Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | AcuityAds Holdings Inc. |
Document, Type | 40-F |
Document, Annual Report | true |
Document, Period End Date | Dec. 31, 2022 |
Entity, File Number | 001-40469 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Entity, Incorporation, State or Country Code | A6 |
Entity, Address, Address Line One | 70 University Ave., Suite 1200 |
Entity, Address, City or Town | Toronto |
Entity, Address, State or Province | ON |
Entity, Address, Country | CA |
Entity, Address, Postal Zip Code | M5J 2M4 |
City Area Code | 416 |
Local Phone Number | 218-9888 |
Title of 12(b) Security | Common Shares |
Trading Symbol | ATY |
Security Exchange Name | NASDAQ |
Entity, Common Stock Shares, Outstanding | 56,808,921 |
Entity, Current Reporting Status | Yes |
Entity, Interactive Data, Current | Yes |
Entity, Emerging Growth Company | true |
Entity, Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Toronto, Canada |
Auditor Firm ID | 271 |
Amendment Flag | false |
Entity Central Index Key | 0001861233 |
Document Registration Statement | false |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity, Address, Address Line One | 28 Liberty St. |
Entity, Address, City or Town | New York |
Entity, Address, State or Province | NY |
Entity, Address, Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | CT Corporation System |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 85,940,728 | $ 102,208,807 |
Accounts receivable | 33,791,853 | 30,972,608 |
Income tax receivable | 847,950 | 0 |
Prepaid expenses and other | 3,153,012 | 3,278,624 |
Total current assets | 123,733,543 | 136,460,039 |
Non-current assets | ||
Deferred tax asset (note 17) | 449,482 | 81,803 |
Other assets | 248,285 | 0 |
Property and equipment (note 3) | 7,117,446 | 5,369,619 |
Intangible assets (note 4) | 5,228,805 | 3,044,278 |
Goodwill (note 5) | 4,869,841 | 4,869,841 |
Total assets | 141,647,402 | 149,825,580 |
Non-current portion | 191,022 | 3,852,891 |
Deferred tax liability (note 17) | 1,060,115 | 0 |
Non-current lease liabilities | 3,768,191 | 2,148,708 |
Total liabilities | 38,521,054 | 36,769,572 |
Equity | 103,126,348 | 113,056,008 |
Total equity and liabilities | 141,647,402 | 149,825,580 |
Current liabilities | ||
Accounts payable and accrued liabilities | 26,546,031 | 24,853,497 |
Income tax payable | 42,567 | 910,165 |
Borrowings (note 16) | 4,031,324 | 2,946,150 |
Lease obligations (note 6) | 2,881,804 | 2,058,161 |
Total current liabilities | $ 33,501,726 | $ 30,767,973 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Revenues | $ 121,038,735 | $ 122,026,302 |
Media costs | 60,250,973 | 58,461,333 |
Gross profit | 60,787,762 | 63,564,969 |
Operating expenses | ||
Sales and marketing (note 18) | 24,042,497 | 22,274,113 |
Technology (notes 12 and 18) | 16,804,963 | 12,680,460 |
General and administrative (note 18) | 14,753,447 | 8,838,230 |
Share-based compensation (note 8) | 5,850,615 | 4,132,017 |
Depreciation and amortization | 4,853,009 | 5,057,117 |
Operating expense excluding cost of sales | 66,304,531 | 52,981,937 |
Income (loss) from operations | (5,516,769) | 10,583,032 |
Finance costs (note 9) | 544,344 | 1,053,282 |
Foreign exchange gain | (6,269,843) | (3,374,098) |
Other gains (losses) | (5,725,499) | (2,320,816) |
Net income before income taxes | 208,730 | 12,903,848 |
Income taxes (note 17) | 962,167 | 1,150,917 |
Net income (loss) for the year | $ (753,437) | $ 11,752,931 |
Basic and diluted net income (loss) per share (note 10) (in CAD per share) | $ (0.01) | $ 0.20 |
Other Comprehensive Income (Loss) | ||
Exchange gain (loss) on translating foreign operations | $ (900,899) | $ 31,169 |
Comprehensive income (loss) for the year | (1,654,336) | 11,784,100 |
Managed services [member] | ||
Revenue | ||
Revenues | 80,978,396 | 91,807,683 |
Self-service [member] | ||
Revenue | ||
Revenues | $ 40,060,339 | $ 30,218,619 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity | Issued capital [member] CAD ($) shares | Share premium [member] CAD ($) | Warrants [member] CAD ($) | Other reserves [member] CAD ($) | Retained earnings [member] CAD ($) | CAD ($) shares |
Balance (in shares) at Dec. 31, 2020 | shares | 53,422,024 | |||||
Balance at Dec. 31, 2020 | $ 58,895,718 | $ 5,049,837 | $ 31,279 | $ 415,049 | $ (32,341,295) | $ 32,050,588 |
Statement Line Items [Line Items] | ||||||
Number of share options exercised in share-based payment arrangement | 757,183 | |||||
Shares issued – options exercised | $ 1,859,803 | (787,714) | 0 | 0 | 0 | 1,072,089 |
Share-based compensation (note 8(c)) | $ 0 | 4,132,017 | 0 | 0 | 0 | 4,132,017 |
Number of other equity instruments exercised or vested in share-based payment arrangement | 849,750 | |||||
Shares issued – DSUs/RSUs exercised (notes 8(d) and 8(e)) | $ 1,963,963 | (1,963,963) | 0 | 0 | 0 | 0 |
Other comprehensive loss | 0 | 0 | 0 | 31,169 | 0 | 31,169 |
Net income (loss) for the year | $ 0 | 0 | 0 | 0 | 11,752,931 | 11,752,931 |
Equity financing (note 8(b)) (in shares) | shares | 5,665,025 | |||||
Equity financing (note 8(b)) | $ 63,955,491 | 0 | 0 | 0 | 0 | 63,955,491 |
Shares issued – warrants exercised (in shares) | shares | 39,821 | |||||
Shares issued – warrants exercised | $ 61,723 | 31,279 | (31,279) | 0 | 0 | $ 61,723 |
Balance (in shares) at Dec. 31, 2021 | shares | 60,733,803 | 60,733,803 | ||||
Balance at Dec. 31, 2021 | $ 126,736,698 | 6,461,456 | 0 | 446,218 | (20,588,364) | $ 113,056,008 |
Statement Line Items [Line Items] | ||||||
Number of share options exercised in share-based payment arrangement | 247,866 | |||||
Shares issued – options exercised | $ 626,441 | (252,404) | 0 | 0 | 0 | $ 374,037 |
Repurchase of shares for cancellation (note 8 (f)) (in shares) | shares | (4,703,780) | (4,703,780) | ||||
Repurchase of shares for cancellation (note 8 (f)) | $ (9,792,573) | (4,707,403) | 0 | 0 | 0 | $ (14,499,976) |
Share-based compensation (note 8(c)) | $ 0 | 5,850,615 | 0 | 0 | 0 | 5,850,615 |
Number of other equity instruments exercised or vested in share-based payment arrangement | 531,032 | |||||
Shares issued – DSUs/RSUs exercised (notes 8(d) and 8(e)) | $ 2,362,374 | (2,362,374) | 0 | 0 | 0 | 0 |
Other comprehensive loss | 0 | 0 | 0 | (900,899) | 0 | (900,899) |
Net income (loss) for the year | $ 0 | 0 | 0 | 0 | (753,437) | $ (753,437) |
Balance (in shares) at Dec. 31, 2022 | shares | 56,808,921 | 56,808,921 | ||||
Balance at Dec. 31, 2022 | $ 119,932,940 | $ 4,989,890 | $ 0 | $ (454,681) | $ (21,341,801) | $ 103,126,348 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Operating activities | ||
Net income (loss) for the year | $ (753,437) | $ 11,752,931 |
Adjustments to reconcile net income (loss) to net cash flows | ||
Depreciation and amortization | 4,853,009 | 5,057,117 |
Finance costs (note 9) | 544,344 | 1,053,282 |
Share-based compensation (note 8(c)) | 5,850,615 | 4,132,017 |
Foreign exchange gain | (6,269,843) | (3,374,098) |
Income tax expense (note 17) | 962,167 | 1,150,917 |
Change in non-cash operating working capital | ||
Accounts receivable | (2,819,245) | 886,698 |
Prepaid expenses and other | 125,610 | (1,345,158) |
Other assets | (248,285) | 0 |
Accounts payable and accrued liabilities | 1,930,673 | 1,620,836 |
Income taxes paid | (1,985,279) | (322,555) |
Interest paid, net | (409,378) | (918,443) |
Net cash flows from (used in) operating activities | 1,780,951 | 19,693,544 |
Investing activities | ||
Additions to property and equipment (note 3) | (91,382) | (393,859) |
Additions to intangible assets (note 4) | (3,737,030) | (1,259,165) |
Net cash flows from (used in) investing activities | (3,828,412) | (1,653,024) |
Financing activities | ||
Repayment of term loans principal (note 16) | (2,261,350) | (2,495,887) |
Proceeds from international loans (note 16) | 1,435,351 | 1,297,598 |
Repayment of international loans (note 16) | (1,885,662) | (2,395,741) |
Repayment of leases | (2,516,967) | (3,360,075) |
Net proceeds from equity financing (note 8) | 0 | 63,955,491 |
Repurchase of shares for cancellation (note 8 (f)) | (14,499,976) | 0 |
Proceeds from the exercise of warrants | 0 | 61,723 |
Proceeds from the exercise of stock options | 374,037 | 1,072,089 |
Net cash flows from (used in) financing activities | (19,354,567) | 58,135,198 |
Increase (decrease) in cash and cash equivalents | (21,402,028) | 76,175,718 |
Impact of foreign exchange on cash and cash equivalents | 5,133,949 | 3,394,789 |
Cash and cash equivalents – beginning of year | 102,208,807 | 22,638,300 |
Cash and cash equivalents – end of year | 85,940,728 | 102,208,807 |
Supplemental disclosure of non-cash transactions | ||
Additions to property and equipment under leases | $ 4,956,952 | $ 674,927 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Corporate Information [Text Block] | 1 Corporate information AcuityAds Holdings Inc. (“AcuityAds” or the “Company”), and its wholly owned subsidiaries AcuityAds Inc., AcuityAds US Inc., 140 70 1200, M5J 2M4. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 2 Summary of significant accounting policies Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. The date the Board of Directors authorized the consolidated financial statements for issue was March 9, 2023. Basis of presentation These consolidated financial statements are prepared in Canadian dollars (“CAD”), which is the Company’s functional and reporting currency and have been prepared mainly under the historical cost basis. Other measurement bases used are described in the applicable notes. Use of estimates and judgements The preparation of the consolidated financial statements and application of IFRS often involve management’s judgement and the use of estimates and assumptions deemed to be reasonable at the time they are made. The Company reviews estimates and underlying assumptions on an ongoing basis. Revisions are recognized in the period in which estimates are revised and may Other results may may The following are critical accounting policies subject to such judgements and the key sources of estimation uncertainty that the Company believes could have the most significant impact on the consolidated financial statements. ● Key sources of estimation uncertainty i) Accounts receivable – the Company monitors the financial stability of its customers and the environment in which they operate to make estimates regarding the likelihood that the individual trade receivable balances will be paid. Credit risks for outstanding customer receivables are regularly assessed and allowances are recorded for estimated losses. ii) Share-based payments – the estimated fair value of stock options is determined using the Black-Scholes option pricing model. Inputs to the model are subject to various estimates related to volatility, interest rates, dividend yields and expected life of the stock options issued. Fair value inputs are subject to market factors, as well as internal estimates. In addition to the fair value calculation, the Company estimates the expected forfeiture rate with respect to equity-settled share-based payments based on historical experience. iii) Goodwill – Impairment – the goodwill impairment test requires a calculation to determine the recoverable amount of goodwill. Management has determined the recoverable amount by determining the higher of fair value less costs of disposal of goodwill and value in use. ● Critical judgements in applying accounting policies i) Revenue and cost recognition – for revenue from sales of third ii) Impairment tests for non-financial assets other than goodwill – judgement is applied in determining whether events or changes in circumstances during the period are indicators that a review for impairment should be conducted. Basis of consolidation The financial results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions and any unrealized income and expenses arising from such transactions are eliminated upon consolidation. Revenue Revenue is recognized based on the five 15 Revenue arrangements are evidenced by a fully executed insertion order (“IO”). Generally, IOs specify the number and type of advertising impressions to be delivered over a specified time at an agreed upon price and performance objectives for an ad campaign. Performance objectives are generally a measure of targeting as defined by the parties in advance, such as number of ads displayed, consumer clicks on ads or consumer actions (which may The Company determines collectability by performing ongoing credit evaluations and monitoring its customers’ accounts receivable balances. For new customers and their agents, which may third not In instances where the Company contracts with third Amounts billed in excess of revenue recognized to date on an arrangement-by-arrangement basis are classified as deferred revenue, whereas revenue recognized in excess of amounts billed is classified as accrued receivables and included as part of accounts receivable. Foreign currency transactions ● Transactions and balances in foreign currencies The Company’s functional and reporting currency is CAD. Transactions in foreign currencies are translated to the Company’s functional currency at exchange rates at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities and related depreciation are translated at historical exchange rates. Revenue and expenses other than depreciation are translated at the average rates of exchange for the period. ● Subsidiaries with a functional currency other than CAD The assets and liabilities of foreign subsidiaries are translated into CAD at the rate of exchange prevailing at the reporting date, and their income statements are translated at the average rates of exchange for the period. Exchange rate adjustments arising on translation are recognized in other comprehensive income. On disposal of a foreign subsidiary, the component of other comprehensive income relating to that particular foreign operation is recognized in net income. Financial instruments ● Non-derivative financial assets The Company initially recognizes loans and receivables and deposits on the date they originate. All other financial assets are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial instruments are, for measurement purposes, grouped into categories. The classification depends on the purpose and is determined on initial recognition. The Company’s non-derivative financial assets comprise loans and receivables. Cash and cash equivalents comprise cash balances and cash deposits with original maturities of three Loans and receivables, which include cash, accounts receivable and investment tax credits receivable, are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Accounts receivable comprise trade receivables, net of allowance for doubtful accounts. The Company has adopted the use of an expected credit loss model rather than an incurred loss analysis when evaluating the allowance for doubtful accounts receivable (note 15 Income tax credit receivables comprise refundable Canadian income tax credits (“ITCs”) for qualifying research and development activities in Canada. The Company’s non-derivative financial liabilities consist of accounts payable and accrued liabilities, revolving line of credit, term loans and amounts due to related parties. