Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 20-F/A | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | TMDI | |
Entity Registrant Name | TITAN MEDICAL INC | |
Entity Central Index Key | 0000840551 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Interactive Data Current | Yes | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Shell Company | false | |
Entity Address Country | CA | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 39,907,681 | |
Title of 12(b) Security | Common Shares, no par value | |
Security Exchange Name | NASDAQ |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 11,471,243 | $ 26,130,493 |
Amounts receivable | 143,225 | 75,151 |
Deposits | 8,541,630 | 2,538,434 |
Prepaid expense | 586,581 | 149,593 |
Total Current Assets | 20,742,679 | 28,893,671 |
Furniture and Equipment | 0 | 6,714 |
Patent Rights | 1,172,485 | 774,225 |
Total Assets | 21,915,164 | 29,674,610 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 6,447,888 | 2,218,352 |
Warrant liability | 11,250,167 | 17,849,460 |
Total Liabilities | 17,698,055 | 20,067,812 |
Shareholders' Equity | ||
Share Capital | 170,502,394 | 154,016,519 |
Contributed Surplus | 6,652,409 | 5,146,784 |
Warrants | 741,917 | |
Deficit | (172,937,694) | (150,298,422) |
Total Equity | 4,217,109 | 9,606,798 |
Total liabilities and equity | $ 21,915,164 | $ 29,674,610 |
Statement of Shareholder's Equi
Statement of Shareholder's Equity and Deficit - USD ($) | Total | Share Capital [member] | Contributed Surplus [member] | Warrants [member] | Deficit [member] |
Beginning balance at Dec. 31, 2016 | $ 594,604 | $ 112,742,810 | $ 3,707,432 | $ 855,800 | $ (116,711,438) |
Beginning balance, share at Dec. 31, 2016 | 5,550,382 | ||||
Statement [LineItems] | |||||
Issued pursuant to agency agreement | 20,799,951 | $ 20,799,951 | |||
Issued pursuant to agency agreement, shares | 4,232,428 | ||||
Issued private placement | 4,564,737 | $ 4,564,737 | |||
Issued private placement, shares | 1,009,263 | ||||
Issued other | 67,954 | $ 67,954 | |||
Issued other, shares | 7,500 | ||||
Share issue expense | (2,132,238) | $ (2,132,238) | |||
Warrants exercised during the year | 17,392,158 | $ 17,392,158 | |||
Warrants exercised during the year, shares | 1,755,141 | ||||
Warrants expired during the year | $ 113,883 | (113,883) | |||
Broker warrants exercised during the year | 467,264 | $ 467,264 | |||
Broker warrants exercised during the year, shares | 132,009 | ||||
Stock based compensation | 1,439,352 | 1,439,352 | |||
Net and Comprehensive loss for the year | (33,586,984) | (33,586,984) | |||
Ending balance at Dec. 31, 2017 | $ 9,606,798 | $ 154,016,519 | 5,146,784 | 741,917 | (150,298,422) |
Ending balance, shares at Dec. 31, 2017 | 12,686,723 | 12,686,723 | |||
Statement [LineItems] | |||||
Issued pursuant to agency agreement | $ 16,915,394 | $ 16,915,394 | |||
Issued pursuant to agency agreement, shares | 8,975,126 | ||||
Issued other | 66,234 | $ 66,234 | |||
Issued other, shares | 7,500 | ||||
Share issue expense | (1,297,668) | $ (1,297,668) | |||
Warrants exercised during the year | 59,998 | $ 59,998 | |||
Warrants exercised during the year, shares | 6,500 | ||||
Warrants expired during the year | $ 741,917 | $ (741,917) | |||
Stock based compensation | 1,505,625 | 1,505,625 | |||
Net and Comprehensive loss for the year | (22,639,272) | (22,639,272) | |||
Ending balance at Dec. 31, 2018 | $ 4,217,109 | $ 170,502,394 | $ 6,652,409 | $ (172,937,694) | |
Ending balance, shares at Dec. 31, 2018 | 21,675,849 | 21,675,849 |
Statement of Net and Comprehens
Statement of Net and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [LineItems] | ||
Revenue: | $ 0 | $ 0 |
Expenses: | ||
Amortization | 29,041 | 17,360 |
Consulting fees | 785,128 | 598,804 |
Stock based compensation | 1,505,625 | 1,439,352 |
Insurance | 252,514 | 25,897 |
Management salaries and fees | 2,683,187 | 2,449,323 |
Marketing and investor relations | 231,032 | 277,737 |
Office and general | 412,039 | 284,532 |
Professional fees | 485,639 | 452,751 |
Rent | 97,782 | 97,817 |
Research and Development | 32,858,339 | 12,900,855 |
Travel | 350,016 | 339,628 |
Foreign exchange (gain)/loss | (979,894) | 542,664 |
Total expenses | 38,710,448 | 19,426,720 |
Finance Income (cost): | ||
Interest | 288,300 | 17,442 |
Gain (Loss) on change in fair value of warrants | 17,095,220 | (13,133,671) |
Warrant liability issue cost | (1,312,344) | (1,044,035) |
Finance Income (cost) | 16,071,176 | (14,160,264) |
Net and Comprehensive Loss For The Year | $ 22,639,272 | $ 33,586,984 |
Basic and Diluted Loss Per Share | $ (1.36) | $ (4.25) |
Weighted Average Number of Common Shares, Basic and Diluted | 16,635,092 | 7,899,443 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net loss for the year | $ (22,639,272) | $ (33,586,984) |
Items not involving cash: | ||
Amortization | 29,041 | 17,360 |
Stock based compensation | 1,505,625 | 1,439,352 |
Other share compensation | 66,234 | 120,171 |
Warrant liability-fair value adjustment | (17,095,220) | 12,423,889 |
Warrant liability-foreign exchange adjustment | (984,462) | 305,475 |
Loss on extinquishment of other liabilities | 709,782 | |
Changes in non-cash working capital items: | ||
Amounts receivable, prepaid expenses and deposits | (6,508,259) | (504,056) |
Accounts payable and accrued liabilities | 4,229,536 | (13,849) |
Cash used in operating activities | (41,396,777) | (19,088,860) |
Financing activities: | ||
Net proceeds from issuance of common shares and warrants | 27,158,114 | 41,084,278 |
Cash provided by financing activities | 27,158,114 | 41,084,278 |
Investing Activities: | ||
Increase in furniture and equipment | (3,427) | |
Cost of Patents | (420,587) | (201,409) |
Cash used in investing activities | (420,587) | (204,836) |
Increase (decrease) in cash and cash equivalents | (14,659,250) | 21,790,582 |
Cash and cash equivalents, beginning of year | 26,130,493 | 4,339,911 |
Cash and cash equivalents, end of year | 11,471,243 | 26,130,493 |
Cash and cash equivalents comprise: | ||
Cash | 100,130 | 354,295 |
Cash Equivalents | 11,371,113 | 25,776,198 |
Cash and cash equivalents, end of year | $ 11,471,243 | $ 26,130,493 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Nature of Operations: Titan Medical Inc’s (the “Company”) business continues to be in the research and development stage and is focused on the continued research and development of the next generation surgical robotic platform. In the near term, the Company will continue efforts to complete product development and proceed to pre-clinical The Company is incorporated in Ontario, Canada in accordance with the Business Corporations Act. The address of the Company’s corporate office and its principal place of business is Toronto, Canada. Basis of Preparation (a) Statement of Compliance These financial statements for the year ended December 31, 2018 and December 31, 2017 have been prepared in accordance with International Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements were authorized for issue by the Board of Directors on February 13, 2019. (b) Basis of Measurement These financial statements have been prepared on the historical cost basis except for the revaluation of the warrant liability, which is measured at fair value. (c) Functional and Presentation Currency These financial statements are presented in United States dollars (“U.S.”), which is the Company’s functional and presentation currency. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Use of Estimates and Judgements The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of provisions at the date of the financial statements and the reported amount of expenses during the year. Financial statement items subject to significant judgement include, the measurement of stock-based compensation and the fair value estimate of the initial measurement of new warrant liabilities and the remeasurement of unlisted warrant liabilities. While management believes that the estimates and assumptions are reasonable, actual results may differ. These financial statements have been prepared in accordance with accounting principles applicable to going concern, which contemplates that the Company will be able to realize its assets and settle its liabilities in the normal course as they come due during the normal course of operations for the foreseeable future. The Company has shareholders’ deficiency of $172,937,694 and current losses of $22,639,272. The Company currently does not generate any revenue (other than interest income on its cash balances) and accordingly it is primarily dependent upon equity financing for any additional funding required for development and operating expenses. The Company expects that approximately US $45 million in incremental funding is needed, for the next 12 months to maintain its currently anticipated pace of development. If additional funding is not available, the pace of the Company’s product development plan may be reduced. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern if additional funding is not secured. However, based on internal forecasts, Management believes that the Company has sufficient funds to meet its obligations under a reduced development plan, if necessary, for the ensuing twelve months. Fair Value The Black-Scholes model used by the Company to determine fair values of stock options and warrants was developed for use in estimating the fair value of the stock options and warrants. (b) Cash and Cash Equivalents Cash and cash equivalents include cash balances and amounts on deposit in interest saving account and short-term promissory notes expiring January 30, 2019 with interest rates ranging from 2.18% to 2.32%. (c) Furniture and Equipment Furniture and equipment are recorded at cost less accumulated amortization and accumulated impairment losses, if any. The Company records amortization using the straight-line method over the estimated useful lives of the capital assets as follow: a) Computer Equipment 3 years b) Furniture and Fixtures 3 – 5 years c) Leasehold Improvements Term of the lease (d) Impairment of Long-Lived Assets The Company reviews computer equipment, furniture and equipment, leasehold improvements and patent rights for objective evidence of impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to the asset’s recoverable amount, which is the greater of fair value less cost to sell and value in use. Value in use is measured as the expected future discounted cash flows expected to be derived from the asset. If the carrying value exceeds the recoverable amount, the asset is written down to the recoverable amount. (e) Patent Rights Patent rights are recorded at cost less accumulated amortization and accumulated impairment loss. Straight line amortization is provided over the estimated useful lives of the assets, as prescribed by the granting body, which range up to twenty years. (f) Deferred Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, unused tax losses and income tax reductions, and are measured using the substantively enacted tax rates and laws that will be in effect when the differences are expected to reverse. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management has determined not to recognize its net deferred tax assets, as it is not considered probable that future tax benefits will be realized. (g) Foreign Currency Transactions in currencies other than U.S. dollars are translated at exchange rates in effect at the date of the transactions. Foreign exchange differences arising on settlement are recognized separately in net and comprehensive loss. Monetary year end balances are converted to U.S. dollars at the rate in effect at that time. Non-monetary (h) Warrant Liability In accordance with IAS 32, because the exercise prices of warrants issued are not a fixed amount as they are denominated in a currency (Canadian dollars) other than the Company’s functional currency (U.S. dollar), as well as the warrants issued August 10, 2018 with the cashless exercise options, the warrants are accounted for as a derivative financial liability. Each Warrant Liability is initially measured at fair value and subsequent changes in fair value are recorded through Net and Comprehensive Loss for the year. The fair value of these warrants was determined initially using a comparable warrant quoted in an active market, adjusted for differences in the terms of the warrant. At December 31, 2018, the Warrant Liability of listed warrants was adjusted to fair value measured at the market price of the listed warrants and the unlisted warrants were adjusted to fair value using the Black-Scholes formula. (i) Fair Value Measurement The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 – Level 2 Level 3 The fair value of the listed and unlisted Warrant liability is initially based on level 2 significant observable inputs and at December 31, 2018 and December 31, 2017 is based on level 1, quoted prices (unadjusted) for listed warrants and level 2 for unlisted warrants. (j) Stock Based Compensation IFRS 2 requires options granted to employees and others providing similar services to be measured at the fair value of goods or services received, unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option- pricing model. The fair value of the options granted is determined as at the grant date. Stock options granted to non-employees (k) Research and Development Costs Research and development activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. The costs of developing new products are capitalized as deferred development costs, if they meet the development capitalization criteria under IFRS. These criteria include the ability to measure development costs reliably, the product 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. To date, all the research and development costs have been expensed as the criteria for capitalization have not yet been met. (l) Earnings (loss) per Share Basic earnings (loss) per share are calculated using the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share considers the dilutive impact of the exercise of 925,782 outstanding stock options (December 31, 2017 – 591,609) and 13,901,859 warrants, (December 31, 2017– 5,108,588) as if the events had occurred at the beginning of the period or at a time of issuance, if later. Diluted loss per share has not been presented in the accompanying financial statements, as the effect would be anti-dilutive. (m) Investment tax credits As a result of incurring scientific research and development expenditures, management has estimated that there will be non-refundable non-refundable (n) Financial Instruments Financial assets include cash and cash equivalents, and amounts receivable which are measured at amortized cost. Amounts receivable include HST recoverable and other receivables. Financial liabilities include accounts payable and accrued liabilities which are measured at amortized cost. (o) Short term Employee Benefits Short-term employee benefit obligations including Company paid medical, dental and life insurance plans, are measured on an undiscounted basis and are expensed as the related service is provided. (p) 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. Presently the Company is not aware of the need for any material provisions nor has it recorded any except as otherwise disclosed in the financial statements. (q) Lease payments Payments made under operating leases are recognized as an expense on a straight-line basis over the term of the lease. Lease incentives received, if any, are recognized as an integral part of the total lease expense over the term of the lease. (r) Standards, Amendments and Interpretations Not yet Effective Following is a listing of amendments, revisions and new IFRS standards, which have been issued but not effective until annual periods beginning after December 31, 2018. IFRS 16 Leases, to supersede the requirements in IAS 17, IFRIC-15 SIC-17. Management believes the new standard, effective January 1, 2019 will not have a material impact on future results and Financial Position of the Company. Adoption Of New Accounting Standard IFRS 9 Financial Instruments Effective January 1, 2018, the Company adopted IFRS 9 Financial Instruments (IFRS 9) which replaced IAS 39, Financial Instruments: Recognition and Measurement (IAS 39). IFRS 9 includes revised guidance on the classification and measurement of financial assets and liabilities; new guidance for measuring impairment on financial assets; and new hedge accounting guidance. On adoption of IFRS 9, the Company has classified the financial assets and financial liabilities held at January 1, 2018, based on the new classification requirements and the characteristics of each financial instrument as at the transition date. The new classification did not require a restatement of prior periods. The following table shows the original classification under IAS 39 and the new classification under IFRS 9 for each of the Company’s financial assets and financial liabilities at January 1, 2018, (there is no change to the carrying amounts of the financial instruments from this change). Financial Instrument IAS 39 Classification IFRS 9 Financial Asset Cash and cash equivalents Loans and receivables Amortized cost Amounts receivable Loans and receivables Amortized cost Financial Liabilities Accounts payable and accrued liabilities Other financial liabilities Amortized Cost |
