Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | NYMOX PHARMACEUTICAL CORPORATION |
Entity Central Index Key | 0001018735 |
Document Type | 20-F |
Amendment Flag | false |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Dec. 31, 2020 |
Entity Filer Category | Accelerated Filer |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Entity Common Stock Shares Outstanding | 77,961,151 |
Document Annual Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Document Shell Company Report | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Sales of goods | $ 5 | $ 116 | $ 299 |
Total revenue | 5 | 116 | 299 |
Cost of goods sold and operating Expenses | |||
Cost of goods sold | 4 | 58 | 138 |
Research and development | 8,120 | 7,377 | 6,677 |
General and administrative | 3,601 | 6,006 | 4,125 |
Total operating expenses | 11,725 | 13,441 | 10,940 |
Loss from operations | (11,720) | (13,325) | (10,641) |
Other income (expense) | |||
Finance income | 24 | 201 | 65 |
Finance costs | (30) | (18) | (18) |
Operating lease interest expense | (12) | (20) | 0 |
Loss before income taxes | (18) | (163) | (10,594) |
Income tax provision (recovery) | 0 | 0 | 0 |
Net loss | (11,738) | (13,162) | (10,594) |
Attributable to: | |||
Net income attributable to Nymox share holders | $ (11,738) | $ (13,162) | $ (10,594) |
Basic and diluted loss per share | $ (0.16) | $ (0.19) | $ (0.18) |
Weighted average number of common shares outstanding | 73,823 | 68,845 | 60,466 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | |||
Cash at bank | $ 3,611 | $ 5,239 | $ 7,946 |
Accounts receivables | 0 | 4 | 2 |
Other receivables | 20 | 14 | 12 |
Inventory | 34 | 23 | 41 |
Security deposit | 28 | 28 | 23 |
Prepaid expenses and other current assets | 200 | 20 | 2 |
Total current assets | 3,893 | 5,328 | 8,026 |
Non-current assets | |||
Property and equipment | 28 | 25 | 33 |
Operating lease right-of-use asset, net | 422 | 136 | 0 |
Security deposit | 0 | 0 | 17 |
Total assets | 4,343 | 5,489 | 8,076 |
Current liabilities | |||
Accounts payable and accrued liabilities | 1,772 | 1,894 | 1,074 |
Operating lease liability due within one year | 58 | 144 | 0 |
Total current liabilities | 1,830 | 2,038 | 1,074 |
Long term operating lease liability | 368 | 3 | 0 |
Total liabilities | 2,198 | 2,041 | 1,074 |
Equity | |||
Share capital - unlimited authorized shares at no par value.77,961, 71,218 and 64,676 shares outstanding at December 31, 2020, 2019 and 2018, respectively | 151,722 | 136,554 | 126,684 |
Share capital subscription receivable | (589) | (589) | (868) |
Additional paid-in capital | 31,037 | 35,770 | 36,299 |
Accumulated deficit | (180,025) | (168,287) | (155,113) |
Total Stockholders' equity (deficit) | 2,145 | 3,448 | 7,002 |
Subsequent events | |||
Total liabilities and stockholders' equity (deficit) | $ 4,343 | $ 5,489 | $ 8,076 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Statements of Financial Position | |||
Share capital, shares outstanding | 77,961 | 71,218 | 64,676 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATIGN ACTIVITIES | |||
Net loss | $ (11,738) | $ (13,162) | $ (10,594) |
Adjustments for: | |||
Depreciation | 9 | 9 | 3 |
Stock-based compensation | 1,748 | 3,011 | 3,814 |
Issued stock for service fee | 1,330 | 101 | |
Amortization and others | 258 | 556 | 0 |
Changes in non-cash operating balances: | |||
Accounts receivable and other receivables | (1) | (4) | 73 |
Security deposit | 12 | (16) | |
Prepaid expense | (180) | (18) | (1) |
Inventory | (11) | 17 | (25) |
Employee deposit of overpayment | 50 | 0 | 0 |
Accounts payable and accrued liabilities | (172) | 819 | (1,156) |
Net cash used in operating activities | (10,037) | (7,430) | (7,801) |
CASH FLOWS USED IN INVESTING ACTIVITIES | |||
Purchase of property and equipment | (13) | 0 | (36) |
Net cash flows used in investing activities | (13) | 0 | (36) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | |||
Proceeds from the issuance of share capital | 8,687 | 5,000 | 14,932 |
Repayment of operating lease and financing obligation | (265) | (277) | 0 |
Net cash provided from financing activities | 8,422 | 4,723 | 14,932 |
Net (decrease) increase in cash and cash equivalents | (1,628) | (2,707) | 7,095 |
CASH AT BANK | |||
Beginning of year | 5,239 | 7,946 | 851 |
End of year | 3,611 | 5,239 | 7,946 |
SUPPLEMENTAL DISCLOSURE | |||
Income taxes paid | 0 | 0 | 0 |
Interest paid | 0 | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Shares and warrants issued on connection with convertible notes | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Subscriptions | Additional Paid-In Capital | Retained Earnings |
Balance, shares at Dec. 31, 2017 | 56,378 | ||||
Balance, amount at Dec. 31, 2017 | $ (1,251) | $ 108,196 | $ (718) | $ 35,790 | $ (144,519) |
Statement [Line Items] | |||||
Shares issuance for cash and subscriptions, shares | 5,188 | ||||
Shares issuance for cash and subscriptions, amount | 14,932 | $ 15,082 | (150) | 0 | 0 |
Stock-based commission, shares | 10 | ||||
Stock-based commission, amount | 32 | $ 32 | 0 | 0 | 0 |
Stock-based compensation, shares | 3,100 | ||||
Stock-based compensation, amount | 3,883 | $ 3,374 | 0 | 509 | 0 |
Net loss | (10,594) | $ 0 | 0 | 0 | (10,594) |
Balance, shares at Dec. 31, 2018 | 64,676 | ||||
Balance, amount at Dec. 31, 2018 | 7,002 | $ 126,684 | (868) | 36,299 | (155,113) |
Statement [Line Items] | |||||
Shares issuance for cash and subscriptions, shares | 2,542 | ||||
Shares issuance for cash and subscriptions, amount | 5,079 | $ 4,800 | 279 | 0 | 0 |
Net loss | (13,162) | 0 | 0 | 0 | (13,162) |
Lease adoption prior year cumulative effect | (12) | (12) | |||
Warrant issued | 200 | $ 0 | 0 | 200 | 0 |
Stock-based compensation and service fee, shares | 4,000 | ||||
Stock-based compensation and service fee, amount | 4,341 | $ 5,070 | 0 | (729) | 0 |
Balance, shares at Dec. 31, 2019 | 71,218 | ||||
Balance, amount at Dec. 31, 2019 | 3,448 | $ 136,554 | (589) | 35,770 | (168,287) |
Statement [Line Items] | |||||
Shares issuance for cash and subscriptions, shares | 3,743 | ||||
Shares issuance for cash and subscriptions, amount | 8,687 | $ 9,388 | 0 | (701) | 0 |
Net loss | (11,738) | $ 0 | 0 | 0 | (11,738) |
Stock-based compensation and service fee, shares | 3,000 | ||||
Stock-based compensation and service fee, amount | 1,748 | $ 5,780 | 0 | (4,032) | 0 |
Balance, shares at Dec. 31, 2020 | 77,961 | ||||
Balance, amount at Dec. 31, 2020 | $ 2,145 | $ 151,722 | $ (589) | $ 31,037 | $ (180,025) |
BUSINESS ACTIVITIES AND BASIS O
BUSINESS ACTIVITIES AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 1 - BUSINESS ACTIVITIES AND BASIS OF PRESENTATION | Nymox Pharmaceutical Corporation is a company which re-domiciled from Canada to the Commonwealth of The Bahamas in 2015 and is incorporated under the International Business Companies Act of the Commonwealth of The Bahamas. nd TM TM Statement of Compliance The consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorized for issue by the Audit Committee of the Corporation’s Board of Directors on March 29, 2021. Basis of measurement The consolidated financial statements have been prepared on a going concern and on the historical cost basis. Functional and presentation currency These consolidated financial statements are presented in United States dollars, which is the Corporation and its subsidiaries’ functional currency. Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Information about critical judgments in applying accounting policies and assumption and estimation uncertainties that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below: Judgments in applying accounting policies The use of the going concern basis (Note 2) Contingent liability Assessing the recognition of contingent liabilities requires judgment in evaluating whether it is probable that economic benefits will be required to settle matters subject to litigation . Stock options and warrants There is estimation uncertainty with respect to selecting inputs to the Binomial pricing model used to determine the fair value of the stock options and warrants (Note 12). Other areas of judgment and uncertainty relate to deferred tax assets. Reported amounts and note disclosure reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ from those estimates. The above estimates and assumptions are reviewed regularly. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. |
GOING CONCERN CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 2 - GOING CONCERN CONSIDERATIONS | The Corporation is subject to a number of risks, including the successful development and marketing of its technologies the ability to raise financing to pursue the development of its operations. The Corporation depends on private placements and other types of financing as well as collaboration agreements, to fund its operations, achieve its business plan and the realization of its assets and liabilities in the normal course of operations. The failure of the two Phase 3 studies of NX-1207 for BPH materially affects the Corporation’s current ability to fund its operations, meet its cash flow requirements, realize its assets and discharge its obligations. Management believes that current cash balances as of December 31, 2020 will be sufficient to finance all of its planned business operations and research and development programs over the next year. However, the Corporation’s primary sources of financing since 2003 has been the Common Stock Private Purchase Agreement, which expired in November 2015 and was not renewed. If necessary, the Corporation intends to seek additional equity or finance through the existing private placements and/or other sources of capital in order to fund these operations and activities over the next year. Considering recent developments and the need for additional financing, there exists a material uncertainty that casts substantial doubt about the Corporation’s ability to continue as a going concern. These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern assumption is not appropriate, then adjustments may be necessary to the carrying value and classification of assets and liabilities and reported results of operations and such adjustments could be material. |
SIGNIFICANT ESTIMATES