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition and measurement, these financial liabilities are measured at amortized cost using the effective interest method. Property and equipment ● Recognition and measurement Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net income. The costs of the day-to-day servicing of property and equipment are recognized in net income as incurred. ● Depreciation Depreciation is calculated on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognized on a straight-line basis over the estimated useful lives of the property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative years are as follows: Furniture and fixtures 5 years Data centre equipment 4 years Office computer equipment 3 years Right of use assets Range from 3-8 years Depreciation methods, useful lives and residual values are reviewed at each year-end and adjusted if appropriate. ● Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in net income as incurred. Expenditures on development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Impairment ● Financial assets (including accounts receivable) A financial asset is considered impaired if objective evidence indicates that one The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Company applies the simplified approach permitted by IFRS 9, no ● Non-financial assets The carrying amounts of the Company’s non-financial assets (except goodwill) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is not may The recoverable amount of an asset or group of assets (cash-generating unit) (“CGU”) is the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the Company uses the sum of its quoted equity market capitalization and the fair value of its debt. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that is largely independent of the cash inflows of other assets or CGUs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net income. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognized in prior periods, other than those recognized for impairment of goodwill, are assessed at each reporting date for any indications that the loss has decreased or no not no Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: ● The contract involves the use of an identified asset – this may not ● The Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use ● The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either: o The Company has the right to operate the asset; or o The Company designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following: ● Fixed payments, including in-substance fixed payments ● The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in the rate or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets in “Property and equipment” and lease liabilities in “Lease obligation” in the consolidated balance sheets. Nature of leased assets The Company leases various office space and equipment. Contracts are typically made for fixed periods of one eight may may not Extension and termination options Some office leases include an option to renew the lease for an additional period after the non-cancellable contract period. Where practicable, the Company seeks to include extension options in new leases to provide operational flexibility. Extension options are exercisable only by the Company and not not not Share-based payments Share-based payment arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions. The grant date fair value of share-based payment awards such as performance share units (“PSUs”), restricted share units (“RSUs") and stock options granted to employees is recognized as a compensation cost, with a corresponding increase in contributed surplus, over the vesting period of the award. The amount recognized is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that vest. Upon exercising the options, the fair value of the options exercised that was initially recorded to contributed surplus is reclassified to common shares and reflected in the consolidated statements of changes in shareholders’ equity. As part of the Company’s long-term incentives, the Company from time-to-time issues deferred share units (“DSUs”) under its long-term incentive plans. DSU awards are settled with the issuance of common shares. The compensation expense for DSUs is based on the fair value at the time the award is granted. The expense is recognized as a component of share-based compensation expense with a corresponding increase to contributed surplus within shareholders’ equity. Upon redemption, the fair value of the award is reclassified from contributed surplus to share capital. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The timing or amount of the outflow may Finance costs Finance costs comprise interest expense on the revolving line of credit, leases, and term loans. Borrowing costs that are not Income taxes Income tax expense for the year comprises current and deferred income taxes. Current taxes and deferred taxes are recognized in the consolidated statements of comprehensive income, except to the extent that they relate to items recognized in other comprehensive income (“OCI”) or directly in equity. In these cases, the taxes are also recognized in OCI or directly in equity, respectively. The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, the Company recognizes deferred income tax assets and liabilities for future income tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases, and on unused tax losses and tax credit carry-forwards. The Company measures deferred income taxes using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. The Company recognizes deferred income tax assets only to the extent that it is probable that future taxable income will be available against which the deductible temporary differences as well as unused tax losses and tax credit carry-forwards can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no Deferred income taxes are not not not not The Company records current income tax expense or recovery based on income earned or loss incurred for the year in each tax jurisdiction where it operates, and for any adjustment to taxes payable in respect of previous years, using tax laws that are enacted or substantively enacted at the consolidated statements of financial position dates. In the ordinary course of business, there are many transactions for which the ultimate tax outcome is uncertain. The final tax outcome of these matters may Government assistance Government grants and subsidies are recognized at fair value when there is reasonable assurance that they will be received, and the Company will comply with the conditions associated with the grants. To the extent that government grants are earned under the conditions of the grant prior to receipt of funds, the Company records a government grants receivable. Government grants related to operating expenses are reflected as a reduction of such expenses in the year when they are incurred (note 12 Net income per share Basic income per share is calculated by dividing the net income for the period by the weighted average number of common shares outstanding during the period. Diluted income per share is calculated by dividing the net income for the period by the sum of the weighted average number of common shares outstanding and the dilutive common share equivalents outstanding during the period. Common share equivalents consist of the shares issuable upon exercise of stock options and shares issuable upon exercise of common share unit options calculated using the treasury stock method. Common share equivalents are not Media costs Media costs are considered the Company’s cost of goods sold. The costs include the publishing and real time bidding costs to secure advertising space. Intangible assets The useful life of an intangible asset is either finite or indefinite. Intangible assets are initially measured at fair value. Following the initial recognition, intangible assets are carried at the initial fair value less accumulated amortization and impairment losses, if any. Acquired intangible assets are recognized as intangible assets with finite lives. Amortization of customer relationships and technology is based on the estimated useful lives of these assets and is recognized on a straight-line basis over three may New accounting standards The following amendments to standards and interpretations became effective for the annual periods beginning on or after January 1, 2022. no Reference to the Conceptual Framework (Amendments to IFRS 3, 3 3 not Fees in the “10 9, 9 “10 Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37, 37 Future accounting standards Classification of Liabilities as Current or Non-current (Amendments to IAS 1, 1 twelve January 1, 2023 Disclosure of Accounting Policies (Amendments to IAS 1 1 January 1, 2023 Definition of Accounting Estimates (Amendments to IAS 8, 8 not not January 1, 2023 Deferred Tax on Assets and Liabilities Arising from Lease and Decommissioning Obligation Transactions (Amendments to IAS 12, 12 not may These amendments are effective for annual periods beginning on or after January 1, 2023 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 3 Property and equipment Furniture Data center Office Right of Total Cost As at January 1, 2022 $ 1,316,926 $ 52,003 $ 1,266,013 $ 14,505,025 $ 17,139,967 Additions 12,769 - 78,613 4,956,952 5,048,334 As at December 31, 2022 1,329,695 52,003 1,344,626 19,461,977 22,188,301 Accumulated depreciation As at January 1, 2022 674,721 50,423 799,726 10,245,478 11,770,348 Amortization 231,918 1,580 272,227 2,794,782 3,300,507 As at December 31, 2022 906,639 52,003 1,071,953 13,040,260 15,070,855 Net carrying amount As at January 1, 2022 642,205 1,580 466,287 4,259,547 5,369,619 As at December 31, 2022 423,056 - 272,673 6,421,717 7,117,446 Furniture Data center Office Right of Total Cost As at January 1, 2021 $ 1,292,927 $ 52,003 $ 896,153 $ 13,830,098 $ 16,071,181 Additions 23,999 - 369,860 674,927 1,068,786 As at December 31, 2021 1,316,926 52,003 1,266,013 14,505,025 17,139,967 Accumulated depreciation As at January 1, 2021 442,096 43,179 528,748 7,112,048 8,126,071 Amortization 232,625 7,244 270,978 3,133,430 3,644,277 As at December 31, 2021 674,721 50,423 799,726 10,245,478 11,770,348 Net carrying amount As at January 1, 2021 850,831 8,824 367,405 6,718,050 7,945,110 As at December 31, 2021 642,205 1,580 466,287 4,259,547 5,369,619 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 4 Intangible assets Customer Technology Total Cost As at January 1, 2022 $ 5,285,064 $ 12,792,409 $ 18,077,473 Additions - 3,737,030 3,737,030 As at December 31, 2022 5,285,064 16,529,439 21,814,503 Accumulated depreciation As at January 1, 2022 5,285,064 9,748,131 15,033,195 Amortization - 1,552,503 1,552,503 As at December 31, 2022 5,285,064 11,300,634 16,585,698 Net carrying amount As at January 1, 2022 - 3,044,278 3,044,278 As at December 31, 2022 - 5,228,805 5,228,805 Customer Technology Total Cost As at January 1, 2021 $ 5,285,064 $ 11,533,244 $ 16,818,308 Additions - 1,259,165 1,259,165 As at December 31, 2021 5,285,064 12,792,409 18,077,473 Accumulated depreciation As at January 1, 2021 5,232,604 8,387,751 13,620,355 Amortization 52,460 1,360,380 1,412,840 As at December 31, 2021 5,285,064 9,748,131 15,033,195 Net carrying amount As at January 1, 2021 52,460 3,145,493 3,197,953 As at December 31, 2021 - 3,044,278 3,044,278 The Technology intangible asset is internally derived from capitalizing development costs related to revenue generating technology. During the year ended December 31, 2022, 2021 |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of goodwill [text block] | 5 Goodwill Goodwill is tested at least annually for impairment. Goodwill is tested for impairment using the fair value less cost to dispose model at the operating segment level. The Company is managed as one operating segment based on how financial information is produced internally for the purposes of making operating decisions, and it is the lowest level at which goodwill is monitored for internal management purposes. In assessing the goodwill for impairment, the Company compares the aggregate recoverable amount consisting of the sum of its quoted equity market capitalization and the fair value of its debt to the carrying value of its net assets excluding long-term debt. An impairment charge is recognized to the extent that the carrying value exceeds the recoverable amount. No impairment losses have been recorded against the value of goodwill since its acquisition. No impairment charges have arisen as a result of the reviews performed as at December 31, 2022 2021. not |
Note 6 - Lease Obligations
Note 6 - Lease Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 6 Lease obligations December 31, 2022 December 31, 2021 Obligations under leases $ 6,649,995 $ 4,206,869 Less: Current portion 2,881,804 2,058,161 3,768,191 2,148,708 The Company has minimum lease payment commitments under leases for the following amounts: 2023 $ 3,462,763 2024 2,318,051 2025 498,844 2026 275,129 2027 270,636 2028 265,312 2029 22,085 7,112,820 Less: Interest 462,825 Present value of minimum lease payments 6,649,995 |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 7 Related party transactions and balances Directors and officers are eligible to participate in the Company’s long-term incentive plans. No stock options have been granted to directors and officers of the Company since March 31, 2020 ( 8 During the year ended December 31, 2022, 2021 one During the year ended December 31, 2022, 2021 six ● Transactions with executive personnel The key management personnel of the Company are the officers and the directors. The remuneration of executive personal during the years ended December 31, 2022 2021 2022 2021 Executive compensation and benefits $ 1,793,894 $ 1,418,101 Share-based compensation 1,046,371 588,925 2,840,265 2,007,026 |
