Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | POET TECHNOLOGIES INC. |
Entity Central Index Key | 0001437424 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 288,363,553 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(g) Security | Common Stock, no par value |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Cash and cash equivalents | $ 1,428,129 | $ 2,567,868 | $ 4,974,478 |
Accounts receivable (Notes 2 and 4) | 946,944 | 493,925 | |
Receivable from the sale of discontinued operations (Note 23) | 18,000,000 | ||
Prepaids and other current assets (Note 5) | 831,265 | 2,936,619 | 1,957,727 |
Inventory (Note 6) | 436,833 | 524,582 | |
Total current assets | 20,259,394 | 6,888,264 | 7,950,712 |
Property and equipment (Note 7) | 3,143,060 | 9,299,513 | 8,278,170 |
Patents and licenses (Note 8) | 452,384 | 466,714 | 456,250 |
Balance, right of use asset | 222,517 | ||
Intangible assets (Note 10) | 802,409 | 839,637 | |
Goodwill (Note 24) | 7,681,003 | 7,681,003 | |
Total assets | 24,077,355 | 25,137,903 | 25,205,772 |
Liabilities | |||
Accounts payable and accrued liabilities (Note 11) | 1,725,708 | 3,040,422 | 810,593 |
Lease liability (Note 9) | 90,504 | ||
Convertible debentures (Note 12) | 3,089,033 | ||
Total current liabilities | 4,905,245 | 3,040,422 | 810,593 |
Lease liability (Note 9) | 133,254 | ||
Deferred tax liability (Note 24) | 1,000,427 | 1,298,367 | |
Deferred rent | 1,814 | 24,031 | |
Total liabilities | 5,038,499 | 4,042,663 | 2,132,991 |
Shareholders' Equity | |||
Share capital (Note 13(b)) | 112,144,172 | 112,028,194 | 103,616,221 |
Equity component of convertible debentures (Note 12) | 627,511 | ||
Warrants (Note 14) | 8,525,358 | 8,303,738 | 5,985,378 |
Contributed surplus (Note 15) | 38,799,337 | 36,042,754 | 32,102,967 |
Accumulated other comprehensive loss | (1,908,715) | (2,083,514) | (1,758,632) |
Deficit | (139,148,807) | (133,195,932) | (116,873,153) |
Total equity | 19,038,856 | 21,095,240 | 23,072,781 |
Total equity and liabilities | 24,077,355 | 25,137,903 | 25,205,772 |
Commitments and contingencies (Note 17) |
Consolidated Statements of Oper
Consolidated Statements of Operations and Deficit - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Operating expenses | ||||
Selling, marketing and administration (Note 22) | $ 6,697,387 | $ 6,173,875 | $ 5,887,709 | |
Research and development (Note 22) | 2,083,815 | 2,262,476 | 2,039,421 | |
Impairment of long lived assets (Notes 10 and 24) | 1,764,459 | |||
Interest expense (Notes 9 and 12) | 819,911 | |||
Amortization of debt issuance costs (Note 12) | 372,340 | |||
Other income, including interest | (10,540) | (14,234) | (18,279) | |
Operating expenses | 11,727,372 | 8,422,117 | 7,908,851 | |
Net loss from continuing operations, before taxes | (11,727,372) | (8,422,117) | (7,908,851) | |
Income tax recovery (Note 25) | [1] | (292,740) | (297,940) | (297,940) |
Net loss from continuing operations, net of taxes | (11,434,632) | (8,422,117) | (7,908,851) | |
Net income (loss) from discontinued operations | 5,481,757 | (7,900,662) | (4,888,946) | |
Net loss | (5,952,875) | (16,322,779) | (12,797,797) | |
Deficit, beginning of year | (133,195,932) | (116,873,153) | (104,075,356) | |
Net loss | (5,952,875) | (16,322,779) | (12,797,797) | |
Deficit, end of year | $ (139,148,807) | $ (133,195,932) | $ (116,873,153) | |
Basic and diluted loss per share, continuing operations (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.03) | |
Basic and diluted income (loss) per share, discontinued operations (in dollars per share) | 0.02 | (0.03) | (0.02) | |
Basic and diluted net loss per share (Note 16) (in dollars per share) | $ (0.02) | $ (0.06) | $ (0.05) | |
[1] | Deferred tax recovery and income tax recovery recognized for 2018 and 2017 are included Income (loss) from discontinued operations, net of taxes on the consolidated statements of operations and deficit. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Net loss | $ (5,952,875) | $ (16,322,779) | $ (12,797,797) |
Other comprehensive income (loss) - net of income taxes | |||
Exchange differences on translating foreign operations | 3,109 | (543,557) | 362,679 |
Comprehensive loss | (5,778,076) | (16,647,661) | (12,468,312) |
Discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
Net loss | 5,481,757 | (7,900,662) | (4,888,946) |
Other comprehensive income (loss) - net of income taxes | |||
Exchange differences on translating foreign operations | $ 171,690 | $ 218,675 | $ (33,194) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) | Issued capital [member]Common shares issued on public offering [member] | Issued capital [member]Warrants issued on public offering [member] | Issued capital [member]Compensation options issued to brokers [member] | Issued capital [member] | Reserve of equity component of convertible instruments [member] | Warrants [member]Compensation options issued to brokers [member] | Warrants [member]Warrants issued with debt financing [member] | Warrants [member]Warrants issued [member] | Warrants [member] | Share premium [member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Total |
Equity at Dec. 31, 2016 | $ 103,357,862 | $ 2,013,747 | $ 29,062,874 | $ (2,088,117) | $ (104,075,356) | ||||||||
Statement Line Items [Line Items] | |||||||||||||
Funds from the exercise of stock options | 123,528 | ||||||||||||
Fair value of stock options exercised | 134,831 | (134,831) | |||||||||||
Stock isued on the exercise of warrants and compensation warrants | |||||||||||||
Warrants and compensation warrants exercised, historical fair value | (901,417) | ||||||||||||
Equity issued | $ 5,985,378 | 5,985,378 | |||||||||||
Share issue costs | |||||||||||||
Equity at Dec. 31, 2017 | 103,616,221 | 5,985,378 | 32,102,967 | (1,758,632) | (116,873,153) | $ 23,072,781 | |||||||
Statement Line Items [Line Items] | |||||||||||||
Fair value of equity component of convertible debentures | |||||||||||||
Fair value of expired warrants | (1,112,330) | ||||||||||||
Stock-based compensation | 3,174,924 | ||||||||||||
Other comprehensive income (loss) attributable to common shareholders - translation adjustment | 329,485 | 362,679 | |||||||||||
Net loss | (12,797,797) | (12,797,797) | |||||||||||
Funds from the exercise of stock options | 87,974 | ||||||||||||
Fair value of stock options exercised | 82,330 | (82,330) | |||||||||||
Stock isued on the exercise of warrants and compensation warrants | 1,028,471 | ||||||||||||
Warrants and compensation warrants exercised, historical fair value | 447,270 | (447,270) | |||||||||||
Equity issued | 10,663,548 | (2,286,426) | (479,204) | 479,204 | 2,286,426 | 2,286,426 | |||||||
Share issue costs | (1,131,990) | ||||||||||||
Equity at Dec. 31, 2018 | 112,028,194 | 8,303,738 | 36,042,754 | (2,083,514) | (133,195,932) | 21,095,240 | |||||||
Statement Line Items [Line Items] | |||||||||||||
Fair value of equity component of convertible debentures | |||||||||||||
Fair value of expired warrants | |||||||||||||
Stock-based compensation | 4,022,117 | ||||||||||||
Other comprehensive income (loss) attributable to common shareholders - translation adjustment | (324,882) | (543,557) | |||||||||||
Net loss | (16,322,779) | (16,322,779) | |||||||||||
Funds from the exercise of stock options | 60,028 | ||||||||||||
Fair value of stock options exercised | 55,950 | (55,950) | |||||||||||
Stock isued on the exercise of warrants and compensation warrants | |||||||||||||
Warrants and compensation warrants exercised, historical fair value | |||||||||||||
Equity issued | $ 221,620 | 221,620 | |||||||||||
Share issue costs | |||||||||||||
Equity at Dec. 31, 2019 | $ 112,144,172 | 627,511 | 8,525,358 | 38,799,337 | (1,908,715) | (139,148,807) | 19,038,856 | ||||||
Statement Line Items [Line Items] | |||||||||||||
Fair value of equity component of convertible debentures | $ 627,511 | ||||||||||||
Fair value of expired warrants | |||||||||||||
Stock-based compensation | $ 2,812,533 | ||||||||||||
Other comprehensive income (loss) attributable to common shareholders - translation adjustment | $ 174,799 | 3,109 | |||||||||||
Net loss | $ (5,952,875) | $ (5,952,875) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net loss | $ (5,952,875) | $ (16,322,779) | $ (12,797,797) |
Discontinued operations, net of tax | (5,481,757) | 7,900,662 | 4,888,946 |
Net loss from continuing operations | (11,434,632) | (8,422,117) | (7,908,851) |
Adjustments for: | |||
Depreciation of property and equipment | 166,342 | 96,452 | 128,283 |
Amortization of patents and licenses (Note 8) | 61,671 | 56,792 | 53,969 |
Amortization of debt issuance cost (Note 12) | 372,340 | ||
Amortization of right of use asset (Note 9) | 15,683 | ||
Impairment loss | 1,764,459 | ||
Accretion of debt discount on convertible debentures (Note 12) | 280,829 | ||
Stock-based compensation | 2,888,141 | 3,602,879 | 2,958,358 |
Income tax recovery | (292,740) | ||
Total adjustments to reconcile profit (loss) | (6,177,907) | (4,665,994) | (4,768,241) |
Net change in non-cash working capital accounts: | |||
Prepaid and other current assets (Note 5) | (685,667) | (75,855) | 78,011 |
Accounts payable and accrued liabilities | 420,457 | 244,054 | (544,809) |
Cash flows from operating activities, continuing operations | (6,443,117) | (4,497,795) | (5,235,039) |
Cash flows from operating activities, discontinued operations | (2,951,104) | (4,790,793) | (3,928,651) |
Net cash flows from (used in) operating activities | (9,394,221) | (9,288,588) | (9,163,690) |
INVESTING ACTIVITIES | |||
Purchase of property and equipment (Note 7) | (445,678) | (57,023) | |
Purchase of patents and licenses (Note 8) | (65,806) | (67,608) | (41,728) |
Proceeds from the sale of short-term investments | 589,275 | ||
Cash flows from investing activities, continuing operations | (511,484) | (67,608) | 490,524 |
Cash flow from investing activities, discontinued operations | 5,908,623 | (3,467,992) | (931,589) |
Net cash flows from (used in) investing activities | 5,397,139 | (3,535,600) | (441,065) |
FINANCING ACTIVITIES | |||
Proceeds from convertible debentures, net of issue costs paid in cash (Note 12) | 3,352,849 | ||
Proceeds from loan payable and promissory note (Note 12) | 4,000,000 | ||
Repayment of loan payable and promissory note (Note 12) | (4,000,000) | ||
Issue of common shares for cash, net of issue costs (Note 13) | 60,028 | 10,648,003 | 123,528 |
Lease payments, lease liability | (19,162) | ||
Cash flows from financing activities, continuing operations | 3,393,715 | 10,648,003 | 123,528 |
Cash flow from financing activities, discontinued operations | (258,460) | ||
Net cash flows from (used in) financing activities | 3,135,255 | 10,648,003 | 123,528 |
Effect of exchange rate on cash, continuing operations | (263,902) | (256,915) | 144,761 |
Effect of exchange rate on cash, discontinued operations | (14,010) | 26,490 | (65,338) |
Effect of exchange rate on cash | (277,912) | (230,425) | 79,423 |
Net change in cash and cash equivalents, continuing operations | (3,824,788) | 5,825,685 | (4,476,226) |
Net change in cash and cash equivalents, discontinued operations | 2,685,049 | (8,232,295) | (4,925,578) |
Cash and cash equivalents, beginning of year | 2,567,868 | 4,974,478 | 14,376,282 |
Cash and cash equivalents, end of year | 1,428,129 | 2,567,868 | 4,974,478 |
Purchase of property and equipment financed through accounts payable | $ 250,160 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of additional information about understanding financial position and liquidity of entity [text block] | 1. DESCRIPTION OF BUSINESS POET Technologies Inc. is incorporated in the Province of Ontario. POET Technologies Inc. and its subsidiaries (the "Company") are developers and manufacturers of optical source products and photonic integrated devices for the sensing, datacom and telecom markets. The Company's head office is located at 120 1107, M4P 1E2. April 28, 2020. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements of the Company and its subsidiaries were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below: Basis of presentation These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. ("ODIS"), Opel Solar Inc. ("OPEL"), BB Photonics Inc., BB Photonics UK Limited (collectively "BB Photonics") and POET Technologies Pte Ltd. ("PTS"). They also include the accounts of DenseLight Semiconductor Pte Ltd. ("DenseLight") up-to November 8, 2019. On November 8, 2019, 100% $26,000,000. $8,000,000 $18,000,000 three $4,750,000 February 14, 2020 $8,250,000 March 30, 2020. $5,000,000 May 31, 2020. November 8, 2019 $8,707,280. $2,000,000, two Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards. Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain. Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred. Foreign currency translation These consolidated financial statements are presented in U.S. dollars ("USD"), which is the Company's presentation currency. Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders' equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates. Financial instruments IFRS 9 no Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss). Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not Financial liabilities A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company's financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities. The following table outlines the classification of financial instruments under IAS 39 9: Original classification New classification under IAS 39 under IFRS 9 Financial Assets Cash and cash equivalents Loans and receivables Amortized cost Short-term investments FVTPL Amortized cost Accounts receivable Loans and receivables Amortized cost Financial Liabilities Accounts payable and accrued liabilities Amortized costs Amortized cost Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost. Cash and cash equivalents Cash and cash equivalents consist of cash in current accounts of $1,278,129 2018 $2,267,868, 2017 $4,974,478 $150,000 2018 $300,000, 2017 nil 1.31% 90 Cash and cash equivalents include restricted funds of $93,800 2018 $218,888, 2017 nil $10,424 Accounts receivable Accounts receivable are amounts due from customers from the sale of products or services in the ordinary course of business. Accounts receivables are classified as current (on the consolidated statements of financial position) if payment is due within one In determining a default provision, the Company utilizes a provision matrix, as permitted under the simplified approach to measure expected credit losses. In doing so management considered historical credit losses, forward-looking factors specific to the Company's debtors and other macro-economic factors to arrive at expected default rates. The default rates are then applied to the Company's aging to determine expected credit losses. The carrying amount of trade receivables is reduced by the expected credit losses. If the financial conditions of these customers were to deteriorate and the Company determines that no December 31, 2018 2017 November 8, 2019 ( 23 Inventory Inventory consists of raw material inventory, work in process, and finished goods and are recorded at the lower of cost and net realizable value. Cost is determined on a first first An assessment is made of the net realizable value of inventory at each reporting period. Net realizable value is the estimated selling price less the estimated cost of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down no not December 31, 2018 2017 November 8, 2019 ( 23 Property and equipment Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives: Machinery and equipment Straight Line, 5 Leasehold improvements Straight Line, 5 Office equipment Straight Line, 3 5 Patents and licenses Patents and licenses are recorded at cost and amortized on a straight line basis over 12 Impairment of long-lived assets The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not may An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. 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 an asset that does not An impairment loss is reversed if there is an indication that 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 no $714,000 December 31, 2019 ( 2018 nil, 2017 nil 10 Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable assets acquired net of liabilities assumed. Goodwill is measured at cost less accumulated impairment losses and is not may The Company performed its annual test for goodwill impairment at December 31, 2019. five 30%. Based on the impairment tests, the value in-use of the CGU to which goodwill is applicable is less than the carrying amount. As a result goodwill of $1,050,459 No 2018 2017 24 Income taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third Sale of goods Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured. Service revenue The Company provides contract services, primarily in the form of non-recurring revenue ("NRE") where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are not Other income Interest income Interest income on cash is recognized as earned using the effective interest method. Research and Development Credits Through DenseLight, the Company was eligible to receive cash credits for certain qualifying research and development expenses based on actual spending over a three not three December 31, 2018 2017 December 31, 2019 nil November 8, 2019. Intangible assets Research and development costs Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS 38, Intangible Assets 38 may not In-Process Research and Development Under IFRS, in-process research and development ("IPR&D") acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company acquired $714,000 2016. 2019, may no not $714,000 $714,000 December 31, 2019. No 2018 2017 10 Customer relationships Intangible assets include customer relationships acquired with the acquisition of DenseLight. Customer relationships is an externally acquired intangible asset and is measured at cost less accumulated amortization and any accumulated impairment losses. Customer relationships are amortized on a straight-line basis over their estimated useful lives and is tested for impairment whenever events or changes indicate that their carrying amount may not 5 nil December 31, 2019 November 8, 2019. Stock-based compensation Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. Income (loss) per share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | 3. RECENT ACCOUNTING PRONOUNCEMENTS Recently adopted accounting policy IFRS 16, 16” 17, 17” 16 16 12 16, 16 January 1, 2019, 15, January 1, 2019. 16, $1,127,534 November 8, 2019 ( 9 23 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 4. ACCOUNTS RECEIVABLE The carrying amounts of accounts receivable approximate their fair value and are originally denominated in Singapore dollars before conversion to US dollars at December 31: 2019 2018 2017 Product sales United States dollar $ - $ 713,744 $ 493,925 Product sales Singapore dollar - 273,815 - Loss allowance - (40,615 ) - $ - $ 946,944 $ 493,925 In determining the recoverability of a trade receivable, the Company considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The trade receivables that are neither past due nor impaired relates to customers that the company has assessed to be creditworthy based on the credit evaluation process performed by management which considers both customers' overall credit profile and its payment history with the Company. The loss allowance is determined in accordance IFRS 9 18 December 31, 2018 2017 nil December 31, 2019 November 8, 2019. |