SIGNIFICANT ESTIMATES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 3 - SIGNIFICANT ESTIMATES | Significant estimates applied in the preparation of these financial statements include the estimated useful lives of property and equipment, share volatility and estimated life of options and warrants in determining their fair value as well as the expected potential for the realization of deferred tax assets in determining the amount of the valuation allowance thereto. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 4 - SIGNIFICANT ACCOUNTING POLICIES | The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. Consolidation The consolidated financial statements of the Corporation include the accounts of its subsidiaries. Subsidiaries are those entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: - power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); - exposure, or rights, to variable returns from its involvement with the investee; and - The ability to use its power over the investee to affect its returns. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition is recorded as goodwill. If the cost of acquisition is less than fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statement of profit or loss. The assets, liabilities, income and expenses of subsidiary companies are consolidated on a line by line basis and the carrying value of investments held by the Holding Company is eliminated against the subsidiaries’ shareholders’ equity in the consolidated financial statements. All intra-group transactions, balances, income, expenses and unrealized gains and losses on transactions between Group companies are eliminated in full. Subsidiaries have same reporting period as that of the Holding Company. The accounting policies of subsidiaries have been same with the holding parent company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions have been eliminated on consolidation. Financial instruments The Corporation has classified its cash, trade accounts receivable and other receivables as “loans and receivables”, and its trade accounts payable, accrued liabilities, “other financial liabilities”. The Corporation must classify the fair value measurements of financial instruments according to a three-level hierarchy, based on the type of inputs used in making these measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Financial assets The Corporation initially recognizes receivables on the date that they are originated. Receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. The Corporation derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets and liabilities are offset, and the net amount presented in the consolidated statements of financial position when, and only when, the Corporation has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Financial liabilities The Corporation initially recognizes other financial liabilities on the trade date at which the Corporation becomes a party to the contractual provisions of the instrument. Other financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Corporation derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. Interest, losses and gains relating to a financial liability are recognized in the statement of operations and comprehensive loss. IFRS 9 – Financial Instruments (“IFRS 9”) ultimately replaces IAS 39 – Financial Instruments: Recognition and Measurement (“IAS 39”), with the objective of improving and simplifying the reporting for financial instruments. In July 2014, the IASB issued the final version of IFRS 9, Financial Instruments (IFRS 9). IFRS 9 supersedes IAS 39, IFRIC 9 and earlier versions of IFRS 9. This standard provides guidance on the classification and measurement of financial liabilities and the presentation of gains and losses on financial liabilities designated at fair value through profit and loss. When an entity elects to measure a financial liability at fair value, gains or losses due to changes in the credit risk of the instrument must be recognized in other comprehensive income. This standard was effective for annual periods beginning on or after January 1, 2018 with earlier adoption permitted. The Corporation has implemented this standard yet there is no impact of the adoption of this standard on its consolidated financial statements. Share capital Common shares are classified as equity. Incremental costs attributable to the issuance of common shares are recognized as an increase to deficit. Accounts receivable Accounts receivable consists of trade receivables. Sales allowance for expected credit losses is recorded against trade receivables and is based on historical experience. The company has zero, $4,000 and $2,000 trade receivables as of December 31, 2020, 2019 and 2018, respectively and no sales allowance was recorded during the three years. Inventory Inventory consists primarily of finished goods held for sale and materials and are carried at the lower of first-in, first-out cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. Property and equipment Property and equipment are measured at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of property and equipment have significantly different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are recognized as the difference in the proceeds from disposal and the carrying amount of property and equipment. The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in the statement of operations and comprehensive loss. Depreciation is calculated on the depreciable amount, which is the cost of an asset less its residual value. Depreciation is recognized on a straight-line basis over the estimated useful lives of each component of an item of property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are represented by the following estimated useful lives: Asset Classification Useful life Laboratory equipment 5 years Computer equipment 3 years Office equipment and fixtures 5 years Depreciation methods, useful lives and residual values are reviewed on an ongoing basis and adjusted if appropriate. Research and development expenditures Expenditures on research activities, net of research tax credits, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, as well as demonstrating product efficacy and regulatory compliance prior to launch, are expensed in the statement of comprehensive earnings (loss) as incurred. Development activities, net of research tax credits, involve a plan or design to produce new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically, and commercially feasible, future economic benefits are probable, and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are recognized in research and development expenses as incurred. Amortization Amortization is calculated on the cost of the asset, less its residual value. Amortization methods, useful lives and residual values are reviewed on an ongoing basis and adjusted if appropriate. Impairment Indefinite lived intangibles are subject an assessment for impairment at each reporting date.. Financial assets impairment Financial assets are assessed at each reporting date to determine whether there is objective evidence that they are impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Corporation on terms that the Corporation would not consider otherwise, and indications that a debtor or issuer will enter bankruptcy. In assessing impairment, the Corporation uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated and recognized for the amount by which the asset’s carrying amount exceeds the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed. Non-financial assets impairment The carrying amounts of the Corporation’s non-financial assets, including property and equipment, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit, CGU or segment”). The Corporation’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Revenue recognition Revenue from product sales is recognized when the product has been delivered and obligations as defined in the agreement are performed. Collaboration agreements that include multiple deliverables are considered to be multiple-element arrangements. Under this type of arrangement, the identification of separate units of accounting is required and revenue is allocated among the separate units based on their relative fair values. Payments received under a collaboration agreement may include upfront payments, milestone payments, sale of goods, royalties and license fees. Revenue for each unit of accounting is recorded as described below: Upfront payments Upfront payments are deferred and recognized as revenue on a systematic basis over the estimated service period. Changes in estimates are recognized prospectively when changes to the expected term are determined. Milestone payments Revenue subject to the achievement of milestones is recognized only when the specified events have occurred, and collectability is reasonably assured. Specifically, the criteria for recognizing milestone payments are that (i) the milestone is substantive in nature, (ii) the achievement was not reasonably assured at the inception of the agreement, and (iii) the Corporation has no further involvement or obligation to perform associated with the achievement of the milestone, as defined in the related collaboration arrangement. The company does not have upfront payment, milestone payment and license revenue for the year ended December 31,2020,2019 and 2018. IFRS 15, Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers, which establishes principles for reporting the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. It provides a single model in order to depict the transfer of promised goods or services to customers. IFRS 15 supersedes the following standards: IAS 11, Construction Contracts, IAS 18, Revenue, IFRIC 13, Customer Loyalty Programs, IFRIC 15, Agreements for the Construction of Real Estate, IFRIC 18, Transfers of Assets from Customers, and SIC-31, Revenue – Barter Transactions Involving Advertising Service. The core principle of IFRS 15 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. IFRS 15 also includes a cohesive set of disclosure requirements that would result in an entity providing comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. This standard is effective for annual periods beginning on or after January 1, 2018, with earlier adoption permitted. The Corporation has adopted this standard in these financial statements yet determined that there is no impact on reported results of operations from its implementation. Sale of goods Revenue from the sale of goods is recognized when the Corporation has transferred to the buyer the significant risks and rewards of ownership of the goods, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. Foreign currency Monetary assets and liabilities of the Corporation’s Canadian and US subsidiaries denominated in currencies other than the US dollar are translated at the rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Income and expenses denominated in foreign currencies are translated at the average rate prevailing during the year. Foreign exchange loss and gain are reported on a net basis, within finance costs or finance income. Research tax credits Until the corporation re-domiciled from Canada to the commonwealth of Bahamas in 2015, it is entitled to scientific research and experimental development tax credits (“research tax credits”) granted by the Canadian federal government and the government of the province of Québec. Federal research tax credits, which are non-refundable, are earned on qualified research and development expenditures and can only be used to offset federal income taxes otherwise payable. Provincial research tax credits, which are refundable, are earned on qualified research and development expenditures incurred in the province of Québec. These research tax credits are recognized as a reduction of research and development expenditures in the period in which they become receivable, provided that there is reasonable assurance that they will be received. Stock-based compensation The grant date fair value of stock-based compensation awards granted to employees, consultants and directors is recognized as an expense, with a corresponding increase in equity, over the period that the employees, consultants or directors unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service at the vesting date. The fair value of the stock options is measured using the binomial pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience and general option holder behavior), expected dividends, and the risk-free interest rate (based on government bonds). Service conditions attached to the transactions are not taken into account in determining fair value. Share based payment arrangements in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions. Employee benefits Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is provided. In addition to their salaries, employees of the Corporation are covered by a benefit package which includes a health plan, dental plan, disability insurance, life insurance and worker compensation insurance coverage. Participation in this plan is paid by the Corporation in full. Any employee that elects to extend the coverage to members of their family must pay the additional premium. Operating leases Effective for annual reporting periods beginning on or after January 1, 2019, IFRS 16 introduced a new approach to lessee accounting that requires a lessee to recognize assets and liabilities for the rights and obligations created by leases. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. The IASB concluded that such an approach will result in a more faithful representation of a lessee’s assets and liabilities and, together with enhanced disclosures, greater transparency of a lessee’s financial leverage and capital employed. We adopted this standard on January 1, 2019, with an immaterial cumulative adjustment of $11,667 to accumulated deficit rather than retrospectively adjusting prior periods. Income taxes Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in the statement of operations and comprehensive loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss. Current tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses 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. Earnings per share Basic earnings per share are determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed in a manner consistent with basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding options were exercised, and that the proceeds from such exercises as well as the assumed proceeds from future services were used to acquire shares of common stock at the average market price during the reporting period. Provisions A provision is recognized if, because of a past event, the Corporation 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. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Onerous contracts A provision for onerous contracts is recognized when the expected benefits to be derived by the Corporation from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Corporation recognizes any impairment loss on the assets associated with that contract. |