Note 8 - Share Capital and Shar
Note 8 - Share Capital and Share-based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 8 Share capital and share-based payments a) Share capital As at December 31, 2022, 2021 2021 b) Equity financings On June 14, 2021, US$10.15 US$57,500,003 c) Stock Option Plan and Omnibus Incentive Plan The Company has a stock option plan (the “Stock Option Plan”), a deferred share unit plan (the “Deferred Share Unit Plan”) and an omnibus long-term incentive plan (the “Omnibus Incentive Plan”). Since the adoption of the Omnibus Incentive Plan by shareholders on June 16, 2020, Under the Stock Option Plan, the Board of Directors granted stock options to employees, officers, directors and consultants of the Company. The expiry date of options granted under the Stock Option Plan typically did not five three The Omnibus Incentive Plan allows for a variety of equity-based awards to be granted to officers, directors, employees, and consultants (in the case of stock options, PSUs and RSUs) and non-employee directors (in the case of DSUs). Stock options, PSUs, RSUs and DSUs are collectively referred to herein as “Awards”. Each Award represents the right to receive common shares, or in the case of PSUs, RSUs and DSUs, common shares or cash, in accordance with the terms of the Omnibus Incentive Plan. The maximum number of common shares reserved for issuance, in the aggregate, under the Omnibus Incentive Plan, the Stock Option Plan, the Deferred Share Unit Plan of the Company and any other security-based compensation arrangement, collectively, is 15% of the aggregate number of common shares issued and outstanding from time to time. As at December 31, 2022, The following table summarizes the continuity of options issued under the Stock Option Plan: December 31, 2022 December 31, 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding – beginning of year 1,094,001 $ 1.90 1,865,519 $ 1.69 Granted - - 3,333 1.06 Forfeited or cancelled (141,666 ) 4.06 (29,334 ) 1.06 Exercised (247,866 ) 1.51 (745,517 ) 1.41 Outstanding – end of year 704,469 1.60 1,094,001 1.90 Options exercisable – end of year 661,135 1.60 877,001 1.99 The following table summarizes the continuity of options issued under the Omnibus Incentive Plan: December 31, 2022 December 31, 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding – beginning of year 23,334 $ 2.09 35,000 $ 2.09 Exercised - - (11,666 ) 2.09 Outstanding – end of year 23,334 2.09 23,334 2.09 Options exercisable – end of year 11,668 2.09 - - A combined summary of the Company’s stock options outstanding under the above plans is as follows: December 31, 2022 Range of exercise prices $ Number of options Weighted average remaining contractual life (years) Weighted average number of options exercisable 0.96 3,333 0.67 3,333 1.06 15,134 0.75 15,134 1.13 55,000 2.42 55,000 1.14 10,000 0.92 10,000 1.15 20,000 1.92 20,000 1.27 3,334 1.67 3,334 1.55 36,333 1.42 36,333 1.59 143,334 2.17 100,000 1.71 378,001 1.25 378,001 1.94 40,000 0.92 40,000 2.09 23,334 2.67 11,668 727,803 672,803 December 31, 2021 Range of exercise prices $ Number of options Weighted average remaining contractual life (years) Weighted average number of options exercisable 0.96 3,333 1.67 3,333 1.06 74,634 1.75 74,634 1.13 68,333 3.42 55,000 1.14 10,000 1.92 10,000 1.15 20,000 2.92 13,333 1.27 8,334 2.67 5,000 1.55 58,033 2.42 18,700 1.59 185,000 3.17 51,668 1.71 506,334 2.25 485,333 1.94 40,000 0.92 40,000 2.09 23,334 3.67 - 4.12 7,500 0.42 7,500 4.47 22,500 0.67 22,500 4.60 90,000 0.25 90,000 1,117,335 877,001 During the year ended December 31, 2022, 2021 During the year ended December 31, 2022, nil 2021 nil 2021 nil Nil 2021 During the year ended December 31, 2022, 2021 nil 2021 Share-based compensation expense was determined based on the fair value of the options at the date of measurement using the Black-Scholes option pricing model with the weighted average assumptions for stock options granted during the year ended December 31, 2021 2021 Weighted average grant date fair value of options granted $ 1.45 Weighted average assumptions used Expected option life 5 years Risk-free interest rate 1.45 % Expected volatility 87 % The expected volatility was estimated based on the historical volatility of the Company’s common shares that covers the expected life of the options granted. The expected option life was estimated based on historical data and represents the numbers of years the stock options are expected to be outstanding. The risk-free rate was estimated based on the Government of Canada marketable bonds with a term that covers the expected life of the options granted. d) Deferred share units During the year ended December 31, 2022, 2021 one one December 31, 2022, 2021 e) Restricted share units During the year ended December 31, 2022, 2021 December 31, 2022, 2021 f) Repurchase of shares for cancellation under NCIB On May 16, 2022, During the year ended December 31, 2022, $14,499,975. g) Restatement of previously issued financial statements During the preparation of the 2022 not January 1, 2021. not In addition, the Company determined that Contributed surplus was not January 1, 2021. not The Company concluded that the above errors were material to the previously issued consolidated financial statements and as such, the Company has restated its comparative consolidated financial statements, as applicable. The following table presents the impact of the restatements on the Company’s comparative Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2021: As Reported As Restated Share-based compensation expense $ 5,329,438 $ 4,132,017 Operating expenses 54,179,358 52,981,937 Income from operations 9,385,611 10,583,032 Net income before income taxes 11,706,427 12,903,848 Net income for the year 10,555,510 11,752,931 Basic and diluted net income per share 0.18 0.20 Comprehensive income for the year 10,586,679 11,784,100 The following table presents the impact of the restatements on the Company’s comparative Consolidated Statement of Changes in Shareholders’ Equity as at December 31, 2021: As Reported As Restated Common shares $ 124,036,377 $ 126,736,698 Contributed surplus 10,620,976 6,461,456 Deficit 22,047,563 20,588,364 The cumulative impact of the restatement to Shareholders’ equity as of January 1, 2021 |
Note 9 - Finance Costs
Note 9 - Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of finance cost [text block] | 9 Finance costs Year ended December 31, 2022 Year ended December 31, 2021 Interest on leases and other interest $ 143,058 $ 616,286 Interest and fees on term loans (note 15 (a)) 401,286 436,996 544,344 1,053,282 |
Note 10 - Net Income (Loss) Per
Note 10 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 10 Net income (loss) per share The computations for basic and diluted net income (loss) per share for the year ended December 31, 2022 2021 Year ended December 31, 2022 Year ended December 31, 2021 Net income (loss) for the year $ (753,437 ) $ 11,752,931 Weighted average number of shares outstanding – basic 59,065,118 57,624,420 Net income (loss) per share – basic $ (0.01 ) $ 0.20 Dilutive effect of stock options - 739,172 Dilutive effect of DSUs - 305,415 Dilutive effect of RSUs - 326,986 Diluted weighted average number of shares outstanding 59,065,118 58,995,993 Net income (loss) per share – diluted $ (0.01 ) $ 0.20 Items excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect Stock options, DSUs, and RSUs 5,645,525 2,297,512 Net income (loss) per share is calculated by dividing the net income (loss) by the weighted average number of shares outstanding during the relevant period. Diluted weighted average number of shares reflects the dilutive effect of equity instruments, such as any “in the money” stock options, RSUs, or DSUs. In the years with reported net losses, all stock options, RSUs, and DSUs are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal, and thus “in the money” stock options, RSUs, and DSUs have not |
Note 11 - Segment Information
Note 11 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 11 Segment information The Company's CEO has been identified as the chief operating decision maker (CODM). The CODM reviews financial information, makes decisions and assesses the performance of the company as a single operating segment. The Company’s assets and operations are substantially located in Canada however, the Company also has employees and customers in the United States and Europe and generates revenue in each region. Revenue by region for the year ended December 31, 2022, 2021 Year ended December 31, 2022 Year ended December 31, 2021 United States $ 81,876,626 $ 88,970,329 Canada 17,242,502 17,183,464 Europe and other 21,919,607 15,872,509 121,038,735 122,026,302 During the years ended December 31, 2022 2021, not 10% |
Note 12 - Government Assistance
Note 12 - Government Assistance | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 12 Government assistance During the year ended December 31, 2020, January 2021, December 31, 2021, December 31, 2021, December 31, 2022, not |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 13 Financial instruments Classification of financial instruments The following table provides the allocation of financial instruments and their associated financial instrument classifications: Loans and receivables/ financial liabilities (Amortized cost) Measurement basis December 31, 2022 December 31, Financial assets Cash and cash equivalents $ 85,940,728 $ 102,208,807 Accounts receivable 33,791,853 30,972,608 119,732,581 133,181,415 Financial liabilities Accounts payable and accrued liabilities $ 26,546,031 $ 24,853,497 Term loans 3,790,572 5,916,956 International loans 431,774 882,085 Lease obligations 6,649,995 4,206,869 37,418,372 35,859,407 Fair value measurements The Company provides disclosure of the three not three ● Level 1 ● Level 2 ● Level 3 not There were no transfers of financial assets during the year ended December 31, 2022, 2021 |
Note 14 - Capital Risk Manageme
Note 14 - Capital Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 14 Capital risk management The Company’s objectives in managing capital are to ensure sufficient liquidity to pursue its strategy of organic growth combined with strategic acquisitions and to provide returns to its shareholders. The Company defines capital that it manages as the aggregate of its shareholders’ equity, which comprises issued capital, contributed surplus and deficit. The Company manages its capital structure and makes adjustments to it in working capital requirements. In order to maintain or adjust its capital structure, the Company, upon approval from the Board of Directors, may not 15. |
Note 15 - Financial Risk Manage
Note 15 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of nature and extent of risks arising from financial instruments [text block] | 15 Financial risk management The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s risk management policies on an annual basis. Management identifies and evaluates financial risks and is charged with the responsibility of establishing controls and procedures to ensure that financial risks are mitigated in accordance with the approved policies. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises from the Company’s accounts receivable and cash. As of December 31, 2022, December 31, 2021, The Company reviews the components of these accounts on a regular basis to evaluate and monitor this risk. The Company’s customers are generally financially established organizations, which limits the credit risk relating to the customers. In addition, credit reviews by the Company take into account the counterparty’s financial position, past experience and other factors. As at December 31, 2022, 2021 December 31, 2022, 31 60 61 90 90 The Company, from time to time, invests its excess cash in accounts with Schedule I banks and Silicon Valley Bank (“SVB”), a large U.S. based bank, with the objective of maintaining the safety of the principal and providing adequate liquidity to meet current payment obligations and future planned capital expenditures and with the secondary objective of maximizing the overall yield of the portfolio. The Company’s cash as of December 31, 2022, not Liquidity risk Liquidity risk is the risk that the Company will not may no The following are the contractual maturities for the financial liabilities: December 31, 2022 Carrying amount Total contractual cash flows Less than 1 year 1 to 3 Years > 3 years Accounts payable and accrued liabilities $ 26,546,031 $ 26,546,031 $ 26,546,031 $ - $ - International loans 431,774 431,774 240,752 191,022 - Term loans 3,790,572 3,963,031 3,963,031 - - Lease obligation 6,649,995 7,112,820 2,881,804 3,092,024 1,138,992 37,418,372 38,053,656 33,631,618 3,283,046 1,138,992 December 31, 2021 Carrying amount Total contractual cash flows Less than 1 year 1 to 3 Years > 3 years Accounts payable and accrued liabilities $ 24,853,497 $ 24,853,497 $ 24,853,497 $ - $ - International loans 882,085 882,085 467,312 414,773 - Term loans 5,916,956 6,222,416 2,478,838 3,743,578 - Lease obligation 4,206,869 4,724,847 2,058,161 2,666,686 - 35,859,407 36,682,845 29,857,808 6,825,037 - Interest rate risk Interest rate risk is the risk of financial loss to the Company if interest rates increase on interest-bearing instruments. The revolving line of credit bears interest at 4.6%. The term loans bear interest at a fixed rate of 8.10%, which the Company believes is consistent with market interest rates for this type of debt. Foreign exchange or currency risk The Company is exposed to foreign exchange risk from sales and purchase transactions, as well as recognized financial assets and liabilities denominated in U.S. dollars. The Company’s main objective in managing its foreign exchange risk is to maintain U.S. cash on hand to support US forecasted obligations and cash flows. To achieve this objective, the Company monitors forecasted cash flows in foreign currencies and attempts to mitigate the risk by modifying the nature of cash held. If a shift in foreign currency exchange rates of 10% were to occur, the foreign exchange gain or loss on the Company’s net monetary assets could change by approximately $9,336,426 due to the fluctuation and this would be recorded in the consolidated statements of comprehensive income. Balances held in U.S. dollars are as follows in CAD: December 31, 2022 December 31, 2021 Cash $ 82,257,335 $ 99,118,059 Accounts receivable 24,157,194 22,017,575 Accounts payable 13,050,270 15,530,451 Term loan 3,790,572 5,916,956 |