Furniture and Equipment
Furniture and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Furniture and Equipment | 3. FURNITURE AND EQUIPMENT Computer Furniture Leasehold Total Cost Balance at December 31, 2017 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Additions — — — — Balance at December 31, 2018 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Amortization & Impairment Losses Balance at December 31, 2017 $ 77,166 $ 261,483 $ 172,601 $ 511,250 Amortization for the year 6,714 — — 6,714 Balance at December 31, 2018 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Net Book Value At December 31, 2017 $ 6,714 $ — $ — $ 6,714 At December 31, 2018 $ — $ — $ — $ — |
Patent Rights
Patent Rights | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Patent Rights | 4. PATENT RIGHTS Cost Balance at December 31, 2017 $ 978,126 Additions 420,587 Balance at December 31, 2018 $ 1,398,713 Amortization & Impairment Losses Balance at December 31, 2017 $ 203,901 Amortization for the period 22,327 Balance at December 31, 2018 $ 226,228 Net Book Value At December 31, 2017 $ 774,225 At December 31, 2018 $ 1,172,485 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Share Capital | 5. SHARE CAPITAL a) Authorized: unlimited number of common shares, no par Issued: 21,675,849 (December 31, 2017: 12,686,723) Exercise prices of units, warrants and options are presented in Canadian currency as they are exercisable in Canadian dollars unless otherwise noted. On June 19, 2018 a share consolidation of 1:30 was completed and the Company’s outstanding common shares were adjusted from 419,888,250 to 13,996,275. All references to the common shares, warrants and stock options, prior to June 20, 2018, have been updated in the notes to reflect the 1:30 reverse stock split. On August 10, 2018 Titan Completed an offering of securities made pursuant to an agency agreement dated August 7, 2018 between the Company and Bloom Burton Securities Inc. (the “Agent”). The Company sold 7,679,574 Units under the Offering at a price of US $2.50 per Unit for gross proceeds of approximately $19,198,935 ($17,464,711 net of closing cost including cash commission of $1,343,925). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of US $3.20 and expiring August 10, 2023. The warrants were valued at $6,297,251 based on the value determined by the Black-Scholes model and the balance of $12,901,684 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 537,570 Common Shares at a price of USD $2.50 per share prior to expiry on August 10, 2020. On April 10, 2018 Titan completed an offering of securities made pursuant to an agency agreement dated April 3, 2018 between the Company and Bloom Burton Securities Inc. The Company sold 1,126,664 Units under the Offering at a price of CDN $9.00 per Unit for gross proceeds of approximately $8,035,941 ($7,211,320 net of closing costs including cash commission of $562,516). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of CDN $10.50 and expiring April 10, 2023. The warrants were valued at $4,553,700 based on the value determined by the Black-Scholes model and the balance of $3,482,241 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 78,867 Common Shares at a price of CDN $9.00 per share prior to expiry on April 10, 2020. On May 10, 2018 Titan announced the completion of the over-allotment option granted to Bloom Burton Securities Inc. as agent for its offering at a price of CDN $9.00 per Unit completed on April 10, 2018 was exercised and the Company sold an additional 168,888 Units at the offering price for additional gross proceeds of $1,189,856 ($1,100,238 net of closing costs including cash commission of $76,988). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of CDN $10.50 and expiring April 10, 2023. The warrants were valued at $658,387 based on the value determined by the Black-Scholes model and the balance of $531,469 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 10,928 Common Shares at a price of CDN $9.00 per share prior to expiry on April 10, 2020. During the year ended December 31, 2017, 1,755,141 warrants had been exercised for total proceeds of $9,438,577. The fair value of the exercised warrants had a value of $7,953,581 which was reclassed from warrant liability to common stock. On December 5, 2017 Titan completed an offering of securities made pursuant to an agency agreement dated November 30, 2017 between the Company and Bloom Burton Securities Inc. The Company sold 1,533,333 Units under the Offering at a price of CDN $15.00 per Unit for gross proceeds of approximately $18,137,800 ($16,555,875 net of closing costs including cash commission of $1,246,185 paid in accordance with the terms of the agency agreement). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of CDN $18.00 and expiring December 5, 2022. The warrants were valued at $5,223,686 based on the value determined by the Black-Scholes model and the balance of $12,914,114 was allocated to common shares. Pursuant to the agency agreement in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 105,350 Common Shares at a price of CDN $15.00 per share prior to expiry on December 5, 2019. On October 31, 2017 Titan completed the final closing of a private placement led by a group of U.S. robotic surgeons. 446,197 common shares of Titan were issued at a subscription price of CDN $7.50 per Common Share for gross proceeds of $2,677,326. On June 29, 2017 Titan completed an offering of securities made pursuant to an agency agreement dated June 26, 2017 between the Company and Bloom Burton Securities Inc. The Company sold 1,612,955 Units under the Offering at a price of CDN $4.50 per Unit for gross proceeds of approximately $5,576,357 ($4,838,002 net of closing costs including cash commission of $382,689 paid in accordance with the terms of the agency agreement). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of CDN $6.00 and expiring June 29, 2022. The warrants were valued at $2,788,274 based on the value determined by the Black-Scholes model and the balance of $2,788,083 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 109,533 Common Shares at a price of CDN $4.50 per share prior to expiry on June 29, 2019. On July 21, 2017 Titan completed a second closing of an offering of securities made pursuant to an agency agreement dated June 26, 2017 between the Company and Bloom Burton Securities Inc. The Company sold an additional 370,567 Units under the Offering at a price of CDN $4.50 per Unit for gross proceeds of approximately $1,328,871 ($1,200,788 net of closing costs including cash commission of $93,021 paid in accordance with the terms of the agency agreement). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of CDN $6.00 and expiring June 29, 2022. The warrants were valued at $575,844 based on the value determined by the Black-Scholes model and the balance of $753,027 was allocated to common shares. Pursuant to the agency agreement in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 25,940 Common Share at a price of CDN $4.50 per share prior to expiry on June 29, 2019. On March 16, 2017 Titan completed an offering of securities made pursuant to an agency agreement dated March 10, 2017 between the Company and Bloom Burton Securities Inc. The Company sold 715,573 Units under the Offering at a price of CDN $10.50 per Unit for gross proceeds of approximately $5,642,537 ($5,039,817 net of closing costs including cash commission of $394,316 paid in accordance with the terms of the agency agreement). Each Unit consisted of one Common Share of the Company and (i)one-half (ii)one-half Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 50,005 Common Shares at a price of CDN $10.50 per share prior to expiry on March 16, 2019. On November 23, 2015 Titan closed a private placement of 143,009 Common Shares to Longtai Medical Inc. at a subscription price of CDN $36.90 per common share for gross proceeds of $4,000,000. Under the Agreement, Titan granted to Longtai exclusive rights to negotiate an exclusive marketing, sales and distribution agreement for Titan’s SPORT Surgical System in the Asia Pacific region. Longtai paid to Titan $2,000,000 as a deposit toward the Distributorship Agreement. As the parties were not able to reach consensus as to the Distribution Agreement by the agreed upon date, the deposit became due for repayment to Longtai. On August 24, 2017 Titan completed a subscription agreement with Longtai for the equity conversion of Longtai’s $2.0 million deposit. Under the terms of the subscription agreement dated July 31, 2017, Titan issued to Longtai 563,067 Units at an assigned issue price of CDN $4.50 per Unit. Each Unit consists of one Common Share and one Common Share purchase warrant, with each warrant exercisable for one Common Share at an exercise price of CDN $6.00 per warrant and will expire August 24, 2022. The warrants were valued at $822,372 based on the value determined by the Black-Scholes model. The common shares were valued at $1,887,411 based on the market value on August 24, 2017 of CDN $4.20. The warrant and the common share were valued at fair value in accordance with International Financial Reporting Interpretations Committee Interpretation #19-Extinguishing b) Warrants, Stock Options and Compensation Options Titan has reserved and set aside up to 10% of the issued and outstanding shares of Titan for granting of options to employees, officers, consultants and advisors. At December 31, 2018, 1,241,803 common shares (December 31, 2017: 677,063) were available for issue in accordance with the Company’s stock option plan. The terms of these options are determined by the Board of Directors. A summary of the status of the Company’s outstanding stock options as of December 31, 2018 and December 31, 2017 and changes during the periods ended on those dates is presented in the following table: Year Ended December 31, 2018 Year Ended December 31, 2017 Number of Weighted-average Number of Weighted-average Balance Beginning 591,609 $ 21.30 240,075 $ 33.00 Granted 372,866 $ 11.97 394,830 $ 15.60 Expired/Forfeited (38,693 ) $ 24.90 (43,296 ) $ 34.80 Balance Ending 925,782 $ 17.32 591,609 $ 21.30 The weighted-average remaining contractual life and weighted-average exercise price of options outstanding and of options exercisable as at December 31, 2018 are as follows: Options Outstanding Exercise Price (CDN) Number Outstanding Weighted-average Options Exercisable $ 2.09 50,349 3.00 50,349 $ 3.28 31,498 6.67 31,498 $ 4.50 18,935 4.54 18,935 $ 4.80 3,040 1.71 3,040 $ 7.49 5,590 6.52 5,590 $ 9.00 11,481 6.52 11,481 $ 9.60 1,105 1.77 1,105 $ 11.70 6,667 1.93 6,667 $ 12.00 1,948 1.93 1,948 $ 12.90 50,000 5.30 12,500 $ 14.40 18,950 5.86 4,737 $ 15.00 16,667 5.11 4,167 $ 15.00 273,948 6.06 — $ 17.10 277,519 5.05 69,380 $ 30.00 105,719 2.65 81,462 $ 30.60 6,120 1.98 6,120 $ 32.40 18,810 2.08 18,810 $ 41.70 658 0.96 658 $ 45.30 560 1.61 560 $ 51.60 15,371 1.44 15,371 $ 58.20 10,847 0.39 10,847 925,782 4.82 355,225 The weighted average exercise price of options outstanding is CDN $17.32 and CDN $18.84 for options that are exercisable. Since the December 18, 2018 options issued to consultants have an exercise price of USD $1.55, they have been converted at the December 18, 2018 close rate of 1.3461 or CDN $2.09. Options are granted to Directors, Officers, Employees and Consultants at various times. Options are to be settled by physical delivery of shares. Grant date/Person entitled Number Vesting Conditions Contractual life January 17, 2017, option grants to Employees 277,519 Vest as to 1 4 7 years February 7, 2017 option grants to Employees 16,667 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years April 17, 2017, option grants to Employees 50,000 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years September 7, 2017, options granted to Consultants 6,667 Half vest in 3 months and the remaining half in 6 months 3 years September 7, 2017, options granted to Directors 12,269 immediately 7 years September 15,2017, options granted to Consultants 3,040 immediately 3 years October 6, 2017, options granted to Consultants 1,105 immediately 3 years November 8, 2017 option grants to Employees 18,950 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years December 4, 2017, options granted to Consultants 1,948 immediately 3 years December 4, 2017, options granted to Consultants 6,667 Half vest immediately and the remaining half in 12 months 3 years January 19, 2018 option grants to Employees 273,948 Options will vest the earlier of commercialization or 3 years from grant date 7 years July 6, 2018, options granted to Directors 17,071 immediately 7 years August 29, 2018, options granted to Directors 31,498 immediately 7 years December 18, 2018, options granted to Consultants 50,349 immediately 3 years Inputs for Measurement of Grant Date Fair Values The grant date fair value of all share-based payment plans was measured based on the Black-Scholes formula. Expected volatility was estimated by considering historic average share price volatility. The inputs used in the measurement of fair values at grant date of the share-based option plan are as follows: 2018 2017 Fair Value at grant date (CDN) $ 5.99 $ 8.70 Share price at grant date (CDN) $ 10.79 $ 14.75 Exercise price (CDN) $ 11.97 $ 15.52 Expected Volatility 90.12% 83.20% Option Life 3 years 3-4 years Expected dividends nil nil Risk-free interest rate 1.90% 1.06% (based on government bonds) The following is a summary of outstanding warrants included in Shareholder’s Equity as at December 31, 2018 and December 31, 2017 and changes during the periods then ended. December 31, 2018 December 31, 2017 Number of Amount Number of Amount Opening Balance 175,357 $ 741,917 188,381 $ 855,800 Expired during the year Exercise Price CDN $1.25 Expiry March 18, 2018 (175,357 ) (741,917 ) — — Expired during the year Exercise Price CDN $1.77 Expiry March 14, 2017 — — (13,024 ) (113,883 ) Ending Balance — $ — 175,357 $ 741,917 |