NEW ACCOUNTING STANDARDS AND IN
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 5 - NEW ACCOUNTING STANDARDS AND INTERPRETATIONS | Standards, amendments and improvements to the approved accounting standards that are not yet effective for CFY’ 2020. The following standards, amendments and improvements to the approved accounting standards would be effective from the dates mentioned below against the respective standard or interpretation: Standard or Interpretation IASB Effective Date (Annual periods beginning on or after) IFRS 03 Reference to Conceptual Framework (Amendments) 01 January 2022 IFRS 09 Financial Instruments – Fees in the ‘10 percent’ test for derecognition of financial liabilities 01 January 2022 IFRS 10/IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendment) Not Yet Finalized IAS 01 Classification of Liabilities as Current or Non-current liabilities (Amendments) 01 January 2022* IAS 16 Proceeds before Intended Use (Amendments) 01 January 2022 IAS 37 Onerous Contracts – Costs of Fulfilling a Contract (Amendments) 01 January 2022 *The IASB has issued an exposure draft proposing to defer the effective date of the Amendments to IAS 01 to 01 January 2023. The above standards and amendments are not expected to have any material impact on the Company’s unconsolidated financial statements in the period of initial application. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 6 - PROPERTY AND EQUIPMENT | The carrying value of property and equipment included the following changes for the years ended December 31, 2020, 2019 and 2018: In Thousands of US Dollars Laboratory Equipment Computer Equipment Office Equipment Total Cost Balance at December 31, 2017 $ 418 $ 31 $ 89 $ 538 Additions – 12 24 36 Disposals – – – – Balance at December 31, 2018 418 $ 43 $ 113 $ 574 Additions – - - - Disposals – – – – Balance at December 31, 2019 418 $ 43 $ 113 $ 574 Additions – 13 - 13 Disposals – – – – Balance at December 31, 2020 $ 418 $ 56 $ 113 $ 587 Accumulated depreciation Balance at December 31, 2017 418 31 89 $ 538 Depreciation for the year – 2 1 3 Disposals – – – – Balance at December 31, 2018 $ 418 $ 33 $ 90 $ 541 Depreciation for the year – 4 5 9 Disposals – – – – Balance at December 31, 2019 418 $ 37 $ 95 $ 550 Depreciation for the year – 4 5 9 Disposals – – – – Balance at December 31, 2020 $ 418 $ 41 $ 100 $ 559 Carrying amounts At December 31, 2018 $ - $ 10 $ 23 $ 33 At December 31, 2019 $ - $ 6 $ 19 $ 25 At December 31, 2020 $ - $ 15 $ 13 $ 28 The depreciation expense of property and equipment amounts to $9,236, $8,684 and $3,041 for the years ended December 31, 2020, 2019 and 2018, respectively and is included in research and development in the statements of operations and comprehensive loss. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 7 - INTANGIBLE ASSETS | Intangible assets include patents and acquired intellectual property rights. The patent and intellectual property rights, having a cost of $2,222,661 and an accumulated amortization of $2,222,661 at December 31, 2020, 2019 and 2018, are still property of the Corporation. The patent and intellectual rights have been fully amortized by year 2009. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | Accounts payable and accrued liabilities as of December 31, 2020, 2019 and 2018, consisted of the following: In Thousands of US Dollars Description 2020 2019 2018 Accounts payable $ 1,403 $ 1,629 $ 808 Accrued liabilities: Payroll related liabilities 245 225 216 Other accrued liabilities 74 40 50 Deposit 50 - - Total accounts payable and accrued liabilities $ 1,772 $ 1,894 $ 1,074 |
OPERATING LEASES AND COMMITMENT
OPERATING LEASES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 9 - OPERATING LEASES AND COMMITMENTS | Effective for annual reporting periods beginning on or after January 1, 2019, IFRS 16 introduced a new approach to lessee accounting that requires a lessee to recognize assets and liabilities for the rights and obligations created by leases. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. The IASB concluded that such an approach will result in a more faithful representation of a lessee’s assets and liabilities and, together with enhanced disclosures, greater transparency of a lessee’s financial leverage and capital employed. We adopted this standard on January 1, 2019, with an immaterial cumulative adjustment of $11,667 to accumulated deficit rather than retrospectively adjusting prior periods. This adoption approach resulted in a balance sheet presentation that is not comparable to the prior period. We used an incremental borrowing rate as a discount rate for our operating leases. The discount rate ranges from 5.00% to 7.03% andthe average remaining years for our lease are 1.04 years as of December 31, 2020. In October 2020, the Corporation renewed its operating lease agreements for its US (New Jersey) premises, which is effective from November 1, 2020 and will expire on October 31, 2023. This new lease results in the recognition of operating lease assets and liabilities of approximately $390,000 as of November 1,2020. The following table provides the changes in the Corporation’s operating lease right-of-use assets for the year ended December 31, 2020 and 2019 respectively: In Thousands of US Dollars Operation lease right-of-use asset Balances as of January 1, 2020 $ 136 Renewed office lease 533 Accumulated amortization (247 ) Balances as of December 31, 2020 $ 422 In Thousands of US Dollars Operation lease right-of-use asset Balances as of January 1, 2019 $ 393 Accumulated amortization (247 ) Other (4 ) Balances as of December 31, 2019 $ 136 The following table provides the changes in the Corporation’s operating lease liability for the year ended December 31, 2020 and 2019 respectively: In Thousands of US Dollars Total Balances as of January 1, 2020 $ 147 Renewed office lease 533 Repayments of lease liability (265 ) Other 11 Balances as of December 31, 2020 $ 426 Lease liability due within one year $ 58 Lease liability long term $ 368 The total future commitment payment amount for above lease is $454,092 comparing an outstanding lease liability of $425,620 as of December 31, 2020. The difference is due to borrowing rate discount. In Thousands of US Dollars Total Balances as of January 1, 2019 $ 405 Repayments of lease liability (277 ) Other 19 Balances as of December 31, 2019 $ 147 Lease liability due within one year $ 144 Lease liability long term $ 3 The total future commitment payment amount for above lease is $151,805 comparing an outstanding lease liability of $147,036 as of December 31, 2019. The difference is due to borrowing rate discount. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 10 - SHARE CAPITAL | Common shares authorized, issued and related contributed capital by controlling shareholders as of December 31, 2020, 2019 and 2018 were as follows In Thousands of US Dollars and shares Description 2020 2019 2018 Authorized: An unlimited number of common shares, at no par value Issued, outstanding: Number of common shares 77,961 71,218 64,676 Dollars $ 151,722 $ 136,554 $ 126,684 The holders of common shares are entitled to receive dividends as declared, which is at the discretion of the Corporation, and are entitled to one vote per share at the annual general meeting of the Corporation. The Corporation has never paid any dividends. Common Stock In February 2016, the Corporation filed a prospectus supplement and accompanying prospectus related to the potential issuance and sale of up to $12,000,000 of our common stock, no par value per share, from time to time through our sales agent, Chardan Capital Markets, LLC, or Chardan. These sales have been made under an equity distribution agreement, dated February 5, 2016, between the Corporation and Chardan, which we refer to as the equity distribution agreement. Sales of our common stock under this prospectus supplement and the accompanying prospectus are made by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on The NASDAQ Capital Market, on any other existing trading market for our common. If expressly authorized by us, Chardan may also sell our common stock in privately negotiated transactions. Chardan acts as sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of NASDAQ. There is no specific date on which the offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of this offering in an escrow, trust or similar account. During the year ended December 31, 2020, the Corporation completed three private placements and raised a total of $9,387,975 in share capital before various fee charges which totaled $701,067. A total of 3,742,445 common shares were issued at an average price of $2.51 per share. |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 11 - STOCK OPTIONS | The Corporation has established a stock option plan (the “Plan”) for its key employees, officers and directors, and certain consultants. The Plan is administered by the Board of Directors of the Corporation. The Board may from time to time designate individuals to whom options to purchase common shares of the Corporation may be granted, the number of shares to be optioned to each, and the option price per share. The option price per share cannot involve a discount to the market price at the time the option is granted. The maximum number of shares which may be optioned under the stock option plan is 7,500,000. The maximum number of shares which may be optioned to any one individual is 15% of the total issued and outstanding common shares. Options under the Plan expire up to ten years after the grant date and vest either immediately or over periods up to six years and are equity-settled. As of December 31, 2020, 1,000,000 options could still be granted by the Corporation. The following table provides the activity of stock option awards for the years ended December 31, 2020, 2019 and 2018 and for options outstanding and exercisable as of December 31, 2020, the weighted average exercise price, and the weighted average remaining contractual life. Options outstanding Number Weighted average exercise price Weighted average remaining contractual life (in years) Outstanding December 31, 2017 5,710,000 $ 1.75 7.39 Expired - - - Granted 30,000 3.43 3.59 Outstanding December 31, 2018 5,740,000 $ 1.76 6.37 Expired (10,000 ) 3.43 - Granted 360,000 2.08 9.26 Outstanding December 31, 2019 6,090,000 $ 1.78 5.61 Expired - - - Not vested Granted 410,000 2.34 8.94 Outstanding December 31, 2020 6,500,000 $ 1.81 4.87 Options exercisable 6,260,416 $ 1.79 4.70 The fair value of the options granted during the years ended December 31, 2020, 2019 and 2018, was determined using the Binomial Option pricing model using the following weighted average assumptions: Description 2020 2019 2018 Share price $ 1.81~2.86 $ 2.08 $ 2.59~$3.39 Exercise price $ 1.81~2.86 $ 2.08 $ 3.43 Risk-free interest rate 1.12%~1.67% 2.48 % 2.74%~2.78 % Expected volatility 81.34%~106.56% 105.36 % 149.99%~150.43 % Expected option life in years 4~10. Yrs 10 Yrs 4 Yrs Expected dividend yield - - - The weighted average grant-date fair value of options granted during the year ended December 31, 2020, and 2019 was $ 2.09 and 1.88 per option respectively. Expected volatility was estimated considering historic average share price volatility. Expected dividends were determined to be nil, since the Corporation has never had paid any dividends. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 12 - SHARE BASED COMPENSATION | On July 17, 2015, the Corporation approved the long-term employment agreement of Dr. Paul Averback as President and Chief Executive Officer. Dr. Averback has not taken a salary since November of 2014. The employment agreement retains the services of Dr. Averback for an initial period of seven years. Dr Averback has agreed to forgo 100% of his salary until the Company receives a significant increase in its financing to expand its operations and execute its business plans at which time Dr. Averback will have the option to receive a cash salary or to continue the equity compensation. Dr. Averback received 3,000,000 restricted shares in July, 2015 and shall receive 250,000 restricted stock each month for the duration of the contract, totaling up to 21,000,000 restricted shares, in lieu of cash salary. The Corporation determined that a grant date for all the restricted shares occurred on July 17, 2015 and established the fair value of each share at $1.36. The Corporation is recording the expense on a pro-rata basis and recorded an expense of $1,403,769 in 2020. The unrecognized compensation cost as at December 31, 2020, which will be recognized on a pro-rata basis over the duration of the employment contract as services are performed, assuming Dr. Averback continued to elect equity compensation, is $744,588. The stock and stock option-based compensation expense to the directors and employees are disaggregated in the statements of operations and comprehensive loss for the years ended December 31, 2020, 2019 and 2018, as follows: In Thousands of US Dollars Functional Expense Category 2020 2019 2018 General and administrative expense $ 702 $ 1,839 $ 2,064 Research and development expense 1,046 1,172 1,819 Total $ 1,748 $ 3,011 $ 3,883 |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 13 - WARRANTS | In the first quarter of 2019, the Corporation issued 2,500,000 warrants in connection with one private placement. Each warrant entitles the holder to acquire one common share of the Corporation at an exercise price of $8.00 with a five year term. The warrant was valued at $200,000 and recorded as part of additional paid in capital. A detail of warrant activity for the years ended December 31, 2020, 2019 and 2018 is as follows: Description Number Weighted average exercise price Weighted average remaining contractual life (in years) Outstanding 31-Dec-17 - $ - - Exercised - - - Granted - - - Expired - - - Cancelled - - - Outstanding 31-Dec-18 - $ - - Exercised - - - Granted 2,500,000 8.00 - Expired - - - Cancelled - - - Outstanding 31-Dec-19 2,500,000 $ 8.00 4.04 Exercised - - - Granted - - - Expired - - - Cancelled - - - Outstanding 31-Dec-20 2,500,000 $ 8.00 3.04 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 14 - INCOME TAXES | The Corporation was re-domiciled to the Bahamas in 2015. The substantial portion of our operations are generated out of our executive offices in the Bahamas which has no corporate income taxes. We do have operations subject to income tax in the United States of America, primarily the sale of product out of our New Jersey facilities. The effect of the re-domiciliation from Canada to the Bahamas resulted in the expiration of several tax attributes relative to our prior operations in Canada including Canadian research tax credit carryforwards and Canadian loss carryforwards. Canadian research tax credit carryforwards and Canadian loss carryforwards expired upon determination of the re-domiciliation by the Canadian federal government amount to $1,686,270 and $55,850,632, respectively. Nymox recognized no provision (recovery) for federal income taxes for the years ended December 31, 2020, 2019 and 2018. The following table is a reconciliation of effective tax rate: In Thousands of US Dollars Description 2020 2019 2018 Net loss for the year, before income taxes $ (11,738 ) $ (13,162 ) $ (10,594 ) Net loss attributable to the Bahamas (11,012 ) (12,841 ) (10,416 ) Net loss attributable the United States (725 ) (321 ) (178 ) Domestic tax rate applicable to the Corporation 21 % 21 % 21 % Income taxes at domestic tax statutory rate (152 ) (67 ) (37 ) Change in valuation allowance 152 67 37 Deferred tax provision (recovery) $ - $ - $ - As of December 31, 2020, 2019 and 2018, deferred tax assets not recognized were as follows: In Thousands of US Dollars Description 2020 2019 2018 Tax loss carry forward $ 1,386 $ 1,402 $ 1,558 Patents capitalized and amortized for tax purposes 0 0 4 Unrecognized deferred tax assets $ 1,386 $ 1,402 $ 1,568 Deferred tax assets have not been recognized in respect to these items because it is not probable that future taxable profit will be available against which the Corporation can utilize the benefits therefrom. The generation of future taxable profit is dependent on the successful commercialization of the Corporation’s products and technologies. The amount of net operating loss carryforwards for US Federal income tax purposes by year of origination and expiration is detailed below: In Thousands of US Dollars Year Originated Year of Expiration Amount Year Originated Year of Expiration Amount 2001 2021 664 2011 2031 480 2002 2022 522 2012 2032 177 2003 2023 564 2013 2033 121 2004 2024 353 2014 2034 70 2005 2025 264 2015 2035 127 2006 2026 355 2016 2036 147 2007 2027 .373 2017 2037 140 2008 2028 351 2018 2038 194 2009 2029 86 2019 2039 337 2010 2030 541 2020 2040 732 Total $ 6,598 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
EARNINGS PER SHARE | |
NOTE 15 - EARNINGS PER SHARE | Weighted average number of common shares outstanding: In Thousands of Shares Description 2020 2019 2018 Issued common shares at January 1 71,218 64,676 56,378 Effect of shares issued 2,605 4,169 4,088 Weighted average number of common shares outstanding at December 31 73,823 68,845 60,466 Diluted loss per share was the same amount as basic loss per share, as the effect of options and warrants would have been anti-dilutive because the Corporation incurred losses in each of the years presented. All outstanding options could potentially be dilutive in the future. |
FINANCIAL INSTRUMENTS FAIR VALU
FINANCIAL INSTRUMENTS FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 16 - FINANCIAL INSTRUMENTS FAIR VALUE DISCLOSURES | The Corporation has determined that the carrying value of its short-term financial assets and liabilities approximates their fair value due to the immediate or short-term maturity of these financial instruments. |
FINANCE INCOME AND FINANCE COST
FINANCE INCOME AND FINANCE COSTS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 17 - FINANCE INCOME AND FINANCE COSTS | Finance income and finance costs for the years ended December 31, 2020, 2019 and 2018, are detailed below: In Thousands of US Dollars Description 2020 2019 2018 Interest income $ 27 $ 213 $ 72 Net foreign exchange gain(loss) (3 ) (12 ) (7 ) Finance income 24 201 65 Interest and bank charges (30 ) (18 ) (18 ) Financial costs (30 ) (18 ) (18 ) Operating lease interest expense (12 ) (20 ) - Total finance income and costs $ (18 ) $ 163 $ 47 |
SEGMENT DISCLOSURES
SEGMENT DISCLOSURES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 18 - SEGMENT DISCLOSURES | The Corporation operates in one reportable segment, which is the Corporation’s strategic business unit -the research and development of products for the aging population. Information regarding the geographic reportable segment is as follows: In Thousands of US Dollars Description Canada United States Europe Revenues 2020 $ - $ 3 $ 2 2019 $ 1 $ 90 $ 24 2018 $ 1 $ 276 $ 22 Property and equipment December 31, 2020 $ 9 $ 19 $ – December 31, 2019 $ – $ 25 $ – December 31, 2018 $ – $ 33 $ – Revenues are attributed to geographic locations based on location of customers. Property and equipment is attributed to geographic locations based on its physical location. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 19 - CONCENTRATIONS | Major customers Customers that accounted for greater than 10% of revenues from sales of goods in any of the last three years were as follows: In Thousands of US Dollars Description 2020 2019 2018 Customer A $ - $ 23 $ 34 Customer B $ 2 $ - $ - Customer C $ - $ 36 $ 126 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 20 - RELATED PARTY TRANSACTIONS | The transactions we have with related parties are compensation arrangements for both current compensation, share based compensation and compensation under options for our officers and directors. We also paid service fees to two corporations controlled by two of our officers. Executive officers and directors participate in the Corporation’s stock option plan. Executive officers are covered under the Corporation’s health plan. Key management personnel compensation is comprised of: In Thousands of US Dollars Description 2020 2019 2018 Salaries $ – $ – $ – Short-term employee benefits 2 2 13 Stock-based compensation 1,404 2,998 3,814 Total $ 1,406 $ 3,000 $ 3,827 Total honorariums earned by the independent directors of the Corporation for participation in Board and Committee meetings were $26,000, $0 and $13,500 for the years ended December 31, 2020, 2019 and 2018, respectively. Our Chief Financial Officer receives no compensation as an individual and receives no deferred or incentive compensation. We do make payments in the form of contract for services rendered to a corporation controlled by him. Amounts paid under this arrangement were $535,000, $480,000 and $442,500 for the years ended December 31, 2020, 2019 and 2018, respectively. Our Corporate Legal Counsel receives no compensation as an individual and receives no deferred or incentive compensation. We do make payments in the form of contract for professional services rendered to a corporation controlled by him. Amounts paid under this arrangement were $324,767, $289,992 and $223,372 for the years ended December 31, 2020, 2019 and 2018, respectively. The above honorariums payment to directors and professional service fee paid to officers’ related party are part of the company’s G&A expense. |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 21 - RESEARCH AND DEVELOPMENT EXPENSES | Research and development expenses, excluding stock-based compensation and depreciation expenses, allocated to our major research and development programs are as follows: In Thousands of US Dollars For the Year Ended December 31, Research and Development Program 2020 2019 2018 Research and Development Program $ - $ 4 $ 2 Alzheimer’s Disease: Therapeutics - 4 - Anti-Infectives 4 4 4 BPH (Enlarged Prostate) and Prostate Cancer Therapeutics 7,162 5,932 4,917 Tobacco Exposure Tests: NicAlert™ and TobacAlert™ 1 18 2 Total $ 7,167 $ 5,962 $ 4,925 |
PERSONNEL EXPENSES