Note 5 - Prepaids and Other Cur
Note 5 - Prepaids and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 5. PREPAIDS AND OTHER CURRENT ASSETS The following table reflects the details of prepaids and other current assets at December 31: 2019 2018 2017 Sales tax recoverable and other current assets $ 81,265 $ 85,658 $ 119,482 Research and development credit - 1,905,593 1,287,539 Security deposits on leased properties - 233,983 228,170 Prepaid expenses 750,000 711,385 322,536 $ 831,265 $ 2,936,619 $ 1,957,727 Research and development credit, security deposit on leased properties and certain prepaid expenses were disposed of during the year upon the sale of DenseLight. |
Note 6 - Inventory
Note 6 - Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 6. INVENTORY The following table reflects the details of inventory at December 31: 2019 2018 2017 Raw materials $ - $ 98,370 $ 112,768 Finished goods - 212,361 260,105 Work in process - 126,102 151,709 $ - $ 436,833 $ 524,582 In 2017, $353,476. The Company disposed of its inventory upon the sale of DenseLight on November 8, 2019. |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 7. PROPERTY AND EQUIPMENT Equipment not Leasehold Machinery and Office ready for use improvements equipment equipment Total Cost Balance, January 1, 2017 $ 602,830 $ 667,342 $ 9,734,885 $ 314,817 $ 11,319,874 Additions 806,182 - 113,433 50,182 969,797 Reclassification (874,371 ) - 874,371 - - Effect of changes in foreign exchange rates 46,433 - 72,779 8,914 128,126 Balance, December 31, 2017 581,074 667,342 10,795,468 373,913 12,417,797 Additions 3,667,894 - - 50,258 3,718,152 Reclassification (1) (1,086,895 ) - 881,221 202,674 (3,000 ) Impairment and disposals (1) - - (611,875 ) (3,665 ) (615,540 ) Effect of changes in foreign exchange rates (19,920 ) - (46,829 ) (1,739 ) (68,488 ) Balance,December 31, 2018 3,142,153 667,342 11,017,985 621,441 15,448,921 Additions 1,986,210 - 39,260 19,480 2,044,950 Disposals (2) (4,388,762 ) (667,342 ) (8,198,519 ) (555,688 ) (13,810,311 ) Effect of changes in foreign exchange rates 24,741 - 14,529 - 39,270 Balance, December 31, 2019 $ 764,342 $ - $ 2,873,255 $ 85,233 $ 3,722,830 Accumulated Depreciation Balance, January 1, 2017 - 83,189 1,808,308 64,167 1,955,664 Depreciation for the year - 133,499 1,857,474 192,990 2,183,963 Balance, December 31, 2017 - 216,688 3,665,782 257,157 4,139,627 Depreciation for the year - 133,809 2,201,133 133,662 2,468,604 Impairment and disposals (1) - - (455,158 ) (3,665 ) (458,823 ) Balance, December 31, 2018 - 350,497 5,411,757 387,154 6,149,408 Depreciation for the year - - 144,337 22,005 166,342 Disposals (2) - (350,497 ) (5,044,288 ) (341,195 ) (5,735,980 ) Balance, December 31, 2019 - - 511,806 67,964 579,770 Carrying Amounts At December 31, 2017 $ 581,074 $ 450,654 $ 7,129,686 $ 116,756 $ 8,278,170 At December 31, 2018 $ 3,142,153 $ 316,845 $ 5,606,228 $ 234,287 $ 9,299,513 At December 31, 2019 $ 764,342 $ - $ 2,361,449 $ 17,269 $ 3,143,060 ( 1 During 2018, $3,000 December 2018 $156,717 ( 2 On November 8, 2019, |
Note 8 - Patents and Licenses
Note 8 - Patents and Licenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 8. PATENTS AND LICENSES Cost Balance, January 1, 2017 $ 609,887 Additions 60,543 Balance, December 31, 2017 670,430 Additions 67,608 Effect of changes in foreign exchange rates (352 ) Balance, December 31, 2018 737,686 Additions 77,037 Disposals (1) (29,696 ) Balance, December 31, 2019 785,027 Accumulated Amortization Balance, January 1, 2017 160,211 Amortization 53,969 Balance, December 31, 2017 214,180 Amortization 56,792 Balance, December 31, 2018 270,972 Amortization 61,671 Balance, December 31, 2019 332,643 Carrying Amounts At December 31, 2017 $ 456,250 At December 31, 2018 $ 466,714 At December 31, 2019 $ 452,384 ( 1 On November 8, 2019, |
Note 9 - Right of Use Asset and
Note 9 - Right of Use Asset and Lease Liability | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 9. RIGHT OF USE ASSET AND LEASE LIABILITY On January 1, 2019, 16 16, February 15, 2019 November 1, 2019 12%. Right of use asset Building Cost Balance, January 1, 2019 $ - Additions 1,127,534 Disposal (1) (892,300 ) Effect of changes in foreign exchange rates 2,966 Balance, December 31, 2019 238,200 Accumulated Amortization Balance, January 1, 2019 - Amortization 15,683 Balance, December 31, 2019 15,683 Carrying Amounts At December 31, 2019 $ 222,517 Lease liability Balance, January 1, 2019 $ - Additions 1,127,534 Interest expense 4,705 Interest included in discontinued operations 74,494 Lease payments (19,162 ) Lease payments included in discontinued operations (258,460 ) Disposal (1) (695,733 ) Effect of changes in foreign exchange rates (9,620 ) Balance, December 31, 2019 $ 223,758 ( 1 The Company disposed of $892,000 $695,733 November 8, 2019 23 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about intangible assets [text block] | 10. INTANGIBLE ASSETS Customer Technology Relationships Total Cost Balance, December 31, 2017 and 2018 $ 714,000 $ 186,131 $ 900,131 Impairment (714,000 ) - (714,000 ) Disposals (1) - (186,131 ) (186,131 ) Balance, December 31, 2019 - - - Accumulated Amortization Balance, January 1, 2017 - 23,266 23,266 Amortization for the year - 37,228 37,228 Balance, December 31, 2017 - 60,494 60,494 Amortization for the year - 37,228 37,228 Balance, December 31, 2018 - 97,722 97,722 Disposals (1) - (97,722 ) (97,722 ) Balance, December 31, 2019 - - - Carrying Amounts At December 31, 2017 $ 714,000 $ 125,637 $ 839,637 At December 31, 2018 $ 714,000 $ 88,409 $ 802,409 At December 31, 2019 $ - $ - $ - ( 1 The Company disposed of its customer relationships intangible assets and related amortization on November 8, 2019 23 |
Note 11 - Accounts Payable and
Note 11 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities at December 31 2019 2018 2017 Trade payables $ 1,507,644 $ 2,269,845 $ 504,229 Payroll related liabilities 44,677 595,720 112,913 Accrued liabilities 173,387 174,857 193,451 $ 1,725,708 $ 3,040,422 $ 810,593 |
Note 12 - Convertible Debenture
Note 12 - Convertible Debentures, Loan Payable and Promissory Note | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 12. CONVERTIBLE DEBENTURES, LOAN PAYABLE AND PROMISSORY NOTE On April 1, 2019 Convertible Debentures The first $10.5 CAD$14 five $3,729,921 CAD$4,988,292 12% 1% two $377,072 CAD$499,462 five The Convertible Debentures are convertible at the option of the holders thereof into units at any time after October 31, 2019 CAD$0.40 12,470,730 one one one CAD$0.50 two Insiders of the Company subscribed for 14.3% $535,000 CAD$710,000 4% $146,000 CAD$200,000 IAS 32 28.74% 29.71% Because the Convertible Debentures are denominated in Canadian dollars and the conversion price is also denominated in Canadian dollars, the number of equity instruments that would be issued upon exercise of the convertible debentures are fixed. As a result, the equity component of the convertible debentures will not The following table reflects the details of convertible debentures: Convertible Debentures Loan Equity Component Accretion Debt Component Issued April 3, 2019 (net of issue costs) $ 1,293,519 $ (242,004 ) $ 128,240 $ 1,179,755 Issued May 3, 2019 (net of issue costs) 979,256 (183,317 ) 84,708 880,647 Issued June 3, 2019 (net of issue costs) 582,356 (109,017 ) 42,855 516,194 Issued August 2, 2019 (net of issue costs) 374,753 (70,154 ) 19,690 324,289 Issued September 19, 2019 (net of issue costs) 122,965 (23,019 ) 5,336 105,282 Effect of foreign exchange rate changes - - - 82,866 Balance December 31, 2019 $ 3,352,849 $ (627,511 ) $ 280,829 $ 3,089,033 Loan Payable and Promissory Note The second $5,000,000. April 18, 2019 $3,100,000 Funds drawn on the Credit Facility bear interest at a rate of 17.25% December 31, 2019 ( 15% 2.25% 19.25% not October 15, 2019. The Company paid $147,077 3,289,500 CAD$0.35 April 18, 2020. 78.91%, 1.62% 1 $221,620. $368,697 $3,543 November 8, 2019. Additionally, on August 30, 2019, $1,000,000 15% six may five $900,000 $900,000 $17,160 November 8, 2019. |
Note 13 - Share Capital
Note 13 - Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 13. SHARE CAPITAL (a) AUTHORIZED Unlimited number of common shares One special voting share (b) COMMON SHARES ISSUED Number of Shares Amount Balance, January 1, 2017 259,333,853 $ 103,357,862 Funds from the exercise of stock options 685,000 123,528 Fair value of stock options exercised - 134,831 Balance, December 31, 2017 260,018,853 103,616,221 Common shares issued on public offering 25,090,700 10,663,548 Share issue costs - (1,131,990 ) Fair value of warrants issued on public offering - (2,286,426 ) Fair value of compensation options issued to brokers - (479,204 ) Funds from the exercise of stock options 372,250 87,974 Fair value of stock options exercised - 82,330 Funds from the exercise of warrants and compensation warrants 2,600,500 1,028,471 Fair value of warrants and compensation warrants exercised - 447,270 Balance, December 31, 2018 288,082,303 112,028,194 Funds from the exercise of stock options 281,250 60,028 Fair value of stock options exercised - 55,950 Balance, December 31, 2019 288,363,553 $ 112,144,172 On March 21, 2018, 25,090,700 $0.425 CAD$0.55 $10,663,548 CAD$13,799,885 one one one $0.58 CAD$0.75 March 21, 2020. $639,813 6% 1,505,442 one $0.425 CAD$0.55 March 21, 2020 one one one $0.425 CAD$0.55 March 21, 2020. $492,177 Certain management participated in the “bought-deal” public offering, by acquiring 281,000 $0.425 CAD$0.55 $119,425 CAD$154,550 The fair value of the share purchase warrants and compensation options was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0%, 1.86%, 94.77%, 2 $2,286,426 $479,204, |
Note 14 - Warrants
Note 14 - Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 14. WARRANTS The following table reflects the continuity of warrants: Historical Number of Average Exercise Warrants/ Historical Price Compensation options Fair value Balance, January 1, 2017 $ 0.79 8,369,233 $ 2,013,747 Warrants issued 0.39 34,800,000 5,985,378 Warrants and compensation warrants exercised (0.51 ) (3,794,412 ) (901,417 ) Expired (1.02 ) (4,574,821 ) (1,112,330 ) Balance, December 31, 2017 0.39 34,800,000 5,985,378 Fair value of warrants issued on public offering 0.58 12,545,350 2,286,426 Historical fair value assigned to warrants exercised 0.39 (2,600,500 ) (447,270 ) Fair value of compensation options issued to brokers 0.43 1,505,442 479,204 Balance, December 31, 2018 0.44 46,250,292 8,303,738 Fair value of warrants issued as cost of debt financing 0.27 3,289,500 221,620 Balance, December 31, 2019 $ 0.43 49,539,792 $ 8,525,358 |
Note 15 - Stock Options and Con
Note 15 - Stock Options and Contributed Surplus | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 15. STOCK OPTIONS AND CONTRIBUTED SURPLUS Stock Options On June 21, 2018, 20% "2016 "2018 2018 may 2018 2018 57,611,360 20% 2018 Stock option transactions and the number of stock options outstanding were as follows: Historical Weighted Average Number of Exercise Options Price Balance, January 1, 2017 23,805,500 $ 0.96 Expired/cancelled (5,455,209 ) 0.73 Exercised (685,000 ) 0.19 Granted 15,425,000 0.24 Balance, December 31, 2017 33,090,291 0.68 Expired/cancelled (1,944,791 ) 0.74 Exercised (372,250 ) 0.26 Granted 13,690,479 0.34 Balance, December 31, 2018 44,463,729 0.58 Expired/cancelled (1) (8,707,811 ) 0.90 Exercised (281,250 ) 0.22 Granted 17,785,670 0.27 Balance, December 31, 2019 53,260,338 $ 0.43 ( 1 2,277,186 During the year ended December 31, 2019, $2,888,141 2018 $3,602,879, 2017 $2,958,358 75,608 2018 $419,238, 2017 216,566 23 The stock options granted were valued using the Black-Scholes option pricing model using the following assumptions: 2019 2018 2017 Weighted average exercise price $0.27 $0.34 $0.24 Weighted average risk-free interest rate 1.57% 2.17% 1.87% Weighted average dividend yield 0% 0% 0% Weighted average volatility 95.48% 103.47% 102.73% Weighted average estimated life (in years) 10 10 10 Weighted average share price $0.27 $0.34 $0.24 Share price on the various grant dates: $0.24 - $0.28 $0.18 - $0.40 $0.21 - $0.32 Weighted average fair value $0.24 $0.30 $0.22 The underlying expected volatility was determined by reference to the Company's historical share price movements, its dividend policy and dividend yield and past experience relating to the expected life of granted stock options. The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at December 31, 2019 Options Outstanding Options Exercisable Historical Weighted Historical Weighted Average Weighted Average Remaining Average Exercise Number Exercise Contractual Number Exercise Range Outstanding Price Life (years) Exercisable Price $0.11 - $0.20 693,750 $ 0.19 6.14 693,750 $ 0.19 $0.21 - $0.24 9,020,313 $ 0.22 7.63 6,887,501 $ 0.22 $0.25 - $0.29 10,888,259 $ 0.25 9.18 3,504,188 $ 0.25 $0.30 - $0.86 24,844,766 $ 0.35 8.38 9,542,718 $ 0.40 $0.87 - $1.64 7,813,250 $ 1.13 0.57 7,789,813 $ 1.13 53,260,338 $ 0.43 7.24 28,417,970 $ 0.53 Contributed Surplus The following table reflects the continuity of contributed surplus: Amount Balance, January 1, 2017 $ 29,062,874 Stock-based compensation 3,174,924 Fair value of stock options exercised (134,831 ) Balance, December 31, 2017 32,102,967 Stock-based compensation 4,022,117 Fair value of stock options exercised (82,330 ) Balance, December 31, 2018 36,042,754 Stock-based compensation 2,812,533 Fair value of stock options exercised (55,950 ) Balance, December 31, 2019 $ 38,799,337 |
Note 16 - Income (Loss) Per Sha