Warrant Liability
Warrant Liability | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Warrant Liability | 6. WARRANT LIABILTY December 31, 2018 December 31, 2017 Number of Amount Number of Amount Opening Balance 4,933,231 $ 17,849,460 2,581,703 $ 2,365,691 Issue of warrants expiring, March 16, 2019 — — 357,787 572,326 Issue of warrants expiring, March 16, 2021 — — 357,787 725,484 Issue of warrants expiring, June 29, 2022 — — 1,983,521 3,364,118 Issue of warrants expiring, August 24, 2022 — — 563,067 822,372 Issue of warrants expiring, December 5, 2022 — — 1,533,333 5,223,686 Issue of warrants expiring, April 10, 2023 1,295,554 5,212,087 — — Issue of warrants expiring, August 10, 2023 7,679,574 6,297,251 Warrants exercised during the year (6,500 ) (28,949 ) (1,755,141 ) (7,953,581 ) Warrants expired during the year — (688,826 ) — Foreign exhange adjustment during the year (984,462 ) — 305,475 Fair value adjustment during the year (17,095,220 ) 12,423,889 Ending Balance 13,901,859 $ 11,250,167 4,933,231 $ 17,849,460 In addition to the warrants listed above, at December 31, 2018, the Company has issued, outstanding and exercisable, 786,183 broker unit warrants expiring between March 16, 2019 and August 10, 2020 (2017 – 272,650 broker unit warrants expiring between February 23, 2018 and December 5, 2019). |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Income taxes | 7. INCOME TAXES a) Current Income Taxes A reconciliation of combined federal and provincial corporate income taxes at the Company’s effective tax rate of 26.5% (2017 – 26.5%). December 31, 2018 December 31, 2017 Net Loss before income taxes $ (22,639,272 ) $ (33,586,984 ) Income taxes at statutory rates $ (5,999,407 ) $ (8,900,551 ) Tax effect of expenses not deductible for income tax purposes: Tax/FX rate changes and other adjustments — (27,053 ) Permanent differences (4,374,564 ) 3,975,072 Unrecognized share issue costs (354,072 ) (554,252 ) Total tax recovery (10,728,043 ) (5,506,784 ) Tax recovery not recognized 10,728,043 5,506,784 $ — $ — b) Deferred Income Taxes Deferred income tax assets and liabilities result primarily form differences in recognition of certain timing differences that give rise to the Company’s future tax assets (liabilities) and are as follows: December 31, 2018 December 31, 2017 Non-Capital $ 47,679,897 $ 37,012,271 Qualifying Research and Development expenditures 1,493,309 1,493,309 Share issue costs and other 1,622,533 1,562,116 Total tax assets 50,795,739 40,067,696 Tax assets not recognized (50,795,739 ) (40,067,696 ) Net deferred tax assets $ — $ — In assessing the realizability of deferred tax assets, management considers whether it is probable that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management, based on IFRS criteria, has determined, at this time, not to recognize its deferred tax assets. c) Losses carried forward The Company has non-capital non-capital 2027 $ 786,557 2028 169,954 2029 186,708 2030 2,003,594 2031 12,735,836 2032 7,260,729 2033 8,856,497 2034 15,819,741 2035 43,934,918 2036 28,310,254 2037 19,604,159 2038 40,255,192 $ 179,924,139 The Company has accumulated Qualifying Research and Development expenses of $5,635,128 from prior years research and development. These expenditures may be carried forward indefinitely and used to reduce taxable income in future years. As a result of a Canada Revenue Agency (CRA) audit completed in 2017 and 2016, regarding Titan’s 2012 and 2011 SR&ED claim the 2012 loss of $6,517,436 has been adjusted to $7,260,729 and the 2011 loss of $9,423,694 has been adjusted to $12,735,836. The qualifying SR&ED expenditures has also been adjusted from $9,439,430 to $5,635,128. CRA concluded that the claimed work did not satisfy the SR&ED criteria. Titan is appealing this decision by CRA. d) Investment Tax Credits At December 31, 2018 the Company has $1,167,560 (2017 – $1,167,560) of unclaimed investment tax credits available to reduce federal income taxes payable in future years. If not utilized, these investment tax credits will start expiring in 2028. The amounts have been adjusted to reflect changes due to the CRA audit. At December 31, 2018 the Company has $237,997 (2017 – $237,997) of unclaimed Ontario Research and Development Tax Credit available to reduce Ontario income taxes payable in future years. If not utilized, this credit will start expiring in 2029. The amounts have been adjusted to reflect changes due to the CRA audit. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Commitments | 8. COMMITMENTS Effective November 30, 2018 the Company’s Ancaster, Canada lease and sublease which was to expire January 31, 2019 were terminated. This space was leased at CDN $4,673 per month and sublet for CDN $4,099 per month. The corporate office is located at 170 University Avenue, Toronto, Canada. Effective October 30, 2017 the Company extended its lease term for a period of 22 months, commencing February 1, 2018 at a monthly rent of CDN $9,969. On November 12, 2018 the lease was amended to reduce the square footage leased from 2,750 to 1,495, reducing the monthly rent to CDN $5,419. As part of its program of research and development around the SPORT Surgical System, the Company has outsourced certain aspects of the design and development to a U.S. based technology and development company. At December 31, 2018 $12,756,962 in purchase orders remain outstanding ( 2017 – $4,742,928). The Company also has on deposit with this same U.S. supplier $8,541,630 to be applied against future invoices (2017 – $2,172,943). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Related Party Transactions | 9. RELATED PARTY TRANSACATIONS During the year ended December 31, 2018, transactions between the Company directors, officers and other related parties were related to compensation matters in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Compensation to the Executive Officers amounted to $1,552,367 for the year ended December 31, 2018 compared to $1,587,667 for the year ended December 31, 2017. Officers and Directors of the Company control approximately 0.30% of the Company December 31, 2018 December 31, 2017 Number of % Number of % John Barker 31,714 0.15 23,715 0.19 Martin Bernholtz — — 102,383 0.81 David McNally 4,167 0.02 1,667 0.01 Stephen Randall 21,643 0.10 11,910 0.09 John Schellhorn 294 — 294 — Bruce Wolff 7,610 0.03 2,010 0.02 Total 65,428 0.30 141,979 1.12 Common Shares Outstanding 21,675,849 100 % 12,686,723 100 % |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Financial Instruments | 10. FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, amounts receivable and accounts payable and accrued liabilities. The fair value of these financial instruments approximates their carrying values, unless otherwise noted, due to the short maturities of these instruments or the discount rate applied. Warrant liabilities are valued at fair value as described in note 2 (h). The Company’s risk exposures and their impact on the Company’s financial instruments are summarized below: a) Credit risk The Company’s credit risk is primarily attributable to cash and cash equivalents and amounts receivable. The Company has no significant concentration of credit risk arising from operations. Cash and cash equivalents are held with reputable financial institutions, from which management believes the risk of loss to be remote. Financial instruments included in amounts receivable consists of HST tax due from the Federal Government of Canada and interest receivable from interest saving account and short-term promissory notes. Management believes that the credit risk concentration with respect to financial instruments included in amounts receivable is remote. b) Liquidity risk The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due and when appropriate will scale back its operations. As at December 31, 2018, the Company had cash and cash equivalents of $11,471,243 (December 31, 2017 -$26,130,493) to settle current liabilities of $6,447,888 (December 31, 2017 – $2,218,352) excluding warrant liabilities of $11,250,167 (December 31, 2017 – $17,849,460). The Company currently does not generate any revenue or income (other than interest income on its cash balances) and accordingly, it is (and it will be for the foreseeable future) dependent primarily upon equity financing for any additional funding required for development and operating expenses. The ability of the Company to arrange such financing in the future will depend in part upon prevailing capital market conditions and the business success of the Company. There can be no assurance that the Company will be successful in its efforts to arrange additional financing on terms satisfactory to the Company. If additional financing is raised by the issuance of shares or convertible securities from treasury, control of the Company may change, and shareholders may suffer additional dilution. If adequate funds are not available, or are not available on acceptable terms, the Company may not be able to take advantage of opportunities, or otherwise to continue its technology development program at its current pace. The Company expects that approximately US $45 million, in incremental funding will be required for fiscal 2019 to maintain its currently anticipated pace of product development. If additional funding is not available, the pace of the Company’s development plan may be reduced. c) Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates. (i) Interest rate risk The Company has cash balances and no interest-bearing debt. The Company’s current policy is to invest excess cash in interest savings accounts and short-term promissory notes. The Company periodically monitors the investments it makes and is satisfied with the credit risk of its bank. (ii) Foreign currency risk The company’s functional currency is the U.S. dollar. Expenditures transacted in foreign currency are converted to U.S. dollars at the rate in effect when the transaction is initially booked. The gain or loss on exchange, when the transaction is settled, is booked to the Statement of Net and Comprehensive Loss. Management acknowledges that there is a foreign exchange risk derived from currency conversion and believes this risk to be low as the Company now maintains a minimum balance of Canadian dollars. d) Sensitivity analysis Cash equivalents include cash balances and amounts on deposit in interest savings account and short-term promissory notes. Sensitivity to a plus or minus 1% change in interest rates could affect annual net loss by $113,711 (December 31,2017—$257,762) based on the current level of cash invested in cash equivalents. A strengthening of the U.S. dollar at December 31, 2018, as indicated below, against Canadian current assets and accounts payable and accrued liabilities including warrant liability of CDN $277,228 and $5,520,457 respectively (December 31, 2017—$509,371 and $22,813,047) would result in increased equity and an increased profit for the period of $192,059 (December 31, 2017, increased equity and an increase profit of $888,913) as shown on the chart below. This analysis is based on foreign currency exchange rate variances that the Company considers to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular, interest rates, remain constant. The analysis is performed on the same basis for December 31, 2017. December 31, 2018 Profit of (Loss) 5% strengthening CDN Current assets $ (10,155 ) CDN Accounts payable and accrued liabilities $ 202,214 $ 192,059 December 31, 2017 5% strengthening CDN Current assets $ (20,301 ) CDN Accounts payable and accrued liabilities $ 909,214 $ 888,913 A weakening of the U.S. dollar against the Canadian dollar at December 31, 2018 and December 31, 2017 would have had the equal but opposite effect on the above currencies to the amount shown above, on the basis that all other variables remain constant. |
Segmented Reporting
Segmented Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Segmented Reporting | 11. SEGMENTED REPORTING The Company operates in a single reportable operating segment – the research and development of SPORT, the next generation of surgical robotic platform. |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Capital management | 12. CAPITAL MANAGEMENT The Company’s capital is composed of shareholders’ equity. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, to support the development of its SPORT Surgical Platform (SPORT). The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the SPORT. The Company has further progress to make in the development of the SPORT and anticipates that the cost of completion will exceed its current resources. Accordingly, the Company will be dependent on external financing to fund a portion of its future activities. To carry out the completion of the SPORT and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company’s approach to capital management during the year ended December 31, 2018. The Company is not subject to externally imposed capital requirements. |
Events After The Reporting Date