PERSONNEL EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 22 - PERSONNEL EXPENSES | A detailed analysis of employee personnel related expenses for the years ended December 31, 2020, 2019 and 2018 is provided below: In Thousands of US Dollars Description 2020 2019 2018 Salaries $ 659 $ 689 $ 518 Employer contributions 51 54 48 Short-term employee benefits 18 16 49 Stock-based compensation 1,417 3,011 3,883 Total $ 2,145 $ 3,770 $ 4,498 From above table, G&A related salary was $98,000, $90,000 and $95,000 for years 2020, 2019 and 2018 respectively. G&A related stock compensation was $702,000, $1,839,000, and $ 2,064,000 for years 2020,2019 and 2018. |
CAPITAL DISCLOSURES AND FINANCI
CAPITAL DISCLOSURES AND FINANCIAL RISK | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 23 - CAPITAL DISCLOSURES AND FINANCIAL RISK | In 2020, the Corporation raised a total of $9,387,975 in share capital before various fee charges which totaled $701,067 and issued 3,742,445 common shares from three private placements. Approximately 97%, 98% and 93% of expenses that occurred during the years ended December 31, 2020, 2019 and 2018, respectively, were denominated in US dollars. Foreign exchange fluctuations had no meaningful impact on the Corporation’s results in 2020, 2019 or 2018. |
FOREIGN EXCHANGE RISK
FOREIGN EXCHANGE RISK | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 24 - FOREIGN EXCHANGE RISK | We have no significant items exposed to foreign exchange. Based on the Corporation’s foreign currency exposures, varying the above foreign exchange rates to reflect a 5% strengthening of the US dollar would have decreased the net loss for the year ended December 31, 2020 by approximately $15,000, assuming that all other variables remained constant. An assumed 5% weakening of the US dollar against the Canadian dollar would have had an equal but opposite effect on the amount shown above, on the basis that all other variables remained constant. |
CREDIT RISK
CREDIT RISK | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 25 - CREDIT RISK | Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. Financial instruments that potentially subject the Corporation to concentrations of credit risk consist primarily of cash and trade and other accounts receivable. Cash is maintained with high-credit quality financial institutions. For trade accounts receivable, the Corporation performs periodic credit evaluations and typically does not require collateral. Allowances are maintained for potential credit losses consistent with the credit risk, historical trends, general economic conditions and other information. The Corporation has a limited number of customers. Included in the consolidated statement of financial position as of December 31, 2020, 2019 and 2018 are trade accounts receivable of $0, $4,368 and $2,084, respectively, all of which were aged under 45 days. The company’s trade accounts receivable is zero as of December 31, 2020 and two customers accounted for 100.00% of the accounts receivable balance as of December 31, 2019, all of whom have a good payment record with the Corporation. No bad debt expense was recorded on trade accounts receivable for the years ended December 31, 2020, 2019 or 2018. At December 31, 2020, the Corporation’s maximum credit exposure corresponded to the carrying amount of cash, trade accounts receivable and other receivables. |
INTEREST RATE RISK
INTEREST RATE RISK | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 26 - INTEREST RATE RISK | Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Cash bears interest at a variable rate. Trade accounts receivable, other receivables, trade accounts payable and accrued liabilities bear no interest. Based on the value of variable interest-bearing cash during the year ended December 31, 2020, an assumed 0.5% increase or 0.5% decrease in interest rates during such period would have had no significant effect on the net loss. |
LIQUIDITY RISK
LIQUIDITY RISK | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 27 - LIQUIDITY RISK | Liquidity risk is the risk that the Corporation will not be able to meet its financial obligations as they fall due. The Corporation manages liquidity risk through the management of its capital structure, as outlined in Capital Disclosures above. The Corporation does not have an operating credit facility and has historically financed its activities primarily through an equity financing with various investment companies and the issuance of convertible notes. The following are the contractual maturities of financial liabilities: In Thousands of US Dollars Description Carrying Amount Less than 1 year 1 year to 5 years Trade accounts payable and accrued liabilities December 31, 2020 $ 1,772 $ 1,772 $ - December 31, 2019 $ 1,894 $ 1,894 $ – |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
NOTE 28 - SUBSEQUENT EVENTS | The Corporation has evaluated subsequent events through March 29, 2021, the date the financial statements were authorized for issuance by the Audit Committee of the Board of Directors. Although it has expressed no intention to do so the Audit Committee has the authorization to amend these financial statements. The corporation has determined there are no subsequent events. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Consolidation | The consolidated financial statements of the Corporation include the accounts of its subsidiaries. Subsidiaries are those entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: - power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); - exposure, or rights, to variable returns from its involvement with the investee; and - The ability to use its power over the investee to affect its returns. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition is recorded as goodwill. If the cost of acquisition is less than fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statement of profit or loss. The assets, liabilities, income and expenses of subsidiary companies are consolidated on a line by line basis and the carrying value of investments held by the Holding Company is eliminated against the subsidiaries’ shareholders’ equity in the consolidated financial statements. All intra-group transactions, balances, income, expenses and unrealized gains and losses on transactions between Group companies are eliminated in full. Subsidiaries have same reporting period as that of the Holding Company. The accounting policies of subsidiaries have been same with the holding parent company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions have been eliminated on consolidation. |
Financial instruments | The Corporation has classified its cash, trade accounts receivable and other receivables as “loans and receivables”, and its trade accounts payable, accrued liabilities, “other financial liabilities”. The Corporation must classify the fair value measurements of financial instruments according to a three-level hierarchy, based on the type of inputs used in making these measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Financial assets | The Corporation initially recognizes receivables on the date that they are originated. Receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. The Corporation derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Financial assets and liabilities are offset, and the net amount presented in the consolidated statements of financial position when, and only when, the Corporation has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. |
Financial liabilities | The Corporation initially recognizes other financial liabilities on the trade date at which the Corporation becomes a party to the contractual provisions of the instrument. Other financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The Corporation derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. Interest, losses and gains relating to a financial liability are recognized in the statement of operations and comprehensive loss. IFRS 9 – Financial Instruments (“IFRS 9”) ultimately replaces IAS 39 – Financial Instruments: Recognition and Measurement (“IAS 39”), with the objective of improving and simplifying the reporting for financial instruments. In July 2014, the IASB issued the final version of IFRS 9, Financial Instruments (IFRS 9). IFRS 9 supersedes IAS 39, IFRIC 9 and earlier versions of IFRS 9. This standard provides guidance on the classification and measurement of financial liabilities and the presentation of gains and losses on financial liabilities designated at fair value through profit and loss. When an entity elects to measure a financial liability at fair value, gains or losses due to changes in the credit risk of the instrument must be recognized in other comprehensive income. This standard was effective for annual periods beginning on or after January 1, 2018 with earlier adoption permitted. The Corporation has implemented this standard yet there is no impact of the adoption of this standard on its consolidated financial statements. |
Share capital | Common shares are classified as equity. Incremental costs attributable to the issuance of common shares are recognized as an increase to deficit. |
Account Receivable | Accounts receivable consists of trade receivables. Sales allowance for expected credit losses is recorded against trade receivables and is based on historical experience. The company has zero, $4,000 and $2,000 trade receivables as of December 31, 2020, 2019 and 2018, respectively and no sales allowance was recorded during the three years. |
Inventories | Inventory consists primarily of finished goods held for sale and materials and are carried at the lower of first-in, first-out cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. |
Property and equipment | Property and equipment are measured at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of property and equipment have significantly different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are recognized as the difference in the proceeds from disposal and the carrying amount of property and equipment. The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in the statement of operations and comprehensive loss. Depreciation is calculated on the depreciable amount, which is the cost of an asset less its residual value. Depreciation is recognized on a straight-line basis over the estimated useful lives of each component of an item of property and equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are represented by the following estimated useful lives: Asset Classification Useful life Laboratory equipment 5 years Computer equipment 3 years Office equipment and fixtures 5 years Depreciation methods, useful lives and residual values are reviewed on an ongoing basis and adjusted if appropriate. |
Research and development expenditures | Expenditures on research activities, net of research tax credits, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, as well as demonstrating product efficacy and regulatory compliance prior to launch, are expensed in the statement of comprehensive earnings (loss) as incurred. Development activities, net of research tax credits, involve a plan or design to produce new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically, and commercially feasible, future economic benefits are probable, and the Corporation intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditures are recognized in research and development expenses as incurred. |
Amortization | Amortization is calculated on the cost of the asset, less its residual value. Amortization methods, useful lives and residual values are reviewed on an ongoing basis and adjusted if appropriate. |
