfeiture rate | 0% | |
Minimum | ||
Disclosure of classes of share capital [line items] | ||
Risk free interest rate | 1.44% | |
Expected stock price volatility | 65% | |
Maximum | ||
Disclosure of classes of share capital [line items] | ||
Risk free interest rate | 1.83% | |
Expected stock price volatility | 70% |
Share capital and share-based_6
Share capital and share-based compensation - Summary of RSU Activities (Details) - Restricted share units | 9 Months Ended | |||
Apr. 30, 2022 $ / shares | Oct. 31, 2021 $ / shares | Jul. 31, 2022 shares $ / shares | Oct. 31, 2022 shares | |
Disclosure of classes of share capital [line items] | ||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares | 2,230,020 | 716,763 | ||
Granted (in shares) | shares | 1,599,974 | |||
Number of other equity instruments exercised (in shares) | shares | (40,404) | |||
Forfeited (in shares) | shares | (46,313) | |||
Exercise price of outstanding stock options (in shares) | $ / shares | $ 9.13 | $ 10.93 | ||
Granted (in dollars per share) | $ / shares | $ 8.46 | |||
Exercised (in dollars per share) | $ / shares | 13.20 | |||
Forfeited (in dollars per share) | $ / shares | $ 10.28 |
Product sales revenue - Schedul
Product sales revenue - Schedule of product sales revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Product sales revenue [Abstract] | ||||
Product sales revenue recognized in the period1 | $ 4,992,231 | $ 1,232,423 | $ 11,183,309 | $ 2,153,422 |
Fair value pricing adjustments | (7,331,180) | 361,140 | (1,608,689) | 529,109 |
Product sales revenue | (2,338,949) | 1,593,563 | 9,574,620 | 2,682,531 |
Recycling services | 372,510 | 115,560 | 950,134 | 301,216 |
Revenue | $ (1,966,439) | $ 1,709,123 | $ 10,524,754 | $ 2,983,747 |
Non-Controlling Interest - Narr
Non-Controlling Interest - Narrative (Details) | Jan. 26, 2022 |
Disclosure of classes of share capital [line items] | |
Proportion of ownership interest in subsidiary | 67% |
ECO STOR | |
Disclosure of classes of share capital [line items] | |
Non-Controlling Interest | 31% |
Morrow | |
Disclosure of classes of share capital [line items] | |
Non-Controlling Interest | 2% |
Non-Controlling Interest - Sche
Non-Controlling Interest - Schedule of non-controlling interest (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Non-Controlling Interest [Abstract] | |||||
Current assets | $ 1,049,799 | $ 1,049,799 | |||
Current liabilities | 249,951 | 249,951 | |||
Net assets | 799,848 | 799,848 | |||
Net assets attributable to non-controlling interest | 263,950 | 263,950 | $ 0 | ||
Revenue | 0 | 0 | |||
Expenses | 128,413 | 200,151 | |||
Net loss | (128,413) | (200,151) | |||
Non-controlling interest | $ (42,376) | $ 0 | $ (66,050) | $ 0 |
Financial instruments and fin_2
Financial instruments and financial risk factors - Assets measured at fair value (Details) - Recurring fair value measurement - USD ($) | Jul. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 5,267,403 | $ 4,072,701 |
Accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,267,403 | 4,072,701 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,267,403 | 4,072,701 |
Level 2 | Accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 5,267,403 | $ 4,072,701 |
Financial instruments and fin_3
Financial instruments and financial risk factors - Liabilities measured at fair value (Details) - Recurring fair value measurement - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | $ 46,156,445 | $ 111,138,272 | |
Convertible debt | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | $ 29,028,938 | 46,156,445 | |
Warrants | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 82,109,334 | ||
Quoted prices in active markets for identical assets (Level 1) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 0 | 53,549,990 | |
Quoted prices in active markets for identical assets (Level 1) | Convertible debt | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 0 | 0 | |
Quoted prices in active markets for identical assets (Level 1) | Warrants | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 53,549,990 | ||
Level 2 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 46,156,445 | $ 57,588,282 | |
Level 2 | Convertible debt | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 29,028,938 | $ 46,156,445 | |