Note 16 - Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 16. INCOME (LOSS) PER SHARE 2019 2018 2017 Numerator Net loss from continuing operations $ (11,434,632 ) $ (8,422,117 ) $ (7,908,851 ) Net income (loss) from discontinued operations $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) Net loss $ (5,952,875 ) $ (16,322,779 ) $ (12,797,797 ) Denominator Weighted average number of common shares outstanding 288,216,378 282,098,432 259,771,793 Weighted average number of common shares outstanding - diluted 288,216,378 282,098,432 259,771,793 Basic and diluted loss per share, continuing operations $ (0.04 ) $ (0.03 ) $ (0.03 ) Basic and diluted income (loss) per share, discontinued operations $ 0.02 $ (0.03 ) $ (0.02 ) Basic and diluted loss per share $ (0.02 ) $ (0.06 ) $ (0.05 ) The effect of common share purchase options, warrants, compensation warrants and shares to be issued on the net loss in 2019, 2018 2017 not |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 17. COMMITMENTS AND CONTINGENCIES The Company has operating leases on three January 31, 2020. April 1, 2020 March 31, 2025. November 1, 2019 April 30, 2022. December 31, 2019, Remaining annual lease payments to the lease expiration dates are as follows: 2020 $ 170,759 2021 and beyond 494,732 $ 665,491 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 18. RELATED PARTY TRANSACTIONS Compensation to key management personnel were as follows: 2019 2018 2017 Salaries $ 1,251,277 $ 1,216,250 $ 932,133 Share-based payments (1) 2,135,579 2,449,683 2,110,773 Total $ 3,386,856 $ 3,665,933 $ 3,042,906 ( 1 Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model. All transactions with related parties have occurred in the normal course of operations and are measured at the exchange amounts, which are the amounts of consideration established and agreed to by the related parties. |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | 19. SEGMENT INFORMATION The Company and its subsidiaries operate in a single segment; the design, manufacture and sale of semi-conductor products and services for commercial applications. The Company’s operating and reporting segment reflects the management reporting structure of the organization and the manner in which the chief operating decision maker regularly assesses information for decision making purposes, including the allocation of resources. A summary of the Company's operations is below: OPEL, ODIS and PTS OPEL, ODIS and PTS are the developers of the POET platform semiconductor process IP for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single die. BB Photonics BB Photonics develops photonic integrated components for the datacom and telecom markets utilizing embedded dielectric technology that enables the low-cost integration of active and passive devices into photonic integrated circuits. On a consolidated basis, the Company operates geographically in Singapore, the United States and Canada. Geographical information is as follows: 2019 As of December 31, Singapore US Canada Consolidated Current assets $ 86,849 $ 22,523 $ 20,150,022 $ 20,259,394 Property and equipment 3,055,906 87,154 - 3,143,060 Patents and licenses - 452,384 - 452,384 Right of use asset 222,517 - - 222,517 Total Assets $ 3,365,272 $ 562,061 $ 20,150,022 $ 24,077,355 Year Ended December 31, Singapore US Canada Consolidate Selling, marketing and administration $ 217,416 $ 5,126,260 $ 1,353,711 $ 6,697,387 Research and development 218,900 107,161 1,757,754 2,083,815 Impairment of long lived assets - - 1,764,459 1,764,459 Interest expense 4,705 - 815,206 819,911 Amortization of debt issuance costs - - 372,340 372,340 Other income including interest income - - (10,540 ) (10,540 ) Income taxes - (292,740 ) - (292,740 ) Net loss from continuing operations, net of taxes (441,021 ) (4,940,681 ) (4,288,471 ) (11,434,632 ) Income from discontinued operations, net of taxes 5,481,757 - - 5,481,757 Net income (loss) $ 5,040,736 $ (4,940,681 ) $ (4,288,471 ) $ (5,952,875 ) 2018 As of December 31, Singapore US Canada Consolidated Current assets $ 4,283,008 $ 302,405 $ 2,302,851 $ 6,888,264 Property and equipment 9,136,694 162,819 - 9,299,513 Patents and licenses 18,464 448,250 - 466,714 Goodwill and intangible assets 6,718,953 1,764,459 - 8,483,412 Total Assets $ 20,157,119 $ 2,677,933 $ 2,302,851 $ 25,137,903 Year Ended December 31, Singapore US Canada Consolidated Selling, marketing and administration $ - $ 5,169,619 $ 1,004,256 $ 6,173,875 Research and development - 1,715,154 547,322 2,262,476 Other income including interest - - (14,234 ) (14,234 ) Net loss from continuing operations - (6,884,773 ) (1,537,344 ) (8,422,117 ) Loss from discontinued operations, net of taxes (7,900,662 ) - - (7,900,662 ) Net loss $ (7,900,662 ) $ (6,884,773 ) $ (1,537,344 ) $ (16,322,779 ) 2017 As of December 31, Singapore US Canada Consolidated Current assets $ 3,190,298 $ 4,621,318 $ 139,096 $ 7,950,712 Property and equipment 8,018,900 259,270 - 8,278,170 Patents and licenses 18,816 437,434 - 456,250 Goodwill and intangible assets 6,756,181 1,764,459 - 8,520,640 Total Assets $ 17,984,195 $ 7,082,481 $ 139,096 $ 25,205,772 The Year Ended December 31, Singapore US Canada Consolidated Selling, marketing and administration $ - $ 4,837,859 $ 1,049,850 $ 5,887,709 Research and development - 1,719,734 319,687 2,039,421 Other income including interest - - (18,279 ) (18,279 ) Net loss from continuing operations - (6,557,593 ) (1,351,258 ) (7,908,851 ) Loss from discontinued operations, net of taxes (4,888,946 ) - - (4,888,946 ) Net loss $ (4,888,946 ) $ (6,557,593 ) $ (1,351,258 ) $ (12,797,797 ) |
Note 20 - Financial Instruments
Note 20 - Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company's financial instruments consist of cash and cash equivalents, accounts receivable, receivable from the sale of discontinued operations, convertible debentures, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not The Company has classified financial assets and (liabilities) as follows at December 31: 2019 2018 2017 Fair value through profit or loss, measured at amortized cost: Cash and cash equivalents $ 1,428,129 $ 2,567,868 $ 4,974,478 Accounts receivable, measured at amortized cost: Accounts receivable $ - $ 946,944 $ 493,925 Receivable from the sale of discontinued operations $ 18,000,000 - $ - Other liabilities, measured at amortized cost: Accounts payable and accrued liabilities $ (1,725,708 ) $ (3,040,422 ) $ (810,593 ) Convertible debentures $ (3,089,033 ) $ - $ - Credit Risk The Company is exposed to credit risk associated with its accounts receivable. The Company has accounts receivable from both governmental and non-governmental agencies. Credit risk is minimized substantially by ensuring the credit worthiness of the entities with which it carries on business. Credit terms are provided on a case by case basis. The Company has not The Company's accounts receivable ageing at December 31 2019 2018 2017 Current $ - $ 892,343 $ 330,731 31 - 60 days - 34,331 56,094 61 - 90 days - 60,885 - > 90 days - - 107,100 Expected credit losses (1) - (40,615 ) - $ - $ 946,944 $ 493,925 ( 1 The Company applies IFRS 9 Exchange Rate Risk The functional currency of each of the entities included in the accompanying consolidated financial statements is the local currency where the entity is domiciled. Functional currencies include the US, Singapore and Canadian dollar. Most transactions within the entities are conducted in functional currencies. As such, none 10% $290,950. Liquidity Risk The Company currently does not one may, |
Note 21 - Capital Management
Note 21 - Capital Management | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 21. CAPITAL MANAGEMENT In the management of capital, the Company includes shareholders' equity (excluding accumulated other comprehensive loss and deficit) and cash. The components of capital on December 31, 2019 Cash and cash equivalents and receivable from the sale of discontinued operations $ 19,428,129 Shareholders' equity $ 160,096,378 The Company's objective in managing capital is to ensure that financial flexibility is present to increase shareholder value through growth and responding to changes in economic and/or market conditions; to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business and to safeguard the Company’s ability to obtain financing should the need arise. In maintaining its capital, the Company has a strict investment policy which includes investing its surplus capital only in highly liquid, highly rated financial instruments. The Company reviews its capital management approach on an ongoing basis. |
Note 22 - Expenses
Note 22 - Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of expenses [text block] | 22. EXPENSES Research and development costs can be analysed as follows: 2019 2018 2017 Wages and benefits $ 874,673 $ 822,258 $ 703,759 Subcontract fees 834,598 888,566 1,044,936 Stock-based compensation 237,311 395,468 218,896 Supplies 137,233 156,184 71,830 $ 2,083,815 $ 2,262,476 $ 2,039,421 Selling, marketing and administration costs can be analysed as follows: Stock-based compensation $ 2,650,830 $ 3,207,411 $ 2,739,462 Wages and benefits 1,619,719 1,433,286 1,443,656 Professional fees 1,120,805 735,604 597,865 General expenses 813,951 392,901 598,600 Depreciation and amortization 243,674 153,244 182,252 Management and consulting fees 154,357 155,169 229,577 Rent and facility costs 94,051 96,260 96,297 $ 6,697,387 $ 6,173,875 $ 5,887,709 |
Note 23 - Discontinued Operatio
Note 23 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of discontinued operations [text block] | 23. DISCONTINUED OPERATIONS On February 3, 2019, no November 8, 2019 On November 8, 2019, 100% $26,000,000. $8,000,000 $18,000,000 three $4,750,000 February 14, 2020 $8,250,000 March 30, 2020. $5,000,000 May 31, 2020. November 8, 2019 $8,707,280. $2,000,000, two Revenue and expenses, and gains and losses relating to the discontinued operations have been removed from the results of continuing operations and are shown as a single line item on the face of the consolidated statement of comprehensive loss. The operating results of the discontinued operations can be analysed as follows: Results of discontinued operations For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Revenue $ 4,426,355 $ 3,888,185 $ 2,794,044 Cost of revenue 1,201,373 1,475,969 1,342,691 Gross margin 3,224,982 2,412,216 1,451,353 Operating expenses Research and development 5,677,222 6,430,328 3,403,452 Selling, marketing and administration 1,950,526 5,515,329 4,983,032 Interest expense 74,494 - - Impairment loss - 156,717 - Other income (1,251,737 ) (1,491,556 ) (1,748,245 ) Operating expenses 6,450,505 10,610,818 6,638,239 Loss from discontinued operations (3,225,523 ) (8,198,602 ) (5,186,886 ) Gain on sale of discontinued operations, net of taxes 8,707,280 - - Income tax recovery - (297,940 ) (297,940 ) Net income (loss), net of taxes $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) Disaggregated Revenues The Company disaggregates revenue by timing of revenue recognition, that is, at a point in time and revenue over time. Disaggregated revenue is as follows: For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Non-contract revenue (at a point in time) (1)(3) $ 2,092,426 $ 3,261,518 $ 2,714,044 Contract revenue (revenue over time) (2)(3) 2,221,429 441,667 80,000 Contract revenue (at a point in time) (2)(3) 112,500 185,000 - $ 4,426,355 $ 3,888,185 $ 2,794,044 ( 1 Revenue from the sale of products. ( 2 Revenue from long-term projects or non-recurring engineering (NRE). ( 3 All revenue was generated from the Singapore geographic region. Revenue Contract Balances Contract Receivables Liabilities Opening balance, January 1, 2017 $ - $ (20,000 ) Revenues recognized 80,000 (60,000 ) Changes due to payment, fulfillment of performance obligations or other (40,000 ) 80,000 Balance, December 31, 2017 $ 40,000 $ - Revenues recognized 626,667 (626,667 ) Changes due to payment, fulfillment of performance obligations or other (606,667 ) 626,667 Contract Receivables Liabilities Balance, December 31, 2018 60,000 - Revenues recognized 2,333,929 (2,333,929 ) Changes due to payment, fulfillment of performance obligations or other (1,293,929 ) 2,333,929 Balance, November 8, 2019 $ 1,100,000 $ - Research and development costs included in discontinued operations can be analysed as follows: For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Wages and benefits $ 3,565,076 $ 3,818,980 $ 2,135,329 Supplies 1,412,572 2,070,495 1,118,011 Subcontract fees 728,457 400,000 - Stock-based compensation (28,883 ) 140,853 150,112 $ 5,677,222 $ 6,430,328 $ 3,403,452 Selling, marketing and administration costs included in discontinued operations can be analysed as follows: Wages and benefits $ 887,860 $ 1,034,715 $ 1,131,322 Rent and facility costs 604,442 975,467 1,079,635 General expenses 458,465 785,635 585,637 Stock-based compensation (46,725 ) 278,385 66,454 Professional fees 46,484 31,747 27,076 Depreciation and amortization - 2,409,380 2,092,908 $ 1,950,526 $ 5,515,329 $ 4,983,032 Cash flows from (used in) discontinued operations 2019 2018 2017 CASH (USED IN) PROVIDED BY: OPERATING ACTIVITIES Net loss $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) Adjustments for: Depreciation of property and equipment - 2,372,152 2,055,680 Gain on sale of discontinued operations (8,707,280 ) - - Amortization of intangibles - 37,228 37,228 Interest expense 74,494 - - Impairment loss - 156,717 - Stock-based compensation (75,608 ) 419,238 216,566 Income tax recovery - (297,940 ) (297,940 ) Deferred rent (1,825 ) (21,992 ) - Expected credit loss - 40,615 - (3,228,462 ) (5,194,644 ) (2,877,412 ) Net change in non-cash working capital accounts: Accounts receivable 584,902 (508,093 ) (171,257 ) Prepaid and other current assets 497,259 (949,401 ) (927,685 ) Inventory (334,425 ) 78,733 663,992 Accounts payable and accrued liabilities (470,378 ) 1,782,612 (616,289 ) Cash flows from operating activities (2,951,104 ) (4,790,793 ) (3,928,651 ) INVESTING ACTIVITIES Proceeds from the sale of discontinued operations, net of cash given up (1) 7,519,126 - - Purchase of property and equipment (Note 7) (1,599,272 ) (3,467,992 ) (912,774 ) Purchase of patents and licenses (Note 8) (11,231 ) - (18,815 ) Cash flows from investing activities 5,908,623 (3,467,992 ) (931,589 ) FINANCING ACTIVITIES Payment of lease liability (Note 9) (258,460 ) - - Cash flows from financing activities (258,460 ) - - EFFECT OF EXCHANGE RATE CHANGES ON CASH (14,010 ) 26,490 (65,338 ) NET CHANGE IN CASH $ 2,685,049 $ (8,232,295 ) $ (4,925,578 ) Effect of Disposal on the Financial Position of the Group Accounts receivable $ 396,037 Prepaid and other current assets 2,303,014 Inventory 774,404 Property and equipment 8,424,638 Right of use asset 880,577 Patents 29,696 Goodwill and customer list 6,718,953 Trade payables (1,312,053 ) Lease Liability (695,733 ) Deferred tax liability (707,687 ) Net assets disposed $ 16,811,846 (1) $ 8,000,000 (1) (480,874 ) Consideration receivable 18,000,000 Net inflows $ 25,519,126 |
Note 24 - Goodwill and Deferred
Note 24 - Goodwill and Deferred Tax Liability | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of goodwill [text block] | 24. GOODWILL AND DEFERRED TAX LIABILITY On May 11 June 22, 2016 $10,500,000 $1,550,000 13,611,150 1,996,090 $0.7714 $0.777 The continuity of goodwill is as follows: DenseLight BB Photonics Total Balance, December 31, 2017 and 2018 $ 6,630,544 $ 1,050,459 $ 7,681,003 Impairment - (1,050,459 ) (1,050,459 ) Disposed on the sale of DenseLight (6,630,544 ) - (6,630,544 ) Balance, December 31, 2019 $ - $ - $ - Deferred tax liability was created on the date of purchase for both DenseLight and BB Photonics. The following is a continuity of deferred tax liability. DenseLight BB Photonics Total Balance, January 1, 2017 $ 1,303,567 $ 292,740 $ 1,596,307 Tax effect of amortization (297,940 ) - (297,940 ) Balance, December 31, 2017 1,005,627 292,740 1,298,367 Tax effect of amortization (297,940 ) - (297,940 ) Balance, December 31, 2018 707,687 292,740 1,000,427 Tax effect of Impairment - (292,740 ) (292,740 ) Disposed on the sale of DenseLight (707,687 ) - (707,687 ) Balance, December 31, 2019 $ - $ - $ - Included in the sale of DenseLight on November 8, 2019 $6,630,544 $707,687 |
Note 25 - Income Taxes
Note 25 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 25. INCOME TAXES The following table reconciles the expected income tax recovery at the Canadian statutory income tax rate of 26.5% 2019 2018 26.5%, 2017 26.5% For the Year Ended December 31, 2019 2018 2017 Net loss, continuing operations $ (11,727,372 ) $ (8,422,117 ) $ (7,908,851 ) Net income (loss), discontinued operations 5,481,757 (8,198,602 ) (5,186,886 ) Net loss before taxes $ (6,245,615 ) $ (16,620,719 ) $ (13,095,737 ) Expected current income tax recovery 1,655,088 4,404,491 3,470,370 Deferred tax recovery (2) 292,740 297,940 297,940 1,947,828 4,702,431 3,768,310 For the Year Ended December 31, 2019 2018 2017 Adjustments to income tax recovery: Amounts not deductible for tax purposes $ (1,212,900 ) $ (1,065,900 ) $ (841,000 ) Other non-deductible items (173,000 ) (509,900 ) (463,000 ) Deductible share and debt issuance costs 216,000 77,000 94,000 Non-taxable gain 2,307,000 - - Impact of US statutory income tax rate change (1) - - (9,472,000 ) Foreign tax differential 591,000 (592,000 ) (69,000 ) Non-recognizable permanent capital loss (1,175,000 ) - - Unusable foreign tax recoveries (3) (7,040,081 ) - - Unrecognized tax recovered (losses) 4,831,893 (2,313,691 ) 7,280,630 Income tax recovery recognized (2) $ 292,740 $ 297,940 $ 297,940 ( 1 Due to the reduction of US corporate tax rates from 35% 21%, not $9,472,000 ( 2 Deferred tax recovery and income tax recovery recognized for 2018 2017 ( 3 Deferred tax assets applicable to DenseLight and no The following table reflects future income tax assets at December 31: 2019 2018 2017 Resource assets $ 1,024,271 $ 1,024,271 $ 1,024,271 Gross unamortized share issue costs 385,000 669,000 705,351 Canadian non-capital losses 16,545,000 12,431,000 11,100,672 Canadian capital losses 4,432,500 - - US non-capital losses 75,060,000 71,594,000 67,654,438 Singapore non-capital losses 378,000 46,894,000 43,671,200 97,824,771 132,612,271 124,155,932 Unrecognized deferred tax assets (97,824,771 ) (132,612,271 ) (124,155,932 ) Deferred income tax assets recognized $ - $ - $ - In accordance with Section 382 2016 $928,000 50% |
Note 26 - Subsequent Events
Note 26 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 26. SUBSEQUENT EVENTS On February 14, 2020 March 30, 2020 $4,750,000 $8,250,000 $13,000,000 two three 81% $2,000,000, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for basis of presentation [text block] | Basis of presentation These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. ("ODIS"), Opel Solar Inc. ("OPEL"), BB Photonics Inc., BB Photonics UK Limited (collectively "BB Photonics") and POET Technologies Pte Ltd. ("PTS"). They also include the accounts of DenseLight Semiconductor Pte Ltd. ("DenseLight") up-to November 8, 2019. On November 8, 2019, 100% $26,000,000. $8,000,000 $18,000,000 three $4,750,000 February 14, 2020 $8,250,000 March 30, 2020. $5,000,000 May 31, 2020. November 8, 2019 $8,707,280. $2,000,000, two |
Description of accounting policy for business combinations [text block] | Business combinations Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration. Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards. Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain. Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation These consolidated financial statements are presented in U.S. dollars ("USD"), which is the Company's presentation currency. Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders' equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates. |