Note 16 - Borrowings
Note 16 - Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 16 Borrowings a) Term Loan During the years ended December 31, 2022 2021, April 1, 2024 US$7,750,000 December 31, 2022, The following table outlines the activity of the term loan during the years ended December 31, 2022, 2021: 2022 2021 Amortized cost – January 1 $ 5,916,956 $ 8,278,004 Accrued interest 401,286 436,996 Payment of interest (266,320 ) (302,157 ) Principal amount repaid (2,261,350 ) (2,495,887 ) Balance – December 31 3,790,572 5,916,956 The credit facilities are subject to certain general and financial covenants, including the delivery of annual audited consolidated financial statements to the holders. The credit facilities are secured by all material assets of the Company. The Company was in breach of one December 31, 2022. December 31, 2022. December 31, 2022 not b) International loans International term loans International term loans outstanding amounted to $416,736 (Euro 288,239) as at December 31, 2022 ( 2021: $867,931: May 18, 2023 May 21, 2025 December 31, 2022, 2021. Line of credit The line of credit payables amounted to $15,038 (Euro 10,401) as at December 31, 2022 ( 2021: $14,154: December 31, 2022 2021. April 16, 2023 August 6, 2023 December 31, 2022, 2021. The following table outlines the current portion and non-current portion of the borrowings: December 31, 2022 December 31, 2021 Current portion of term loan $ 3,790,572 $ 2,478,838 Current portion of international loans 240,752 467,312 Total current borrowings 4,031,324 2,946,150 Non-current portion of term loan - 3,438,118 Non-current portion of international loans 191,022 414,773 Total borrowings 4,222,346 6,799,041 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 17 Income taxes Income tax expense A reconciliation between tax expense (recovery) and accounting income (loss) multiplied by the Company’s domestic tax rate for the years ended December 31, 2022 2021 2022 2021 Income before income taxes $ 208,730 $ 12,903,848 Income tax expense at the Company’s statutory tax rate of 26.5 26.5 55,314 3,419,520 Increase (decrease) in income taxes resulting from Permanent differences 1,443,060 1,634,557 Prior year true-up 910 108,305 Changes in unrecognized temporary differences (197,857 ) (105,922 ) Effect of foreign subsidiaries (82,026 ) (70,146 ) Prior year loss applied in current year previously not recognized (274,134 ) (2,807,987 ) Other 39,070 (887,345 ) Rate adjustment (22,170 ) (140,065 ) Income tax expense 962,167 1,150,917 Current tax expense 269,730 1,232,720 Deferred tax expense (recovery) 692,437 (81,803 ) Income tax expense 962,167 1,150,917 Deferred taxes Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values. The Company records deferred income tax recovery on losses in comprehensive income, when management views that it is probable that the deferred tax assets will be realized, based on historical profitability and forecasted future profitability. Deferred tax assets (liabilities) as at December 31, 2022 2022 2021 Non-capital loss carryforwards $ 385,905 $ 651,934 Property and equipment (1,226,457 ) (816,614 ) Financing fees 72,432 128,018 SR&ED ITC credit - (227,634 ) Lease liabilities 157,487 346,099 Deferred tax asset (liabilities) (610,633 ) 81,803 As at December 31, 2022, 2038 $79,214; 2039 $645,353; 2040 not December 31, 2022 ( 2021 Deferred tax assets have not 2022 2021 Non-capital loss carryforwards $ 23,461,788 $ 24,230,225 Taxable temporary differences (686,458 ) (369,894 ) 22,775,330 23,860,331 As at December 31, 2022, no 382, 2018 2028 2037. Under the CARES Act (The Coronavirus Aid, Relief, and Economic Security Act), losses incurred after the 2017 2018, 2019 2020 five |
Note 18 - Expenses by Nature
Note 18 - Expenses by Nature | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of expenses [text block] | 18 Expenses by nature Year ended December 31, 2022 Year ended December 31, 2021 Employee wages, salaries, and benefits $ 32,924,571 $ 27,257,073 Professional fees 2,592,940 1,927,512 Contractor consulting fees 3,854,951 2,768,516 Hosting and data costs 6,359,167 5,280,774 Insurance 2,723,618 1,820,269 Travel, entertainment, and conferences 2,527,479 1,563,729 Advertising and promotion 1,469,458 1,161,780 Public company fees 779,453 467,606 Other 2,369,270 1,545,544 55,600,907 43,792,803 For the year ended December 31, 2022 2021, nil 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for basis of preparation [text block] | Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. The date the Board of Directors authorized the consolidated financial statements for issue was March 9, 2023. Basis of presentation These consolidated financial statements are prepared in Canadian dollars (“CAD”), which is the Company’s functional and reporting currency and have been prepared mainly under the historical cost basis. Other measurement bases used are described in the applicable notes. |
Disclosure of accounting judgements and estimates [text block] | Use of estimates and judgements The preparation of the consolidated financial statements and application of IFRS often involve management’s judgement and the use of estimates and assumptions deemed to be reasonable at the time they are made. The Company reviews estimates and underlying assumptions on an ongoing basis. Revisions are recognized in the period in which estimates are revised and may Other results may may The following are critical accounting policies subject to such judgements and the key sources of estimation uncertainty that the Company believes could have the most significant impact on the consolidated financial statements. ● Key sources of estimation uncertainty i) Accounts receivable – the Company monitors the financial stability of its customers and the environment in which they operate to make estimates regarding the likelihood that the individual trade receivable balances will be paid. Credit risks for outstanding customer receivables are regularly assessed and allowances are recorded for estimated losses. ii) Share-based payments – the estimated fair value of stock options is determined using the Black-Scholes option pricing model. Inputs to the model are subject to various estimates related to volatility, interest rates, dividend yields and expected life of the stock options issued. Fair value inputs are subject to market factors, as well as internal estimates. In addition to the fair value calculation, the Company estimates the expected forfeiture rate with respect to equity-settled share-based payments based on historical experience. iii) Goodwill – Impairment – the goodwill impairment test requires a calculation to determine the recoverable amount of goodwill. Management has determined the recoverable amount by determining the higher of fair value less costs of disposal of goodwill and value in use. ● Critical judgements in applying accounting policies i) Revenue and cost recognition – for revenue from sales of third ii) Impairment tests for non-financial assets other than goodwill – judgement is applied in determining whether events or changes in circumstances during the period are indicators that a review for impairment should be conducted. |
Disclosure of basis of consolidation [text block] | Basis of consolidation The financial results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions and any unrealized income and expenses arising from such transactions are eliminated upon consolidation. |
Description of accounting policy for recognition of revenue [text block] | Revenue Revenue is recognized based on the five 15 Revenue arrangements are evidenced by a fully executed insertion order (“IO”). Generally, IOs specify the number and type of advertising impressions to be delivered over a specified time at an agreed upon price and performance objectives for an ad campaign. Performance objectives are generally a measure of targeting as defined by the parties in advance, such as number of ads displayed, consumer clicks on ads or consumer actions (which may The Company determines collectability by performing ongoing credit evaluations and monitoring its customers’ accounts receivable balances. For new customers and their agents, which may third not In instances where the Company contracts with third Amounts billed in excess of revenue recognized to date on an arrangement-by-arrangement basis are classified as deferred revenue, whereas revenue recognized in excess of amounts billed is classified as accrued receivables and included as part of accounts receivable. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency transactions ● Transactions and balances in foreign currencies The Company’s functional and reporting currency is CAD. Transactions in foreign currencies are translated to the Company’s functional currency at exchange rates at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities and related depreciation are translated at historical exchange rates. Revenue and expenses other than depreciation are translated at the average rates of exchange for the period. ● Subsidiaries with a functional currency other than CAD The assets and liabilities of foreign subsidiaries are translated into CAD at the rate of exchange prevailing at the reporting date, and their income statements are translated at the average rates of exchange for the period. Exchange rate adjustments arising on translation are recognized in other comprehensive income. On disposal of a foreign subsidiary, the component of other comprehensive income relating to that particular foreign operation is recognized in net income. |
Description of accounting policy for financial instruments [text block] | Financial instruments ● Non-derivative financial assets The Company initially recognizes loans and receivables and deposits on the date they originate. All other financial assets are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial instruments are, for measurement purposes, grouped into categories. The classification depends on the purpose and is determined on initial recognition. The Company’s non-derivative financial assets comprise loans and receivables. Cash and cash equivalents comprise cash balances and cash deposits with original maturities of three Loans and receivables, which include cash, accounts receivable and investment tax credits receivable, are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Accounts receivable comprise trade receivables, net of allowance for doubtful accounts. The Company has adopted the use of an expected credit loss model rather than an incurred loss analysis when evaluating the allowance for doubtful accounts receivable (note 15 Income tax credit receivables comprise refundable Canadian income tax credits (“ITCs”) for qualifying research and development activities in Canada. The Company’s non-derivative financial liabilities consist of accounts payable and accrued liabilities, revolving line of credit, term loans and amounts due to related parties. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition and measurement, these financial liabilities are measured at amortized cost using the effective interest method. |
Description of accounting policy for property, plant and equipment [text block] | Property and equipment ● Recognition and measurement Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net income. The costs of the day-to-day servicing of property and equipment are recognized in net income as incurred. ● Depreciation Depreciation is calculated on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognized on a straight-line basis over the estimated useful lives of the property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative years are as follows: Furniture and fixtures 5 years Data centre equipment 4 years Office computer equipment 3 years Right of use assets Range from 3-8 years Depreciation methods, useful lives and residual values are reviewed at each year-end and adjusted if appropriate. ● Research and development Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in net income as incurred. Expenditures on development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. |
Description of accounting policy for impairment of assets [text block] | Impairment ● Financial assets (including accounts receivable) A financial asset is considered impaired if objective evidence indicates that one The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Company applies the simplified approach permitted by IFRS 9, no ● Non-financial assets The carrying amounts of the Company’s non-financial assets (except goodwill) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is not may The recoverable amount of an asset or group of assets (cash-generating unit) (“CGU”) is the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the Company uses the sum of its quoted equity market capitalization and the fair value of its debt. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that is largely independent of the cash inflows of other assets or CGUs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net income. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognized in prior periods, other than those recognized for impairment of goodwill, are assessed at each reporting date for any indications that the loss has decreased or no not no |
Description of accounting policy for leases [text block] | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: ● The contract involves the use of an identified asset – this may not ● The Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use ● The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either: o The Company has the right to operate the asset; or o The Company designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following: ● Fixed payments, including in-substance fixed payments ● The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in the rate or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets in “Property and equipment” and lease liabilities in “Lease obligation” in the consolidated balance sheets. |
Description of accounting policy for nature of leased assets [text block] | Nature of leased assets The Company leases various office space and equipment. Contracts are typically made for fixed periods of one eight may may not |