Level 2 | Warrants | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | $ 28,559,344 |
Financial instruments and fin_4
Financial instruments and financial risk factors - Narrative (Details) | 9 Months Ended |
Jul. 31, 2022 | |
Currency risk | Currency in which supplementary information is displayed | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 500% |
Financial instruments and fin_5
Financial instruments and financial risk factors - Schedule of maturity of financial liabilities (Details) - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 |
Cobalt | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Market Price Per Tonne of Metals | $ 55,116 | $ 87,634 | $ 75,618 | $ 60,407 |
Nickel | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Market Price Per Tonne of Metals | $ 22,045 | $ 32,419 | $ 22,745 | $ 19,300 |
Financial instruments and fin_6
Financial instruments and financial risk factors - Schedule of fair value measurement of price (Details) - USD ($) | 9 Months Ended | |
Oct. 31, 2021 | Jul. 31, 2022 | |
Cobalt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Metric tonnes subject to fair value pricing adjustments | $ 1,728 | $ 3,212 |
10% increase in prices | 303,351 | 559,396 |
10% decrease in prices | (303,351) | (559,396) |
Nickel | ||
Disclosure of detailed information about financial instruments [line items] | ||
Metric tonnes subject to fair value pricing adjustments | 1,728 | 3,212 |
10% increase in prices | 448,266 | 866,521 |
10% decrease in prices | $ (448,266) | $ (866,521) |
Commitments (Details)
Commitments (Details) - USD ($) | 9 Months Ended | |
Oct. 31, 2021 | Jul. 31, 2022 | |
Commitments [Abstract] | ||
Purchase orders | $ 6,858,617 | $ 60,178,017 |
Loss per share - Calculation of
Loss per share - Calculation of Loss per Share (Details) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2022 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Aug. 10, 2021 | |
Earnings per share [line items] | |||||
Business combination, share exchange ratio | 39.91 | ||||
Net loss | $ | $ (27,521,656) | $ (6,897,318) | $ (19,625,391) | $ (21,590,783) | |
Weighted average number of ordinary shares, basic (in shares) | 174,383,980 | 95,563,454 | 169,067,783 | 94,695,650 | |
Basic loss per share (in dollars per share) | $ / shares | $ (0.16) | $ (0.07) | $ (0.12) | $ (0.23) | |
Diluted loss per share (in dollars per share) | $ / shares | $ (0.16) | $ (0.07) | $ (0.12) | $ (0.23) | |
Anti-dilutive shares (in shares) | 35,556,753 | 6,415,533 | |||
Convertible debt | |||||
Earnings per share [line items] | |||||
Anti-dilutive shares (in shares) | 28,564,628 | 0 |
Loss per share - Schedule of An
Loss per share - Schedule of Anti-dilutive Shares (Details) - shares | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Earnings per share [line items] | ||
Anti-dilutive shares (in shares) | 35,556,753 | 6,415,533 |
Stock options | ||
Earnings per share [line items] | ||
Anti-dilutive shares (in shares) | 4,762,105 | 6,415,533 |
Convertible debt | ||
Earnings per share [line items] | ||
Anti-dilutive shares (in shares) | 28,564,628 | 0 |
Restricted Share Units (RSU) | ||
Earnings per share [line items] | ||
Anti-dilutive shares (in shares) | 2,230,020 | 0 |
Segment reporting (Details)
Segment reporting (Details) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) segment | Jul. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | |
Disclosure of geographical areas [line items] | |||||
Number of operating segments | segment | 1 | ||||
Revenues | $ (1,966,439) | $ 1,709,123 | $ 10,524,754 | $ 2,983,747 | |
Non-current assets | 146,775,402 | 146,775,402 | $ 53,399,223 | ||
Canada | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 3,764,697 | 2,042,730 | |||
Non-current assets | 18,681,071 | 18,681,071 | 15,476,877 | ||
United States | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 6,760,057 | $ 941,017 | |||
Non-current assets | $ 128,094,331 | $ 128,094,331 | $ 37,922,346 |
Government funding (Details)
Government funding (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Government Grants [Abstract] | ||||
Office, administrative and travel | $ 514,769 | $ 576,551 | $ 1,384,635 | $ 1,928,582 |