Description of accounting policy for financial instruments [text block] | Financial instruments IFRS 9 no Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss). |
Disclosure of derecognition [text block] | Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not Financial liabilities A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company's financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities. The following table outlines the classification of financial instruments under IAS 39 9: Original classification New classification under IAS 39 under IFRS 9 Financial Assets Cash and cash equivalents Loans and receivables Amortized cost Short-term investments FVTPL Amortized cost Accounts receivable Loans and receivables Amortized cost Financial Liabilities Accounts payable and accrued liabilities Amortized costs Amortized cost Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost. |
Description of accounting policy for restricted cash and cash equivalents [text block] | Cash and cash equivalents Cash and cash equivalents consist of cash in current accounts of $1,278,129 2018 $2,267,868, 2017 $4,974,478 $150,000 2018 $300,000, 2017 nil 1.31% 90 Cash and cash equivalents include restricted funds of $93,800 2018 $218,888, 2017 nil $10,424 |
Description of accounting policy for trade and other receivables [text block] | Accounts receivable Accounts receivable are amounts due from customers from the sale of products or services in the ordinary course of business. Accounts receivables are classified as current (on the consolidated statements of financial position) if payment is due within one In determining a default provision, the Company utilizes a provision matrix, as permitted under the simplified approach to measure expected credit losses. In doing so management considered historical credit losses, forward-looking factors specific to the Company's debtors and other macro-economic factors to arrive at expected default rates. The default rates are then applied to the Company's aging to determine expected credit losses. The carrying amount of trade receivables is reduced by the expected credit losses. If the financial conditions of these customers were to deteriorate and the Company determines that no December 31, 2018 2017 November 8, 2019 ( 23 |
Description of accounting policy for measuring inventories [text block] | Inventory Inventory consists of raw material inventory, work in process, and finished goods and are recorded at the lower of cost and net realizable value. Cost is determined on a first first An assessment is made of the net realizable value of inventory at each reporting period. Net realizable value is the estimated selling price less the estimated cost of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down no not December 31, 2018 2017 November 8, 2019 ( 23 |
Description of accounting policy for property, plant and equipment [text block] | Property and equipment Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives: Machinery and equipment Straight Line, 5 Leasehold improvements Straight Line, 5 Office equipment Straight Line, 3 5 |
Description of accounting policy for other intangible assets other than goodwill [text block] | Patents and licenses Patents and licenses are recorded at cost and amortized on a straight line basis over 12 |
Description of accounting policy for impairment of assets [text block] | Impairment of long-lived assets The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not may An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. 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 an asset that does not An impairment loss is reversed if there is an indication that 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 no $714,000 December 31, 2019 ( 2018 nil, 2017 nil 10 |
Description of accounting policy for goodwill [text block] | Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable assets acquired net of liabilities assumed. Goodwill is measured at cost less accumulated impairment losses and is not may The Company performed its annual test for goodwill impairment at December 31, 2019. five 30%. Based on the impairment tests, the value in-use of the CGU to which goodwill is applicable is less than the carrying amount. As a result goodwill of $1,050,459 No 2018 2017 24 |
Description of accounting policy for income tax [text block] | Income taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future. |
Description of accounting policy for recognition of revenue [text block] | Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third Sale of goods Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured. Service revenue The Company provides contract services, primarily in the form of non-recurring revenue ("NRE") where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are not |
Description of accounting policy for other income and costs [text block] | Other income Interest income Interest income on cash is recognized as earned using the effective interest method. Research and Development Credits Through DenseLight, the Company was eligible to receive cash credits for certain qualifying research and development expenses based on actual spending over a three not three December 31, 2018 2017 December 31, 2019 nil November 8, 2019. |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets Research and development costs Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS 38, Intangible Assets 38 may not In-Process Research and Development Under IFRS, in-process research and development ("IPR&D") acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company acquired $714,000 2016. 2019, may no not $714,000 $714,000 December 31, 2019. No 2018 2017 10 Customer relationships Intangible assets include customer relationships acquired with the acquisition of DenseLight. Customer relationships is an externally acquired intangible asset and is measured at cost less accumulated amortization and any accumulated impairment losses. Customer relationships are amortized on a straight-line basis over their estimated useful lives and is tested for impairment whenever events or changes indicate that their carrying amount may not 5 nil December 31, 2019 November 8, 2019. |
Description of accounting policy for share-based payment transactions [text block] | Stock-based compensation Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant. |
Description of accounting policy for earnings per share [text block] | Income (loss) per share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method. |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of trade and other receivables [text block] | 2019 2018 2017 Product sales United States dollar $ - $ 713,744 $ 493,925 Product sales Singapore dollar - 273,815 - Loss allowance - (40,615 ) - $ - $ 946,944 $ 493,925 |
Note 5 - Prepaids and Other C_2
Note 5 - Prepaids and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of prepayments and other assets [text block] | 2019 2018 2017 Sales tax recoverable and other current assets $ 81,265 $ 85,658 $ 119,482 Research and development credit - 1,905,593 1,287,539 Security deposits on leased properties - 233,983 228,170 Prepaid expenses 750,000 711,385 322,536 $ 831,265 $ 2,936,619 $ 1,957,727 |
Note 6 - Inventory (Tables)
Note 6 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of inventories [text block] | 2019 2018 2017 Raw materials $ - $ 98,370 $ 112,768 Finished goods - 212,361 260,105 Work in process - 126,102 151,709 $ - $ 436,833 $ 524,582 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Equipment not Leasehold Machinery and Office ready for use improvements equipment equipment Total Cost Balance, January 1, 2017 $ 602,830 $ 667,342 $ 9,734,885 $ 314,817 $ 11,319,874 Additions 806,182 - 113,433 50,182 969,797 Reclassification (874,371 ) - 874,371 - - Effect of changes in foreign exchange rates 46,433 - 72,779 8,914 128,126 Balance, December 31, 2017 581,074 667,342 10,795,468 373,913 12,417,797 Additions 3,667,894 - - 50,258 3,718,152 Reclassification (1) (1,086,895 ) - 881,221 202,674 (3,000 ) Impairment and disposals (1) - - (611,875 ) (3,665 ) (615,540 ) Effect of changes in foreign exchange rates (19,920 ) - (46,829 ) (1,739 ) (68,488 ) Balance,December 31, 2018 3,142,153 667,342 11,017,985 621,441 15,448,921 Additions 1,986,210 - 39,260 19,480 2,044,950 Disposals (2) (4,388,762 ) (667,342 ) (8,198,519 ) (555,688 ) (13,810,311 ) Effect of changes in foreign exchange rates 24,741 - 14,529 - 39,270 Balance, December 31, 2019 $ 764,342 $ - $ 2,873,255 $ 85,233 $ 3,722,830 Accumulated Depreciation Balance, January 1, 2017 - 83,189 1,808,308 64,167 1,955,664 Depreciation for the year - 133,499 1,857,474 192,990 2,183,963 Balance, December 31, 2017 - 216,688 3,665,782 257,157 4,139,627 Depreciation for the year - 133,809 2,201,133 133,662 2,468,604 Impairment and disposals (1) - - (455,158 ) (3,665 ) (458,823 ) Balance, December 31, 2018 - 350,497 5,411,757 387,154 6,149,408 Depreciation for the year - - 144,337 22,005 166,342 Disposals (2) - (350,497 ) (5,044,288 ) (341,195 ) (5,735,980 ) Balance, December 31, 2019 - - 511,806 67,964 579,770 Carrying Amounts At December 31, 2017 $ 581,074 $ 450,654 $ 7,129,686 $ 116,756 $ 8,278,170 At December 31, 2018 $ 3,142,153 $ 316,845 $ 5,606,228 $ 234,287 $ 9,299,513 At December 31, 2019 $ 764,342 $ - $ 2,361,449 $ 17,269 $ 3,143,060 |
Note 8 - Patents and Licenses (
Note 8 - Patents and Licenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Customer Technology Relationships Total Cost Balance, December 31, 2017 and 2018 $ 714,000 $ 186,131 $ 900,131 Impairment (714,000 ) - (714,000 ) Disposals (1) - (186,131 ) (186,131 ) Balance, December 31, 2019 - - - Accumulated Amortization Balance, January 1, 2017 - 23,266 23,266 Amortization for the year - 37,228 37,228 Balance, December 31, 2017 - 60,494 60,494 Amortization for the year - 37,228 37,228 Balance, December 31, 2018 - 97,722 97,722 Disposals (1) - (97,722 ) (97,722 ) Balance, December 31, 2019 - - - Carrying Amounts At December 31, 2017 $ 714,000 $ 125,637 $ 839,637 At December 31, 2018 $ 714,000 $ 88,409 $ 802,409 At December 31, 2019 $ - $ - $ - |
Patents and licenses [member] | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Cost Balance, January 1, 2017 $ 609,887 Additions 60,543 Balance, December 31, 2017 670,430 Additions 67,608 Effect of changes in foreign exchange rates (352 ) Balance, December 31, 2018 737,686 Additions 77,037 Disposals (1) (29,696 ) Balance, December 31, 2019 785,027 Accumulated Amortization Balance, January 1, 2017 160,211 Amortization 53,969 Balance, December 31, 2017 214,180 Amortization 56,792 Balance, December 31, 2018 270,972 Amortization 61,671 Balance, December 31, 2019 332,643 Carrying Amounts At December 31, 2017 $ 456,250 At December 31, 2018 $ 466,714 At December 31, 2019 $ 452,384 |
Note 9 - Right of Use Asset a_2
Note 9 - Right of Use Asset and Lease Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about right-of-use assets and lease liabilities [text block] | Right of use asset Building Cost Balance, January 1, 2019 $ - Additions 1,127,534 Disposal (1) (892,300 ) Effect of changes in foreign exchange rates 2,966 Balance, December 31, 2019 238,200 Accumulated Amortization Balance, January 1, 2019 - Amortization 15,683 Balance, December 31, 2019 15,683 Carrying Amounts At December 31, 2019 $ 222,517 Lease liability Balance, January 1, 2019 $ - Additions 1,127,534 Interest expense 4,705 Interest included in discontinued operations 74,494 Lease payments (19,162 ) Lease payments included in discontinued operations (258,460 ) Disposal (1) (695,733 ) Effect of changes in foreign exchange rates (9,620 ) Balance, December 31, 2019 $ 223,758 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Customer Technology Relationships Total Cost Balance, December 31, 2017 and 2018 $ 714,000 $ 186,131 $ 900,131 Impairment (714,000 ) - (714,000 ) Disposals (1) - (186,131 ) (186,131 ) Balance, December 31, 2019 - - - Accumulated Amortization Balance, January 1, 2017 - 23,266 23,266 Amortization for the year - 37,228 37,228 Balance, December 31, 2017 - 60,494 60,494 Amortization for the year - 37,228 37,228 Balance, December 31, 2018 - 97,722 97,722 Disposals (1) - (97,722 ) (97,722 ) Balance, December 31, 2019 - - - Carrying Amounts At December 31, 2017 $ 714,000 $ 125,637 $ 839,637 At December 31, 2018 $ 714,000 $ 88,409 $ 802,409 At December 31, 2019 $ - $ - $ - |
Note 11 - Accounts Payable an_2
Note 11 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | 2019 2018 2017 Trade payables $ 1,507,644 $ 2,269,845 $ 504,229 Payroll related liabilities 44,677 595,720 112,913 Accrued liabilities 173,387 174,857 193,451 $ 1,725,708 $ 3,040,422 $ 810,593 |
Note 12 - Convertible Debentu_2
Note 12 - Convertible Debentures, Loan Payable and Promissory Note (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Convertible Debentures Loan Equity Component Accretion Debt Component Issued April 3, 2019 (net of issue costs) $ 1,293,519 $ (242,004 ) $ 128,240 $ 1,179,755 Issued May 3, 2019 (net of issue costs) 979,256 (183,317 ) 84,708 880,647 Issued June 3, 2019 (net of issue costs) 582,356 (109,017 ) 42,855 516,194 Issued August 2, 2019 (net of issue costs) 374,753 (70,154 ) 19,690 324,289 Issued September 19, 2019 (net of issue costs) 122,965 (23,019 ) 5,336 105,282 Effect of foreign exchange rate changes - - - 82,866 Balance December 31, 2019 $ 3,352,849 $ (627,511 ) $ 280,829 $ 3,089,033 |
Note 13 - Share Capital (Tables
Note 13 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Number of Shares Amount Balance, January 1, 2017 259,333,853 $ 103,357,862 Funds from the exercise of stock options 685,000 123,528 Fair value of stock options exercised - 134,831 Balance, December 31, 2017 260,018,853 103,616,221 Common shares issued on public offering 25,090,700 10,663,548 Share issue costs - (1,131,990 ) Fair value of warrants issued on public offering - (2,286,426 ) Fair value of compensation options issued to brokers - (479,204 ) Funds from the exercise of stock options 372,250 87,974 Fair value of stock options exercised - 82,330 Funds from the exercise of warrants and compensation warrants 2,600,500 1,028,471 Fair value of warrants and compensation warrants exercised - 447,270 Balance, December 31, 2018 288,082,303 112,028,194 Funds from the exercise of stock options 281,250 60,028 Fair value of stock options exercised - 55,950 Balance, December 31, 2019 288,363,553 $ 112,144,172 |
Note 14 - Warrants (Tables)
Note 14 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about warrants [text block] | Historical Number of Average Exercise Warrants/ Historical Price Compensation options Fair value Balance, January 1, 2017 $ 0.79 8,369,233 $ 2,013,747 Warrants issued 0.39 34,800,000 5,985,378 Warrants and compensation warrants exercised (0.51 ) (3,794,412 ) (901,417 ) Expired (1.02 ) (4,574,821 ) (1,112,330 ) Balance, December 31, 2017 0.39 34,800,000 5,985,378 Fair value of warrants issued on public offering 0.58 12,545,350 2,286,426 Historical fair value assigned to warrants exercised 0.39 (2,600,500 ) (447,270 ) Fair value of compensation options issued to brokers 0.43 1,505,442 479,204 Balance, December 31, 2018 0.44 46,250,292 8,303,738 Fair value of warrants issued as cost of debt financing 0.27 3,289,500 221,620 Balance, December 31, 2019 $ 0.43 49,539,792 $ 8,525,358 |
Note 15 - Stock Options and C_2
Note 15 - Stock Options and Contributed Surplus (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Historical Weighted Average Number of Exercise Options Price Balance, January 1, 2017 23,805,500 $ 0.96 Expired/cancelled (5,455,209 ) 0.73 Exercised (685,000 ) 0.19 Granted 15,425,000 0.24 Balance, December 31, 2017 33,090,291 0.68 Expired/cancelled (1,944,791 ) 0.74 Exercised (372,250 ) 0.26 Granted 13,690,479 0.34 Balance, December 31, 2018 44,463,729 0.58 Expired/cancelled (1) (8,707,811 ) 0.90 Exercised (281,250 ) 0.22 Granted 17,785,670 0.27 Balance, December 31, 2019 53,260,338 $ 0.43 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | 2019 2018 2017 Weighted average exercise price $0.27 $0.34 $0.24 Weighted average risk-free interest rate 1.57% 2.17% 1.87% Weighted average dividend yield 0% 0% 0% Weighted average volatility 95.48% 103.47% 102.73% Weighted average estimated life (in years) 10 10 10 Weighted average share price $0.27 $0.34 $0.24 Share price on the various grant dates: $0.24 - $0.28 $0.18 - $0.40 $0.21 - $0.32 Weighted average fair value $0.24 $0.30 $0.22 |
Disclosure of range of exercise prices of outstanding share options [text block] | Options Outstanding Options Exercisable Historical Weighted Historical Weighted Average Weighted Average Remaining Average Exercise Number Exercise Contractual Number Exercise Range Outstanding Price Life (years) Exercisable Price $0.11 - $0.20 693,750 $ 0.19 6.14 693,750 $ 0.19 $0.21 - $0.24 9,020,313 $ 0.22 7.63 6,887,501 $ 0.22 $0.25 - $0.29 10,888,259 $ 0.25 9.18 3,504,188 $ 0.25 $0.30 - $0.86 24,844,766 $ 0.35 8.38 9,542,718 $ 0.40 $0.87 - $1.64 7,813,250 $ 1.13 0.57 7,789,813 $ 1.13 53,260,338 $ 0.43 7.24 28,417,970 $ 0.53 |
Disclosure of share premium [text block] | Amount Balance, January 1, 2017 $ 29,062,874 Stock-based compensation 3,174,924 Fair value of stock options exercised (134,831 ) Balance, December 31, 2017 32,102,967 Stock-based compensation 4,022,117 Fair value of stock options exercised (82,330 ) Balance, December 31, 2018 36,042,754 Stock-based compensation 2,812,533 Fair value of stock options exercised (55,950 ) Balance, December 31, 2019 $ 38,799,337 |
Note 16 - Income (Loss) Per S_2