Events After The Reporting Date | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Events After The Reporting Date | 13. EVENTS AFTER THE REPORTING DATE This note has been updated to report on events from January 1, 2019 to March 30, 2020. COVID-19 Since December 31, 2019, the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, COVID-19 March 2020 Offering On March 25, 2020, the Company entered into definitive agreements with institutional investors that provide for the purchase and sale of 7,000,000 common shares of the Company (the “Common Shares”) at a per share purchase price of US $0.17 per Common Share and 3,500,000 Common Share purchase warrants (each, a “Warrant”), resulting in total gross proceeds of approximately $1.2 million (approximately $0.885 million net of closing costs including cash commission described below). Each whole Warrant is exercisable to purchase one Common Share (a “Warrant Share”) at an exercise price of US $0.19 per Common Share for a period of five years following the date of closing of the offering. The warrants were valued at $618,100 based on the value determined by the Black-Scholes model and the balance of $571,900 was allocated to common shares. H.C. Wainwright & Co.(“Wainwright”) acted as the exclusive placement agent for the offering. Pursuant to the placement agency agreement, in addition to the cash commission paid to Wainwright of $83,300, broker warrants were issued to Wainwright which entitle the holder to purchase 490,000 Common Shares at a price of US $0.2125 per share prior to expiry on March 25, 2025. Titan intends to use the net proceeds from the offering for general corporate purposes including: resuming the development of its single-port robotic surgical system, instruments and accessories; funding working capital (including the reduction of outstanding payables); and capital expenditures. Stock Options On January 28, 2020, the Company issued 25,765 stock options with an exercise price of CDN $0.657 to a director in exchange for services rendered. The options vest immediately and have a contractual life of 7 years. Equity Transaction On January 3, 2020, the Company announced that Cambridge Design Partnership Ltd. (“Cambridge”), has subscribed for common shares of the Company. The Company issued 501,148 Common Shares at a unit price of $0.50 for satisfaction of the trade payable with Cambridge of $250,574 which has been included in capital. Aspire Transaction On December 23, 2019, the Company entered into a common share purchase agreement (the “Aspire Agreement”) with Aspire Capital Fund, LLC (“Aspire Capital”) whereby Aspire Capital committed to purchase up to $35 million of common shares of Titan (“Common Shares”) at Titan’s request from time to time, until June 23, 2022 (the “Aspire Transaction”). On commencement of the Aspire Agreement, Titan issued to Aspire Capital 973,000 Common Shares, then issued and outstanding as consideration for entering into the Aspire Agreement. The value of the Common Shares issued of $423,440, was been included in capital, offset by a fee valued at the same amount plus $35,122 other costs incurred pursuant to the Aspire Transaction. In the first quarter of 2020, Titan sold Common Shares to Aspire pursuant to the Aspire Agreement as outlined in the following table: Grant Date Common Value January 3, 2020 500,000 $ 219,600 January 6, 2020 500,000 229,300 January 8, 2020 400,000 195,160 January 10, 2020 500,000 247,550 January 17, 2020 600,000 303,000 January 23, 2020 600,000 295,320 February 6, 2020 600,000 282,000 February 13, 2020 708,048 300,000 4,408,048 $ 2,071,930 First Aspire Transaction On August 29, 2019, the Company entered into a common share purchase agreement (the “First Aspire Agreement”) with Aspire Capital whereby Aspire Capital committed to purchase up to $35 million of common shares of Titan at Titan’s request from time to time, until February 28, 2022. On commencement of the Aspire Agreement, Titan immediately sold to Aspire 1,777,325 Common Shares, representing 5.3% of the Common Shares then issued and outstanding, at a price of US $1.6879 per Common Share for gross proceeds of $3.0 million and issued to Aspire Capital 639,837 Common Shares, representing 1.9% of the Common Shares then issued and outstanding as consideration for entering into the First Aspire Agreement. Northland Securities, Inc. acted as the Company’s agent and financial advisor in connection with the offering and pursuant to an agency agreement, was paid a cash fee of $160,000. The gross proceeds of $3.0 million, net of costs and fees of $417,113 has been included in capital. Subsequent to August 29, 2019 and subject to the First Aspire Agreement, the Company issued Common Shares to Aspire as outlined in the following table: Grant Date Common Value August 30, 2019 2,417,162 $ 3,000,000 November 8, 2019 100,000 42,560 November 8, 2019 100,000 42,560 November 12, 2019 100,000 42,970 November 12, 2019 100,000 42,000 November 13, 2019 100,000 42,970 November 14, 2019 300,000 128,910 November 15, 2019 2,500,000 1,074,250 November 19, 2019 2,067,282 888,311 7,784,444 $ 5,304,531 March 2019 Offering On March 21, 2019, Titan completed an offering of securities made pursuant to an agency agreement dated March 18, 2019 between the Company and Bloom Burton Securities Inc. (the “Agent”). The Company sold 8,455,882 Units under the Offering at a price of US $3.40 per Unit for gross proceeds of approximately $28,750,000 ($25,426,744 net of closing cost including cash commission of $2,012,500). Each Unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of US $4.00 and expiring March 21, 2024. The warrants were valued at $15,897,059 based on the value determined by the Black-Scholes model and the balance of $12,852,941 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to the Agent, broker warrants were issued to the Agent which entitle the holder to purchase 591,911 Common Shares at a price of US $3.40 per share prior to expiry on March 21, 2021. The broker warrants were valued using the Black-Scholes model and the value of $864,190 was accounted for as an increase in the closing costs and allocated between the shares and the warrants. During the quarter ended March 31, 2019, 1,018,506 warrants were exercised for total proceeds of $3,259,219. The fair value of the exercised warrants was $3,742,824 which was reclassed from warrant liability to common stock. No additional warrants were exercised during 2019. Stock Options and Compensation Options On May 29, 2019, the shareholders of Titan approved an increase of its reserve for options from 10% and set aside up to 15% of the issued and outstanding shares of Titan for granting of options to employees, officers, consultants and advisors. At December 31, 2019, 5,986,152 common shares (December 31, 2018: 1,241,803) were available for issue in accordance with the Company’s stock option plan. The terms of these options are determined by the Board of Directors. On May 29, 2019, the shareholders approved amendments to the exercise prices of options previously granted to Executive Officers and Other Employees of the Company under the Option Plan. The Exercise price was amended to be US $3.40 (CDN $4.54) per option, being the higher of the March 21, 2019 offering price of US $3.40 per share and the five-day Options are granted to Directors, Officers, Employees and Consultants at various times. Options are to be settled by physical delivery of shares. Options and the terms of each issue for the period from January 1, 2019 to date are outlined below. Grant date/ Recipient Number Vesting Conditions Contractual Life February 14, 2019, options granted to a Consultant 40,000 Options may vest over a 15-month Cancelled May 29, 2019, options granted to a Director 253,000 Options vest over a specified vesting period not exceeding 4 years 7 years June 28, 2019, options granted to an Employee 10,000 Options vest as to 1/3 of the total number of Options granted, every year from Grant Date 7 years July 18, 2019, options granted to a Director 25,719 Options vest immediately 7 years July 19, 2019, options granted to an Employee 467,255 Options vest as to 1/4 of the total number of Options granted, every year from Grant Date 7 years July 19, 2019, options granted to a Consultant 2,165 Options vest as to 1/3 of the total number of Options granted, every year from Grant Date 7 years July 19, 2019, options granted to a Director 41,273 Options vest immediately 7 years September 9, 2019, options granted to a Consultant 40,000 Options vest over a 15-month 2.5 years |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Use of Estimates and Judgements | (a) Use of Estimates and Judgements The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of provisions at the date of the financial statements and the reported amount of expenses during the year. Financial statement items subject to significant judgement include, the measurement of stock-based compensation and the fair value estimate of the initial measurement of new warrant liabilities and the remeasurement of unlisted warrant liabilities. While management believes that the estimates and assumptions are reasonable, actual results may differ. These financial statements have been prepared in accordance with accounting principles applicable to going concern, which contemplates that the Company will be able to realize its assets and settle its liabilities in the normal course as they come due during the normal course of operations for the foreseeable future. The Company has shareholders’ deficiency of $172,937,694 and current losses of $22,639,272. The Company currently does not generate any revenue (other than interest income on its cash balances) and accordingly it is primarily dependent upon equity financing for any additional funding required for development and operating expenses. The Company expects that approximately US $45 million in incremental funding is needed, for the next 12 months to maintain its currently anticipated pace of development. If additional funding is not available, the pace of the Company’s product development plan may be reduced. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern if additional funding is not secured. However, based on internal forecasts, Management believes that the Company has sufficient funds to meet its obligations under a reduced development plan, if necessary, for the ensuing twelve months. Fair Value The Black-Scholes model used by the Company to determine fair values of stock options and warrants was developed for use in estimating the fair value of the stock options and warrants. |
Cash and Cash Equivalents | (b) Cash and Cash Equivalents Cash and cash equivalents include cash balances and amounts on deposit in interest saving account and short-term promissory notes expiring January 30, 2019 with interest rates ranging from 2.18% to 2.32%. |
Furniture and Equipment | (c) Furniture and Equipment Furniture and equipment are recorded at cost less accumulated amortization and accumulated impairment losses, if any. The Company records amortization using the straight-line method over the estimated useful lives of the capital assets as follow: a) Computer Equipment 3 years b) Furniture and Fixtures 3 – 5 years c) Leasehold Improvements Term of the lease |
Impairment of Long-Lived Assets | (d) Impairment of Long-Lived Assets The Company reviews computer equipment, furniture and equipment, leasehold improvements and patent rights for objective evidence of impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to the asset’s recoverable amount, which is the greater of fair value less cost to sell and value in use. Value in use is measured as the expected future discounted cash flows expected to be derived from the asset. If the carrying value exceeds the recoverable amount, the asset is written down to the recoverable amount. |
Patent Rights | (e) Patent Rights Patent rights are recorded at cost less accumulated amortization and accumulated impairment loss. Straight line amortization is provided over the estimated useful lives of the assets, as prescribed by the granting body, which range up to twenty years. |
Deferred Income Taxes | (f) Deferred Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, unused tax losses and income tax reductions, and are measured using the substantively enacted tax rates and laws that will be in effect when the differences are expected to reverse. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management has determined not to recognize its net deferred tax assets, as it is not considered probable that future tax benefits will be realized. |
Foreign Currency | (g) Foreign Currency Transactions in currencies other than U.S. dollars are translated at exchange rates in effect at the date of the transactions. Foreign exchange differences arising on settlement are recognized separately in net and comprehensive loss. Monetary year end balances are converted to U.S. dollars at the rate in effect at that time. Non-monetary |
Warrant Liability | (h) Warrant Liability In accordance with IAS 32, because the exercise prices of warrants issued are not a fixed amount as they are denominated in a currency (Canadian dollars) other than the Company’s functional currency (U.S. dollar), as well as the warrants issued August 10, 2018 with the cashless exercise options, the warrants are accounted for as a derivative financial liability. Each Warrant Liability is initially measured at fair value and subsequent changes in fair value are recorded through Net and Comprehensive Loss for the year. The fair value of these warrants was determined initially using a comparable warrant quoted in an active market, adjusted for differences in the terms of the warrant. At December 31, 2018, the Warrant Liability of listed warrants was adjusted to fair value measured at the market price of the listed warrants and the unlisted warrants were adjusted to fair value using the Black-Scholes formula. |
Fair Value Measurement | (i) Fair Value Measurement The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 – Level 2 Level 3 The fair value of the listed and unlisted Warrant liability is initially based on level 2 significant observable inputs and at December 31, 2018 and December 31, 2017 is based on level 1, quoted prices (unadjusted) for listed warrants and level 2 for unlisted warrants. |
Stock Based Compensation | (j) Stock Based Compensation IFRS 2 requires options granted to employees and others providing similar services to be measured at the fair value of goods or services received, unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option- pricing model. The fair value of the options granted is determined as at the grant date. Stock options granted to non-employees |
Research and Development Costs | (k) Research and Development Costs Research and development activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. The costs of developing new products are capitalized as deferred development costs, if they meet the development capitalization criteria under IFRS. These criteria include the ability to measure development costs reliably, the product 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. To date, all the research and development costs have been expensed as the criteria for capitalization have not yet been met. |
Earnings (loss) per Share | (l) Earnings (loss) per Share Basic earnings (loss) per share are calculated using the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share considers the dilutive impact of the exercise of 925,782 outstanding stock options (December 31, 2017 – 591,609) and 13,901,859 warrants, (December 31, 2017– 5,108,588) as if the events had occurred at the beginning of the period or at a time of issuance, if later. Diluted loss per share has not been presented in the accompanying financial statements, as the effect would be anti-dilutive. |
Investment tax credits | (m) Investment tax credits As a result of incurring scientific research and development expenditures, management has estimated that there will be non-refundable non-refundable |
Financial Instruments | (n) Financial Instruments Financial assets include cash and cash equivalents, and amounts receivable which are measured at amortized cost. Amounts receivable include HST recoverable and other receivables. Financial liabilities include accounts payable and accrued liabilities which are measured at amortized cost. |
Short term Employee Benefits | (o) Short term Employee Benefits Short-term employee benefit obligations including Company paid medical, dental and life insurance plans, are measured on an undiscounted basis and are expensed as the related service is provided. |
Provisions | (p) 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. Presently the Company is not aware of the need for any material provisions nor has it recorded any except as otherwise disclosed in the financial statements. |