Description of accounting policy for lease extension [text block] | Extension and termination options Some office leases include an option to renew the lease for an additional period after the non-cancellable contract period. Where practicable, the Company seeks to include extension options in new leases to provide operational flexibility. Extension options are exercisable only by the Company and not not not |
Description of accounting policy for share-based payment transactions [text block] | Share-based payments Share-based payment arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions. The grant date fair value of share-based payment awards such as performance share units (“PSUs”), restricted share units (“RSUs") and stock options granted to employees is recognized as a compensation cost, with a corresponding increase in contributed surplus, over the vesting period of the award. The amount recognized is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that vest. Upon exercising the options, the fair value of the options exercised that was initially recorded to contributed surplus is reclassified to common shares and reflected in the consolidated statements of changes in shareholders’ equity. As part of the Company’s long-term incentives, the Company from time-to-time issues deferred share units (“DSUs”) under its long-term incentive plans. DSU awards are settled with the issuance of common shares. The compensation expense for DSUs is based on the fair value at the time the award is granted. The expense is recognized as a component of share-based compensation expense with a corresponding increase to contributed surplus within shareholders’ equity. Upon redemption, the fair value of the award is reclassified from contributed surplus to share capital. |
Description of accounting policy for provisions [text block] | Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The timing or amount of the outflow may |
Description of accounting policy for finance costs [text block] | Finance costs Finance costs comprise interest expense on the revolving line of credit, leases, and term loans. Borrowing costs that are not |
Description of accounting policy for income tax [text block] | Income taxes Income tax expense for the year comprises current and deferred income taxes. Current taxes and deferred taxes are recognized in the consolidated statements of comprehensive income, except to the extent that they relate to items recognized in other comprehensive income (“OCI”) or directly in equity. In these cases, the taxes are also recognized in OCI or directly in equity, respectively. The Company uses the asset and liability method of accounting for deferred income taxes. Under this method, the Company recognizes deferred income tax assets and liabilities for future income tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases, and on unused tax losses and tax credit carry-forwards. The Company measures deferred income taxes using tax rates and laws that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. The Company recognizes deferred income tax assets only to the extent that it is probable that future taxable income will be available against which the deductible temporary differences as well as unused tax losses and tax credit carry-forwards can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no Deferred income taxes are not not not not The Company records current income tax expense or recovery based on income earned or loss incurred for the year in each tax jurisdiction where it operates, and for any adjustment to taxes payable in respect of previous years, using tax laws that are enacted or substantively enacted at the consolidated statements of financial position dates. In the ordinary course of business, there are many transactions for which the ultimate tax outcome is uncertain. The final tax outcome of these matters may |
Description of accounting policy for government grants [text block] | Government assistance Government grants and subsidies are recognized at fair value when there is reasonable assurance that they will be received, and the Company will comply with the conditions associated with the grants. To the extent that government grants are earned under the conditions of the grant prior to receipt of funds, the Company records a government grants receivable. Government grants related to operating expenses are reflected as a reduction of such expenses in the year when they are incurred (note 12 |
Description of accounting policy for earnings per share [text block] | Net income per share Basic income per share is calculated by dividing the net income for the period by the weighted average number of common shares outstanding during the period. Diluted income per share is calculated by dividing the net income for the period by the sum of the weighted average number of common shares outstanding and the dilutive common share equivalents outstanding during the period. Common share equivalents consist of the shares issuable upon exercise of stock options and shares issuable upon exercise of common share unit options calculated using the treasury stock method. Common share equivalents are not |
Description of accounting policy for media costs [text block] | Media costs Media costs are considered the Company’s cost of goods sold. The costs include the publishing and real time bidding costs to secure advertising space. |
Description of accounting policy for intangible assets and goodwill [text block] | Intangible assets The useful life of an intangible asset is either finite or indefinite. Intangible assets are initially measured at fair value. Following the initial recognition, intangible assets are carried at the initial fair value less accumulated amortization and impairment losses, if any. Acquired intangible assets are recognized as intangible assets with finite lives. Amortization of customer relationships and technology is based on the estimated useful lives of these assets and is recognized on a straight-line basis over three may |
Description of accounting policy for changes in accounting policies [text block] | New accounting standards The following amendments to standards and interpretations became effective for the annual periods beginning on or after January 1, 2022. no Reference to the Conceptual Framework (Amendments to IFRS 3, 3 3 not Fees in the “10 9, 9 “10 Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37, 37 Future accounting standards Classification of Liabilities as Current or Non-current (Amendments to IAS 1, 1 twelve January 1, 2023 Disclosure of Accounting Policies (Amendments to IAS 1 1 January 1, 2023 Definition of Accounting Estimates (Amendments to IAS 8, 8 not not January 1, 2023 Deferred Tax on Assets and Liabilities Arising from Lease and Decommissioning Obligation Transactions (Amendments to IAS 12, 12 not may These amendments are effective for annual periods beginning on or after January 1, 2023 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Furniture Data center Office Right of Total Cost As at January 1, 2022 $ 1,316,926 $ 52,003 $ 1,266,013 $ 14,505,025 $ 17,139,967 Additions 12,769 - 78,613 4,956,952 5,048,334 As at December 31, 2022 1,329,695 52,003 1,344,626 19,461,977 22,188,301 Accumulated depreciation As at January 1, 2022 674,721 50,423 799,726 10,245,478 11,770,348 Amortization 231,918 1,580 272,227 2,794,782 3,300,507 As at December 31, 2022 906,639 52,003 1,071,953 13,040,260 15,070,855 Net carrying amount As at January 1, 2022 642,205 1,580 466,287 4,259,547 5,369,619 As at December 31, 2022 423,056 - 272,673 6,421,717 7,117,446 Furniture Data center Office Right of Total Cost As at January 1, 2021 $ 1,292,927 $ 52,003 $ 896,153 $ 13,830,098 $ 16,071,181 Additions 23,999 - 369,860 674,927 1,068,786 As at December 31, 2021 1,316,926 52,003 1,266,013 14,505,025 17,139,967 Accumulated depreciation As at January 1, 2021 442,096 43,179 528,748 7,112,048 8,126,071 Amortization 232,625 7,244 270,978 3,133,430 3,644,277 As at December 31, 2021 674,721 50,423 799,726 10,245,478 11,770,348 Net carrying amount As at January 1, 2021 850,831 8,824 367,405 6,718,050 7,945,110 As at December 31, 2021 642,205 1,580 466,287 4,259,547 5,369,619 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | Customer Technology Total Cost As at January 1, 2022 $ 5,285,064 $ 12,792,409 $ 18,077,473 Additions - 3,737,030 3,737,030 As at December 31, 2022 5,285,064 16,529,439 21,814,503 Accumulated depreciation As at January 1, 2022 5,285,064 9,748,131 15,033,195 Amortization - 1,552,503 1,552,503 As at December 31, 2022 5,285,064 11,300,634 16,585,698 Net carrying amount As at January 1, 2022 - 3,044,278 3,044,278 As at December 31, 2022 - 5,228,805 5,228,805 Customer Technology Total Cost As at January 1, 2021 $ 5,285,064 $ 11,533,244 $ 16,818,308 Additions - 1,259,165 1,259,165 As at December 31, 2021 5,285,064 12,792,409 18,077,473 Accumulated depreciation As at January 1, 2021 5,232,604 8,387,751 13,620,355 Amortization 52,460 1,360,380 1,412,840 As at December 31, 2021 5,285,064 9,748,131 15,033,195 Net carrying amount As at January 1, 2021 52,460 3,145,493 3,197,953 As at December 31, 2021 - 3,044,278 3,044,278 |
Note 6 - Lease Obligations (Tab
Note 6 - Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of additional information about leasing activities for lessee [text block] | December 31, 2022 December 31, 2021 Obligations under leases $ 6,649,995 $ 4,206,869 Less: Current portion 2,881,804 2,058,161 3,768,191 2,148,708 |
Disclosure of maturity analysis of operating lease payments [text block] | 2023 $ 3,462,763 2024 2,318,051 2025 498,844 2026 275,129 2027 270,636 2028 265,312 2029 22,085 7,112,820 Less: Interest 462,825 Present value of minimum lease payments 6,649,995 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of information about key management personnel [text block] | 2022 2021 Executive compensation and benefits $ 1,793,894 $ 1,418,101 Share-based compensation 1,046,371 588,925 2,840,265 2,007,026 |
Note 8 - Share Capital and Sh_2
Note 8 - Share Capital and Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | December 31, 2022 December 31, 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding – beginning of year 1,094,001 $ 1.90 1,865,519 $ 1.69 Granted - - 3,333 1.06 Forfeited or cancelled (141,666 ) 4.06 (29,334 ) 1.06 Exercised (247,866 ) 1.51 (745,517 ) 1.41 Outstanding – end of year 704,469 1.60 1,094,001 1.90 Options exercisable – end of year 661,135 1.60 877,001 1.99 December 31, 2022 December 31, 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding – beginning of year 23,334 $ 2.09 35,000 $ 2.09 Exercised - - (11,666 ) 2.09 Outstanding – end of year 23,334 2.09 23,334 2.09 Options exercisable – end of year 11,668 2.09 - - |
Disclosure of range of exercise prices of outstanding share options [text block] | December 31, 2022 Range of exercise prices $ Number of options Weighted average remaining contractual life (years) Weighted average number of options exercisable 0.96 3,333 0.67 3,333 1.06 15,134 0.75 15,134 1.13 55,000 2.42 55,000 1.14 10,000 0.92 10,000 1.15 20,000 1.92 20,000 1.27 3,334 1.67 3,334 1.55 36,333 1.42 36,333 1.59 143,334 2.17 100,000 1.71 378,001 1.25 378,001 1.94 40,000 0.92 40,000 2.09 23,334 2.67 11,668 727,803 672,803 December 31, 2021 Range of exercise prices $ Number of options Weighted average remaining contractual life (years) Weighted average number of options exercisable 0.96 3,333 1.67 3,333 1.06 74,634 1.75 74,634 1.13 68,333 3.42 55,000 1.14 10,000 1.92 10,000 1.15 20,000 2.92 13,333 1.27 8,334 2.67 5,000 1.55 58,033 2.42 18,700 1.59 185,000 3.17 51,668 1.71 506,334 2.25 485,333 1.94 40,000 0.92 40,000 2.09 23,334 3.67 - 4.12 7,500 0.42 7,500 4.47 22,500 0.67 22,500 4.60 90,000 0.25 90,000 1,117,335 877,001 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | 2021 Weighted average grant date fair value of options granted $ 1.45 Weighted average assumptions used Expected option life 5 years Risk-free interest rate 1.45 % Expected volatility 87 % |
Description of nature of accounting errors in prior periods [text block] | As Reported As Restated Share-based compensation expense $ 5,329,438 $ 4,132,017 Operating expenses 54,179,358 52,981,937 Income from operations 9,385,611 10,583,032 Net income before income taxes 11,706,427 12,903,848 Net income for the year 10,555,510 11,752,931 Basic and diluted net income per share 0.18 0.20 Comprehensive income for the year 10,586,679 11,784,100 |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | As Reported As Restated Common shares $ 124,036,377 $ 126,736,698 Contributed surplus 10,620,976 6,461,456 Deficit 22,047,563 20,588,364 |
Note 9 - Finance Costs (Tables)
Note 9 - Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about finance cost [text block] | Year ended December 31, 2022 Year ended December 31, 2021 Interest on leases and other interest $ 143,058 $ 616,286 Interest and fees on term loans (note 15 (a)) 401,286 436,996 544,344 1,053,282 |
Note 10 - Net Income (Loss) P_2
Note 10 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Year ended December 31, 2022 Year ended December 31, 2021 Net income (loss) for the year $ (753,437 ) $ 11,752,931 Weighted average number of shares outstanding – basic 59,065,118 57,624,420 Net income (loss) per share – basic $ (0.01 ) $ 0.20 Dilutive effect of stock options - 739,172 Dilutive effect of DSUs - 305,415 Dilutive effect of RSUs - 326,986 Diluted weighted average number of shares outstanding 59,065,118 58,995,993 Net income (loss) per share – diluted $ (0.01 ) $ 0.20 Items excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect Stock options, DSUs, and RSUs 5,645,525 2,297,512 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of geographical areas [text block] | Year ended December 31, 2022 Year ended December 31, 2021 United States $ 81,876,626 $ 88,970,329 Canada 17,242,502 17,183,464 Europe and other 21,919,607 15,872,509 121,038,735 122,026,302 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | Loans and receivables/ financial liabilities (Amortized cost) Measurement basis December 31, 2022 December 31, Financial assets Cash and cash equivalents $ 85,940,728 $ 102,208,807 Accounts receivable 33,791,853 30,972,608 119,732,581 133,181,415 Financial liabilities Accounts payable and accrued liabilities $ 26,546,031 $ 24,853,497 Term loans 3,790,572 5,916,956 International loans 431,774 882,085 Lease obligations 6,649,995 4,206,869 37,418,372 35,859,407 |
Note 15 - Financial Risk Mana_2