Note 16 - Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 2019 2018 2017 Numerator Net loss from continuing operations $ (11,434,632 ) $ (8,422,117 ) $ (7,908,851 ) Net income (loss) from discontinued operations $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) Net loss $ (5,952,875 ) $ (16,322,779 ) $ (12,797,797 ) Denominator Weighted average number of common shares outstanding 288,216,378 282,098,432 259,771,793 Weighted average number of common shares outstanding - diluted 288,216,378 282,098,432 259,771,793 Basic and diluted loss per share, continuing operations $ (0.04 ) $ (0.03 ) $ (0.03 ) Basic and diluted income (loss) per share, discontinued operations $ 0.02 $ (0.03 ) $ (0.02 ) Basic and diluted loss per share $ (0.02 ) $ (0.06 ) $ (0.05 ) |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis of operating lease payments [text block] | 2020 $ 170,759 2021 and beyond 494,732 $ 665,491 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 2019 2018 2017 Salaries $ 1,251,277 $ 1,216,250 $ 932,133 Share-based payments (1) 2,135,579 2,449,683 2,110,773 Total $ 3,386,856 $ 3,665,933 $ 3,042,906 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of geographical areas [text block] | 2019 As of December 31, Singapore US Canada Consolidated Current assets $ 86,849 $ 22,523 $ 20,150,022 $ 20,259,394 Property and equipment 3,055,906 87,154 - 3,143,060 Patents and licenses - 452,384 - 452,384 Right of use asset 222,517 - - 222,517 Total Assets $ 3,365,272 $ 562,061 $ 20,150,022 $ 24,077,355 Year Ended December 31, Singapore US Canada Consolidate Selling, marketing and administration $ 217,416 $ 5,126,260 $ 1,353,711 $ 6,697,387 Research and development 218,900 107,161 1,757,754 2,083,815 Impairment of long lived assets - - 1,764,459 1,764,459 Interest expense 4,705 - 815,206 819,911 Amortization of debt issuance costs - - 372,340 372,340 Other income including interest income - - (10,540 ) (10,540 ) Income taxes - (292,740 ) - (292,740 ) Net loss from continuing operations, net of taxes (441,021 ) (4,940,681 ) (4,288,471 ) (11,434,632 ) Income from discontinued operations, net of taxes 5,481,757 - - 5,481,757 Net income (loss) $ 5,040,736 $ (4,940,681 ) $ (4,288,471 ) $ (5,952,875 ) 2018 As of December 31, Singapore US Canada Consolidated Current assets $ 4,283,008 $ 302,405 $ 2,302,851 $ 6,888,264 Property and equipment 9,136,694 162,819 - 9,299,513 Patents and licenses 18,464 448,250 - 466,714 Goodwill and intangible assets 6,718,953 1,764,459 - 8,483,412 Total Assets $ 20,157,119 $ 2,677,933 $ 2,302,851 $ 25,137,903 Year Ended December 31, Singapore US Canada Consolidated Selling, marketing and administration $ - $ 5,169,619 $ 1,004,256 $ 6,173,875 Research and development - 1,715,154 547,322 2,262,476 Other income including interest - - (14,234 ) (14,234 ) Net loss from continuing operations - (6,884,773 ) (1,537,344 ) (8,422,117 ) Loss from discontinued operations, net of taxes (7,900,662 ) - - (7,900,662 ) Net loss $ (7,900,662 ) $ (6,884,773 ) $ (1,537,344 ) $ (16,322,779 ) 2017 As of December 31, Singapore US Canada Consolidated Current assets $ 3,190,298 $ 4,621,318 $ 139,096 $ 7,950,712 Property and equipment 8,018,900 259,270 - 8,278,170 Patents and licenses 18,816 437,434 - 456,250 Goodwill and intangible assets 6,756,181 1,764,459 - 8,520,640 Total Assets $ 17,984,195 $ 7,082,481 $ 139,096 $ 25,205,772 The Year Ended December 31, Singapore US Canada Consolidated Selling, marketing and administration $ - $ 4,837,859 $ 1,049,850 $ 5,887,709 Research and development - 1,719,734 319,687 2,039,421 Other income including interest - - (18,279 ) (18,279 ) Net loss from continuing operations - (6,557,593 ) (1,351,258 ) (7,908,851 ) Loss from discontinued operations, net of taxes (4,888,946 ) - - (4,888,946 ) Net loss $ (4,888,946 ) $ (6,557,593 ) $ (1,351,258 ) $ (12,797,797 ) |
Note 20 - Financial Instrumen_2
Note 20 - Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | 2019 2018 2017 Fair value through profit or loss, measured at amortized cost: Cash and cash equivalents $ 1,428,129 $ 2,567,868 $ 4,974,478 Accounts receivable, measured at amortized cost: Accounts receivable $ - $ 946,944 $ 493,925 Receivable from the sale of discontinued operations $ 18,000,000 - $ - Other liabilities, measured at amortized cost: Accounts payable and accrued liabilities $ (1,725,708 ) $ (3,040,422 ) $ (810,593 ) Convertible debentures $ (3,089,033 ) $ - $ - |
Disclosure of provision matrix [text block] | 2019 2018 2017 Current $ - $ 892,343 $ 330,731 31 - 60 days - 34,331 56,094 61 - 90 days - 60,885 - > 90 days - - 107,100 Expected credit losses (1) - (40,615 ) - $ - $ 946,944 $ 493,925 |
Note 21 - Capital Management (T
Note 21 - Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about objectives, policies and processes for managing capital [text block] | Cash and cash equivalents and receivable from the sale of discontinued operations $ 19,428,129 Shareholders' equity $ 160,096,378 |
Note 22 - Expenses (Tables)
Note 22 - Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of expenses by nature [text block] | 2019 2018 2017 Wages and benefits $ 874,673 $ 822,258 $ 703,759 Subcontract fees 834,598 888,566 1,044,936 Stock-based compensation 237,311 395,468 218,896 Supplies 137,233 156,184 71,830 $ 2,083,815 $ 2,262,476 $ 2,039,421 Stock-based compensation $ 2,650,830 $ 3,207,411 $ 2,739,462 Wages and benefits 1,619,719 1,433,286 1,443,656 Professional fees 1,120,805 735,604 597,865 General expenses 813,951 392,901 598,600 Depreciation and amortization 243,674 153,244 182,252 Management and consulting fees 154,357 155,169 229,577 Rent and facility costs 94,051 96,260 96,297 $ 6,697,387 $ 6,173,875 $ 5,887,709 |
Note 23 - Discontinued Operat_2
Note 23 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about discontinued operations [text block] | For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Revenue $ 4,426,355 $ 3,888,185 $ 2,794,044 Cost of revenue 1,201,373 1,475,969 1,342,691 Gross margin 3,224,982 2,412,216 1,451,353 Operating expenses Research and development 5,677,222 6,430,328 3,403,452 Selling, marketing and administration 1,950,526 5,515,329 4,983,032 Interest expense 74,494 - - Impairment loss - 156,717 - Other income (1,251,737 ) (1,491,556 ) (1,748,245 ) Operating expenses 6,450,505 10,610,818 6,638,239 Loss from discontinued operations (3,225,523 ) (8,198,602 ) (5,186,886 ) Gain on sale of discontinued operations, net of taxes 8,707,280 - - Income tax recovery - (297,940 ) (297,940 ) Net income (loss), net of taxes $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Non-contract revenue (at a point in time) (1)(3) $ 2,092,426 $ 3,261,518 $ 2,714,044 Contract revenue (revenue over time) (2)(3) 2,221,429 441,667 80,000 Contract revenue (at a point in time) (2)(3) 112,500 185,000 - $ 4,426,355 $ 3,888,185 $ 2,794,044 Contract Receivables Liabilities Opening balance, January 1, 2017 $ - $ (20,000 ) Revenues recognized 80,000 (60,000 ) Changes due to payment, fulfillment of performance obligations or other (40,000 ) 80,000 Balance, December 31, 2017 $ 40,000 $ - Revenues recognized 626,667 (626,667 ) Changes due to payment, fulfillment of performance obligations or other (606,667 ) 626,667 Contract Receivables Liabilities Balance, December 31, 2018 60,000 - Revenues recognized 2,333,929 (2,333,929 ) Changes due to payment, fulfillment of performance obligations or other (1,293,929 ) 2,333,929 Balance, November 8, 2019 $ 1,100,000 $ - For the Period From For the Year Ended January 1 to November 8, December 31, 2019 2018 2017 Wages and benefits $ 3,565,076 $ 3,818,980 $ 2,135,329 Supplies 1,412,572 2,070,495 1,118,011 Subcontract fees 728,457 400,000 - Stock-based compensation (28,883 ) 140,853 150,112 $ 5,677,222 $ 6,430,328 $ 3,403,452 Wages and benefits $ 887,860 $ 1,034,715 $ 1,131,322 Rent and facility costs 604,442 975,467 1,079,635 General expenses 458,465 785,635 585,637 Stock-based compensation (46,725 ) 278,385 66,454 Professional fees 46,484 31,747 27,076 Depreciation and amortization - 2,409,380 2,092,908 $ 1,950,526 $ 5,515,329 $ 4,983,032 2019 2018 2017 CASH (USED IN) PROVIDED BY: OPERATING ACTIVITIES Net loss $ 5,481,757 $ (7,900,662 ) $ (4,888,946 ) Adjustments for: Depreciation of property and equipment - 2,372,152 2,055,680 Gain on sale of discontinued operations (8,707,280 ) - - Amortization of intangibles - 37,228 37,228 Interest expense 74,494 - - Impairment loss - 156,717 - Stock-based compensation (75,608 ) 419,238 216,566 Income tax recovery - (297,940 ) (297,940 ) Deferred rent (1,825 ) (21,992 ) - Expected credit loss - 40,615 - (3,228,462 ) (5,194,644 ) (2,877,412 ) Net change in non-cash working capital accounts: Accounts receivable 584,902 (508,093 ) (171,257 ) Prepaid and other current assets 497,259 (949,401 ) (927,685 ) Inventory (334,425 ) 78,733 663,992 Accounts payable and accrued liabilities (470,378 ) 1,782,612 (616,289 ) Cash flows from operating activities (2,951,104 ) (4,790,793 ) (3,928,651 ) INVESTING ACTIVITIES Proceeds from the sale of discontinued operations, net of cash given up (1) 7,519,126 - - Purchase of property and equipment (Note 7) (1,599,272 ) (3,467,992 ) (912,774 ) Purchase of patents and licenses (Note 8) (11,231 ) - (18,815 ) Cash flows from investing activities 5,908,623 (3,467,992 ) (931,589 ) FINANCING ACTIVITIES Payment of lease liability (Note 9) (258,460 ) - - Cash flows from financing activities (258,460 ) - - EFFECT OF EXCHANGE RATE CHANGES ON CASH (14,010 ) 26,490 (65,338 ) NET CHANGE IN CASH $ 2,685,049 $ (8,232,295 ) $ (4,925,578 ) Accounts receivable $ 396,037 Prepaid and other current assets 2,303,014 Inventory 774,404 Property and equipment 8,424,638 Right of use asset 880,577 Patents 29,696 Goodwill and customer list 6,718,953 Trade payables (1,312,053 ) Lease Liability (695,733 ) Deferred tax liability (707,687 ) Net assets disposed $ 16,811,846 (1) $ 8,000,000 (1) (480,874 ) Consideration receivable 18,000,000 Net inflows $ 25,519,126 |
Note 24 - Goodwill and Deferr_2
Note 24 - Goodwill and Deferred Tax Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in goodwill [text block] | DenseLight BB Photonics Total Balance, December 31, 2017 and 2018 $ 6,630,544 $ 1,050,459 $ 7,681,003 Impairment - (1,050,459 ) (1,050,459 ) Disposed on the sale of DenseLight (6,630,544 ) - (6,630,544 ) Balance, December 31, 2019 $ - $ - $ - |
Disclosure of deferred taxes [text block] | DenseLight BB Photonics Total Balance, January 1, 2017 $ 1,303,567 $ 292,740 $ 1,596,307 Tax effect of amortization (297,940 ) - (297,940 ) Balance, December 31, 2017 1,005,627 292,740 1,298,367 Tax effect of amortization (297,940 ) - (297,940 ) Balance, December 31, 2018 707,687 292,740 1,000,427 Tax effect of Impairment - (292,740 ) (292,740 ) Disposed on the sale of DenseLight (707,687 ) - (707,687 ) Balance, December 31, 2019 $ - $ - $ - |
Note 25 - Income Taxes (Tables)
Note 25 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about income tax [text block] | For the Year Ended December 31, 2019 2018 2017 Net loss, continuing operations $ (11,727,372 ) $ (8,422,117 ) $ (7,908,851 ) Net income (loss), discontinued operations 5,481,757 (8,198,602 ) (5,186,886 ) Net loss before taxes $ (6,245,615 ) $ (16,620,719 ) $ (13,095,737 ) Expected current income tax recovery 1,655,088 4,404,491 3,470,370 Deferred tax recovery (2) 292,740 297,940 297,940 1,947,828 4,702,431 3,768,310 For the Year Ended December 31, 2019 2018 2017 Adjustments to income tax recovery: Amounts not deductible for tax purposes $ (1,212,900 ) $ (1,065,900 ) $ (841,000 ) Other non-deductible items (173,000 ) (509,900 ) (463,000 ) Deductible share and debt issuance costs 216,000 77,000 94,000 Non-taxable gain 2,307,000 - - Impact of US statutory income tax rate change (1) - - (9,472,000 ) Foreign tax differential 591,000 (592,000 ) (69,000 ) Non-recognizable permanent capital loss (1,175,000 ) - - Unusable foreign tax recoveries (3) (7,040,081 ) - - Unrecognized tax recovered (losses) 4,831,893 (2,313,691 ) 7,280,630 Income tax recovery recognized (2) $ 292,740 $ 297,940 $ 297,940 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2019 2018 2017 Resource assets $ 1,024,271 $ 1,024,271 $ 1,024,271 Gross unamortized share issue costs 385,000 669,000 705,351 Canadian non-capital losses 16,545,000 12,431,000 11,100,672 Canadian capital losses 4,432,500 - - US non-capital losses 75,060,000 71,594,000 67,654,438 Singapore non-capital losses 378,000 46,894,000 43,671,200 97,824,771 132,612,271 124,155,932 Unrecognized deferred tax assets (97,824,771 ) (132,612,271 ) (124,155,932 ) Deferred income tax assets recognized $ - $ - $ - |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Mar. 30, 2020USD ($) | Feb. 14, 2020USD ($) | Nov. 08, 2019USD ($) | Jan. 01, 2019 | May 31, 2020USD ($) | Mar. 30, 2020USD ($) | May 31, 2020USD ($) | May 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Statement Line Items [Line Items] | ||||||||||||
Total cash | $ 1,278,129 | $ 2,267,868 | $ 4,974,478 | |||||||||
Restricted cash and cash equivalents | 93,800 | 218,888 | 0 | |||||||||
Bank guarantee reduced monthly | 10,424 | |||||||||||
Impairment loss | 714,000 | 0 | 0 | |||||||||
Impairment loss recognised in profit or loss, goodwill | 1,050,459 | 0 | 0 | |||||||||
Research and development credit accrued and/or collected | 0 | |||||||||||
Transfers of research and development to entity, related party transactions | $ 714,000 | |||||||||||
Total intangible assets other than goodwill | 802,409 | 839,637 | ||||||||||
Discount rate, measurement input [member] | Goodwill [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Significant unobservable input, assets | 30 | |||||||||||
Patents and licenses [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, intangible assets (Year) | 12 years | |||||||||||
In-process research and development [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | $ 714,000 | 0 | 0 | |||||||||
Customer-related intangible assets [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, intangible assets (Year) | 5 years | |||||||||||
Total intangible assets other than goodwill | $ 0 | 88,409 | 125,637 | |||||||||
Machinery and equipment [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, property plant and equipment (Year) | 5 years | |||||||||||
Leasehold improvements [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, property plant and equipment (Year) | 5 years | |||||||||||
Office equipment [member] | Bottom of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, property plant and equipment (Year) | 3 years | |||||||||||
Office equipment [member] | Top of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Useful life, property plant and equipment (Year) | 5 years | |||||||||||
U.S. term deposits [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Current investments | $ 150,000 | $ 300,000 | $ 0 | |||||||||
Investment Interest Rate Range End | 1.31% | 1.31% | 1.31% | |||||||||
DenseLight [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Proportion of ownership interest in subsidiary, sold | 100.00% | |||||||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,000,000 | |||||||||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | 8,707,280 | |||||||||||
Cash received in excess of proceeds from sale of discontinued operations | $ 2,000,000 | |||||||||||
Impairment loss recognised in profit or loss, goodwill | ||||||||||||
DenseLight [member] | Disposal of major subsidiary [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,250,000 | $ 4,750,000 | $ 5,000,000 | $ 13,000,000 | $ 18,000,000 | $ 26,000,000 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||||
Total lease liabilities | $ 223,758 | |||
Right-of-use assets | $ 222,517 | |||
IFRS 16 [member] | ||||
Statement Line Items [Line Items] | ||||
Total lease liabilities | $ 1,127,534 | |||
Right-of-use assets | $ 1,127,534 |
Note 4 - Accounts Receivable (D
Note 4 - Accounts Receivable (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Current trade receivables | $ 946,944 | $ 493,925 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Components of Accounts Receivable (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2019SDG ( ) | Dec. 31, 2018USD ($) | Dec. 31, 2018SDG ( ) | Dec. 31, 2017USD ($) | Dec. 31, 2017SDG ( ) | |
Statement Line Items [Line Items] | |||||||
Product sales | $ 713,744 | 273,815 | $ 493,925 | ||||
Loss allowance | [1] | (40,615) | |||||
Current trade receivables | $ 946,944 | $ 493,925 | |||||
[1] | The Company applies IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss allowance for trade receivables. |
Note 5 - Prepaids and Other C_3
Note 5 - Prepaids and Other Current Assets - Components of Prepaid and Other Current Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Sales tax recoverable and other current assets | $ 81,265 | $ 85,658 | $ 119,482 |
Research and development credit | 1,905,593 | 1,287,539 | |
Security deposits on leased properties | 233,983 | 228,170 | |
Prepaid expenses | 750,000 | 711,385 | 322,536 |
Current prepayments and other current assets | $ 831,265 | $ 2,936,619 | $ 1,957,727 |
Note 6 - Inventory (Details Tex
Note 6 - Inventory (Details Textual) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statement Line Items [Line Items] | |
Net write-downs (reversals of write-downs) of inventories | $ 353,476 |
Note 6 - Inventory - Components
Note 6 - Inventory - Components of Inventory (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Raw materials | $ 98,370 | $ 112,768 | |
Finished goods | 212,361 | 260,105 | |
Work in process | 126,102 | 151,709 | |