Lease payments | (q) Lease payments Payments made under operating leases are recognized as an expense on a straight-line basis over the term of the lease. Lease incentives received, if any, are recognized as an integral part of the total lease expense over the term of the lease. |
Standards, Amendments and Interpretations Not yet Effective | (r) Standards, Amendments and Interpretations Not yet Effective Following is a listing of amendments, revisions and new IFRS standards, which have been issued but not effective until annual periods beginning after December 31, 2018. IFRS 16 Leases, to supersede the requirements in IAS 17, IFRIC-15 SIC-17. Management believes the new standard, effective January 1, 2019 will not have a material impact on future results and Financial Position of the Company. Adoption Of New Accounting Standard IFRS 9 Financial Instruments Effective January 1, 2018, the Company adopted IFRS 9 Financial Instruments (IFRS 9) which replaced IAS 39, Financial Instruments: Recognition and Measurement (IAS 39). IFRS 9 includes revised guidance on the classification and measurement of financial assets and liabilities; new guidance for measuring impairment on financial assets; and new hedge accounting guidance. On adoption of IFRS 9, the Company has classified the financial assets and financial liabilities held at January 1, 2018, based on the new classification requirements and the characteristics of each financial instrument as at the transition date. The new classification did not require a restatement of prior periods. The following table shows the original classification under IAS 39 and the new classification under IFRS 9 for each of the Company’s financial assets and financial liabilities at January 1, 2018, (there is no change to the carrying amounts of the financial instruments from this change). Financial Instrument IAS 39 Classification IFRS 9 Financial Asset Cash and cash equivalents Loans and receivables Amortized cost Amounts receivable Loans and receivables Amortized cost Financial Liabilities Accounts payable and accrued liabilities Other financial liabilities Amortized Cost |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Estimated Useful Life of Assets | The Company records amortization using the straight-line method over the estimated useful lives of the capital assets as follow: a) Computer Equipment 3 years b) Furniture and Fixtures 3 – 5 years c) Leasehold Improvements Term of the lease |
Summary of Original Classification of Company's Financial Assets and Financial Liabilities | The following table shows the original classification under IAS 39 and the new classification under IFRS 9 for each of the Company’s financial assets and financial liabilities at January 1, 2018, (there is no change to the carrying amounts of the financial instruments from this change). Financial Instrument IAS 39 Classification IFRS 9 Financial Asset Cash and cash equivalents Loans and receivables Amortized cost Amounts receivable Loans and receivables Amortized cost Financial Liabilities Accounts payable and accrued liabilities Other financial liabilities Amortized Cost |
Furniture and Equipment (Tables
Furniture and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Furniture and Equipment | Computer Furniture Leasehold Total Cost Balance at December 31, 2017 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Additions — — — — Balance at December 31, 2018 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Amortization & Impairment Losses Balance at December 31, 2017 $ 77,166 $ 261,483 $ 172,601 $ 511,250 Amortization for the year 6,714 — — 6,714 Balance at December 31, 2018 $ 83,880 $ 261,483 $ 172,601 $ 517,964 Net Book Value At December 31, 2017 $ 6,714 $ — $ — $ 6,714 At December 31, 2018 $ — $ — $ — $ — |
Patent Rights (Tables)
Patent Rights (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Patent Rights | Cost Balance at December 31, 2017 $ 978,126 Additions 420,587 Balance at December 31, 2018 $ 1,398,713 Amortization & Impairment Losses Balance at December 31, 2017 $ 203,901 Amortization for the period 22,327 Balance at December 31, 2018 $ 226,228 Net Book Value At December 31, 2017 $ 774,225 At December 31, 2018 $ 1,172,485 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Options Outstanding | A summary of the status of the Company’s outstanding stock options as of December 31, 2018 and December 31, 2017 and changes during the periods ended on those dates is presented in the following table: Year Ended December 31, 2018 Year Ended December 31, 2017 Number of Weighted-average Number of Weighted-average Balance Beginning 591,609 $ 21.30 240,075 $ 33.00 Granted 372,866 $ 11.97 394,830 $ 15.60 Expired/Forfeited (38,693 ) $ 24.90 (43,296 ) $ 34.80 Balance Ending 925,782 $ 17.32 591,609 $ 21.30 |
Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price Options Outstanding and Options Exercisable on Exercise Prices | The weighted-average remaining contractual life and weighted-average exercise price of options outstanding and of options exercisable as at December 31, 2018 are as follows: Options Outstanding Exercise Price (CDN) Number Outstanding Weighted-average Options Exercisable $ 2.09 50,349 3.00 50,349 $ 3.28 31,498 6.67 31,498 $ 4.50 18,935 4.54 18,935 $ 4.80 3,040 1.71 3,040 $ 7.49 5,590 6.52 5,590 $ 9.00 11,481 6.52 11,481 $ 9.60 1,105 1.77 1,105 $ 11.70 6,667 1.93 6,667 $ 12.00 1,948 1.93 1,948 $ 12.90 50,000 5.30 12,500 $ 14.40 18,950 5.86 4,737 $ 15.00 16,667 5.11 4,167 $ 15.00 273,948 6.06 — $ 17.10 277,519 5.05 69,380 $ 30.00 105,719 2.65 81,462 $ 30.60 6,120 1.98 6,120 $ 32.40 18,810 2.08 18,810 $ 41.70 658 0.96 658 $ 45.30 560 1.61 560 $ 51.60 15,371 1.44 15,371 $ 58.20 10,847 0.39 10,847 925,782 4.82 355,225 |
Summary of Inputs Used in Measurement of Fair Values at Grant Date of Share Based Option Plan | The inputs used in the measurement of fair values at grant date of the share-based option plan are as follows: 2018 2017 Fair Value at grant date (CDN) $ 5.99 $ 8.70 Share price at grant date (CDN) $ 10.79 $ 14.75 Exercise price (CDN) $ 11.97 $ 15.52 Expected Volatility 90.12% 83.20% Option Life 3 years 3-4 years Expected dividends nil nil Risk-free interest rate 1.90% 1.06% (based on government bonds) |
Summary of Outstanding Warrants | The following is a summary of outstanding warrants included in Shareholder’s Equity as at December 31, 2018 and December 31, 2017 and changes during the periods then ended. December 31, 2018 December 31, 2017 Number of Amount Number of Amount Opening Balance 175,357 $ 741,917 188,381 $ 855,800 Expired during the year Exercise Price CDN $1.25 Expiry March 18, 2018 (175,357 ) (741,917 ) — — Expired during the year Exercise Price CDN $1.77 Expiry March 14, 2017 — — (13,024 ) (113,883 ) Ending Balance — $ — 175,357 $ 741,917 |
Events After The Reporting Da_2
Events After The Reporting Date (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Options are Granted to Directors, Officers, Employees and Consultants | Options are granted to Directors, Officers, Employees and Consultants at various times. Options are to be settled by physical delivery of shares. Grant date/Person entitled Number Vesting Conditions Contractual life January 17, 2017, option grants to Employees 277,519 Vest as to 1 4 7 years February 7, 2017 option grants to Employees 16,667 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years April 17, 2017, option grants to Employees 50,000 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years September 7, 2017, options granted to Consultants 6,667 Half vest in 3 months and the remaining half in 6 months 3 years September 7, 2017, options granted to Directors 12,269 immediately 7 years September 15,2017, options granted to Consultants 3,040 immediately 3 years October 6, 2017, options granted to Consultants 1,105 immediately 3 years November 8, 2017 option grants to Employees 18,950 Vest as to 1/4 of the total number of Options granted, every year from Option Date 7 years December 4, 2017, options granted to Consultants 1,948 immediately 3 years December 4, 2017, options granted to Consultants 6,667 Half vest immediately and the remaining half in 12 months 3 years January 19, 2018 option grants to Employees 273,948 Options will vest the earlier of commercialization or 3 years from grant date 7 years July 6, 2018, options granted to Directors 17,071 immediately 7 years August 29, 2018, options granted to Directors 31,498 immediately 7 years December 18, 2018, options granted to Consultants 50,349 immediately 3 years |
Events After Reporting Period [member] | |
Statement [LineItems] | |
Summary of Options are Granted to Directors, Officers, Employees and Consultants | Options and the terms of each issue for the period from January 1, 2019 to date are outlined below. Grant date/ Recipient Number Vesting Conditions Contractual Life February 14, 2019, options granted to a Consultant 40,000 Options may vest over a 15-month Cancelled May 29, 2019, options granted to a Director 253,000 Options vest over a specified vesting period not exceeding 4 years 7 years June 28, 2019, options granted to an Employee 10,000 Options vest as to 1/3 of the total number of Options granted, every year from Grant Date 7 years July 18, 2019, options granted to a Director 25,719 Options vest immediately 7 years July 19, 2019, options granted to an Employee 467,255 Options vest as to 1/4 of the total number of Options granted, every year from Grant Date 7 years July 19, 2019, options granted to a Consultant 2,165 Options vest as to 1/3 of the total number of Options granted, every year from Grant Date 7 years July 19, 2019, options granted to a Director 41,273 Options vest immediately 7 years September 9, 2019, options granted to a Consultant 40,000 Options vest over a 15-month 2.5 years |
Summary of shares sold under share purchase agreement | In the first quarter of 2020, Titan sold Common Shares to Aspire pursuant to the Aspire Agreement as outlined in the following table: Grant Date Common Value January 3, 2020 500,000 $ 219,600 January 6, 2020 500,000 229,300 January 8, 2020 400,000 195,160 January 10, 2020 500,000 247,550 January 17, 2020 600,000 303,000 January 23, 2020 600,000 295,320 February 6, 2020 600,000 282,000 February 13, 2020 708,048 300,000 4,408,048 $ 2,071,930 . Subsequent to August 29, 2019 and subject to the First Aspire Agreement, the Company issued Common Shares to Aspire as outlined in the following table: Grant Date Common Value August 30, 2019 2,417,162 $ 3,000,000 November 8, 2019 100,000 42,560 November 8, 2019 100,000 42,560 November 12, 2019 100,000 42,970 November 12, 2019 100,000 42,000 November 13, 2019 100,000 42,970 November 14, 2019 300,000 128,910 November 15, 2019 2,500,000 1,074,250 November 19, 2019 2,067,282 888,311 7,784,444 $ 5,304,531 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Warrant Liability | December 31, 2018 December 31, 2017 Number of Amount Number of Amount Opening Balance 4,933,231 $ 17,849,460 2,581,703 $ 2,365,691 Issue of warrants expiring, March 16, 2019 — — 357,787 572,326 Issue of warrants expiring, March 16, 2021 — — 357,787 725,484 Issue of warrants expiring, June 29, 2022 — — 1,983,521 3,364,118 Issue of warrants expiring, August 24, 2022 — — 563,067 822,372 Issue of warrants expiring, December 5, 2022 — — 1,533,333 5,223,686 Issue of warrants expiring, April 10, 2023 1,295,554 5,212,087 — — Issue of warrants expiring, August 10, 2023 7,679,574 6,297,251 Warrants exercised during the year (6,500 ) (28,949 ) (1,755,141 ) (7,953,581 ) Warrants expired during the year — (688,826 ) — Foreign exhange adjustment during the year (984,462 ) — 305,475 Fair value adjustment during the year (17,095,220 ) 12,423,889 Ending Balance 13,901,859 $ 11,250,167 4,933,231 $ 17,849,460 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Schedule of Reconciliation of Combined Federal and Provincial Corporate Income Taxes | A reconciliation of combined federal and provincial corporate income taxes at the Company’s effective tax rate of 26.5% (2017 – 26.5%). December 31, 2018 December 31, 2017 Net Loss before income taxes $ (22,639,272 ) $ (33,586,984 ) Income taxes at statutory rates $ (5,999,407 ) $ (8,900,551 ) Tax effect of expenses not deductible for income tax purposes: Tax/FX rate changes and other adjustments — (27,053 ) Permanent differences (4,374,564 ) 3,975,072 Unrecognized share issue costs (354,072 ) (554,252 ) Total tax recovery (10,728,043 ) (5,506,784 ) Tax recovery not recognized 10,728,043 5,506,784 $ — $ — |
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities result primarily form differences in recognition of certain timing differences that give rise to the Company’s future tax assets (liabilities) and are as follows: December 31, 2018 December 31, 2017 Non-Capital $ 47,679,897 $ 37,012,271 Qualifying Research and Development expenditures 1,493,309 1,493,309 Share issue costs and other 1,622,533 1,562,116 Total tax assets 50,795,739 40,067,696 Tax assets not recognized (50,795,739 ) (40,067,696 ) Net deferred tax assets $ — $ — |
Schedule of Non-Capital Losses | The Company has non-capital non-capital 2027 $ 786,557 2028 169,954 2029 186,708 2030 2,003,594 2031 12,735,836 2032 7,260,729 2033 8,856,497 2034 15,819,741 2035 43,934,918 2036 28,310,254 2037 19,604,159 2038 40,255,192 $ 179,924,139 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Common Shares Outstanding and Percentage Control of the Company | December 31, 2018 December 31, 2017 Number of % Number of % John Barker 31,714 0.15 23,715 0.19 Martin Bernholtz — — 102,383 0.81 David McNally 4,167 0.02 1,667 0.01 Stephen Randall 21,643 0.10 11,910 0.09 John Schellhorn 294 — 294 — Bruce Wolff 7,610 0.03 2,010 0.02 Total 65,428 0.30 141,979 1.12 Common Shares Outstanding 21,675,849 100 % 12,686,723 100 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Impact on Profit and Equity of a 5 % strengthening of the US Dollar versus the Canadian Dollar | December 31, 2018 Profit of (Loss) 5% strengthening CDN Current assets $ (10,155 ) CDN Accounts payable and accrued liabilities $ 202,214 $ 192,059 December 31, 2017 5% strengthening CDN Current assets $ (20,301 ) CDN Accounts payable and accrued liabilities $ 909,214 $ 888,913 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Significant Accounting Policies [line items] | ||
Incremental funding | $ 45,000,000 | |
Cash and cash equivalents expiring period | January 30,2019 | |
Dilutive impact of exercise of outstanding stock options | 925,782 | 591,609 |
Dilutive impact of exercise of warrants | 13,901,859 | 5,108,588 |
Deficit [member] | ||
Summary of Significant Accounting Policies [line items] | ||
Comprehensive income (loss) | $ (22,639,272) | |
Shareholders' deficiency | $ (172,937,694) | |
Bottom of range [member] | ||
Summary of Significant Accounting Policies [line items] | ||
Interest rates | 2.18% | |
Top of range [member] | ||
Summary of Significant Accounting Policies [line items] | ||
Interest rates | 2.32% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Computer Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Furniture and fixture [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Furniture and fixture [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Term of the lease |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Original Classification Under Ias 39 and the New Classification Under Ifrs 9 for Each of the Company's Financial Assets and Financial Liabilities (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