Impairment | Indefinite lived intangibles are subject an assessment for impairment at each reporting date.. Financial assets impairment Financial assets are assessed at each reporting date to determine whether there is objective evidence that they are impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Corporation on terms that the Corporation would not consider otherwise, and indications that a debtor or issuer will enter bankruptcy. In assessing impairment, the Corporation uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated and recognized for the amount by which the asset’s carrying amount exceeds the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are reflected in an allowance account against receivables. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed. Non-financial assets impairment The carrying amounts of the Corporation’s non-financial assets, including property and equipment, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit, CGU or segment”). The Corporation’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Revenue recognitions | Revenue from product sales is recognized when the product has been delivered and obligations as defined in the agreement are performed. Collaboration agreements that include multiple deliverables are considered to be multiple-element arrangements. Under this type of arrangement, the identification of separate units of accounting is required and revenue is allocated among the separate units based on their relative fair values. Payments received under a collaboration agreement may include upfront payments, milestone payments, sale of goods, royalties and license fees. Revenue for each unit of accounting is recorded as described below: Upfront payments Upfront payments are deferred and recognized as revenue on a systematic basis over the estimated service period. Changes in estimates are recognized prospectively when changes to the expected term are determined. Milestone payments Revenue subject to the achievement of milestones is recognized only when the specified events have occurred, and collectability is reasonably assured. Specifically, the criteria for recognizing milestone payments are that (i) the milestone is substantive in nature, (ii) the achievement was not reasonably assured at the inception of the agreement, and (iii) the Corporation has no further involvement or obligation to perform associated with the achievement of the milestone, as defined in the related collaboration arrangement. The company does not have upfront payment, milestone payment and license revenue for the year ended December 31,2020,2019 and 2018. IFRS 15, Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers, which establishes principles for reporting the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. It provides a single model in order to depict the transfer of promised goods or services to customers. IFRS 15 supersedes the following standards: IAS 11, Construction Contracts, IAS 18, Revenue, IFRIC 13, Customer Loyalty Programs, IFRIC 15, Agreements for the Construction of Real Estate, IFRIC 18, Transfers of Assets from Customers, and SIC-31, Revenue – Barter Transactions Involving Advertising Service. The core principle of IFRS 15 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. IFRS 15 also includes a cohesive set of disclosure requirements that would result in an entity providing comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. This standard is effective for annual periods beginning on or after January 1, 2018, with earlier adoption permitted. The Corporation has adopted this standard in these financial statements yet determined that there is no impact on reported results of operations from its implementation. |
Sale of goods | Revenue from the sale of goods is recognized when the Corporation has transferred to the buyer the significant risks and rewards of ownership of the goods, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. |
Foreign currency | Monetary assets and liabilities of the Corporation’s Canadian and US subsidiaries denominated in currencies other than the US dollar are translated at the rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Income and expenses denominated in foreign currencies are translated at the average rate prevailing during the year. Foreign exchange loss and gain are reported on a net basis, within finance costs or finance income. |
Research tax credits | Until the corporation re-domiciled from Canada to the commonwealth of Bahamas in 2015, it is entitled to scientific research and experimental development tax credits (“research tax credits”) granted by the Canadian federal government and the government of the province of Québec. Federal research tax credits, which are non-refundable, are earned on qualified research and development expenditures and can only be used to offset federal income taxes otherwise payable. Provincial research tax credits, which are refundable, are earned on qualified research and development expenditures incurred in the province of Québec. These research tax credits are recognized as a reduction of research and development expenditures in the period in which they become receivable, provided that there is reasonable assurance that they will be received. |
Stock-based compensation | The grant date fair value of stock-based compensation awards granted to employees, consultants and directors is recognized as an expense, with a corresponding increase in equity, over the period that the employees, consultants or directors unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service at the vesting date. The fair value of the stock options is measured using the binomial pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience and general option holder behavior), expected dividends, and the risk-free interest rate (based on government bonds). Service conditions attached to the transactions are not taken into account in determining fair value. Share based payment arrangements in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions. |
Employee benefits | Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is provided. In addition to their salaries, employees of the Corporation are covered by a benefit package which includes a health plan, dental plan, disability insurance, life insurance and worker compensation insurance coverage. Participation in this plan is paid by the Corporation in full. Any employee that elects to extend the coverage to members of their family must pay the additional premium. |
Operating lease | Effective for annual reporting periods beginning on or after January 1, 2019, IFRS 16 introduced a new approach to lessee accounting that requires a lessee to recognize assets and liabilities for the rights and obligations created by leases. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months. The IASB concluded that such an approach will result in a more faithful representation of a lessee’s assets and liabilities and, together with enhanced disclosures, greater transparency of a lessee’s financial leverage and capital employed. We adopted this standard on January 1, 2019, with an immaterial cumulative adjustment of $11,667 to accumulated deficit rather than retrospectively adjusting prior periods. |
Income taxes | Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in the statement of operations and comprehensive loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss. Current tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses 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. |
Earnings per share | Basic earnings per share are determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed in a manner consistent with basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding options were exercised, and that the proceeds from such exercises as well as the assumed proceeds from future services were used to acquire shares of common stock at the average market price during the reporting period. |
Provisions | A provision is recognized if, because of a past event, the Corporation 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. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. |
Onerous contracts | A provision for onerous contracts is recognized when the expected benefits to be derived by the Corporation from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Corporation recognizes any impairment loss on the assets associated with that contract. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Property and equipment estimated useful lives | Asset Classification Useful life Laboratory equipment 5 years Computer equipment 3 years Office equipment and fixtures 5 years |
NEW ACCOUNTING STANDARDS AND _2
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of accounting standards | Standard or Interpretation IASB Effective Date (Annual periods beginning on or after) IFRS 03 Reference to Conceptual Framework (Amendments) 01 January 2022 IFRS 09 Financial Instruments – Fees in the ‘10 percent’ test for derecognition of financial liabilities 01 January 2022 IFRS 10/IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendment) Not Yet Finalized IAS 01 Classification of Liabilities as Current or Non-current liabilities (Amendments) 01 January 2022* IAS 16 Proceeds before Intended Use (Amendments) 01 January 2022 IAS 37 Onerous Contracts – Costs of Fulfilling a Contract (Amendments) 01 January 2022 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of property and equipment | In Thousands of US Dollars Laboratory Equipment Computer Equipment Office Equipment Total Cost Balance at December 31, 2017 $ 418 $ 31 $ 89 $ 538 Additions – 12 24 36 Disposals – – – – Balance at December 31, 2018 418 $ 43 $ 113 $ 574 Additions – - - - Disposals – – – – Balance at December 31, 2019 418 $ 43 $ 113 $ 574 Additions – 13 - 13 Disposals – – – – Balance at December 31, 2020 $ 418 $ 56 $ 113 $ 587 Accumulated depreciation Balance at December 31, 2017 418 31 89 $ 538 Depreciation for the year – 2 1 3 Disposals – – – – Balance at December 31, 2018 $ 418 $ 33 $ 90 $ 541 Depreciation for the year – 4 5 9 Disposals – – – – Balance at December 31, 2019 418 $ 37 $ 95 $ 550 Depreciation for the year – 4 5 9 Disposals – – – – Balance at December 31, 2020 $ 418 $ 41 $ 100 $ 559 Carrying amounts At December 31, 2018 $ - $ 10 $ 23 $ 33 At December 31, 2019 $ - $ 6 $ 19 $ 25 At December 31, 2020 $ - $ 15 $ 13 $ 28 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Accounts payable and accrued liabilities | In Thousands of US Dollars Description 2020 2019 2018 Accounts payable $ 1,403 $ 1,629 $ 808 Accrued liabilities: Payroll related liabilities 245 225 216 Other accrued liabilities 74 40 50 Deposit 50 - - Total accounts payable and accrued liabilities $ 1,772 $ 1,894 $ 1,074 |
OPERATING LEASES AND COMMITME_2
OPERATING LEASES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Operating lease right-of-use assets | In Thousands of US Dollars Operation lease right-of-use asset Balances as of January 1, 2020 $ 136 Renewed office lease 533 Accumulated amortization (247 ) Balances as of December 31, 2020 $ 422 In Thousands of US Dollars Operation lease right-of-use asset Balances as of January 1, 2019 $ 393 Accumulated amortization (247 ) Other (4 ) Balances as of December 31, 2019 $ 136 |
Summary of operating lease liability | In Thousands of US Dollars Total Balances as of January 1, 2020 $ 147 Renewed office lease 533 Repayments of lease liability (265 ) Other 11 Balances as of December 31, 2020 $ 426 Lease liability due within one year $ 58 Lease liability long term $ 368 |
Summary of lease liability | In Thousands of US Dollars Total Balances as of January 1, 2019 $ 405 Repayments of lease liability (277 ) Other 19 Balances as of December 31, 2019 $ 147 Lease liability due within one year $ 144 Lease liability long term $ 3 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SHARE CAPITAL (Tables) | |
Summary of Common shares authorized, issued and related contributed capital by controlling shareholders | In Thousands of US Dollars and shares Description 2020 2019 2018 Authorized: An unlimited number of common shares, at no par value Issued, outstanding: Number of common shares 77,961 71,218 64,676 Dollars $ 151,722 $ 136,554 $ 126,684 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
STOCK OPTIONS (Tables) | |