Total current inventories | $ 436,833 | $ 524,582 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Decrease through classified as held for sale, property, plant and equipment | $ 3,000 | |
Impairment loss recognised in profit or loss, property, plant and equipment | $ 156,717 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | $ 9,299,513 | $ 8,278,170 | ||||
Balance, property and equipment | 3,143,060 | 9,299,513 | $ 8,278,170 | |||
Impairment and disposals, property and equipment | (156,717) | |||||
Property and equipment (Note 7) | 9,299,513 | 8,278,170 | 8,278,170 | |||
Equipment not ready for use [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 3,142,153 | 581,074 | ||||
Balance, property and equipment | 764,342 | 3,142,153 | 581,074 | |||
Property and equipment (Note 7) | 764,342 | 3,142,153 | 581,074 | |||
Leasehold improvements [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 316,845 | 450,654 | ||||
Balance, property and equipment | 316,845 | 450,654 | ||||
Property and equipment (Note 7) | 316,845 | 450,654 | ||||
Machinery and equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 5,606,228 | 7,129,686 | ||||
Balance, property and equipment | 2,361,449 | 5,606,228 | 7,129,686 | |||
Property and equipment (Note 7) | 2,361,449 | 5,606,228 | 7,129,686 | |||
Office equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 234,287 | 116,756 | ||||
Balance, property and equipment | 17,269 | 234,287 | 116,756 | |||
Property and equipment (Note 7) | 17,269 | 234,287 | 116,756 | |||
Accumulated depreciation, amortisation and impairment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 6,149,408 | 4,139,627 | 1,955,664 | |||
Disposals, property and equipment | [1] | (5,735,980) | ||||
Balance, property and equipment | 579,770 | 6,149,408 | 4,139,627 | |||
Depreciation for the year, property and equipment | 166,342 | 2,468,604 | 2,183,963 | |||
Impairment and disposals, property and equipment | [2] | (458,823) | ||||
Property and equipment (Note 7) | 579,770 | 6,149,408 | 4,139,627 | |||
Accumulated depreciation, amortisation and impairment [member] | Equipment not ready for use [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | ||||||
Disposals, property and equipment | [1] | |||||
Balance, property and equipment | ||||||
Depreciation for the year, property and equipment | ||||||
Impairment and disposals, property and equipment | [2] | |||||
Property and equipment (Note 7) | ||||||
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 350,497 | 216,688 | 83,189 | |||
Disposals, property and equipment | [1] | (350,497) | ||||
Balance, property and equipment | 350,497 | 216,688 | ||||
Depreciation for the year, property and equipment | 133,809 | 133,499 | ||||
Impairment and disposals, property and equipment | [2] | |||||
Property and equipment (Note 7) | 350,497 | 216,688 | ||||
Accumulated depreciation, amortisation and impairment [member] | Machinery and equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 5,411,757 | 3,665,782 | 1,808,308 | |||
Disposals, property and equipment | [1] | (5,044,288) | ||||
Balance, property and equipment | 511,806 | 5,411,757 | 3,665,782 | |||
Depreciation for the year, property and equipment | 144,337 | 2,201,133 | 1,857,474 | |||
Impairment and disposals, property and equipment | [2] | (455,158) | ||||
Property and equipment (Note 7) | 511,806 | 5,411,757 | 3,665,782 | |||
Accumulated depreciation, amortisation and impairment [member] | Office equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 387,154 | 257,157 | 64,167 | |||
Disposals, property and equipment | [1] | (341,195) | ||||
Balance, property and equipment | 67,964 | 387,154 | 257,157 | |||
Depreciation for the year, property and equipment | 22,005 | 133,662 | 192,990 | |||
Impairment and disposals, property and equipment | [2] | (3,665) | ||||
Property and equipment (Note 7) | 67,964 | 387,154 | 257,157 | |||
Gross carrying amount [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 15,448,921 | 12,417,797 | 11,319,874 | |||
Additions, property and equipment | 2,044,950 | 3,718,152 | 969,797 | |||
Reclassification, property and equipment | (3,000) | [2] | ||||
Effect of changes in foreign exchange rates, property and equipment | 39,270 | (68,488) | 128,126 | |||
Disposals, property and equipment | (13,810,311) | [1] | (615,540) | [2] | ||
Balance, property and equipment | 3,722,830 | 15,448,921 | 12,417,797 | |||
Property and equipment (Note 7) | 3,722,830 | 15,448,921 | 12,417,797 | |||
Gross carrying amount [member] | Equipment not ready for use [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 3,142,153 | 581,074 | 602,830 | |||
Additions, property and equipment | 1,986,210 | 3,667,894 | 806,182 | |||
Reclassification, property and equipment | (1,086,895) | [2] | (874,371) | |||
Effect of changes in foreign exchange rates, property and equipment | 24,741 | (19,920) | 46,433 | |||
Disposals, property and equipment | (4,388,762) | [1] | [2] | |||
Balance, property and equipment | 764,342 | 3,142,153 | 581,074 | |||
Property and equipment (Note 7) | 764,342 | 3,142,153 | 581,074 | |||
Gross carrying amount [member] | Leasehold improvements [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 667,342 | 667,342 | 667,342 | |||
Additions, property and equipment | ||||||
Reclassification, property and equipment | [2] | |||||
Effect of changes in foreign exchange rates, property and equipment | ||||||
Disposals, property and equipment | (667,342) | [1] | [2] | |||
Balance, property and equipment | 667,342 | 667,342 | ||||
Property and equipment (Note 7) | 667,342 | 667,342 | ||||
Gross carrying amount [member] | Machinery and equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 11,017,985 | 10,795,468 | 9,734,885 | |||
Additions, property and equipment | 39,260 | 113,433 | ||||
Reclassification, property and equipment | 881,221 | [2] | 874,371 | |||
Effect of changes in foreign exchange rates, property and equipment | 14,529 | (46,829) | 72,779 | |||
Disposals, property and equipment | (8,198,519) | [1] | (611,875) | [2] | ||
Balance, property and equipment | 2,873,255 | 11,017,985 | 10,795,468 | |||
Property and equipment (Note 7) | 2,873,255 | 11,017,985 | 10,795,468 | |||
Gross carrying amount [member] | Office equipment [member] | ||||||
Statement Line Items [Line Items] | ||||||
Balance, property and equipment | 621,441 | 373,913 | 314,817 | |||
Additions, property and equipment | 19,480 | 50,258 | 50,182 | |||
Reclassification, property and equipment | 202,674 | [2] | ||||
Effect of changes in foreign exchange rates, property and equipment | (1,739) | 8,914 | ||||
Disposals, property and equipment | (555,688) | [1] | (3,665) | [2] | ||
Balance, property and equipment | 85,233 | 621,441 | 373,913 | |||
Property and equipment (Note 7) | $ 85,233 | $ 621,441 | $ 373,913 | |||
[1] | On November 8, 2019, the Company disposed of property and equipment used in the operations DenseLight. | |||||
[2] | During 2018, $3,000 relating to certain property and equipment were reclassified to non-current assets held for sale and was sold in December 2018 while $156,717 was recorded as an impairment loss and was included in discontinued operations. |
Note 8 - Patents and Licenses -
Note 8 - Patents and Licenses - Components of Patents and Licenses (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Balance, patents and licenses | $ 466,714 | $ 456,250 | ||
Balance, patents and licenses | 452,384 | 466,714 | $ 456,250 | |
Balance, patents and licenses | 466,714 | 456,250 | 456,250 | |
Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Disposals, intangible assets | [1] | (186,131) | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Disposals, intangible assets | [1] | (97,722) | ||
Amortization, patents and licenses | 37,228 | 37,228 | ||
Patents and licenses [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, patents and licenses | 466,714 | 456,250 | ||
Effect of changes in foreign exchange rates, intangible assets | (352) | |||
Balance, patents and licenses | 452,384 | 466,714 | 456,250 | |
Balance, patents and licenses | 452,384 | 466,714 | 456,250 | |
Patents and licenses [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, patents and licenses | 737,686 | 670,430 | 609,887 | |
Additions, intangible assets | 77,037 | 67,608 | 60,543 | |
Disposals, intangible assets | [2] | (29,696) | ||
Balance, patents and licenses | 785,027 | 737,686 | 670,430 | |
Balance, patents and licenses | 785,027 | 737,686 | 670,430 | |
Patents and licenses [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, patents and licenses | 270,972 | 214,180 | 160,211 | |
Balance, patents and licenses | 332,643 | 270,972 | 214,180 | |
Amortization, patents and licenses | 61,671 | 56,792 | 53,969 | |
Balance, patents and licenses | $ 332,643 | $ 270,972 | $ 214,180 | |
[1] | The Company disposed of its customer relationships intangible assets and related amortization on November 8, 2019 with the sale of DenseLight (Note 23). | |||
[2] | On November 8, 2019, the Company disposed of certain patents unrelated to the Company's technology on the sale of DenseLight. |
Note 9 - Right of Use Asset a_3
Note 9 - Right of Use Asset and Lease Liability (Details Textual) - USD ($) | Nov. 08, 2019 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 12.00% | |
Disposals, right of use assets | $ 892,000 | |
Disposals, lease liability | $ 695,733 | $ 695,733 |
Note 9 - Right of Use Asset a_4
Note 9 - Right of Use Asset and Lease Liability - Right of Use Asset and Lease Liability (Details) - USD ($) | Nov. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||||
Balance, right of use asset | |||||
Disposal, right of use asset | $ (892,000) | ||||
Balance, right of use asset | 222,517 | ||||
Balance, right of use asset | |||||
Balance, lease liability | |||||
Additions, lease liability | 1,127,534 | ||||
Interest expense, lease liability | 4,705 | ||||
Interest included in discontinued operations, lease liability | 74,494 | ||||
Lease payments, lease liability | (19,162) | ||||
Lease payments included in discontinued operations, lease liability | (258,460) | ||||
Disposal, lease liability | $ (695,733) | (695,733) | |||
Effect of changes in foreign exchange rates, lease liability | (9,620) | ||||
Balance, lease liability | 223,758 | ||||
Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, right of use asset | |||||
Additions, right of use asset | 1,127,534 | ||||
Disposal, right of use asset | [1] | (892,300) | |||
Effect of changes in foreign exchange rates, right of use asset | 2,966 | ||||
Balance, right of use asset | 238,200 | ||||
Balance, right of use asset | 238,200 | ||||
Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, right of use asset | |||||
Balance, right of use asset | 15,683 | ||||
Amortization, right of use asset | 15,683 | ||||
Balance, right of use asset | $ 15,683 | ||||
[1] | The Company disposed of $892,000 of right of use asset and $695,733 of lease liability on November 8, 2019 with the sale of DenseLight (Note 23). |
Note 10 - Intangible Assets - C
Note 10 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | $ 802,409 | $ 839,637 | ||
Balance, intangible assets | 802,409 | $ 839,637 | ||
Intangible assets (Note 10) | 802,409 | 839,637 | 839,637 | |
Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 900,131 | |||
Impairment, intangible assets | (714,000) | |||
Disposals, intangible assets | [1] | (186,131) | ||
Balance, intangible assets | 900,131 | |||
Intangible assets (Note 10) | 900,131 | |||
Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 97,722 | 60,494 | 23,266 | |
Disposals, intangible assets | [1] | (97,722) | ||
Balance, intangible assets | 97,722 | 60,494 | ||
Amortization, patents and licenses | 37,228 | 37,228 | ||
Intangible assets (Note 10) | 97,722 | 60,494 | ||
Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 714,000 | 714,000 | ||
Balance, intangible assets | 714,000 | 714,000 | ||
Intangible assets (Note 10) | 714,000 | 714,000 | ||
Technology-based intangible assets [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 714,000 | |||
Impairment, intangible assets | (714,000) | |||
Disposals, intangible assets | [1] | |||
Balance, intangible assets | 714,000 | |||
Intangible assets (Note 10) | 714,000 | |||
Technology-based intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | ||||
Disposals, intangible assets | [1] | |||
Balance, intangible assets | ||||
Amortization, patents and licenses | ||||
Intangible assets (Note 10) | ||||
Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 88,409 | 125,637 | ||
Balance, intangible assets | 0 | 88,409 | 125,637 | |
Intangible assets (Note 10) | 88,409 | 88,409 | 125,637 | |
Customer-related intangible assets [member] | Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 186,131 | |||
Impairment, intangible assets | ||||
Disposals, intangible assets | [1] | (186,131) | ||
Balance, intangible assets | 186,131 | |||
Intangible assets (Note 10) | 186,131 | |||
Customer-related intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Balance, intangible assets | 97,722 | 60,494 | 23,266 | |
Disposals, intangible assets | [1] | (97,722) | ||
Balance, intangible assets | 97,722 | 60,494 | ||
Amortization, patents and licenses | 37,228 | 37,228 | ||
Intangible assets (Note 10) | $ 97,722 | $ 60,494 | ||
[1] | The Company disposed of its customer relationships intangible assets and related amortization on November 8, 2019 with the sale of DenseLight (Note 23). |
Note 11 - Accounts Payable an_3
Note 11 - Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Trade payables | $ 1,507,644 | $ 2,269,845 | $ 504,229 | |
Payroll related liabilities | [1] | 44,677 | 595,720 | 112,913 |
Accrued liabilities | 173,387 | 174,857 | 193,451 | |
Total trade and other current payables | $ 1,725,708 | $ 3,040,422 | $ 810,593 | |
[1] | Payroll related liabilities at December 31, 2016 includes $450,000 of bonus payable to the CEO along with $87,751 of past salaries due to some current and former employees of DenseLight. |
Note 12 - Convertible Debentu_3
Note 12 - Convertible Debentures, Loan Payable and Promissory Note (Details Textual) | Nov. 08, 2019USD ($) | Aug. 30, 2019USD ($) | Apr. 18, 2019USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2019CAD ($)$ / sharesshares | Apr. 18, 2019$ / shares | Apr. 18, 2019USD ($)shares |
Warrants issued to Espresso Capital Ltd. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of shares called by warrants (in shares) | shares | 3,289,500 | |||||||
Exercise price of warrants (in CAD per share) | $ / shares | $ 0.35 | |||||||
Warrants, fair value | $ 221,620 | |||||||
Historical volatility for shares, measurement input [member] | Warrants issued to Espresso Capital Ltd. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Significant unobservable input, liabilities | 0.7891 | |||||||
Interest rate, measurement input [member] | Warrants issued to Espresso Capital Ltd. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Significant unobservable input, liabilities | 0.0162 | |||||||
Expected life, measurement input [member] | Warrants issued to Espresso Capital Ltd. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Significant unobservable input, liabilities | 1 | |||||||
Insiders of Poet Technologies [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Subscription, percent | 14.30% | 14.30% | ||||||
Subscription | $ 535,000 | $ 710,000 | ||||||
Insiders of IBK Capital [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Subscription, percent | 4.00% | 4.00% | ||||||
Subscription | $ 146,000 | $ 200,000 | ||||||
Equity units [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Convertible borrowings, shares callable (in shares) | shares | 12,470,730 | 12,470,730 | ||||||
Number of equity units exercisable per compensation option (in shares) | shares | 1 | 1 | ||||||
Number of common shares per equity unit issued | 1 | 1 | ||||||
Number of common shares purchase warrants per equity unit issued | 1 | 1 | ||||||
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement (in CAD per share) | $ / shares | $ 0.50 | |||||||
Equity units, expiration period (Year) | 2 years | 2 years | ||||||
Convertible debentures [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Maximum borrowing capacity | $ 10,500,000 | $ 14,000,000 | ||||||
Proceeds from borrowings | $ 3,729,921 | $ 4,988,292 | ||||||
Borrowings, interest rate | 12.00% | 12.00% | ||||||
Borrowings, interest rate, monthly payable | 1.00% | 1.00% | ||||||
Payments for debt issue costs | $ 377,072 | $ 499,462 | ||||||
Convertible borrowings, conversion price (in CAD per share) | $ / shares | $ 0.40 | |||||||
Convertible debentures [member] | Bottom of range [member] | Discount rate, measurement input [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Significant unobservable input, liabilities | 0.2874 | 0.2874 | ||||||
Convertible debentures [member] | Top of range [member] | Discount rate, measurement input [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Significant unobservable input, liabilities | 0.2971 | 0.2971 | ||||||
Bridge loan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proceeds from borrowings | $ 3,100,000 | |||||||
Borrowings, interest rate | 19.25% | 19.25% | 17.25% | |||||
Payments for debt issue costs | $ 147,077 | |||||||
Line of credit, maximum borrowing capacity | $ 5,000,000 | |||||||
Borrowing unamortized discount (premium) and issuance costs | 368,697 | |||||||
Foreign exchange impact on debt issuance | $ 3,543 | |||||||
Bridge loan [member] | Cash interest rate [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 15.00% | |||||||
Bridge loan [member] | Deferred interest rate [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 2.25% | |||||||