CDN Accounts payable and accrued liability [member] | |
Disclosure of voluntary change in accounting policy [line items] | |
IAS 39 Classification | Other financial liabilities |
IFRS 9 | Amortized Cost |
Cash and cash equivalents [member] | |
Disclosure of voluntary change in accounting policy [line items] | |
IAS 39 Classification | Loans and receivables |
IFRS 9 | Amortized cost |
Amounts receivable [member] | |
Disclosure of voluntary change in accounting policy [line items] | |
IAS 39 Classification | Loans and receivables |
IFRS 9 | Amortized cost |
Furniture and Equipment - Summa
Furniture and Equipment - Summary of Furniture and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | $ 6,714 |
Ending balance | 0 |
Computer Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 6,714 |
Ending balance | 0 |
Furniture and Fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 0 |
Ending balance | 0 |
Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 0 |
Ending balance | 0 |
Cost [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 517,964 |
Additions | 0 |
Ending balance | 517,964 |
Cost [member] | Computer Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 83,880 |
Additions | 0 |
Ending balance | 83,880 |
Cost [member] | Furniture and Fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 261,483 |
Additions | 0 |
Ending balance | 261,483 |
Cost [member] | Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 172,601 |
Additions | 0 |
Ending balance | 172,601 |
Amortization & Impairment Losses [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 511,250 |
Amortization for the year | 6,714 |
Ending balance | 517,964 |
Amortization & Impairment Losses [member] | Computer Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 77,166 |
Amortization for the year | 6,714 |
Ending balance | 83,880 |
Amortization & Impairment Losses [member] | Furniture and Fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 261,483 |
Ending balance | 261,483 |
Amortization & Impairment Losses [member] | Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 172,601 |
Ending balance | $ 172,601 |
Patent Rights - Summary of Pate
Patent Rights - Summary of Patent Rights (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | $ 774,225 |
Ending balance | 1,172,485 |
Cost [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 978,126 |
Additions | 420,587 |
Ending balance | 1,398,713 |
Amortization & Impairment Losses [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 203,901 |
Amortization for the period | 22,327 |
Ending balance | $ 226,228 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Dec. 18, 2018$ / shares | Dec. 18, 2018$ / shares | Aug. 10, 2018USD ($)$ / sharesshares | Jun. 19, 2018shares | May 10, 2018USD ($)$ / shares | May 10, 2018USD ($)shares | Apr. 10, 2018USD ($)$ / shares | Apr. 10, 2018USD ($)shares | Dec. 05, 2017USD ($)$ / shares | Dec. 05, 2017USD ($)shares | Aug. 24, 2017$ / shares | Aug. 24, 2017USD ($) | Jul. 21, 2017USD ($)$ / shares | Jul. 21, 2017USD ($)shares | Jun. 29, 2017USD ($)$ / shares | Jun. 29, 2017USD ($)shares | Mar. 16, 2017USD ($)$ / shares | Mar. 16, 2017USD ($)shares | Nov. 23, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2018$ / shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2017$ / shares | Oct. 31, 2017$ / sharesshares | Aug. 24, 2017USD ($)shares | Dec. 31, 2016CAD ($) | Nov. 23, 2015$ / sharesshares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Par value per share | $ / shares | $ 0 | $ 0 | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 21,675,849 | 12,686,723 | ||||||||||||||||||||||||||||
Number of shares outstanding | shares | 419,888,250 | 21,675,849 | 12,686,723 | |||||||||||||||||||||||||||
Number of shares outstanding, adjusted | shares | 13,996,275 | |||||||||||||||||||||||||||||
Reverse stock split ratio | 0.0333 | |||||||||||||||||||||||||||||
Effective date of reverse stock split | Jun. 20, 2018 | |||||||||||||||||||||||||||||
Cash commission | $ 785,128 | $ 598,804 | ||||||||||||||||||||||||||||
Amount allocated to common shares | $ 17,392,158 | |||||||||||||||||||||||||||||
Warrant exercised | shares | 6,500 | 1,755,141 | ||||||||||||||||||||||||||||
Market value of common shares | $ 1,887,411 | |||||||||||||||||||||||||||||
Common stock market value per share | $ / shares | $ 4.20 | |||||||||||||||||||||||||||||
Gain (loss) on extinguishment of warrant liability | $ 709,782 | |||||||||||||||||||||||||||||
Number of common shares available for issue under stock option plan | shares | 1,241,803 | 677,063 | ||||||||||||||||||||||||||||
Percentage of common shares reserved for issuance | 10.00% | |||||||||||||||||||||||||||||
Weighted average exercise price of options outstanding | $ 17.32 | $ 21.30 | $ 33 | |||||||||||||||||||||||||||
Weighted average exercise price of options exercisable | $ 18.84 | |||||||||||||||||||||||||||||
Exercise price share options issued | (per share) | $ 2.09 | $ 1.55 | ||||||||||||||||||||||||||||
Conversion rate per dollar | 1.3461 | 1.3461 | ||||||||||||||||||||||||||||
Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Warrant exercised | shares | 1,755,141 | |||||||||||||||||||||||||||||
Proceeds from warrant exercised | $ 9,438,577 | |||||||||||||||||||||||||||||
Amount reclassed from warrant liability to common stock | $ 7,953,581 | |||||||||||||||||||||||||||||
Private Placement [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Number of common shares issued | shares | 446,197 | |||||||||||||||||||||||||||||
Subscription price of common share | $ / shares | $ 7.50 | |||||||||||||||||||||||||||||
Gross proceeds from issuance of common shares | $ 2,677,326 | |||||||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Sale of offering units | shares | 7,679,574 | 1,126,664 | 1,533,333 | 370,567 | 1,612,955 | 715,573 | ||||||||||||||||||||||||
Offering price per share | (per share) | $ 2.50 | $ 9 | $ 9 | $ 15 | $ 4.50 | $ 4.50 | $ 10.50 | |||||||||||||||||||||||
Gross proceeds from offerings | $ 19,198,935 | $ 8,035,941 | $ 18,137,800 | $ 1,328,871 | $ 5,576,357 | $ 5,642,537 | ||||||||||||||||||||||||
Cash commission | 1,343,925 | $ 76,988 | 562,516 | 1,246,185 | 93,021 | 382,689 | 394,316 | |||||||||||||||||||||||
Net proceeds from offering | $ 17,464,711 | 7,211,320 | 16,555,875 | 1,200,788 | 4,838,002 | 5,039,817 | ||||||||||||||||||||||||
Exercise price per share | (per share) | $ 3.20 | $ 10.50 | $ 10.50 | $ 18 | $ 6 | $ 6 | ||||||||||||||||||||||||
Fair value of warrants | $ 6,297,251 | $ 658,387 | 658,387 | $ 4,553,700 | 4,553,700 | $ 5,223,686 | 5,223,686 | $ 575,844 | 575,844 | $ 2,788,274 | 2,788,274 | $ 1,297,810 | 1,297,810 | |||||||||||||||||
Amount allocated to common shares | $ 12,901,684 | $ 531,469 | $ 3,482,241 | $ 12,914,114 | $ 753,027 | $ 2,788,083 | $ 4,344,727 | |||||||||||||||||||||||
Warrants expiration period | Aug. 10, 2023 | Apr. 10, 2023 | Apr. 10, 2023 | Dec. 5, 2022 | Jun. 29, 2022 | Jun. 29, 2022 | ||||||||||||||||||||||||
Sale of offering additional units | shares | 168,888 | |||||||||||||||||||||||||||||
Gross proceeds from additional offerings | $ 1,189,856 | |||||||||||||||||||||||||||||
Net proceeds from additional offering | $ 1,100,238 | |||||||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | Exercise Prices Range One [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 12 | |||||||||||||||||||||||||||||
Warrants expiration period | Mar. 16, 2019 | |||||||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | Exercise Prices Range Two [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | 15 | |||||||||||||||||||||||||||||
Warrants expiration period | Mar. 16, 2021 | |||||||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Warrants expiration period | Aug. 10, 2020 | Apr. 10, 2020 | Apr. 10, 2020 | Dec. 5, 2019 | Jun. 29, 2019 | Jun. 29, 2019 | Mar. 16, 2019 | |||||||||||||||||||||||
Warrants to purchase of common stock | shares | 537,570 | 10,928 | 78,867 | 105,350 | 25,940 | 109,533 | 50,005 | |||||||||||||||||||||||
Common stock price per share | (per share) | $ 2.50 | $ 9 | $ 9 | $ 15 | $ 4.50 | $ 4.50 | $ 10.50 | |||||||||||||||||||||||
Longtai Medical Inc [member] | Sales marketing and distribution agreement [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Deposit towards distributorship agreement | $ 2,000,000 | |||||||||||||||||||||||||||||
Longtai Medical Inc [member] | Private Placement [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Number of common shares issued | shares | 143,009 | |||||||||||||||||||||||||||||
Subscription price of common share | $ / shares | $ 36.90 | |||||||||||||||||||||||||||||
Gross proceeds from issuance of common shares | $ 4,000,000 | |||||||||||||||||||||||||||||
Longtai Medical Inc [member] | Subscription Agreement [member] | ||||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||||
Number of common shares issued | shares | 563,067 | |||||||||||||||||||||||||||||
Exercise price per share | $ / shares | 6 | |||||||||||||||||||||||||||||
Equity conversion deposit | $ 2,000,000 | |||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Description of share conversion | Each Unit consists of one Common Share and one Common Share purchase warrant, with each warrant exercisable for one Common Share at an exercise price of CDN $6.00 per warrant and will expire August 24, 2022. The warrants were valued at $822,372 based on the value determined by the Black-Scholes model. |
Share Capital - Summary of Opti
Share Capital - Summary of Options Outstanding (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of Stock Options, Balance Beginning | 591,609 | 240,075 |
Number of Stock Options, Granted | 372,866 | 394,830 |
Number of Stock Options, Expired/Forfeited | (38,693) | (43,296) |
Number of Stock Options, Balance Ending | 925,782 | 591,609 |
Weighted-average Exercise Price, Balance Beginning | $ 21.30 | $ 33 |
Weighted-average Exercise Price, Granted | 11.97 | 15.60 |
Weighted-average Exercise Price, Expired/Forfeited | 24.90 | 34.80 |
Weighted-average Exercise Price, Balance Ending | $ 17.32 | $ 21.30 |
Share Capital - Summary of Weig
Share Capital - Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price Options Outstanding and Options Exercisable on Exercise Prices (Detail) | Dec. 31, 2018CAD ($)Years | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Options Outstanding, Number Outstanding | 925,782 | 591,609 | 240,075 |
Options Outstanding, Weighted-average remaining contractual life (years) | 4.82 | ||
Options Outstanding, Options Exercisable | 355,225 | ||
$2.09 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 2.09 | ||
Options Outstanding, Number Outstanding | 50,349 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 3 | ||
Options Outstanding, Options Exercisable | 50,349 | ||
$3.28 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 3.28 | ||
Options Outstanding, Number Outstanding | 31,498 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 6.67 | ||
Options Outstanding, Options Exercisable | 31,498 | ||
$4.50 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 4.50 | ||
Options Outstanding, Number Outstanding | 18,935 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 4.54 | ||
Options Outstanding, Options Exercisable | 18,935 | ||
$4.80 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 4.80 | ||
Options Outstanding, Number Outstanding | 3,040 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.71 | ||
Options Outstanding, Options Exercisable | 3,040 | ||
$7.49 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 7.49 | ||
Options Outstanding, Number Outstanding | 5,590 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 6.52 | ||
Options Outstanding, Options Exercisable | 5,590 | ||
$9.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 9 | ||
Options Outstanding, Number Outstanding | 11,481 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 6.52 | ||
Options Outstanding, Options Exercisable | 11,481 | ||
$9.60 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 9.60 | ||
Options Outstanding, Number Outstanding | 1,105 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.77 | ||
Options Outstanding, Options Exercisable | 1,105 | ||
$11.70 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 11.70 | ||
Options Outstanding, Number Outstanding | 6,667 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.93 | ||
Options Outstanding, Options Exercisable | 6,667 | ||
$12.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 12 | ||
Options Outstanding, Number Outstanding | 1,948 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.93 | ||
Options Outstanding, Options Exercisable | 1,948 | ||
$12.90 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 12.90 | ||
Options Outstanding, Number Outstanding | 50,000 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 5.30 | ||
Options Outstanding, Options Exercisable | 12,500 | ||
$14.40 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 14.40 | ||
Options Outstanding, Number Outstanding | 18,950 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 5.86 | ||
Options Outstanding, Options Exercisable | 4,737 | ||
$15.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 15 | ||
Options Outstanding, Number Outstanding | 16,667 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 5.11 | ||
Options Outstanding, Options Exercisable | 4,167 | ||
$15.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 15 | ||
Options Outstanding, Number Outstanding | 273,948 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 6.06 | ||
$17.10 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 17.10 | ||
Options Outstanding, Number Outstanding | 277,519 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 5.05 | ||
Options Outstanding, Options Exercisable | 69,380 | ||
$30.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 30 | ||
Options Outstanding, Number Outstanding | 105,719 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 2.65 | ||
Options Outstanding, Options Exercisable | 81,462 | ||
$30.60 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 30.60 | ||
Options Outstanding, Number Outstanding | 6,120 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.98 | ||
Options Outstanding, Options Exercisable | 6,120 | ||
$32.40 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 32.40 | ||
Options Outstanding, Number Outstanding | 18,810 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 2.08 | ||
Options Outstanding, Options Exercisable | 18,810 | ||
$41.70 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 41.70 | ||
Options Outstanding, Number Outstanding | 658 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 0.96 | ||
Options Outstanding, Options Exercisable | 658 | ||
$45.30 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 45.30 | ||
Options Outstanding, Number Outstanding | 560 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.61 | ||
Options Outstanding, Options Exercisable | 560 | ||
$51.60 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 51.60 | ||
Options Outstanding, Number Outstanding | 15,371 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 1.44 | ||
Options Outstanding, Options Exercisable | 15,371 | ||