Summary of Stock option award | Options outstanding Number Weighted average exercise price Weighted average remaining contractual life (in years) Outstanding December 31, 2017 5,710,000 $ 1.75 7.39 Expired - - - Granted 30,000 3.43 3.59 Outstanding December 31, 2018 5,740,000 $ 1.76 6.37 Expired (10,000 ) 3.43 - Granted 360,000 2.08 9.26 Outstanding December 31, 2019 6,090,000 $ 1.78 5.61 Expired - - - Not vested Granted 410,000 2.34 8.94 Outstanding December 31, 2020 6,500,000 $ 1.81 4.87 Options exercisable 6,260,416 $ 1.79 4.70 |
Summary of Fair value of the options granted | Description 2020 2019 2018 Share price $ 1.81~2.86 $ 2.08 $ 2.59~$3.39 Exercise price $ 1.81~2.86 $ 2.08 $ 3.43 Risk-free interest rate 1.12%~1.67% 2.48 % 2.74%~2.78 % Expected volatility 81.34%~106.56% 105.36 % 149.99%~150.43 % Expected option life in years 4~10. Yrs 10 Yrs 4 Yrs Expected dividend yield - - - |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of stock option-based compensation expense | In Thousands of US Dollars Functional Expense Category 2020 2019 2018 General and administrative expense $ 702 $ 1,839 $ 2,064 Research and development expense 1,046 1,172 1,819 Total $ 1,748 $ 3,011 $ 3,883 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Warrants outstanding | Description Number Weighted average exercise price Weighted average remaining contractual life (in years) Outstanding 31-Dec-17 - $ - - Exercised - - - Granted - - - Expired - - - Cancelled - - - Outstanding 31-Dec-18 - $ - - Exercised - - - Granted 2,500,000 8.00 - Expired - - - Cancelled - - - Outstanding 31-Dec-19 2,500,000 $ 8.00 4.04 Exercised - - - Granted - - - Expired - - - Cancelled - - - Outstanding 31-Dec-20 2,500,000 $ 8.00 3.04 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Effective tax rate | In Thousands of US Dollars Description 2020 2019 2018 Net loss for the year, before income taxes $ (11,738 ) $ (13,162 ) $ (10,594 ) Net loss attributable to the Bahamas (11,012 ) (12,841 ) (10,416 ) Net loss attributable the United States (725 ) (321 ) (178 ) Domestic tax rate applicable to the Corporation 21 % 21 % 21 % Income taxes at domestic tax statutory rate (152 ) (67 ) (37 ) Change in valuation allowance 152 67 37 Deferred tax provision (recovery) $ - $ - $ - |
Summary of Unrecognized deferred tax assets | In Thousands of US Dollars Description 2020 2019 2018 Tax loss carry forward $ 1,386 $ 1,402 $ 1,558 Patents capitalized and amortized for tax purposes 0 0 4 Unrecognized deferred tax assets $ 1,386 $ 1,402 $ 1,568 |
Summary of Net operating loss carryforwards for origination and expiration | In Thousands of US Dollars Year Originated Year of Expiration Amount Year Originated Year of Expiration Amount 2001 2021 664 2011 2031 480 2002 2022 522 2012 2032 177 2003 2023 564 2013 2033 121 2004 2024 353 2014 2034 70 2005 2025 264 2015 2035 127 2006 2026 355 2016 2036 147 2007 2027 .373 2017 2037 140 2008 2028 351 2018 2038 194 2009 2029 86 2019 2039 337 2010 2030 541 2020 2040 732 Total $ 6,598 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Weighted average number of common shares outstanding | In Thousands of Shares Description 2020 2019 2018 Issued common shares at January 1 71,218 64,676 56,378 Effect of shares issued 2,605 4,169 4,088 Weighted average number of common shares outstanding at December 31 73,823 68,845 60,466 |
FINANCE INCOME AND FINANCE CO_2
FINANCE INCOME AND FINANCE COSTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Finance income and finance cots | In Thousands of US Dollars Description 2020 2019 2018 Interest income $ 27 $ 213 $ 72 Net foreign exchange gain(loss) (3 ) (12 ) (7 ) Finance income 24 201 65 Interest and bank charges (30 ) (18 ) (18 ) Financial costs (30 ) (18 ) (18 ) Operating lease interest expense (12 ) (20 ) - Total finance income and costs $ (18 ) $ 163 $ 47 |
SEGMENT DISCLOSURES (Tables)
SEGMENT DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Geographic reportable segment | In Thousands of US Dollars Description Canada United States Europe Revenues 2020 $ - $ 3 $ 2 2019 $ 1 $ 90 $ 24 2018 $ 1 $ 276 $ 22 Property and equipment December 31, 2020 $ 9 $ 19 $ – December 31, 2019 $ – $ 25 $ – December 31, 2018 $ – $ 33 $ – |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of revenues from sales | In Thousands of US Dollars Description 2020 2019 2018 Customer A $ - $ 23 $ 34 Customer B $ 2 $ - $ - Customer C $ - $ 36 $ 126 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Share based compensation | In Thousands of US Dollars Description 2020 2019 2018 Salaries $ – $ – $ – Short-term employee benefits 2 2 13 Stock-based compensation 1,404 2,998 3,814 Total $ 1,406 $ 3,000 $ 3,827 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Research and development expenses | In Thousands of US Dollars For the Year Ended December 31, Research and Development Program 2020 2019 2018 Research and Development Program $ - $ 4 $ 2 Alzheimer’s Disease: Therapeutics - 4 - Anti-Infectives 4 4 4 BPH (Enlarged Prostate) and Prostate Cancer Therapeutics 7,162 5,932 4,917 Tobacco Exposure Tests: NicAlert™ and TobacAlert™ 1 18 2 Total $ 7,167 $ 5,962 $ 4,925 |
PERSONNEL EXPENSES (Tables)
PERSONNEL EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of personnel related expenses | In Thousands of US Dollars Description 2020 2019 2018 Salaries $ 659 $ 689 $ 518 Employer contributions 51 54 48 Short-term employee benefits 18 16 49 Stock-based compensation 1,417 3,011 3,883 Total $ 2,145 $ 3,770 $ 4,498 |
LIQUIDITY RISK (Tables)
LIQUIDITY RISK (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Contractual maturities of financial liabilities | In Thousands of US Dollars Description Carrying Amount Less than 1 year 1 year to 5 years Trade accounts payable and accrued liabilities December 31, 2020 $ 1,772 $ 1,772 $ - December 31, 2019 $ 1,894 $ 1,894 $ – |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory Equipment [member] | |
Statement [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Computer equipment [member] | |
Statement [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Office Equipment And Fixtures [member] | |
Statement [Line Items] | |
Property and equipment estimated useful lives | 5 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [Line Items] | |||
Accounts receivable | $ 0 | $ 4,000 | $ 2,000 |
January 1, 2019 [Member] | |||
Statement [Line Items] | |||
Immaterial cumulative adjustment | $ 11,667 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Beginning balance | $ 574 | $ 574 | $ 538 |
Additions | 13 | 36 | |
Ending balance | 587 | 574 | 574 |
Accumulated depreciation, beginning balance | 550 | 541 | 538 |
Depreciation for the year | 9 | 9 | 3 |
Accumulated depreciation, ending balance | 559 | 550 | 541 |
Carrying value of property and equipment | 28 | 25 | 33 |
Laboratory Equipment [member] | |||
Statement [Line Items] | |||
Beginning balance | 418 | 418 | 418 |
Ending balance | 418 | 418 | 418 |
Accumulated depreciation, beginning balance | 418 | 418 | 418 |
Accumulated depreciation, ending balance | 418 | 418 | 418 |
Carrying value of property and equipment | 0 | 0 | |
Computer equipment [member] | |||
Statement [Line Items] | |||
Beginning balance | 43 | 43 | 31 |
Additions | 13 | 12 | |
Ending balance | 56 | 43 | 43 |
Accumulated depreciation, beginning balance | 37 | 33 | 31 |
Depreciation for the year | 4 | 4 | 2 |
Accumulated depreciation, ending balance | 41 | 37 | 33 |
Carrying value of property and equipment | 15 | 6 | 10 |
Office equipment [member] | |||
Statement [Line Items] | |||
Beginning balance | 113 | 113 | 89 |
Additions | 24 | ||
Ending balance | 113 | 113 | 113 |
Accumulated depreciation, beginning balance | 95 | 90 | 89 |
Depreciation for the year | 5 | 5 | 1 |
Accumulated depreciation, ending balance | 100 | 95 | 90 |
Carrying value of property and equipment | $ 13 | $ 19 | $ 23 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
PROPERTY AND EQUIPMENT (Details) | |||
Depreciation expense of property and equipment | $ 9,236 | $ 8,684 | $ 3,041 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - Intellectual Property Rights [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Intangible assets | $ 2,222,661 | $ 2,222,661 | $ 2,222,661 |
Accumulated amortization | $ 2,222,661 | $ 2,222,661 | $ 2,222,661 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts payable | $ 1,403 | $ 1,629 | $ 808 |
Payroll related liabilities | 245 | 225 | 216 |
Other accrued liabilities | 74 | 40 | 50 |
Deposit | 50 | 0 | 0 |
Total accounts payable and accrued liabilities | $ 1,772 | $ 1,894 | $ 1,074 |
OPERATING LEASES AND COMMITME_3
OPERATING LEASES AND COMMITMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Begininng balance | $ 136 | $ 393 |
Renewed office lease | 533 | |
Accumulated amortization | (247) | (247) |
Other | (4) | |
Ending balance | $ 422 | $ 136 |
OPERATING LEASES AND COMMITME_4
OPERATING LEASES AND COMMITMENTS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 147 | $ 405 |
Renewed office lease | 533 | |
Repayments of lease liability | (265) | (277) |
Other | 11 | 19 |
Ending balance | 426 | 147 |
Lease liability due within one year | 58 | 144 |
Lease liability long term | $ 368 | $ 3 |
OPERATING LEASES AND COMMITME_5
OPERATING LEASES AND COMMITMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | ||
Operating lease liability | $ 425,620 | $ 147,036 |
Future payment amount | $ 454,092 | $ 151,805 |
Average remaining years | 1 year 15 days | |
January 1, 2019 [Member] | ||
Statement [Line Items] | ||
Immaterial cumulative adjustment | $ 11,667 | |
Discount rate description | Ranges from 5.00% to 7.03% | |
October, 2020 [Member] | ||
Statement [Line Items] | ||
Operating lease liability | $ 390,000 | |
Lease expiry date | Oct. 31, 2023 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share capital, shares outstanding | 77,961 | 71,218 | 64,676 |
Number of common shares, value | $ 151,722 | $ 136,554 | $ 126,684 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Chardan Capital Markets, LLC [Member] | |
Statement [Line Items] | |
Prospectus supplement and accompanying prospectus description | In February 2016, the Corporation filed a prospectus supplement and accompanying prospectus related to the potential issuance and sale of up to $12,000,000 of our common stock, no par value per share, from time to time through our sales agent, Chardan Capital Markets, LLC, or Chardan |
Three Private Placements [member] | |
Statement [Line Items] | |
Proceeds from issuance of common stock | $ 9,387,975 |
Fees charges | $ 701,067 |
Common stock shares issued | shares | 3,742,445 |
Price per share | $ / shares | $ 2.51 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Number of outstanding balance, Beginning | 6,090,000 | 5,740,000 | 5,710,000 |
Expired | 0 | (10,000) | 0 |
Granted | 410,000 | 360,000 | 30,000 |
Number of outstanding balance, Ending | 6,500,000 | 6,090,000 | 5,740,000 |
Options exercisable | 6,260,416 | 0 | 0 |
Weighted average exercise price, Beginning | $ 1.78 | $ 1.76 | $ 1.75 |
Weighted average exercise price, Expired | 0 | 3.43 | 0 |
Weighted average exercise price, Granted | 2.34 | 2.08 | 3.43 |
Weighted average exercise price, Ending | 1.81 | 1.78 | 1.76 |
Weighted average exercise price, Options exercisable | $ 1.79 | $ 0 | $ 0 |
Weighted average remaining contractual life (in years) | 5 years 7 months 10 days | 6 years 4 months 13 days | 7 years 4 months 20 days |
Weighted average remaining contractual life (in years), Granted | 8 years 11 months 9 days | 9 years 3 months 4 days | 3 years 7 months 2 days |
Weighted average remaining contractual life options outstanding | 4 years 10 months 13 days | 5 years 7 months 10 days | 6 years 4 months 13 days |
Weighted average remaining contractual life options exercisable (in years) | 4 years 8 months 12 days |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Share price | $ 2.08 | ||
Exercise price | $ 2.08 | $ 3.43 | |
Risk-free interest rate | 2.48% | ||
Expected volatility | 105.36% | ||
Expected option life in years | 10 years | 4 years | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Statement [Line Items] | |||