Note 15 - Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | December 31, 2022 Carrying amount Total contractual cash flows Less than 1 year 1 to 3 Years > 3 years Accounts payable and accrued liabilities $ 26,546,031 $ 26,546,031 $ 26,546,031 $ - $ - International loans 431,774 431,774 240,752 191,022 - Term loans 3,790,572 3,963,031 3,963,031 - - Lease obligation 6,649,995 7,112,820 2,881,804 3,092,024 1,138,992 37,418,372 38,053,656 33,631,618 3,283,046 1,138,992 December 31, 2021 Carrying amount Total contractual cash flows Less than 1 year 1 to 3 Years > 3 years Accounts payable and accrued liabilities $ 24,853,497 $ 24,853,497 $ 24,853,497 $ - $ - International loans 882,085 882,085 467,312 414,773 - Term loans 5,916,956 6,222,416 2,478,838 3,743,578 - Lease obligation 4,206,869 4,724,847 2,058,161 2,666,686 - 35,859,407 36,682,845 29,857,808 6,825,037 - |
Financial assets and liabilities in foreign currency [text block] | December 31, 2022 December 31, 2021 Cash $ 82,257,335 $ 99,118,059 Accounts receivable 24,157,194 22,017,575 Accounts payable 13,050,270 15,530,451 Term loan 3,790,572 5,916,956 |
Note 16 - Borrowings (Tables)
Note 16 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of activity in borrowings [text block] | 2022 2021 Amortized cost – January 1 $ 5,916,956 $ 8,278,004 Accrued interest 401,286 436,996 Payment of interest (266,320 ) (302,157 ) Principal amount repaid (2,261,350 ) (2,495,887 ) Balance – December 31 3,790,572 5,916,956 |
Disclosure of detailed information about borrowings [text block] | December 31, 2022 December 31, 2021 Current portion of term loan $ 3,790,572 $ 2,478,838 Current portion of international loans 240,752 467,312 Total current borrowings 4,031,324 2,946,150 Non-current portion of term loan - 3,438,118 Non-current portion of international loans 191,022 414,773 Total borrowings 4,222,346 6,799,041 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of income tax expense (recovery) [text block] | 2022 2021 Income before income taxes $ 208,730 $ 12,903,848 Income tax expense at the Company’s statutory tax rate of 26.5 26.5 55,314 3,419,520 Increase (decrease) in income taxes resulting from Permanent differences 1,443,060 1,634,557 Prior year true-up 910 108,305 Changes in unrecognized temporary differences (197,857 ) (105,922 ) Effect of foreign subsidiaries (82,026 ) (70,146 ) Prior year loss applied in current year previously not recognized (274,134 ) (2,807,987 ) Other 39,070 (887,345 ) Rate adjustment (22,170 ) (140,065 ) Income tax expense 962,167 1,150,917 Current tax expense 269,730 1,232,720 Deferred tax expense (recovery) 692,437 (81,803 ) Income tax expense 962,167 1,150,917 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2022 2021 Non-capital loss carryforwards $ 385,905 $ 651,934 Property and equipment (1,226,457 ) (816,614 ) Financing fees 72,432 128,018 SR&ED ITC credit - (227,634 ) Lease liabilities 157,487 346,099 Deferred tax asset (liabilities) (610,633 ) 81,803 2022 2021 Non-capital loss carryforwards $ 23,461,788 $ 24,230,225 Taxable temporary differences (686,458 ) (369,894 ) 22,775,330 23,860,331 |
Note 18 - Expenses by Nature (T
Note 18 - Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of expenses by nature [text block] | Year ended December 31, 2022 Year ended December 31, 2021 Employee wages, salaries, and benefits $ 32,924,571 $ 27,257,073 Professional fees 2,592,940 1,927,512 Contractor consulting fees 3,854,951 2,768,516 Hosting and data costs 6,359,167 5,280,774 Insurance 2,723,618 1,820,269 Travel, entertainment, and conferences 2,527,479 1,563,729 Advertising and promotion 1,469,458 1,161,780 Public company fees 779,453 467,606 Other 2,369,270 1,545,544 55,600,907 43,792,803 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Lease term (Year) | 1 year |
Top of range [member] | |
Statement Line Items [Line Items] | |
Lease term (Year) | 8 years |
Fixtures and fittings [member] | |
Statement Line Items [Line Items] | |
Useful life measured as period of time, property, plant and equipment (Year) | 5 years |
Network infrastructure [member] | |
Statement Line Items [Line Items] | |
Useful life measured as period of time, property, plant and equipment (Year) | 4 years |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Useful life measured as period of time, property, plant and equipment (Year) | 3 years |
Right-of-use assets [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life measured as period of time, property, plant and equipment (Year) | 3 years |
Right-of-use assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life measured as period of time, property, plant and equipment (Year) | 8 years |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment - Schedule of Property and Equipment (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Property and equipment, period start | $ 5,369,619 | $ 7,945,110 |
Property and equipment, period end | 7,117,446 | 5,369,619 |
Property and equipment, period start | (5,369,619) | (7,945,110) |
Property and equipment, period end | (7,117,446) | (5,369,619) |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 17,139,967 | 16,071,181 |
Additions | 5,048,334 | 1,068,786 |
Property and equipment, period end | 22,188,301 | 17,139,967 |
Property and equipment, period start | (17,139,967) | (16,071,181) |
Property and equipment, period end | (22,188,301) | (17,139,967) |
Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | (11,770,348) | (8,126,071) |
Property and equipment, period end | (15,070,855) | (11,770,348) |
Property and equipment, period start | 11,770,348 | 8,126,071 |
Amortization | 3,300,507 | 3,644,277 |
Property and equipment, period end | 15,070,855 | 11,770,348 |
Fixtures and fittings [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 642,205 | 850,831 |
Property and equipment, period end | 423,056 | 642,205 |
Property and equipment, period start | (642,205) | (850,831) |
Property and equipment, period end | (423,056) | (642,205) |
Fixtures and fittings [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 1,316,926 | 1,292,927 |
Additions | 12,769 | 23,999 |
Property and equipment, period end | 1,329,695 | 1,316,926 |
Property and equipment, period start | (1,316,926) | (1,292,927) |
Property and equipment, period end | (1,329,695) | (1,316,926) |
Fixtures and fittings [member] | Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | (674,721) | (442,096) |
Property and equipment, period end | (906,639) | (674,721) |
Property and equipment, period start | 674,721 | 442,096 |
Amortization | 231,918 | 232,625 |
Property and equipment, period end | 906,639 | 674,721 |
Network infrastructure [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 1,580 | 8,824 |
Property and equipment, period end | 0 | 1,580 |
Property and equipment, period start | (1,580) | (8,824) |
Property and equipment, period end | 0 | (1,580) |
Network infrastructure [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 52,003 | 52,003 |
Additions | 0 | 0 |
Property and equipment, period end | 52,003 | 52,003 |
Property and equipment, period start | (52,003) | (52,003) |
Property and equipment, period end | (52,003) | (52,003) |
Network infrastructure [member] | Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | (50,423) | (43,179) |
Property and equipment, period end | (52,003) | (50,423) |
Property and equipment, period start | 50,423 | 43,179 |
Amortization | 1,580 | 7,244 |
Property and equipment, period end | 52,003 | 50,423 |
Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 466,287 | 367,405 |
Property and equipment, period end | 272,673 | 466,287 |
Property and equipment, period start | (466,287) | (367,405) |
Property and equipment, period end | (272,673) | (466,287) |
Computer equipment [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 1,266,013 | 896,153 |
Additions | 78,613 | 369,860 |
Property and equipment, period end | 1,344,626 | 1,266,013 |
Property and equipment, period start | (1,266,013) | (896,153) |
Property and equipment, period end | (1,344,626) | (1,266,013) |
Computer equipment [member] | Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | (799,726) | (528,748) |
Property and equipment, period end | (1,071,953) | (799,726) |
Property and equipment, period start | 799,726 | 528,748 |
Amortization | 272,227 | 270,978 |
Property and equipment, period end | 1,071,953 | 799,726 |
Right-of-use assets [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 4,259,547 | 6,718,050 |
Property and equipment, period end | 6,421,717 | 4,259,547 |
Property and equipment, period start | (4,259,547) | (6,718,050) |
Property and equipment, period end | (6,421,717) | (4,259,547) |
Right-of-use assets [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | 14,505,025 | 13,830,098 |
Additions | 4,956,952 | 674,927 |
Property and equipment, period end | 19,461,977 | 14,505,025 |
Property and equipment, period start | (14,505,025) | (13,830,098) |
Property and equipment, period end | (19,461,977) | (14,505,025) |
Right-of-use assets [member] | Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Property and equipment, period start | (10,245,478) | (7,112,048) |
Property and equipment, period end | (13,040,260) | (10,245,478) |
Property and equipment, period start | 10,245,478 | 7,112,048 |
Amortization | 2,794,782 | 3,133,430 |
Property and equipment, period end | $ 13,040,260 | $ 10,245,478 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Capitalized development costs relating to revenue generating technology | $ 3,737,030 | $ 1,259,165 |
Note 4 - Intangible Assets - Sc
Note 4 - Intangible Assets - Schedule of Intangible Assets (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Intangible assets, period start | $ 3,044,278 | $ 3,197,953 |
Intangible assets, period end | 5,228,805 | 3,044,278 |
Intangible assets, period start | (3,044,278) | (3,197,953) |
Intangible assets, period end | (5,228,805) | (3,044,278) |
Customer-related intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | 0 | 52,460 |
Intangible assets, period end | 0 | 0 |
Intangible assets, period start | 0 | (52,460) |
Intangible assets, period end | 0 | 0 |
Technology-based intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | 3,044,278 | 3,145,493 |
Intangible assets, period end | 5,228,805 | 3,044,278 |
Intangible assets, period start | (3,044,278) | (3,145,493) |
Intangible assets, period end | (5,228,805) | (3,044,278) |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | 18,077,473 | 16,818,308 |
Additions | 3,737,030 | 1,259,165 |
Intangible assets, period end | 21,814,503 | 18,077,473 |
Intangible assets, period start | (18,077,473) | (16,818,308) |
Intangible assets, period end | (21,814,503) | (18,077,473) |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | 5,285,064 | 5,285,064 |
Additions | 0 | 0 |
Intangible assets, period end | 5,285,064 | 5,285,064 |
Intangible assets, period start | (5,285,064) | (5,285,064) |
Intangible assets, period end | (5,285,064) | (5,285,064) |
Gross carrying amount [member] | Technology-based intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | 12,792,409 | 11,533,244 |
Additions | 3,737,030 | 1,259,165 |
Intangible assets, period end | 16,529,439 | 12,792,409 |
Intangible assets, period start | (12,792,409) | (11,533,244) |
Intangible assets, period end | (16,529,439) | (12,792,409) |
Accumulated depreciation and amortisation [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | (15,033,195) | (13,620,355) |
Intangible assets, period end | (16,585,698) | (15,033,195) |
Intangible assets, period start | 15,033,195 | 13,620,355 |
Amortization | 1,552,503 | 1,412,840 |
Intangible assets, period end | 16,585,698 | 15,033,195 |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | (5,285,064) | (5,232,604) |
Intangible assets, period end | (5,285,064) | (5,285,064) |
Intangible assets, period start | 5,285,064 | 5,232,604 |
Amortization | 0 | 52,460 |
Intangible assets, period end | 5,285,064 | 5,285,064 |
Accumulated depreciation and amortisation [member] | Technology-based intangible assets [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets, period start | (9,748,131) | (8,387,751) |
Intangible assets, period end | (11,300,634) | (9,748,131) |
Intangible assets, period start | 9,748,131 | 8,387,751 |
Amortization | 1,552,503 | 1,360,380 |
Intangible assets, period end | $ 11,300,634 | $ 9,748,131 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Statement Line Items [Line Items] | ||
Number of operating segments | 1 | |
Goodwill at end of period | $ 4,869,841 | $ 4,869,841 |
Impairment loss recognised in profit or loss, goodwill | 0 | $ 0 |
Accumulated impairment [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | $ 0 |
Note 6 - Lease Obligations - Su
Note 6 - Lease Obligations - Summary of Lease Obligations (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Obligations under leases | $ 6,649,995 | $ 4,206,869 |
Less: Current portion | 2,881,804 | 2,058,161 |
Non-current lease liabilities | $ 3,768,191 | $ 2,148,708 |
Note 6 - Lease Obligations - Mi
Note 6 - Lease Obligations - Minimum Lease Payment Commitments Under Leases (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
2023 | $ 7,112,820 | $ 4,724,847 |
Less: Interest | 462,825 | |
Present value of minimum lease payments | 6,649,995 | $ 4,206,869 |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
2023 | 3,462,763 | |
Later than one year and not later than two years [member] | ||
Statement Line Items [Line Items] | ||
2023 | 2,318,051 | |
Later than two years and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
2023 | 498,844 | |
Later than three years and not later than four years [member] | ||
Statement Line Items [Line Items] | ||
2023 | 275,129 | |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
2023 | 270,636 | |
Later than five years and not later than six years [member] | ||
Statement Line Items [Line Items] | ||
2023 | 265,312 | |
Later than six years [member] | ||
Statement Line Items [Line Items] | ||
2023 | $ 22,085 |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions and Balances (Details Textual) | 12 Months Ended | 33 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 0 | 3,333 | |
DSUs [member] | |||
Statement Line Items [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 166,432 | 63,876 | |
RSU's [member] | |||
Statement Line Items [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 3,057,160 | 952,967 | |
Directors and officers [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 0 | ||
Directors [member] | DSUs [member] | |||
Statement Line Items [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 144,693 | 16,557 | |
Share based compensation arrangement by share based payment award, award vesting period (Year) | 1 year | ||