$58.20 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ | $ 58.20 | ||
Options Outstanding, Number Outstanding | 10,847 | ||
Options Outstanding, Weighted-average remaining contractual life (years) | 0.39 | ||
Options Outstanding, Options Exercisable | 10,847 |
Share Capital - Summary of Op_2
Share Capital - Summary of Options are Granted to Directors, Officers, Employees and Consultants (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
January 17, 2017, option grants to Employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | January 17, 2017, option grants to Employees |
Number of Options | 277,519 |
Vesting Conditions | Vest as to 1/4 of the total number of Options granted, every year from Option Date |
Contractual life of Options | 7 years |
February 7, 2017 option grants to Employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | February 7, 2017 option grants to Employees |
Number of Options | 16,667 |
Vesting Conditions | Vest as to 1/4 of the total number of Options granted, every year from Option Date |
Contractual life of Options | 7 years |
April 17 , 2017, option grants to Employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | April 17 , 2017, option grants to Employees |
Number of Options | 50,000 |
Vesting Conditions | Vest as to 1/4 of the total number of Options granted, every year from Option Date |
Contractual life of Options | 7 years |
September 7, 2017, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 7, 2017, options granted to Consultants |
Number of Options | 6,667 |
Vesting Conditions | Half vest in 3 months and the remaining half in 6 months |
Contractual life of Options | 3 years |
September 7, 2017, options granted to Directors [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 7, 2017, options granted to Directors |
Number of Options | 12,269 |
Vesting Conditions | immediately |
Contractual life of Options | 7 years |
September 15, 2017, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 15,2017, options granted to Consultants |
Number of Options | 3,040 |
Vesting Conditions | immediately |
Contractual life of Options | 3 years |
October 6, 2017, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | October 6, 2017, options granted to Consultants |
Number of Options | 1,105 |
Vesting Conditions | immediately |
Contractual life of Options | 3 years |
November 8, 2017 option grants to Employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | November 8, 2017 option grants to Employees |
Number of Options | 18,950 |
Vesting Conditions | Vest as to 1/4 of the total number of Options granted, every year from Option Date |
Contractual life of Options | 7 years |
December 4, 2017, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | December 4, 2017, options granted to Consultants |
Number of Options | 1,948 |
Vesting Conditions | immediately |
Contractual life of Options | 3 years |
December 4, 2017, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | December 4, 2017, options granted to Consultants |
Number of Options | 6,667 |
Vesting Conditions | Half vest immediately and the remaining half in 12 months |
Contractual life of Options | 3 years |
January 19, 2018 option grants to Employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | January 19, 2018 option grants to Employees |
Number of Options | 273,948 |
Vesting Conditions | Options will vest the earlier of commercialization or 3 years from grant date |
Contractual life of Options | 7 years |
July 6, 2018, options granted to Directors [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 6, 2018, options granted to Directors |
Number of Options | 17,071 |
Vesting Conditions | immediately |
Contractual life of Options | 7 years |
August 29, 2018, options granted to Directors [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | August 29, 2018, options granted to Directors |
Number of Options | 31,498 |
Vesting Conditions | immediately |
Contractual life of Options | 7 years |
December 18, 2018, options granted to Consultants [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | December 18, 2018, options granted to Consultants |
Number of Options | 50,349 |
Vesting Conditions | immediately |
Contractual life of Options | 3 years |
Share Capital - Summary of Inpu
Share Capital - Summary of Inputs Used in Measurement of Fair Values at Grant Date of Share Based Option Plan (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($)yr | Dec. 31, 2017CAD ($)yr | |
Disclosure of fair value measurement of equity [line items] | ||
Fair Value at grant date (CDN) | $ 5.99 | $ 8.70 |
Share price at grant date (CDN) | 10.79 | 14.75 |
Exercise price (CDN) | $ 11.97 | $ 15.52 |
Expected Volatility | 90.12% | 83.20% |
Option Life | yr | 3 | |
Expected dividends | ||
Risk-free interest rate (based on government bonds) | 1.90% | 1.06% |
Bottom of range [member] | ||
Disclosure of fair value measurement of equity [line items] | ||
Option Life | yr | 3 | |
Top of range [member] | ||
Disclosure of fair value measurement of equity [line items] | ||
Option Life | yr | 4 |
Share Capital - Summary of Outs
Share Capital - Summary of Outstanding Warrants (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Disclosure Of Valuation Of Warrants [line items] | ||
Opening balance, number of warrants | 175,357 | 188,381 |
Number of Warrants, expired | (688,826) | |
Ending balance, number of warrants | 175,357 | |
Opening balance,warrants amount | $ | $ 741,917 | $ 855,800 |
Ending balance,warrants amount | $ | $ 741,917 | |
Exercise Price CDN 1.25 Expiry March 18, 2018 [member] | ||
Disclosure Of Valuation Of Warrants [line items] | ||
Number of Warrants, expired | (175,357) | |
Exercise price | 1.25 | |
Expired warrants, amount | $ | $ (741,917) | |
Expiry date | March 18, 2018 | |
Exercise Price CDN 1.77 Expiry March 14, 2017 [member] | ||
Disclosure Of Valuation Of Warrants [line items] | ||
Number of Warrants, expired | (13,024) | |
Exercise price | 1.77 | |
Expired warrants, amount | $ | $ (113,883) | |
Expiry date | March 14, 2017 |
Warrant Liability - Summary of
Warrant Liability - Summary of Warrant Liability (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||
Number of Warrants, Opening Balance | 4,933,231 | 2,581,703 |
Number of Warrants, exercised | (6,500) | (1,755,141) |
Number of Warrants, expired | (688,826) | |
Number of Warrants, Ending Balance | 13,901,859 | 4,933,231 |
Warrant liability, Opening Balance | $ 17,849,460 | $ 2,365,691 |
Warrant liability, exercised | (28,949) | (7,953,581) |
Warrant liability, expired | 0 | 0 |
Warrant liability, Foreign exchange adjustment during the year | (984,462) | 305,475 |
Warrant liability, Fair value adjustment during the year | (17,095,220) | 12,423,889 |
Warrant liability, Ending Balance | $ 11,250,167 | $ 17,849,460 |
Issue of warrants expiring, March 16, 2019 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 357,787 | |
Warrant liability, expiring | $ 572,326 | |
Issue of warrants expiring, March 16, 2021 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 357,787 | |
Warrant liability, expiring | $ 725,484 | |
Issue of warrants expiring, June 29, 2022 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 1,983,521 | |
Warrant liability, expiring | $ 3,364,118 | |
Issue of warrants expiring, August 24, 2022 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 563,067 | |
Warrant liability, expiring | $ 822,372 | |
Issue of warrants expiring, December 5, 2022 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 1,533,333 | |
Warrant liability, expiring | $ 5,223,686 | |
Issue of warrants expiring, April 10, 2023 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 1,295,554 | |
Warrant liability, expiring | $ 5,212,087 | |
Issue of warrants expiring, August 10, 2023 [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expiring | 7,679,574 | |
Warrant liability, expiring | $ 6,297,251 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Warrants expiring between March 16, 2019 and August 10, 2020 [member] | ||
Disclosure of classes of share capital [line items] | ||
Broker Warrants issued and outstanding | 786,183 | |
Warrants expiring between february twenty three thousand eighteen and december five two thousand nineteen [member] | ||
Disclosure of classes of share capital [line items] | ||
Broker Warrants issued and outstanding | 272,650 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefits [line items] | ||
Company's effective tax rate | 26.50% | 26.50% |
Non-capital losses | $ 179,924,139 | |
Accumulated Qualifying Research and Development expenses | 5,635,128 | |
Unclaimed investment tax credits | 1,167,560 | $ 1,167,560 |
Top of range [member] | ||
Income Tax Expense Benefits [line items] | ||
Accumulated Qualifying Research and Development expenses | 9,439,430 | |
Bottom of range [member] | ||
Income Tax Expense Benefits [line items] | ||
Accumulated Qualifying Research and Development expenses | 5,635,128 | |
2012 and 2011 SR and ED claims [member] | 2012 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 6,517,436 | |
2012 and 2011 SR and ED claims [member] | 2032 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 7,260,729 | |
2012 and 2011 SR and ED claims [member] | 2011 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 9,423,694 | |
2012 and 2011 SR and ED claims [member] | 2031 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 12,735,836 | |
Unclaimed Ontario Research and Development Tax Credit [member] | ||
Income Tax Expense Benefits [line items] | ||
Unclaimed investment tax credits | $ 237,997 | $ 237,997 |
Income Tax - Schedule of Reconc
Income Tax - Schedule of Reconciliation of Combined Federal and Provincial Corporate Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefits [line items] | ||
Net Loss before income taxes | $ (22,639,272) | $ (33,586,984) |
Income taxes at statutory rates | (5,999,407) | (8,900,551) |
Tax effect of expenses not deductible for income tax purposes: | ||
Tax/FX rate changes and other adjustments | (27,053) | |
Permanent differences | (4,374,564) | 3,975,072 |
Unrecognized share issue costs | (354,072) | (554,252) |
Total tax recovery | (10,728,043) | (5,506,784) |
Tax recovery not recognized | 10,728,043 | 5,506,784 |
Tax expense (income), net | $ 0 | $ 0 |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-Capital Losses | $ 47,679,897 | $ 37,012,271 |
Qualifying Research and Development expenditures | 1,493,309 | 1,493,309 |
Share issue costs and other | 1,622,533 | 1,562,116 |
Total tax assets | 50,795,739 | 40,067,696 |
Tax assets not recognized | (50,795,739) | (40,067,696) |
Net deferred tax assets | $ 0 | $ 0 |
Income Tax - Schedule of Non-Ca
Income Tax - Schedule of Non-Capital Losses (Detail) | Dec. 31, 2018USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | $ 179,924,139 |
2027 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 786,557 |
2028 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 169,954 |
2029 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 186,708 |
2030 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 2,003,594 |
2031 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 12,735,836 |
2032 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 7,260,729 |
2033 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 8,856,497 |
2034 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 15,819,741 |
2035 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 43,934,918 |
2036 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 28,310,254 |
2037 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 19,604,159 |
2038 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | $ 40,255,192 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | Nov. 12, 2018CAD ($)ft² | Feb. 01, 2018CAD ($)ft² | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Commitments [line items] | |||||
Lease per month | $ 4,673 | ||||
Rent per month under sublease | $ 4,099 | ||||
Lease Term | 22 months | ||||
Purchase orders remain outstanding | $ 12,756,962 | $ 4,742,928 | |||
Deposits | 8,541,630 | 2,538,434 | |||
Trade Payables [member] | |||||
Commitments [line items] | |||||
Deposits | $ 8,541,630 | $ 2,172,943 | |||
Original Lease Agreement [member] | |||||
Commitments [line items] | |||||
Rent expense | $ 9,969 | ||||
Area of lease | ft² | 2,750 | ||||
Revised Lease Agreement [member] | |||||
Commitments [line items] | |||||
Rent expense | $ 5,419 | ||||
Area of lease | ft² | 1,495 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Percentage control of Officers and Directors | 100.00% | 100.00% |
Key management personnel of entity or parent [member] | ||
Disclosure of transactions between related parties [line items] | ||
Compensation to the Executive Officers | $ 1,552,367 | $ 1,587,667 |
Percentage control of Officers and Directors | 0.30% | 1.12% |
Related Party Transactions - Su
Related Party Transactions - Summary of Common Shares Outstanding and Percentage Control of the Company (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 19, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 21,675,849 | 12,686,723 | 419,888,250 |
Percentage of ownership | 100.00% | 100.00% | |
Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 65,428 | 141,979 | |
Percentage of ownership | 0.30% | 1.12% | |
Key management personnel of entity or parent [member] | John Barker [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 31,714 | 23,715 | |
Percentage of ownership | 0.15% | 0.19% | |
Key management personnel of entity or parent [member] | Martin Bernholtz [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 102,383 | ||
Percentage of ownership | 0.81% | ||
Key management personnel of entity or parent [member] | David McNally [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 4,167 | 1,667 | |
Percentage of ownership | 0.02% | 0.01% | |
Key management personnel of entity or parent [member] | Stephen Randall [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 21,643 | 11,910 | |
Percentage of ownership | 0.10% | 0.09% | |
Key management personnel of entity or parent [member] | John Schellhorn [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 294 | 294 | |
Key management personnel of entity or parent [member] | Bruce Wolff [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 7,610 | 2,010 | |
Percentage of ownership | 0.03% | 0.02% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | $ 11,471,243 | $ 26,130,493 | $ 4,339,911 | |
Accounts payable and accrued liabilities | 6,447,888 | 2,218,352 | ||
Warrant liability | $ 11,250,167 | 17,849,460 | $ 2,365,691 | |
Changes in sensitivity interest rate | 1.00% | 1.00% | ||
Annual net loss changes due to interest rate effect | $ 113,711 | 257,762 | ||
5% strengthening of US Dollar against Canadian Dollar [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Profit of (Loss) | 192,059 | 888,913 | ||
CDN Current assets [member] | 5% strengthening of US Dollar against Canadian Dollar [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Strengthening of currency against current assets | $ 277,228 | 509,371 | ||
Profit of (Loss) | (10,155) | (20,301) | ||
CDN Accounts payable and accrued liability [member] | 5% strengthening of US Dollar against Canadian Dollar [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Strengthening of currency against accounts payable and accrued liabilities | 5,520,457 | 22,813,047 | ||