Promissory note [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000,000 | |||||||
Proceeds from borrowings | $ 900,000 | |||||||
Borrowings, interest rate | 15.00% | |||||||
Repayments of borrowings | $ 900,000 | |||||||
Interest paid | $ 17,160 |
Note 12 - Convertible Debentu_4
Note 12 - Convertible Debentures, Loan Payable and Promissory Note - Convertible Debentures (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Convertible debentures issued on April 3, 2019 [member] | |
Statement Line Items [Line Items] | |
Loan | $ 1,293,519 |
Equity Component | (242,004) |
Accretion | 128,240 |
Debt Component | 1,179,755 |
Convertible debentures issued on May 3, 2019 [member] | |
Statement Line Items [Line Items] | |
Loan | 979,256 |
Equity Component | (183,317) |
Accretion | 84,708 |
Debt Component | 880,647 |
Convertible debentures issued on June 3, 2019 [member] | |
Statement Line Items [Line Items] | |
Loan | 582,356 |
Equity Component | (109,017) |
Accretion | 42,855 |
Debt Component | 516,194 |
Convertible debentures issued on August 2, 2019 [member] | |
Statement Line Items [Line Items] | |
Loan | 374,753 |
Equity Component | (70,154) |
Accretion | 19,690 |
Debt Component | 324,289 |
Convertible debentures issued on September 19, 2019 [member] | |
Statement Line Items [Line Items] | |
Loan | 122,965 |
Equity Component | (23,019) |
Accretion | 5,336 |
Debt Component | 105,282 |
Convertible debentures [member] | |
Statement Line Items [Line Items] | |
Loan | 3,352,849 |
Equity Component | (627,511) |
Accretion | 280,829 |
Debt Component | 3,089,033 |
Effect of foreign exchange rate changes | $ 82,866 |
Note 13 - Share Capital (Detail
Note 13 - Share Capital (Details Textual) | Mar. 21, 2018USD ($)$ / sharesshares | Mar. 21, 2018CAD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Statement Line Items [Line Items] | |||||
Number of share options granted in share-based payment arrangement | 17,785,670 | 13,690,479 | 15,425,000 | ||
Expected dividend as percentage, warrants | 0.00% | 0.00% | |||
Risk free interest rate, warrants | 1.86% | 1.86% | |||
Expected volatility, warrants | 94.77% | 94.77% | |||
Class of Warrant or Right, Term | 2 | 2 | |||
Issued warrants | $ 8,525,358 | $ 8,303,738 | $ 5,985,378 | ||
At fair value [member] | |||||
Statement Line Items [Line Items] | |||||
Issued warrants | $ 2,286,426 | ||||
Issued compensation options | $ 479,204 | ||||
Equity units [member] | |||||
Statement Line Items [Line Items] | |||||
Total number of shares issued (in shares) | shares | 25,090,700 | ||||
Weighted average share price (in dollars per share) | (per share) | $ 0.425 | $ 0.55 | |||
Proceeds from issuing shares | $ 10,663,548 | $ 13,799,885 | |||
Number of common shares per equity unit issued | 1 | ||||
Number of common shares purchase warrants per equity unit issued | 0.5 | ||||
Number of common shares entitled per whole warrant | 1 | ||||
Brokerage fee expense | $ 639,813 | ||||
Broker gross proceeds percentage commision | 6.00% | 6.00% | |||
Share issue related cost | $ 492,177 | ||||
Number of units acquired (in shares) | shares | 281,000 | 281,000 | |||
Price per unit of units acquired (in dollars per share) | (per share) | $ 0.425 | $ 0.55 | |||
Units acquired, gross proceeds | $ 119,425 | $ 154,550 | |||
Warrants [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average share price (in dollars per share) | (per share) | $ 0.58 | $ 0.75 | |||
Compensation options [member] | |||||
Statement Line Items [Line Items] | |||||
Weighted average share price (in dollars per share) | (per share) | $ 0.425 | $ 0.55 | |||
Number of common shares per equity unit issued | 1 | ||||
Number of common shares purchase warrants per equity unit issued | 0.5 | ||||
Number of common shares entitled per whole warrant | 1 | ||||
Number of share options granted in share-based payment arrangement | 1,505,442 | 1,505,442 | |||
Number of equity units exercisable per compensation option (in shares) | shares | 1 |
Note 13 - Share Capital - Commo
Note 13 - Share Capital - Common Shares Issued (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Equity | $ 21,095,240 | $ 23,072,781 | |
Equity | $ 19,038,856 | $ 21,095,240 | $ 23,072,781 |
Ordinary shares [member] | |||
Statement Line Items [Line Items] | |||
Common shares outstanding (in shares) | 288,082,303 | 260,018,853 | 259,333,853 |
Equity | $ 112,028,194 | $ 103,616,221 | $ 103,357,862 |
Shares issued on the exercise of stock options (in shares) | 281,250 | 685,000 | |
Funds from the exercise of stock options | $ 60,028 | $ 123,528 | |
Fair value of stock options exercised | $ 55,950 | $ 134,831 | |
Share issue costs | $ (1,131,990) | ||
Shares issued on the exercise of warrants and compensation warrants (in shares) | 2,600,500 | ||
Stock isued on the exercise of warrants and compensation warrants | $ 1,028,471 | ||
Fair value of warrants and compensation warrants exercised | $ 447,270 | ||
Common shares outstanding (in shares) | 288,363,553 | 288,082,303 | 260,018,853 |
Equity | $ 112,144,172 | $ 112,028,194 | $ 103,616,221 |
Ordinary shares [member] | Common shares issued on public offering [member] | |||
Statement Line Items [Line Items] | |||
Shares issued (in shares) | 25,090,700 | ||
Equity issued | $ 10,663,548 | ||
Ordinary shares [member] | Fair value of warrants issued [member] | |||
Statement Line Items [Line Items] | |||
Equity issued | (2,286,426) | ||
Ordinary shares [member] | Warrants issued to brokers [member] | |||
Statement Line Items [Line Items] | |||
Equity issued | $ (479,204) | ||
Ordinary shares [member] | Shares issued on the exercise of stock options [member] | |||
Statement Line Items [Line Items] | |||
Shares issued (in shares) | 372,250 | ||
Equity issued | $ 87,974 | ||
Ordinary shares [member] | Fair value of stock options exercised [member] | |||
Statement Line Items [Line Items] | |||
Fair value of stock options exercised | $ 82,330 |
Note 14 - Warrants - Components
Note 14 - Warrants - Components of Warrants (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | |
Statement Line Items [Line Items] | |||
Equity | $ 21,095,240 | $ 23,072,781 | |
Equity | $ 19,038,856 | $ 21,095,240 | $ 23,072,781 |
Warrants [member] | |||
Statement Line Items [Line Items] | |||
Balance, warrants, average exercise price (in dollars per share) | $ / shares | $ 0.44 | $ 0.39 | $ 0.79 |
Balance, number of warrants | 46,250,292 | 34,800,000 | 8,369,233 |
Equity | $ 8,303,738 | $ 5,985,378 | $ 2,013,747 |
Warrants issued, warrants, average exercise price (in dollars per share) | $ / shares | $ 0.27 | $ 0.58 | $ 0.39 |
Warrants issued, number of warrants | 3,289,500 | 12,545,350 | 34,800,000 |
Equity issued | $ 221,620 | $ 2,286,426 | $ 5,985,378 |
Warrants and compensation warrants exercised, warrants, average exercise price (in dollars per share) | $ / shares | $ (0.39) | $ (0.51) | |
Warrants and compensation warrants exercised, number of warrants | (2,600,500) | (3,794,412) | |
Warrants and compensation warrants exercised, historical fair value | $ (447,270) | $ (901,417) | |
Expired, warrants, average exercise price (in dollars per share) | $ / shares | $ (1.02) | ||
Expired, number of warrants | (4,574,821) | ||
Expired, historical fair value | $ (1,112,330) | ||
Warrants and compensation warrants exercised, warrants, average exercise price (in dollars per share) | $ / shares | $ 0.39 | $ 0.51 | |
Balance, warrants, average exercise price (in dollars per share) | $ / shares | $ 0.43 | $ 0.44 | $ 0.39 |
Balance, number of warrants | 49,539,792 | 46,250,292 | 34,800,000 |
Equity | $ 8,525,358 | $ 8,303,738 | $ 5,985,378 |
Warrants [member] | Compensation options issued to brokers [member] | |||
Statement Line Items [Line Items] | |||
Warrants issued, warrants, average exercise price (in dollars per share) | $ / shares | $ 0.43 | ||
Warrants issued, number of warrants | 1,505,442 | ||
Equity issued | $ 479,204 |
Note 15 - Stock Options and C_3
Note 15 - Stock Options and Contributed Surplus (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 21, 2018Rateshares | ||
Statement Line Items [Line Items] | |||||
Number of share options expired in share-based payment arrangement | 8,707,811 | [1] | 1,944,791 | 5,455,209 | |
Expense from share-based payment transactions with employees | $ 2,888,141 | $ 3,602,879 | $ 2,958,358 | ||
DenseLight [member] | Discontinued operations [member] | |||||
Statement Line Items [Line Items] | |||||
Expense from share-based payment transactions with employees | $ (75,608) | $ 419,238 | $ 216,566 | ||
Options related to staff employed at DenseLight [member] | |||||
Statement Line Items [Line Items] | |||||
Number of share options expired in share-based payment arrangement | 2,277,186 | ||||
Ordinary shares [member] | The 2016 Plan [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares authorised (in shares) | shares | 57,611,360 | ||||
Share-based payment plan, maximum percentage of issued and outstanding shares (Rate) | Rate | 20.00% | ||||
[1] | 2,277,186 cancelled options related to staff employed at DenseLight |
Note 15 - Stock Options and C_4
Note 15 - Stock Options and Contributed Surplus - Stock Options Transactions and Outstanding (Details) | 12 Months Ended | |||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | ||
Statement Line Items [Line Items] | ||||
Balance, number of options | 44,463,729 | 33,090,291 | 23,805,500 | |
Balance, weighted average exercise price (in dollars per share) | $ 0.58 | $ 0.68 | $ 0.96 | |
Expired/cancelled, number of options | (8,707,811) | [1] | (1,944,791) | (5,455,209) |
Expired/cancelled, weighted average exercise price (in dollars per share) | $ 0.90 | [1] | $ 0.74 | $ 0.73 |
Exercised, number of options | (281,250) | (372,250) | (685,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0.22 | $ 0.26 | $ 0.19 | |
Granted, number of options | 17,785,670 | 13,690,479 | 15,425,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.34 | $ 0.24 | |
Balance, number of options | 53,260,338 | 44,463,729 | 33,090,291 | |
Balance, weighted average exercise price (in dollars per share) | $ 0.43 | $ 0.58 | $ 0.68 | |
[1] | 2,277,186 cancelled options related to staff employed at DenseLight |
Note 15 - Stock Options and C_5
Note 15 - Stock Options and Contributed Surplus - Black-Scholes Option Pricing Model (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.34 | $ 0.24 |
Weighted average risk-free interest rate | 1.57% | 2.17% | 1.87% |
Weighted average dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average volatility | 95.48% | 103.47% | 102.73% |
Weighted average estimated life (in years) | 10 | 10 | 10 |
Weighted average fair value | $ 0.24 | $ 0.30 | $ 0.22 |
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Share price on the various grant dates: (in dollars per share) | $ 0.24 | $ 0.18 | $ 0.21 |
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Share price on the various grant dates: (in dollars per share) | $ 0.28 | $ 0.40 | $ 0.32 |
Note 15 - Stock Options and C_6
Note 15 - Stock Options and Contributed Surplus - Exercise Price Range Disclosure (Details) | 12 Months Ended | |||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | |
Statement Line Items [Line Items] | ||||
Outstanding stock options | 53,260,338 | 44,463,729 | 33,090,291 | 23,805,500 |
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 0.43 | $ 0.58 | $ 0.68 | $ 0.96 |
Outstanding stock options, weighted average remaining contractual life (Year) | 7 years 87 days | |||
Options exercisable | 28,417,970 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.53 | |||
Exercise price range one [member] | ||||
Statement Line Items [Line Items] | ||||
Outstanding stock options | 693,750 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 0.19 | |||
Outstanding stock options, weighted average remaining contractual life (Year) | 6 years 51 days | |||
Options exercisable | 693,750 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.19 | |||
Exercise price range two [member] | ||||
Statement Line Items [Line Items] | ||||
Outstanding stock options | 9,020,313 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 0.22 | |||
Outstanding stock options, weighted average remaining contractual life (Year) | 7 years 229 days | |||
Options exercisable | 6,887,501 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.22 | |||
Exercise price range three [member] | ||||
Statement Line Items [Line Items] | ||||
Outstanding stock options | 10,888,259 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 0.25 | |||
Outstanding stock options, weighted average remaining contractual life (Year) | 9 years 65 days | |||
Options exercisable | 3,504,188 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.25 | |||
Exercise price range four [member] | ||||
Statement Line Items [Line Items] | ||||
Outstanding stock options | 24,844,766 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 0.35 | |||
Outstanding stock options, weighted average remaining contractual life (Year) | 8 years 138 days | |||
Options exercisable | 9,542,718 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 0.40 | |||
Exercise price range five [member] | ||||
Statement Line Items [Line Items] | ||||
Outstanding stock options | 7,813,250 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ 1.13 | |||
Outstanding stock options, weighted average remaining contractual life (Year) | 208 days | |||
Options exercisable | 7,789,813 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 1.13 | |||
Bottom of range [member] | Exercise price range one [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.11 | |||
Bottom of range [member] | Exercise price range two [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.21 | |||
Bottom of range [member] | Exercise price range three [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.25 | |||
Bottom of range [member] | Exercise price range four [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.30 | |||
Bottom of range [member] | Exercise price range five [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.87 | |||
Top of range [member] | Exercise price range one [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.20 | |||
Top of range [member] | Exercise price range two [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.24 | |||
Top of range [member] | Exercise price range three [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.29 | |||
Top of range [member] | Exercise price range four [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | 0.86 | |||
Top of range [member] | Exercise price range five [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise price (in dollars per share) | $ 1.64 |
Note 15 - Stock Options and C_7
Note 15 - Stock Options and Contributed Surplus - Components of Contributed Surplus (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Equity | $ 21,095,240 | $ 23,072,781 | |
Equity | 19,038,856 | 21,095,240 | $ 23,072,781 |
Share premium [member] | |||
Statement Line Items [Line Items] | |||
Equity | 36,042,754 | 32,102,967 | 29,062,874 |
Stock-based compensation | 2,812,533 | 4,022,117 | 3,174,924 |
Fair value of stock options exercised | (55,950) | (82,330) | (134,831) |
Equity | $ 38,799,337 | $ 36,042,754 | $ 32,102,967 |
Note 16 - Income (Loss) Per S_3
Note 16 - Income (Loss) Per Share - Components of Loss Per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Net loss from continuing operations | $ (11,434,632) | $ (8,422,117) | $ (7,908,851) |
Net income (loss) from discontinued operations | 5,481,757 | (7,900,662) | (4,888,946) |
Net loss | $ (5,952,875) | $ (16,322,779) | $ (12,797,797) |
Weighted average number of common shares outstanding (in shares) | 288,216,378 | 282,098,432 | 259,771,793 |
Weighted average number of common shares outstanding - diluted (in shares) | 288,216,378 | 282,098,432 | 259,771,793 |
Basic and diluted loss per share, continuing operations (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.03) |
Basic and diluted income (loss) per share, discontinued operations (in dollars per share) | 0.02 | (0.03) | (0.02) |
Basic and diluted loss per share (in dollars per share) | $ (0.02) | $ (0.06) | $ (0.05) |
Note 17 - Commitments and Con_3
Note 17 - Commitments and Contingencies - Remaining Minimum Annual Rental Payments (Details) | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Remaining minimum annual rental payments | $ 665,491 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Remaining minimum annual rental payments | 170,759 |
Later than one year [member] | |
Statement Line Items [Line Items] | |
Remaining minimum annual rental payments | $ 494,732 |
Note 18 - Related Party Trans_3
Note 18 - Related Party Transactions - Key Management Personnel (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Salaries | $ 1,251,277 | $ 1,216,250 | $ 932,133 | |
Share-based payments | [1] | 2,135,579 | 2,449,683 | 2,110,773 |
Total | $ 3,386,856 | $ 3,665,933 | $ 3,042,906 | |
[1] | Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model. |
Note 19 - Segment Information -
Note 19 - Segment Information - Geographical Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Current assets | $ 20,259,394 | $ 6,888,264 | $ 7,950,712 | |
Property and equipment | 3,143,060 | 9,299,513 | 8,278,170 | |
Patents and licenses | 452,384 | 466,714 | 456,250 | |
Right-of-use assets | 222,517 | |||
Total Assets | 24,077,355 | 25,137,903 | 25,205,772 | |
Selling, marketing and administration | 6,697,387 | 6,173,875 | 5,887,709 | |
Research and development | 2,083,815 | 2,262,476 | 2,039,421 | |
Impairment of long lived assets | 1,764,459 | |||
Interest expense | 819,911 | |||
Amortization of debt issuance costs | 372,340 | |||