Officers [member] | RSU's [member] | |||
Statement Line Items [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 1,176,789 | 432,286 | |
Officers [member] | RSU's [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Share based compensation arrangement by share based payment award, award vesting period (Year) | 6 months | ||
Officers [member] | RSU's [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Share based compensation arrangement by share based payment award, award vesting period (Year) | 36 months |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions and Balances - Remuneration of Executive Personal (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Executive compensation and benefits | $ 1,793,894 | $ 1,418,101 |
Share-based compensation | 1,046,371 | 588,925 |
Key management personnel compensation | $ 2,840,265 | $ 2,007,026 |
Note 8 - Share Capital and Sh_3
Note 8 - Share Capital and Share-based Payments (Details Textual) | 12 Months Ended | ||||||
May 16, 2022 shares | Jun. 14, 2021 CAD ($) $ / shares shares | Jun. 14, 2021 USD ($) $ / shares shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2021 CAD ($) $ / shares shares | Jan. 01, 2021 CAD ($) | Dec. 31, 2020 CAD ($) shares | |
Statement Line Items [Line Items] | |||||||
Number of shares outstanding at end of period (in shares) | shares | 56,808,921 | 60,733,803 | |||||
Increase in number of shares through issuance of units (in shares) | shares | 5,665,025 | 5,665,025 | |||||
Shares issued, price per share (in dollars per share) | (per share) | $ 12.25 | $ 10.15 | |||||
Proceeds from issuing shares | $ 69,396,556 | $ 57,500,003 | $ 0 | $ 63,955,491 | |||
Sale of shares, underwriters compensation rate | 5.50% | 5.50% | |||||
Share issue related cost | $ 1,640,742 | ||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum | 15% | ||||||
Maximum shares remaining in share-based payment arrangement (in shares) | shares | 8,521,338 | ||||||
Number of share options granted in share-based payment arrangement | 0 | 3,333 | |||||
Proceeds from exercise of options | $ 374,037 | $ 1,072,089 | |||||
Share repurchase program, maximum authorized number of shares (in shares) | shares | 5,500,000 | ||||||
Number of shares repurchased for cancellation (in shares) | shares | 4,703,780 | ||||||
Shares repurchased, average price per share (in CAD per share) | $ / shares | $ 3.08 | ||||||
Payments to acquire or redeem entity's shares | $ 14,499,976 | 0 | |||||
Total equity | $ 103,126,348 | $ 113,056,008 | $ 32,050,588 | ||||
Issued capital [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares outstanding at end of period (in shares) | shares | 56,808,921 | 60,733,803 | 53,422,024 | ||||
Increase in number of shares through issuance of units (in shares) | shares | 5,665,025 | ||||||
Number of share options exercised in share-based payment arrangement | 247,866 | 757,183 | |||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 531,032 | 849,750 | |||||
Number of shares repurchased for cancellation (in shares) | shares | 4,703,780 | ||||||
Total equity | $ 119,932,940 | $ 126,736,698 | $ 58,895,718 | ||||
Share premium [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | 4,989,890 | 6,461,456 | 5,049,837 | ||||
Retained earnings [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | $ (21,341,801) | $ (20,588,364) | $ (32,341,295) | ||||
Increase (decrease) due to corrections of prior period errors [member] | Issued capital [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | $ 1,912,607 | ||||||
Increase (decrease) due to corrections of prior period errors [member] | Share premium [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | (2,174,385) | ||||||
Increase (decrease) due to corrections of prior period errors [member] | Retained earnings [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | $ (261,778) | ||||||
Officers and employees [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options granted in share-based payment arrangement | 0 | 0 | |||||
Consultants [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options granted in share-based payment arrangement | 0 | 3,333 | |||||
Stock Option Plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Share based compensation arrangement by share based payment award expiration period (Year) | 5 years | ||||||
Share based compensation arrangement by share based payment award, award vesting period (Year) | 3 years | ||||||
Number of share options granted in share-based payment arrangement | 0 | 3,333 | |||||
Number of share options exercised in share-based payment arrangement | 247,866 | 745,517 | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement (in CAD per share) | $ / shares | $ 1.51 | $ 1.41 | |||||
Proceeds from exercise of options | $ 374,037 | $ 1,054,673 | |||||
Options [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets | $ 5,850,615 | $ 4,132,017 | |||||
Omnibus Incentive Plan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of share options exercised in share-based payment arrangement | 0 | 11,666 | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement (in CAD per share) | $ / shares | $ 0 | $ 2.09 | |||||
DSUs [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 166,432 | 63,876 | |||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 183,505 | 578,053 | |||||
DSUs [member] | Consultants [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 21,739 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33.33% | ||||||
DSUs [member] | Directors [member] | |||||||
Statement Line Items [Line Items] | |||||||
Share based compensation arrangement by share based payment award, award vesting period (Year) | 1 year | ||||||
Number of other equity instruments granted in share-based payment arrangement | 144,693 | 16,557 | |||||
RSU's [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 3,057,160 | 952,967 | |||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 347,527 | 271,697 |
Note 8 - Share Capital and Sh_4
Note 8 - Share Capital and Share-based Payments - Summary of Continuity of Options (Details) | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Statement Line Items [Line Items] | ||
Granted, number of options | 0 | 3,333 |
Stock Option Plan [member] | ||
Statement Line Items [Line Items] | ||
Outstanding – beginning of year, number of options | 1,094,001 | 1,865,519 |
Outstanding – beginning of year, weighted average exercise price (in CAD per share) | $ 1.90 | $ 1.69 |
Granted, number of options | 0 | 3,333 |
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 1.06 |
Forfeited or cancelled, number of options | (141,666) | (29,334) |
Forfeited or cancelled, weighted average exercise price (in CAD per share) | $ 4.06 | $ 1.06 |
Exercised, number of options | (247,866) | (745,517) |
Exercised, weighted average exercise price (in CAD per share) | $ 1.51 | $ 1.41 |
Outstanding – end of year, number of options | 704,469 | 1,094,001 |
Outstanding – end of year, weighted average exercise price (in CAD per share) | $ 1.60 | $ 1.90 |
Number of options exercisable | 661,135 | 877,001 |
Options exercisable – end of year, weighted average exercise price (in CAD per share) | $ 1.60 | $ 1.99 |
Omnibus Incentive Plan [member] | ||
Statement Line Items [Line Items] | ||
Outstanding – beginning of year, number of options | 23,334 | 35,000 |
Outstanding – beginning of year, weighted average exercise price (in CAD per share) | $ 2.09 | $ 2.09 |
Exercised, number of options | 0 | (11,666) |
Exercised, weighted average exercise price (in CAD per share) | $ 0 | $ 2.09 |
Outstanding – end of year, number of options | 23,334 | 23,334 |
Outstanding – end of year, weighted average exercise price (in CAD per share) | $ 2.09 | $ 2.09 |
Number of options exercisable | 11,668 | 0 |
Options exercisable – end of year, weighted average exercise price (in CAD per share) | $ 2.09 | $ 0 |
Note 8 - Share Capital and Sh_5
Note 8 - Share Capital and Share-based Payments - Summary of Stock Options Outstanding (Details) - Stock Option Plan and Omnibus Incentive Plan [member] | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Statement Line Items [Line Items] | ||
Number of options | 727,803 | 1,117,335 |
Number of options exercisable | 672,803 | 877,001 |
Range 1 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 0.96 | $ 0.96 |
Number of options | 3,333 | 3,333 |
Weighted average contractual life (Year) | 8 months 1 day | 1 year 8 months 1 day |
Number of options exercisable | 3,333 | 3,333 |
Range 2 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.06 | $ 1.06 |
Number of options | 15,134 | 74,634 |
Weighted average contractual life (Year) | 9 months | 1 year 9 months |
Number of options exercisable | 15,134 | 74,634 |
Range 3 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.13 | $ 1.13 |
Number of options | 55,000 | 68,333 |
Weighted average contractual life (Year) | 2 years 5 months 1 day | 3 years 5 months 1 day |
Number of options exercisable | 55,000 | 55,000 |
Range 4 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.14 | $ 1.14 |
Number of options | 10,000 | 10,000 |
Weighted average contractual life (Year) | 11 months 1 day | 1 year 11 months 1 day |
Number of options exercisable | 10,000 | 10,000 |
Range 5 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.15 | $ 1.15 |
Number of options | 20,000 | 20,000 |
Weighted average contractual life (Year) | 1 year 11 months 1 day | 2 years 11 months 1 day |
Number of options exercisable | 20,000 | 13,333 |
Range 6 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.27 | $ 1.27 |
Number of options | 3,334 | 8,334 |
Weighted average contractual life (Year) | 1 year 8 months 1 day | 2 years 8 months 1 day |
Number of options exercisable | 3,334 | 5,000 |
Range 7 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.55 | $ 1.55 |
Number of options | 36,333 | 58,033 |
Weighted average contractual life (Year) | 1 year 5 months 1 day | 2 years 5 months 1 day |
Number of options exercisable | 36,333 | 18,700 |
Range 8 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.59 | $ 1.59 |
Number of options | 143,334 | 185,000 |
Weighted average contractual life (Year) | 2 years 2 months 1 day | 3 years 2 months 1 day |
Number of options exercisable | 100,000 | 51,668 |
Range 9 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.71 | $ 1.71 |
Number of options | 378,001 | 506,334 |
Weighted average contractual life (Year) | 1 year 3 months | 2 years 3 months |
Number of options exercisable | 378,001 | 485,333 |
Range 10 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 1.94 | $ 1.94 |
Number of options | 40,000 | 40,000 |
Weighted average contractual life (Year) | 11 months 1 day | 11 months 1 day |
Number of options exercisable | 40,000 | 40,000 |
Range 11 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 2.09 | $ 2.09 |
Number of options | 23,334 | 23,334 |
Weighted average contractual life (Year) | 2 years 8 months 1 day | 3 years 8 months 1 day |
Number of options exercisable | 11,668 | 0 |
Range 12 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 4.12 | |
Number of options | 7,500 | |
Weighted average contractual life (Year) | 5 months 1 day | |
Number of options exercisable | 7,500 | |
Range 13 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 4.47 | |
Number of options | 22,500 | |
Weighted average contractual life (Year) | 8 months 1 day | |
Number of options exercisable | 22,500 | |
Range 14 [member] | ||
Statement Line Items [Line Items] | ||
Exercise price (in CAD per share) | $ 4.60 | |
Number of options | 90,000 | |
Weighted average contractual life (Year) | 3 months | |
Number of options exercisable | 90,000 |
Note 8 - Share Capital and Sh_6
Note 8 - Share Capital and Share-based Payments - Weighted Average Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021 CAD ($) | |
Statement Line Items [Line Items] | |
Weighted average grant date fair value of options granted | $ 1.45 |
Expected option life | 5 |
Risk-free interest rate | 1.45% |
Expected volatility | 87% |
Note 8 - Share Capital and Sh_7
Note 8 - Share Capital and Share-based Payments - Restatement of Previously Issued Financial Statements (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Share-based compensation expense | $ 5,850,615 | $ 4,132,017 |
Operating expenses | 66,304,531 | 52,981,937 |
Income from operations | (5,516,769) | 10,583,032 |
Net income before income taxes | 208,730 | 12,903,848 |
Net income for the year | $ (753,437) | $ 11,752,931 |
Basic and diluted net income per share (in CAD per share) | $ (0.01) | $ 0.20 |
Comprehensive income for the year | $ (1,654,336) | $ 11,784,100 |
Previously stated [member] | ||
Statement Line Items [Line Items] | ||
Share-based compensation expense | 5,329,438 | |
Operating expenses | 54,179,358 | |
Income from operations | 9,385,611 | |
Net income before income taxes | 11,706,427 | |
Net income for the year | $ 10,555,510 | |
Basic and diluted net income per share (in CAD per share) | $ 0.18 | |
Comprehensive income for the year | $ 10,586,679 | |
As revised [member] | ||
Statement Line Items [Line Items] | ||
Share-based compensation expense | 4,132,017 | |
Operating expenses | 52,981,937 | |
Income from operations | 10,583,032 | |
Net income before income taxes | 12,903,848 | |
Net income for the year | $ 11,752,931 | |
Basic and diluted net income per share (in CAD per share) | $ 0.20 | |
Comprehensive income for the year | $ 11,784,100 |
Note 8 - Share Capital and Sh_8
Note 8 - Share Capital and Share-based Payments - Impact of Revisions (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Equity | $ 103,126,348 | $ 113,056,008 | $ 32,050,588 |
Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Equity | 119,932,940 | 126,736,698 | 58,895,718 |
Share premium [member] | |||
Statement Line Items [Line Items] | |||
Equity | 4,989,890 | 6,461,456 | 5,049,837 |
Retained earnings [member] | |||
Statement Line Items [Line Items] | |||
Equity | $ (21,341,801) | (20,588,364) | $ (32,341,295) |
Previously stated [member] | Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Equity | 124,036,377 | ||
Previously stated [member] | Share premium [member] | |||
Statement Line Items [Line Items] | |||
Equity | 10,620,976 | ||
Previously stated [member] | Retained earnings [member] | |||
Statement Line Items [Line Items] | |||
Equity | 22,047,563 | ||
As revised [member] | Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Equity | 126,736,698 | ||
As revised [member] | Share premium [member] | |||
Statement Line Items [Line Items] | |||
Equity | 6,461,456 | ||