Profit of (Loss) | 202,214 | $ 909,214 | ||
Transition Adjustments [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Expected incremental funding | $ 45,000,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Impact on Profit and Equity of a 5 % strengthening of the US Dollar versus the Canadian Dollar (Detail) - 5% strengthening of US Dollar against Canadian Dollar [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Profit of (Loss) | $ 192,059 | $ 888,913 |
CDN Current assets [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Profit of (Loss) | (10,155) | (20,301) |
CDN Accounts payable and accrued liability [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Profit of (Loss) | $ 202,214 | $ 909,214 |
Events After Reporting Date - A
Events After Reporting Date - Additional Information (Detail) | Mar. 25, 2020USD ($)$ / sharesshares | Jan. 28, 2020USD ($)Years | Jan. 18, 2020USD ($)shares | Jan. 03, 2020USD ($)$ / sharesshares | Dec. 23, 2019USD ($)shares | Aug. 29, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 21, 2019USD ($)$ / sharesshares | Aug. 10, 2018USD ($)$ / sharesshares | May 10, 2018USD ($)$ / shares | May 10, 2018USD ($)shares | Apr. 10, 2018USD ($)$ / shares | Apr. 10, 2018USD ($)shares | Dec. 05, 2017USD ($)$ / shares | Dec. 05, 2017USD ($)shares | Jul. 21, 2017USD ($)$ / shares | Jul. 21, 2017USD ($)shares | Jun. 29, 2017USD ($)$ / shares | Jun. 29, 2017USD ($)shares | Mar. 16, 2017USD ($)$ / shares | Mar. 16, 2017USD ($)shares | May 29, 2019USD ($) | May 28, 2019 | Mar. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)Yearsshares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | May 29, 2019CAD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Shares issued | shares | 21,675,849 | 12,686,723 | ||||||||||||||||||||||||||||
Amount allocated to common shares | $ 17,392,158 | |||||||||||||||||||||||||||||
Cash commission | $ 785,128 | $ 598,804 | ||||||||||||||||||||||||||||
Number of share options granted in share-based payment arrangement | 372,866 | 372,866 | 394,830 | 394,830 | ||||||||||||||||||||||||||
Weighted average remaining contractual life of outstanding share options | Years | 4.82 | |||||||||||||||||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 11.97 | $ 15.60 | ||||||||||||||||||||||||||||
Common stock value outstanding | $ 170,502,394 | $ 154,016,519 | ||||||||||||||||||||||||||||
Stock issuance costs | $ 1,297,668 | $ 2,132,238 | ||||||||||||||||||||||||||||
Warrant exercised | shares | 6,500 | 1,755,141 | ||||||||||||||||||||||||||||
Percentage of common shares reserved for issuance | 10.00% | 10.00% | ||||||||||||||||||||||||||||
Number of common shares available for issue under stock option plan | shares | 1,241,803 | 1,241,803 | 677,063 | 677,063 | ||||||||||||||||||||||||||
Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Warrant exercised | shares | 1,755,141 | |||||||||||||||||||||||||||||
Proceeds from warrant exercised | $ 9,438,577 | |||||||||||||||||||||||||||||
Amount reclassed from warrant liability to common stock | $ 7,953,581 | |||||||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Gross proceeds from offerings | $ 19,198,935 | $ 8,035,941 | $ 18,137,800 | $ 1,328,871 | $ 5,576,357 | $ 5,642,537 | ||||||||||||||||||||||||
Net proceeds from offering | $ 17,464,711 | 7,211,320 | 16,555,875 | 1,200,788 | 4,838,002 | 5,039,817 | ||||||||||||||||||||||||
Exercise price per share | (per share) | $ 3.20 | $ 10.50 | $ 10.50 | $ 18 | $ 6 | $ 6 | ||||||||||||||||||||||||
Fair value of warrants | $ 6,297,251 | $ 658,387 | $ 658,387 | $ 4,553,700 | 4,553,700 | $ 5,223,686 | 5,223,686 | $ 575,844 | 575,844 | $ 2,788,274 | 2,788,274 | $ 1,297,810 | 1,297,810 | |||||||||||||||||
Amount allocated to common shares | 12,901,684 | 531,469 | 3,482,241 | 12,914,114 | 753,027 | 2,788,083 | 4,344,727 | |||||||||||||||||||||||
Cash commission | $ 1,343,925 | $ 76,988 | $ 562,516 | $ 1,246,185 | $ 93,021 | $ 382,689 | $ 394,316 | |||||||||||||||||||||||
Warrants expiration period | Aug. 10, 2023 | Apr. 10, 2023 | Apr. 10, 2023 | Dec. 5, 2022 | Jun. 29, 2022 | Jun. 29, 2022 | ||||||||||||||||||||||||
Offering price per share | (per share) | $ 2.50 | $ 9 | $ 9 | $ 15 | $ 4.50 | $ 4.50 | $ 10.50 | |||||||||||||||||||||||
Sale of offering units | shares | 7,679,574 | 1,126,664 | 1,533,333 | 370,567 | 1,612,955 | 715,573 | ||||||||||||||||||||||||
Bloom Burton Securities Inc [member] | Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Number of warrants to purchase common stock | shares | 537,570 | 10,928 | 78,867 | 105,350 | 25,940 | 109,533 | 50,005 | |||||||||||||||||||||||
Warrants expiration period | Aug. 10, 2020 | Apr. 10, 2020 | Apr. 10, 2020 | Dec. 5, 2019 | Jun. 29, 2019 | Jun. 29, 2019 | Mar. 16, 2019 | |||||||||||||||||||||||
Common stock price per share | (per share) | $ 2.50 | $ 9 | $ 9 | $ 15 | $ 4.50 | $ 4.50 | $ 10.50 | |||||||||||||||||||||||
Events After Reporting Period [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Number of share options granted in share-based payment arrangement | 25,765 | |||||||||||||||||||||||||||||
Weighted average remaining contractual life of outstanding share options | Years | 7 | |||||||||||||||||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.657 | |||||||||||||||||||||||||||||
Number of common shares available for issue under stock option plan | shares | 5,986,152 | 1,241,803 | 1,241,803 | |||||||||||||||||||||||||||
Events After Reporting Period [member] | Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Warrant exercised | shares | 1,018,506 | 1,018,506 | ||||||||||||||||||||||||||||
Proceeds from warrant exercised | $ 3,259,219 | |||||||||||||||||||||||||||||
Amount reclassed from warrant liability to common stock | 3,742,824 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Before Amendment [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Percentage of common shares reserved for issuance | 10.00% | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | After Amendment [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Percentage of common shares reserved for issuance | 15.00% | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Amendment [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Exercise prices/option | $ 3.40 | $ 4.54 | ||||||||||||||||||||||||||||
Events After Reporting Period [member] | Institutional Investors [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Shares issued | shares | 7,000,000 | |||||||||||||||||||||||||||||
Gross proceeds from offerings | $ 1,200,000 | |||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.17 | |||||||||||||||||||||||||||||
Number of warrants to purchase common stock | shares | 3,500,000 | |||||||||||||||||||||||||||||
Net proceeds from offering | $ 885,000 | |||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.19 | |||||||||||||||||||||||||||||
Warrants expiration period | 5 years | |||||||||||||||||||||||||||||
Fair value of warrants | $ 618,100 | |||||||||||||||||||||||||||||
Amount allocated to common shares | $ 571,900 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Wainwright [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Number of warrants to purchase common stock | shares | 490,000 | |||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.2125 | |||||||||||||||||||||||||||||
Cash commission | $ 83,300 | |||||||||||||||||||||||||||||
Warrants expiration period | Mar. 25, 2025 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Cambridge Design Partnership Limited [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Common stock shares issued for consideration other than cash | shares | 501,148 | |||||||||||||||||||||||||||||
Price per share | $ / shares | $ 0.50 | |||||||||||||||||||||||||||||
Common stock value outstanding | $ 250,574 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Shares issued | shares | 4,408,048 | 973,000 | 1,777,325 | 7,784,444 | ||||||||||||||||||||||||||
Gross proceeds from offerings | $ 3,000,000 | |||||||||||||||||||||||||||||
Cash commission | 417,113 | |||||||||||||||||||||||||||||
Capital Issued Commitments | $ 35,000,000 | $ 35,000,000 | ||||||||||||||||||||||||||||
Common stock shares issued value | $ 2,071,930 | 423,440 | $ 5,304,531 | |||||||||||||||||||||||||||
Stock issuance costs | $ 35,122 | |||||||||||||||||||||||||||||
Total number of shares issued | shares | 639,837 | |||||||||||||||||||||||||||||
Offering price per share | $ / shares | $ 1.6879 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Bloom Burton Securities Inc [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Gross proceeds from offerings | $ 28,750,000 | |||||||||||||||||||||||||||||
Net proceeds from offering | $ 25,426,744 | |||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 4 | |||||||||||||||||||||||||||||
Fair value of warrants | $ 15,897,059 | $ 15,897,059 | ||||||||||||||||||||||||||||
Amount allocated to common shares | 12,852,941 | |||||||||||||||||||||||||||||
Cash commission | $ 2,012,500 | |||||||||||||||||||||||||||||
Warrants expiration period | Mar. 24, 2024 | |||||||||||||||||||||||||||||
Offering price per share | $ / shares | $ 3.40 | |||||||||||||||||||||||||||||
Sale of offering units | shares | 8,455,882 | |||||||||||||||||||||||||||||
Events After Reporting Period [member] | Bloom Burton Securities Inc [member] | Over Allotment Option 1 [member] | ||||||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||||||||||
Number of warrants to purchase common stock | shares | 591,911 | |||||||||||||||||||||||||||||
Fair value of warrants | $ 864,190 | |||||||||||||||||||||||||||||
Warrants expiration period | Mar. 21, 2021 | |||||||||||||||||||||||||||||
Common stock price per share | $ / shares | $ 3.40 |
Events After Reporting Date - D
Events After Reporting Date - Disclosure Of Shares Sold Pursuant To Share Purchase Agreement (Detail) - USD ($) | Feb. 13, 2020 | Feb. 06, 2020 | Jan. 23, 2020 | Jan. 18, 2020 | Jan. 17, 2020 | Jan. 10, 2020 | Jan. 08, 2020 | Jan. 06, 2020 | Jan. 03, 2020 | Dec. 23, 2019 | Dec. 31, 2019 | Aug. 29, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 21,675,849 | 12,686,723 | ||||||||||||
Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 4,408,048 | 973,000 | 7,784,444 | 1,777,325 | ||||||||||
Issue of equity | $ 2,071,930 | $ 423,440 | $ 5,304,531 | |||||||||||
January 3, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 500,000 | |||||||||||||
Issue of equity | $ 219,600 | |||||||||||||
January 6, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 500,000 | |||||||||||||
Issue of equity | $ 229,300 | |||||||||||||
January 8, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 400,000 | |||||||||||||
Issue of equity | $ 195,160 | |||||||||||||
January 10, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 500,000 | |||||||||||||
Issue of equity | $ 247,550 | |||||||||||||
January 17, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 600,000 | |||||||||||||
Issue of equity | $ 303,000 | |||||||||||||
January 23, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 600,000 | |||||||||||||
Issue of equity | $ 295,320 | |||||||||||||
February 6, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 600,000 | |||||||||||||
Issue of equity | $ 282,000 | |||||||||||||
February 13, 2020 [Member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 708,048 | |||||||||||||
Issue of equity | $ 300,000 | |||||||||||||
August 30, 2019 [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 2,417,162 | |||||||||||||
Issue of equity | $ 3,000,000 | |||||||||||||
November 8, 2019, One [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 100,000 | |||||||||||||
Issue of equity | $ 42,560 | |||||||||||||
November 8, 2019, Two [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 100,000 | |||||||||||||
Issue of equity | $ 42,560 | |||||||||||||
November 12, 2019, One [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 100,000 | |||||||||||||
Issue of equity | $ 42,970 | |||||||||||||
November 12, 2019,Two [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 100,000 | |||||||||||||
Issue of equity | $ 42,000 | |||||||||||||
November 13, 2019 [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 100,000 | |||||||||||||
Issue of equity | $ 42,970 | |||||||||||||
November 14, 2019 [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 300,000 | |||||||||||||
Issue of equity | $ 128,910 | |||||||||||||
November 15, 2019 [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 2,500,000 | |||||||||||||
Issue of equity | $ 1,074,250 | |||||||||||||
November 19, 2019 [member] | Events After Reporting Period [member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | ||||||||||||||
Common stock shares issued | 2,067,282 | |||||||||||||
Issue of equity | $ 888,311 |
Events After Reporting Date - S
Events After Reporting Date - Summary of Options are Granted to Directors, Officers, Employees and Consultants (Detail) - Events After Reporting Period [member] | 12 Months Ended |
Dec. 31, 2019shares | |
February 14, 2019, options granted to a consultant [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | February 14, 2019, options granted to a Consultant |
Number of Options | 40,000 |
Vesting Conditions | Options may vest over a 15-month vesting schedule |
Contractual life of Options | Cancelled |
May 29, 2019, options granted to a Director [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | May 29, 2019, options granted to a Director |
Number of Options | 253,000 |
Vesting Conditions | Options vest over a specified vesting period not exceeding 4 years |
Contractual life of Options | 7 years |
June 28, 2019, options granted to an Employee [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | June 28, 2019, options granted to an Employee |
Number of Options | 10,000 |
Vesting Conditions | Options vest as to 1/3 of the total number of Options granted, every year from Grant Date |
Contractual life of Options | 7 years |
July 18, 2019, options granted to a Director [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 18, 2019, options granted to a Director |
Number of Options | 25,719 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
July 19, 2019, options granted to an Employee [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 19, 2019, options granted to an Employee |
Number of Options | 467,255 |
Vesting Conditions | Options vest as to 1/4 of the total number of Options granted, every year from Grant Date |
Contractual life of Options | 7 years |
July 19, 2019, options granted to a Consultant [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 19, 2019, options granted to a Consultant |
Number of Options | 2,165 |
Vesting Conditions | Options vest as to 1/3 of the total number of Options granted, every year from Grant Date |
Contractual life of Options | 7 years |
July 19, 2019, options granted to a Director [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 19, 2019, options granted to a Director |
Number of Options | 41,273 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
September 9, 2019, options granted to a Consultant [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 9, 2019, options granted to a Consultant |
Number of Options | 40,000 |
Vesting Conditions | Options vest over a 15-month vesting schedule subject to achieving certain milestones. |
Contractual life of Options | 2.5 years |