Share price | $ 1.81 | $ 2.59 | |
Exercise price | $ 1.81 | $ 3.43 | |
Risk-free interest rate | 1.12% | 2.74% | |
Expected volatility | 81.34% | 149.99% | |
Expected option life in years | 4 years | ||
Maximum [Member] | |||
Statement [Line Items] | |||
Share price | $ 2.86 | $ 3.39 | |
Exercise price | $ 2.86 | $ 3.43 | |
Risk-free interest rate | 1.67% | 2.78% | |
Expected volatility | 106.56% | 150.43% | |
Expected option life in years | 10 years |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock option plan, description | The maximum number of shares which may be optioned under the stock option plan is 7,500,000. The maximum number of shares which may be optioned to any one individual is 15% of the total issued and outstanding common shares. Options under the Plan expire up to ten years after the grant date and vest either immediately or over periods up to six years and are equity-settled. | |
Stock option granted | 1,000,000 | |
Weighted average grant-date fair value | $ 2.09 | $ 1.88 |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Research and development expense | $ 8,120 | $ 7,377 | $ 6,677 |
Stock Option [Member] | |||
Statement [Line Items] | |||
General and administrative expense | 702 | 1,839 | 2,064 |
Research and development expense | 1,046 | 1,172 | 1,819 |
Total | $ 1,748 | $ 3,011 | $ 3,883 |
SHARE BASED COMPENSATION (Det_2
SHARE BASED COMPENSATION (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Dec. 31, 2020 | Jul. 17, 2015 | |
Statement [Line Items] | |||
Shares based compensation recognized expense | $ 1,403,769 | ||
Shares based compensation unrecognized compensation | $ 744,588 | ||
Dr. Averback [Member] | |||
Statement [Line Items] | |||
Restricted shares granted | 3,000,000 | ||
Restricted shares granted monthly | 250,000 | ||
Total rerestricted shares granted | 21,000,000 | ||
Fair value per share | $ 1.36 |
WARRANTS (Details)
WARRANTS (Details) - Warrants [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Number of outstanding balance, Beginning | 2,500,000 | 0 | |
Exercised | 0 | 0 | |
Granted | 2,500,000 | 0 | |
Number of outstanding balance, Ending | 2,500,000 | 2,500,000 | 0 |
Weighted average exercise price, Beginning | $ 8 | $ 0 | $ 0 |
Weighted average exercise price, Ending | $ 8 | $ 8 | $ 0 |
Weighted average remaining contractual life (in years) | 3 years 15 days | 4 years 15 days |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - Private Placements [Member] | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Statement [Line Items] | |
Warrants issued | shares | 2,500,000 |
Warrant exercise price per share | $ / shares | $ 8 |
Warrant value | $ | $ 200,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Net loss for the year, before income taxes | $ (11,738) | $ (13,162) | $ (10,594) |
Domestic tax rate applicable to the Corporation | 21.00% | 21.00% | 21.00% |
Income taxes at domestic tax statutory rate | $ (152) | $ (67) | $ (37) |
Change in valuation allowance | 152 | 67 | 37 |
Deferred tax provision (recovery) | 0 | 0 | 0 |
Bahamas [Member] | |||
Statement [Line Items] | |||
Net loss for the year, before income taxes | (11,012) | (12,841) | (10,416) |
United States [Member] | |||
Statement [Line Items] | |||
Net loss for the year, before income taxes | $ (725) | $ (321) | $ (178) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Tax loss carry forward | $ 1,386 | $ 1,402 | $ 1,558 |
Patents capitalized and amortized for tax purposes | 0 | 0 | 4 |
Unrecognized deferred tax assets | $ 1,386 | $ 1,402 | $ 1,568 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 6,598 |
2020 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 732 |
Year Originated | 2020 |
Year of Expiration | 2040 |
2009 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 86 |
Year Originated | 2009 |
Year of Expiration | 2029 |
2001 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 664 |
Year Originated | 2001 |
Year of Expiration | 2021 |
2002 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 522 |
Year Originated | 2002 |
Year of Expiration | 2022 |
2003 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 564 |
Year Originated | 2003 |
Year of Expiration | 2023 |
2004 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 353 |
Year Originated | 2004 |
Year of Expiration | 2024 |
2005 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 264 |
Year Originated | 2005 |
Year of Expiration | 2025 |
2006 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 355 |
Year Originated | 2006 |
Year of Expiration | 2026 |
2007 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 373 |
Year Originated | 2007 |
Year of Expiration | 2027 |
2008 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 351 |
Year Originated | 2008 |
Year of Expiration | 2028 |
2010 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 541 |
Year Originated | 2010 |
Year of Expiration | 2030 |
2011 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 480 |
Year Originated | 2011 |
Year of Expiration | 2031 |
2012 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 177 |
Year Originated | 2012 |
Year of Expiration | 2032 |
2013 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 121 |
Year Originated | 2013 |
Year of Expiration | 2033 |
2014 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 70 |
Year Originated | 2014 |
Year of Expiration | 2034 |
2015 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 127 |
Year Originated | 2015 |
Year of Expiration | 2035 |
2016 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 147 |
Year Originated | 2016 |
Year of Expiration | 2036 |
2017 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 140 |
Year Originated | 2017 |
Year of Expiration | 2037 |
2018 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 194 |
Year Originated | 2018 |
Year of Expiration | 2038 |
2019 [Member] | |
Statement [Line Items] | |
Net operating loss carryforwards | $ 337 |
Year Originated | 2019 |
Year of Expiration | 2039 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2015USD ($) |
Canadian research tax credit carryforwards | $ 1,686,270 |
Canadian loss carryforwards | $ 55,850,632 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issued common shares at January 1 | 71,218 | 64,676 | 56,378 |
Effect of shares issued | 2,605 | 4,169 | 4,088 |
Weighted average number of common shares outstanding at December 31 | 73,823 | 68,845 | 60,466 |
FINANCE INCOME AND FINANCE CO_3
FINANCE INCOME AND FINANCE COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 27 | $ 213 | $ 72 |
Net foreign exchange gain(loss) | (3) | (12) | (7) |
Finance income | 24 | 201 | 65 |
Interest and bank charges | (30) | (18) | (18) |
Finance costs | (30) | (18) | (18) |
Operation lease interest expense | (12) | (20) | 0 |
Total finance income and costs | $ (18) | $ 163 | $ 47 |
SEGMENT DISCLOSURES (Details)
SEGMENT DISCLOSURES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Revenues | $ 5 | $ 116 | $ 299 |
Property and equipment | 28 | 25 | 33 |
United States [Member] | |||
Statement [Line Items] | |||
Revenues | 3 | 90 | 276 |
Property and equipment | 19 | 25 | 33 |
Europe [Member] | |||
Statement [Line Items] | |||
Revenues | 2 | 24 | 22 |
Property and equipment | 0 | 0 | 0 |
Canada [Member] | |||
Statement [Line Items] | |||
Revenues | 0 | 1 | 1 |
Property and equipment | $ 9 | $ 0 | $ 0 |
CONCENTRATIONS (Details)
CONCENTRATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Revenues from sales of goods | $ 5 | $ 116 | $ 299 |
Customers A [member] | |||
Statement [Line Items] | |||
Revenues from sales of goods | 0 | 23 | 34 |
Customers B [member] | |||
Statement [Line Items] | |||
Revenues from sales of goods | 2 | 0 | 0 |
Customers C [member] | |||
Statement [Line Items] | |||
Revenues from sales of goods | $ 0 | $ 36 | $ 126 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Officers And Directors [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Salaries | $ 0 | $ 0 | $ 0 |
Short-term employee benefits | 2 | 2 | 13 |
Stock-based compensation | 1,404 | 2,998 | 3,814 |
Total | $ 1,406 | $ 3,000 | $ 3,827 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Chief Financial Officers [Member] | |||
Statement [Line Items] | |||
Amounts paid contract for services | $ 535,000 | $ 480,000 | $ 442,500 |
Corporate Legal Counsel [Member] | |||
Statement [Line Items] | |||
Amounts paid contract for services | 324,767 | 289,992 | 223,372 |
Independent Directors [Member] | |||
Statement [Line Items] | |||
Total honorariums | $ 26,000 | $ 0 | $ 13,500 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Research and development expenses | $ 7,167 | $ 5,962 | $ 4,925 |
Alzheimer's Disease Therapeutics [Member] | |||
Statement [Line Items] | |||
Research and development expenses | 0 | 4 | 0 |
Anti-Infectives [Member] | |||
Statement [Line Items] | |||
Research and development expenses | 4 | 4 | 4 |
BPH (Enlarged Prostate) and Prostate Cancer Therapeutics [Member] | |||
Statement [Line Items] | |||
Research and development expenses | 7,162 | 5,932 | 4,917 |
Tobacco Exposure Tests [Member] | |||
Statement [Line Items] | |||
Research and development expenses | 1 | 18 | 2 |
Research and Development Program [Member] | |||
Statement [Line Items] | |||
Research and development expenses | $ 0 | $ 4 | $ 2 |
PERSONNEL EXPENSES (Details)
PERSONNEL EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Salaries | $ 659 | $ 689 | $ 518 |
Employer contributions | 51 | 54 | 48 |
Short-term employee benefits | 18 | 16 | 49 |
Stock-based compensation | 1,417 | 3,011 | 3,883 |
Total | $ 2,145 | $ 3,770 | $ 4,498 |
PERSONNEL EXPENSES (Details Nar
PERSONNEL EXPENSES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Salaries | $ 659,000 | $ 689,000 | $ 518,000 |
Stock-based compensation | 1,417,000 | 3,011,000 | 3,883,000 |
General and Adminstrative [Member] | |||
Statement [Line Items] | |||
Salaries | 98,000 | 90,000 | 95,000 |
Stock-based compensation | $ 702,000 | $ 1,839,000 | $ 2,064,000 |
CAPITAL DISCLOSURES AND FINAN_2
CAPITAL DISCLOSURES AND FINANCIAL RISK (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Denominated percentages of expenses | 97.00% | 98.00% | 93.00% |
Private Placement [member] | |||
Statement [Line Items] | |||
Amount of issuance of share capital | $ 9,387,975 | ||
Issuance of share capital | $ 701,067 | ||
Common shares issued | 3,742,445 |
FOREIGN EXCHANGE RISK (Details
FOREIGN EXCHANGE RISK (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Description of functional currency exposures | foreign exchange rates to reflect a 5% strengthening of the US dollar would have decreased the net loss for the year ended December 31, 2020 by approximately $15,000, assuming that all other variables remained constant. |
CREDIT RISK (Details Narrative)
CREDIT RISK (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [Line Items] | |||
Trade accounts receivable | $ 0 | $ 4,368 | $ 2,084 |
Two Customer [member] | |||
Statement [Line Items] | |||
Trade receivables percentage | 0.00% | 100.00% |
INTEREST RATE RISK (Details Nar
INTEREST RATE RISK (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Increase decrease interest rates percentage description | Based on the value of variable interest-bearing cash during the year ended December 31, 2019, an assumed 0.5% increase or 0.5% decrease in interest rates during such period would have had no significant effect on the net loss. |
LIQUIDITY RISK (Details)
LIQUIDITY RISK (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [Line Items] | |||
Trade accounts payable and accrued liabilities | $ 1,772 | $ 1,894 | $ 1,074 |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Trade accounts payable and accrued liabilities | 1,772 | 1,894 | |
1 year to 5 years [Member] | |||
Statement [Line Items] | |||
Trade accounts payable and accrued liabilities | 0 | 0 | |
Carrying amount [member] | |||
Statement [Line Items] | |||
Trade accounts payable and accrued liabilities | $ 1,772 | $ 1,894 |