As revised [member] | Retained earnings [member] | |||
Statement Line Items [Line Items] | |||
Equity | $ 20,588,364 |
Note 9 - Finance Costs - Schedu
Note 9 - Finance Costs - Schedule of Finance Costs (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Interest on leases and other interest | $ 143,058 | $ 616,286 |
Interest and fees on term loans (note 15 (a)) | 401,286 | 436,996 |
Interest expense | $ 544,344 | $ 1,053,282 |
Note 10 - Net Income (Loss) P_3
Note 10 - Net Income (Loss) Per Share - Computations for Basic and Diluted Net Income (Loss) Per Share (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Net income (loss) for the year | $ (753,437) | $ 11,752,931 |
Weighted average number of shares outstanding – basic (in shares) | 59,065,118 | 57,624,420 |
Basic and diluted net income (loss) per share (note 10) (in CAD per share) | $ (0.01) | $ 0.20 |
Diluted weighted average number of shares outstanding (in shares) | 59,065,118 | 58,995,993 |
Net income (loss) per share – diluted (in CAD per share) | $ (0.01) | $ 0.20 |
Stock options, DSUs, and RSUs (in shares) | 5,645,525 | 2,297,512 |
Options [member] | ||
Statement Line Items [Line Items] | ||
Dilutive effect (in shares) | 0 | 739,172 |
DSUs [member] | ||
Statement Line Items [Line Items] | ||
Dilutive effect (in shares) | 0 | 305,415 |
RSU's [member] | ||
Statement Line Items [Line Items] | ||
Dilutive effect (in shares) | 0 | 326,986 |
Note 11 - Segment Information -
Note 11 - Segment Information - Revenue by Region (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Revenues | $ 121,038,735 | $ 122,026,302 |
UNITED STATES | ||
Statement Line Items [Line Items] | ||
Revenues | 81,876,626 | 88,970,329 |
CANADA | ||
Statement Line Items [Line Items] | ||
Revenues | 17,242,502 | 17,183,464 |
Europe and other [member] | ||
Statement Line Items [Line Items] | ||
Revenues | $ 21,919,607 | $ 15,872,509 |
Note 12 - Government Assistan_2
Note 12 - Government Assistance (Details Textual) - CAD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Government Commitment Funding | $ 535,200 | $ 3,535,200 | $ 3,000,000 | |
Income from government grants | $ 0 | $ 2,149,092 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Transfers into Level 3 of fair value hierarchy, assets | $ 0 | $ 0 |
Note 13 - Financial Instrumen_4
Note 13 - Financial Instruments - Allocation of Financial Instruments (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Cash | $ 85,940,728 | $ 102,208,807 | $ 22,638,300 |
Accounts receivable | 33,791,853 | 30,972,608 | |
Financial assets | 119,732,581 | 133,181,415 | |
Accounts payable and accrued liabilities | 26,546,031 | 24,853,497 | |
Term loans | 3,790,572 | 5,916,956 | |
International loans | 431,774 | 882,085 | |
Present value of minimum lease payments | 6,649,995 | 4,206,869 | |
Total financial liabilities | $ 37,418,372 | $ 35,859,407 |
Note 15 - Financial Risk Mana_3
Note 15 - Financial Risk Management (Details Textual) | 12 Months Ended | |||
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Statement Line Items [Line Items] | ||||
Trade receivables | $ 33,791,853 | $ 30,972,608 | ||
Allowance account for credit losses of financial assets at end of period | $ 528,527 | $ 338,034 | ||
Currency risk [member] | ||||
Statement Line Items [Line Items] | ||||
Trade receivables | $ 24,157,194 | $ 22,017,575 | ||
Percentage of reasonably possible increase in unobservable input, assets | 10% | 10% | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets | $ 9,336,426 | |||
Revolving line of credit [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 1.75% | 1.75% | ||
Revolving line of credit [member] | Interest rate risk [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 4.60% | 4.60% | ||
Term loan [member] | Interest rate risk [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 8.10% | 8.10% | ||
Current [member] | Trade receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of financial assets | 80% | 80% | ||
Later than one month and not later than two months [member] | Trade receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of financial assets | 10.60% | 10.60% | ||
Later than two months and not later than three months [member] | Trade receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of financial assets | 3.60% | 3.60% | ||
Later than three months [member] | Trade receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of financial assets | 5.80% | 5.80% | ||
Three customers [member] | ||||
Statement Line Items [Line Items] | ||||
Number of major customers | 3 | |||
Percentage of entity's trade receivables | 5% | |||
Trade receivables | $ 34,320,380 | |||
Two customers [member] | ||||
Statement Line Items [Line Items] | ||||
Number of major customers | 2 | |||
Percentage of entity's trade receivables | 5% | |||
Trade receivables | $ 31,310,642 |
Note 15 - Financial Risk Mana_4
Note 15 - Financial Risk Management - Contractual Maturities of Financial Liabilities (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Accounts payable and accrued liabilities | $ 26,546,031 | $ 24,853,497 |
Accounts payable and accrued liabilities, contractual cash flows | 26,546,031 | 24,853,497 |
International loans | 431,774 | 882,085 |
Term loans | 3,790,572 | 5,916,956 |
Obligations under leases | 6,649,995 | 4,206,869 |
2023 | 7,112,820 | 4,724,847 |
Total financial liabilities | 37,418,372 | 35,859,407 |
Total contractual cash flows | 38,053,656 | 36,682,845 |
International loans [member] | ||
Statement Line Items [Line Items] | ||
International loans | 431,774 | 882,085 |
Loans, contractual cash flows | 431,774 | 882,085 |
Term loan [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 3,963,031 | 6,222,416 |
Term loans | 3,790,572 | 5,916,956 |
Less Than One Year [Member] | ||
Statement Line Items [Line Items] | ||
Accounts payable and accrued liabilities, contractual cash flows | 26,546,031 | 24,853,497 |
2023 | 2,881,804 | 2,058,161 |
Total contractual cash flows | 33,631,618 | 29,857,808 |
Less Than One Year [Member] | International loans [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 240,752 | 467,312 |
Less Than One Year [Member] | Term loan [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 3,963,031 | 2,478,838 |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Accounts payable and accrued liabilities, contractual cash flows | 0 | 0 |
2023 | 3,092,024 | 2,666,686 |
Total contractual cash flows | 3,283,046 | 6,825,037 |
Later than one year and not later than three years [member] | International loans [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 191,022 | 414,773 |
Later than one year and not later than three years [member] | Term loan [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 0 | 3,743,578 |
Later than three year [member] | ||
Statement Line Items [Line Items] | ||
Accounts payable and accrued liabilities, contractual cash flows | 0 | 0 |
2023 | 1,138,992 | 0 |
Total contractual cash flows | 1,138,992 | 0 |
Later than three year [member] | International loans [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | 0 | 0 |
Later than three year [member] | Term loan [member] | ||
Statement Line Items [Line Items] | ||
Loans, contractual cash flows | $ 0 | $ 0 |
Note 15 - Financial Risk Mana_5
Note 15 - Financial Risk Management - Balances Held in US Dollars (Details) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CAD ($) |
Statement Line Items [Line Items] | |||||
Cash | $ 85,940,728 | $ 102,208,807 | $ 22,638,300 | ||
Accounts receivable | 33,791,853 | 30,972,608 | |||
Term loan | $ 4,222,346 | $ 6,799,041 | |||
Currency risk [member] | |||||
Statement Line Items [Line Items] | |||||
Cash | $ 82,257,335 | $ 99,118,059 | |||
Accounts receivable | 24,157,194 | 22,017,575 | |||
Accounts payable | 13,050,270 | 15,530,451 | |||
Term loan | $ 3,790,572 | $ 5,916,956 |
Note 16 - Borrowings (Details T
Note 16 - Borrowings (Details Textual) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 EUR (€) |
Statement Line Items [Line Items] | |||||
Total current borrowings and current portion of non-current borrowings | $ 4,031,324 | $ 2,946,150 | |||
Total borrowings | $ 4,222,346 | 6,799,041 | |||
Term loan [member] | |||||
Statement Line Items [Line Items] | |||||
Notional amount | $ 7,750,000 | ||||
Borrowings, interest rate basis at period end | 7.50% | 7.50% | 7.50% | ||
Total current borrowings and current portion of non-current borrowings | $ 3,790,572 | 2,478,838 | |||
Term loan [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 3.85% | 3.85% | 3.85% | ||
Term loan [member] | Prime rate [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, adjustment to interest rate basis | 0.60% | 0.60% | 0.60% | ||
International loans [member] | |||||
Statement Line Items [Line Items] | |||||
Total current borrowings and current portion of non-current borrowings | $ 240,752 | 467,312 | |||
Total borrowings | $ 416,736 | € 288,239 | 867,931 | € 602,673 | |
International loans [member] | Bottom of range [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | ||
International loans [member] | Top of range [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 2.53% | 2.53% | 2.53% | ||
Revolving line of credit [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | ||
Total borrowings | $ 15,038 | € 10,401 | $ 14,154 | € 10,628 | |
Revolving line of credit [member] | Euribor rate [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, adjustment to interest rate basis | 1.95% | 1.95% | 1.95% |
Note 16 - Borrowings - Activity
Note 16 - Borrowings - Activity of the Term Loan (Details) - Term loan [member] - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Amortized cost – January 1 | $ 5,916,956 | $ 8,278,004 |
Accrued interest | 401,286 | 436,996 |
Payment of interest | (266,320) | (302,157) |
Principal amount repaid | (2,261,350) | (2,495,887) |
Balance – December 31 | $ 3,790,572 | $ 5,916,956 |
Note 16 - Borrowings - Current
Note 16 - Borrowings - Current Portion and Non-current Portion of Borrowings (Details) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 EUR (€) |
Statement Line Items [Line Items] | ||||
Total current borrowings and current portion of non-current borrowings | $ 4,031,324 | $ 2,946,150 | ||
Non-current portion | 191,022 | 3,852,891 | ||
Total borrowings | 4,222,346 | 6,799,041 | ||
Term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Total current borrowings and current portion of non-current borrowings | 3,790,572 | 2,478,838 | ||
Non-current portion | 0 | 3,438,118 | ||
International loans [member] | ||||
Statement Line Items [Line Items] | ||||
Total current borrowings and current portion of non-current borrowings | 240,752 | 467,312 | ||
Non-current portion | 191,022 | 414,773 | ||
Total borrowings | $ 416,736 | € 288,239 | $ 867,931 | € 602,673 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Deferred tax assets | $ 449,482 | $ 81,803 |
Unused tax losses for which no deferred tax asset recognised | 23,461,788 | 24,230,225 |
Unused tax losses [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 1,456,244 | |
Unused tax losses for which no deferred tax asset recognised | 102,013,679 | |
Unused tax losses [member] | Year2038 [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 79,214 | |
Unused tax losses [member] | Year 2039 [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 645,353 | |
Unused tax losses [member] | Year 2040 [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 731,677 | |
Unused tax losses [member] | Between 2028 and 2037 [member] | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 91,095,775 | |
Unused tax credits [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | $ 0 | $ 858,944 |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation Between Tax Expense (Recovery) and Accounting Income (Loss) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Income before income taxes | $ 208,730 | $ 12,903,848 |
Income tax expense at the Company’s statutory tax rate of 26.5% (2021 – 26.5%) | 55,314 | 3,419,520 |
Permanent differences | 1,443,060 | 1,634,557 |
Prior year true-up | 910 | 108,305 |
Changes in unrecognized temporary differences | (197,857) | (105,922) |
Effect of foreign subsidiaries | (82,026) | (70,146) |
Prior year loss applied in current year previously not recognized | (274,134) | (2,807,987) |
Other | 39,070 | (887,345) |
Rate adjustment | (22,170) | (140,065) |
Income tax expense | 962,167 | 1,150,917 |
Current tax expense | 269,730 | 1,232,720 |
Deferred tax expense (recovery) | $ 692,437 | $ (81,803) |
Note 17 - Income Taxes - Reco_2
Note 17 - Income Taxes - Reconciliation Between Tax Expense (Recovery) and Accounting Income (Loss) (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Statutory tax rate | 26.50% | 26.50% |
Note 17 - Income Taxes - Recogn
Note 17 - Income Taxes - Recognized and Unrecognized Deferred Tax Assets (Liabilities) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | $ (610,633) | $ 81,803 |
Unused tax losses for which no deferred tax asset recognised | 23,461,788 | 24,230,225 |
Taxable temporary differences | (686,458) | (369,894) |
Aggregate deferred tax assets not recognized | 22,775,330 | 23,860,331 |
Unused tax losses [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | 385,905 | 651,934 |
Unused tax losses for which no deferred tax asset recognised | 102,013,679 | |
Property and equipment [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | (1,226,457) | (816,614) |
Financing fees [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | 72,432 | 128,018 |
SR and ED ITC credit [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | 0 | (227,634) |
Lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax asset (liabilities) | $ 157,487 | $ 346,099 |
Note 18 - Expenses by Nature (D
Note 18 - Expenses by Nature (Details Textual) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Industrial Research Assistance Program subsidy | $ 0 | $ 2,149,092 |
Note 18 - Expenses by Nature -
Note 18 - Expenses by Nature - Schedule of Expenses by Nature (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Employee wages, salaries, and benefits | $ 32,924,571 | $ 27,257,073 |
Professional fees | 2,592,940 | 1,927,512 |
Contractor consulting fees | 3,854,951 | 2,768,516 |
Hosting and data costs | 6,359,167 | 5,280,774 |
Insurance | 2,723,618 | 1,820,269 |
Travel, entertainment, and conferences | 2,527,479 | 1,563,729 |
Advertising and promotion | 1,469,458 | 1,161,780 |
Public company fees | 779,453 | 467,606 |
Other | 2,369,270 | 1,545,544 |
Total expenses, by nature | $ 55,600,907 | $ 43,792,803 |