Other income including interest income | (10,540) | (14,234) | (18,279) | |
Income taxes | [1] | (292,740) | (297,940) | (297,940) |
Net loss from continuing operations, net of taxes | (11,434,632) | (8,422,117) | (7,908,851) | |
Income from discontinued operations, net of taxes | 5,481,757 | (7,900,662) | (4,888,946) | |
Net income (loss) | (5,952,875) | (16,322,779) | (12,797,797) | |
Goodwill and intangible assets | 8,483,412 | 8,520,640 | ||
SINGAPORE | ||||
Statement Line Items [Line Items] | ||||
Current assets | 86,849 | 4,283,008 | 3,190,298 | |
Property and equipment | 3,055,906 | 9,136,694 | 8,018,900 | |
Patents and licenses | 18,464 | 18,816 | ||
Right-of-use assets | 222,517 | |||
Total Assets | 3,365,272 | 20,157,119 | 17,984,195 | |
Selling, marketing and administration | 217,416 | |||
Research and development | 218,900 | |||
Impairment of long lived assets | ||||
Interest expense | 4,705 | |||
Amortization of debt issuance costs | ||||
Other income including interest income | ||||
Income taxes | ||||
Net loss from continuing operations, net of taxes | (441,021) | |||
Income from discontinued operations, net of taxes | 5,481,757 | (7,900,662) | (4,888,946) | |
Net income (loss) | 5,040,736 | (7,900,662) | (4,888,946) | |
Goodwill and intangible assets | 6,718,953 | 6,756,181 | ||
UNITED STATES | ||||
Statement Line Items [Line Items] | ||||
Current assets | 22,523 | 302,405 | 4,621,318 | |
Property and equipment | 87,154 | 162,819 | 259,270 | |
Patents and licenses | 452,384 | 448,250 | 437,434 | |
Right-of-use assets | ||||
Total Assets | 562,061 | 2,677,933 | 7,082,481 | |
Selling, marketing and administration | 5,126,260 | 5,169,619 | 4,837,859 | |
Research and development | 107,161 | 1,715,154 | 1,719,734 | |
Impairment of long lived assets | ||||
Interest expense | ||||
Amortization of debt issuance costs | ||||
Other income including interest income | ||||
Income taxes | (292,740) | |||
Net loss from continuing operations, net of taxes | (4,940,681) | (6,884,773) | (6,557,593) | |
Income from discontinued operations, net of taxes | ||||
Net income (loss) | (4,940,681) | (6,884,773) | (6,557,593) | |
Goodwill and intangible assets | 1,764,459 | 1,764,459 | ||
CANADA | ||||
Statement Line Items [Line Items] | ||||
Current assets | 20,150,022 | 2,302,851 | 139,096 | |
Property and equipment | ||||
Patents and licenses | ||||
Right-of-use assets | ||||
Total Assets | 20,150,022 | 2,302,851 | 139,096 | |
Selling, marketing and administration | 1,353,711 | 1,004,256 | 1,049,850 | |
Research and development | 1,757,754 | 547,322 | 319,687 | |
Impairment of long lived assets | 1,764,459 | |||
Interest expense | 815,206 | |||
Amortization of debt issuance costs | 372,340 | |||
Other income including interest income | (10,540) | (14,234) | (18,279) | |
Income taxes | ||||
Net loss from continuing operations, net of taxes | (4,288,471) | (1,537,344) | (1,351,258) | |
Income from discontinued operations, net of taxes | ||||
Net income (loss) | $ (4,288,471) | (1,537,344) | (1,351,258) | |
Goodwill and intangible assets | ||||
[1] | Deferred tax recovery and income tax recovery recognized for 2018 and 2017 are included Income (loss) from discontinued operations, net of taxes on the consolidated statements of operations and deficit. |
Note 20 - Financial Instrumen_3
Note 20 - Financial Instruments and Risk Management (Details Textual) | Dec. 31, 2019USD ($) |
Currency risk [member] | |
Statement Line Items [Line Items] | |
Value at risk | $ 290,950 |
Note 20 - Financial Instrumen_4
Note 20 - Financial Instruments and Risk Management - Components of Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | $ 1,428,129 | $ 2,567,868 | $ 4,974,478 |
Trade receivables [member] | |||
Statement Line Items [Line Items] | |||
Financial assets at amortised cost | 946,944 | 493,925 | |
Receivable from the sale of discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
Financial assets at amortised cost | 18,000,000 | ||
Accounts payable and accrued liabilities [member] | |||
Statement Line Items [Line Items] | |||
Accounts payable and accrued liabilities, at amortised cost | (1,725,708) | (3,040,422) | (810,593) |
Convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Accounts payable and accrued liabilities, at amortised cost | $ (3,089,033) |
Note 20 - Financial Instrumen_5
Note 20 - Financial Instruments and Risk Management - Accounts Receivable Aging (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2019SDG ( ) | Dec. 31, 2018USD ($) | Dec. 31, 2018SDG ( ) | Dec. 31, 2017USD ($) | Dec. 31, 2017SDG ( ) | |
Statement Line Items [Line Items] | |||||||
Product sales | $ 713,744 | 273,815 | $ 493,925 | ||||
Loss allowance | [1] | (40,615) | |||||
Current trade receivables | 946,944 | 493,925 | |||||
Current [member] | |||||||
Statement Line Items [Line Items] | |||||||
Product sales | 892,343 | 330,731 | |||||
Later than one month and not later than two months [member] | |||||||
Statement Line Items [Line Items] | |||||||
Product sales | 34,331 | 56,094 | |||||
Later than two months and not later than three months [member] | |||||||
Statement Line Items [Line Items] | |||||||
Product sales | 60,885 | ||||||
Later than three months [member] | |||||||
Statement Line Items [Line Items] | |||||||
Product sales | $ 107,100 | ||||||
[1] | The Company applies IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss allowance for trade receivables. |
Note 21 - Capital Management -
Note 21 - Capital Management - Components of Capital (Details) | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Cash and cash equivalents and receivable from the sale of discontinued operations | $ 19,428,129 |
Shareholders' equity | $ 160,096,378 |
Note 22 - Expenses - Components
Note 22 - Expenses - Components of Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Wages and benefits | $ 874,673 | $ 822,258 | $ 703,759 |
Subcontract fees | 834,598 | 888,566 | 1,044,936 |
Stock-based compensation | 237,311 | 395,468 | 218,896 |
Supplies | 137,233 | 156,184 | 71,830 |
Research and development expense | 2,083,815 | 2,262,476 | 2,039,421 |
Stock-based compensation | 2,650,830 | 3,207,411 | 2,739,462 |
Wages and benefits | 1,619,719 | 1,433,286 | 1,443,656 |
Professional fees | 1,120,805 | 735,604 | 597,865 |
General expenses | 813,951 | 392,901 | 598,600 |
Depreciation and amortization | 243,674 | 153,244 | 182,252 |
Management and consulting fees | 154,357 | 155,169 | 229,577 |
Rent and facility costs | 94,051 | 96,260 | 96,297 |
Total selling, general and administrative expense | $ 6,697,387 | $ 6,173,875 | $ 5,887,709 |
Note 23 - Discontinued Operat_3
Note 23 - Discontinued Operations (Details Textual) - DenseLight [member] - USD ($) | Mar. 30, 2020 | Feb. 14, 2020 | Nov. 08, 2019 | Jan. 01, 2019 | May 31, 2020 | Mar. 30, 2020 | May 31, 2020 | May 31, 2020 |
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in subsidiary, sold | 100.00% | |||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,000,000 | |||||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | 8,707,280 | |||||||
Cash received in excess of proceeds from sale of discontinued operations | $ 2,000,000 | |||||||
Disposal of major subsidiary [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,250,000 | $ 4,750,000 | $ 5,000,000 | $ 13,000,000 | $ 18,000,000 | $ 26,000,000 |
Note 23 - Discontinued Operat_4
Note 23 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) | Nov. 08, 2019 | Nov. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||||
Research and development (Note 22) | $ 2,083,815 | $ 2,262,476 | $ 2,039,421 | |||
Selling, marketing and administration (Note 22) | 6,697,387 | 6,173,875 | 5,887,709 | |||
Interest expense (Notes 9 and 12) | 819,911 | |||||
Impairment of long lived assets (Notes 10 and 24) | 1,764,459 | |||||
Other income, including interest | (10,540) | (14,234) | (18,279) | |||
Operating expenses | 11,727,372 | 8,422,117 | 7,908,851 | |||
Net income (loss) from discontinued operations | 5,481,757 | (7,900,662) | (4,888,946) | |||
Wages and benefits | 874,673 | 822,258 | 703,759 | |||
Supplies | 137,233 | 156,184 | 71,830 | |||
Subcontract fees | 834,598 | 888,566 | 1,044,936 | |||
Stock-based compensation | 237,311 | 395,468 | 218,896 | |||
Research and development | 2,083,815 | 2,262,476 | 2,039,421 | |||
Wages and benefits | 1,619,719 | 1,433,286 | 1,443,656 | |||
Rent and facility costs | 94,051 | 96,260 | 96,297 | |||
General expenses | 813,951 | 392,901 | 598,600 | |||
Stock-based compensation | 2,650,830 | 3,207,411 | 2,739,462 | |||
Professional fees | 1,120,805 | 735,604 | 597,865 | |||
Depreciation and amortization | 243,674 | 153,244 | 182,252 | |||
Selling, marketing and administration | 6,697,387 | 6,173,875 | 5,887,709 | |||
Net income (loss) | (5,952,875) | (16,322,779) | (12,797,797) | |||
Depreciation of property and equipment | 166,342 | 96,452 | 128,283 | |||
Impairment loss | 1,764,459 | |||||
Stock-based compensation | 2,888,141 | 3,602,879 | 2,958,358 | |||
Income tax recovery | (292,740) | |||||
Total adjustments to reconcile profit (loss) | (6,177,907) | (4,665,994) | (4,768,241) | |||
Prepaid and other current assets | (685,667) | (75,855) | 78,011 | |||
Accounts payable and accrued liabilities | 420,457 | 244,054 | (544,809) | |||
Cash flows from operating activities | (9,394,221) | (9,288,588) | (9,163,690) | |||
Purchase of property and equipment (Note 7) | (445,678) | (57,023) | ||||
Purchase of patents and licenses (Note 8) | (65,806) | (67,608) | (41,728) | |||
Cash flows from investing activities | 5,397,139 | (3,535,600) | (441,065) | |||
Payment of lease liability (Note 9) | (19,162) | |||||
Cash flows from financing activities | 3,135,255 | 10,648,003 | 123,528 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (277,912) | (230,425) | 79,423 | |||
Current trade receivables | 946,944 | 493,925 | ||||
Prepaid and other current assets | 831,265 | 2,936,619 | 1,957,727 | |||
Inventory | 436,833 | 524,582 | ||||
Property and equipment | 3,143,060 | 9,299,513 | 8,278,170 | |||
Right-of-use assets | 222,517 | |||||
Patents and licenses | 452,384 | 466,714 | 456,250 | |||
Goodwill and intangible assets | 8,483,412 | 8,520,640 | ||||
Trade payables | (1,507,644) | (2,269,845) | (504,229) | |||
Lease Liability | (90,504) | |||||
Deferred tax liability | (1,000,427) | (1,298,367) | ||||
Discontinued operations [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue | $ 4,426,355 | 3,888,185 | 2,794,044 | |||
Cost of revenue | 1,201,373 | 1,475,969 | 1,342,691 | |||
Gross margin | 3,224,982 | 2,412,216 | 1,451,353 | |||
Research and development (Note 22) | 5,677,222 | 6,430,328 | 3,403,452 | |||
Selling, marketing and administration (Note 22) | 1,950,526 | 5,515,329 | 4,983,032 | |||
Interest expense (Notes 9 and 12) | 74,494 | |||||
Impairment of long lived assets (Notes 10 and 24) | 156,717 | |||||
Other income, including interest | (1,251,737) | (1,491,556) | (1,748,245) | |||
Operating expenses | 6,450,505 | 10,610,818 | 6,638,239 | |||
Loss from discontinued operations | (3,225,523) | (8,198,602) | (5,186,886) | |||
Gain on sale of discontinued operations, net of taxes | 8,707,280 | |||||
Income tax recovery | (297,940) | (297,940) | ||||
Net income (loss) from discontinued operations | 5,481,757 | (7,900,662) | (4,888,946) | |||
Non-contract revenue (at a point in time)(1)(3) | [1],[2] | 2,092,426 | 3,261,518 | 2,714,044 | ||
Contract revenue | 2,333,929 | 626,667 | 80,000 | |||
Total revenue | 4,426,355 | 3,888,185 | 2,794,044 | |||
Balance, receivables | 60,000 | 60,000 | 40,000 | |||
Balance, liabilities | (20,000) | |||||
Revenues recognized, receivables | 2,333,929 | 626,667 | 80,000 | |||
Revenues recognized, liabilities | (2,333,929) | (626,667) | (60,000) | |||
Changes due to payment, fulfillment of performance obligations or other, receivables | (1,293,929) | (606,667) | (40,000) | |||
Changes due to payment, fulfillment of performance obligations or other, liabilities | 2,333,929 | 626,667 | 80,000 | |||
Balance, liabilities | ||||||
Balance, receivables | 1,100,000 | 1,100,000 | 60,000 | 40,000 | ||
Wages and benefits | 3,565,076 | 3,818,980 | 2,135,329 | |||
Supplies | 1,412,572 | 2,070,495 | 1,118,011 | |||
Subcontract fees | 728,457 | 400,000 | ||||
Stock-based compensation | (28,883) | 140,853 | 150,112 | |||
Research and development | 5,677,222 | 6,430,328 | 3,403,452 | |||
Wages and benefits | 887,860 | 1,034,715 | 1,131,322 | |||
Rent and facility costs | 604,442 | 975,467 | 1,079,635 | |||
General expenses | 458,465 | 785,635 | 585,637 | |||
Stock-based compensation | (46,725) | 278,385 | 66,454 | |||
Professional fees | 46,484 | 31,747 | 27,076 | |||
Depreciation and amortization | 2,409,380 | 2,092,908 | ||||
Selling, marketing and administration | 1,950,526 | 5,515,329 | 4,983,032 | |||
Net income (loss) | 5,481,757 | (7,900,662) | (4,888,946) | |||
Depreciation of property and equipment | 2,372,152 | 2,055,680 | ||||
Gain on sale of discontinued operations | (8,707,280) | |||||
Amortization of intangibles | 37,228 | 37,228 | ||||
Interest expense | 74,494 | |||||
Impairment loss | 156,717 | |||||
Stock-based compensation | (75,608) | 419,238 | 216,566 | |||
Income tax recovery | (297,940) | (297,940) | ||||
Deferred rent | (1,825) | (21,992) | ||||
Expected credit loss | 40,615 | |||||
Total adjustments to reconcile profit (loss) | (3,228,462) | (5,194,644) | (2,877,412) | |||
Accounts receivable | 584,902 | (508,093) | (171,257) | |||
Prepaid and other current assets | 497,259 | (949,401) | (927,685) | |||
Inventory | (334,425) | 78,733 | 663,992 | |||
Accounts payable and accrued liabilities | (470,378) | 1,782,612 | (616,289) | |||
Cash flows from operating activities | (2,951,104) | (4,790,793) | (3,928,651) | |||
Proceeds from the sale of discontinued operations, net of cash given up (1) | 7,519,126 | |||||
Purchase of property and equipment (Note 7) | (1,599,272) | (3,467,992) | (912,774) | |||
Purchase of patents and licenses (Note 8) | (11,231) | (18,815) | ||||
Cash flows from investing activities | 5,908,623 | (3,467,992) | (931,589) | |||
Payment of lease liability (Note 9) | (258,460) | |||||
Cash flows from financing activities | (258,460) | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (14,010) | 26,490 | (65,338) | |||
NET CHANGE IN CASH | $ 2,685,049 | (8,232,295) | (4,925,578) | |||
Current trade receivables | 396,037 | 396,037 | ||||
Prepaid and other current assets | 2,303,014 | 2,303,014 | ||||
Inventory | 774,404 | 774,404 | ||||
Property and equipment | 8,424,638 | 8,424,638 | ||||
Right-of-use assets | 880,577 | 880,577 | ||||
Patents and licenses | 29,696 | 29,696 | ||||
Goodwill and intangible assets | 6,718,953 | 6,718,953 | ||||
Trade payables | (1,312,053) | (1,312,053) | ||||
Lease Liability | (695,733) | (695,733) | ||||
Deferred tax liability | (707,687) | (707,687) | ||||
Net assets disposed | 16,811,846 | 16,811,846 | ||||
(1) Consideration received in cash | [3] | 8,000,000 | ||||
(1) Cash given up | [4] | (480,874) | ||||
Consideration receivable | 18,000,000 | |||||
Net inflows | $ 25,519,126 | |||||
Discontinued operations [member] | Goods or services transferred over time [member] | ||||||
Statement Line Items [Line Items] | ||||||
Contract revenue | [1],[5] | 2,221,429 | 441,667 | 80,000 | ||
Revenues recognized, receivables | [1],[5] | 2,221,429 | 441,667 | 80,000 | ||
Discontinued operations [member] | Goods or services transferred at point in time [member] | ||||||
Statement Line Items [Line Items] | ||||||
Contract revenue | [1],[5] | 112,500 | 185,000 | |||
Revenues recognized, receivables | [1],[5] | $ 112,500 | $ 185,000 | |||
[1] | All revenue was generated from the Singapore geographic region. | |||||
[2] | Revenue from the sale of products. | |||||
[3] | Consideration received in cash $ 8,000,000 | |||||
[4] | Cash given up (480,874) | |||||
[5] | Revenue from long-term projects or non-recurring engineering (NRE). |
Note 24 - Goodwill and Deferr_3
Note 24 - Goodwill and Deferred Tax Liability (Details Textual) | Jun. 22, 2016USD ($)$ / shares | May 11, 2016USD ($)$ / shares | Dec. 31, 2019USD ($) | Nov. 08, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Statement Line Items [Line Items] | ||||||
Goodwill at end of period | $ 7,681,003 | $ 7,681,003 | ||||
Deferred tax liabilities | 1,000,427 | $ 1,298,367 | ||||
DenseLight [member] | ||||||
Statement Line Items [Line Items] | ||||||
Goodwill at end of period | $ 6,630,544 | |||||
Discontinued operations [member] | ||||||
Statement Line Items [Line Items] | ||||||
Deferred tax liabilities | $ 707,687 | |||||
Discontinued operations [member] | DenseLight [member] | ||||||
Statement Line Items [Line Items] | ||||||
Goodwill at end of period | 6,630,544 | |||||
Deferred tax liabilities | $ 707,687 | |||||
DenseLight [member] | Ordinary shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Equity interests of acquirer | $ 10,500,000 | |||||
Number of instruments or interests issued or issuable | 13,611,150 | |||||
Weighted average share price (in dollars per share) | $ / shares | $ 0.7714 | |||||
BB Photonics [member] | Ordinary shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Equity interests of acquirer | $ 1,550,000 | |||||
Number of instruments or interests issued or issuable | 1,996,090 | |||||
Weighted average share price (in dollars per share) | $ / shares | $ 0.777 |
Note 24 - Goodwill and Deferr_4
Note 24 - Goodwill and Deferred Tax Liability - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Balance, goodwill | $ 7,681,003 | $ 7,681,003 | |
Impairment, goodiwll | (1,050,459) | 0 | $ 0 |
Disposed on the sale of DenseLight, goodwill | (6,630,544) | ||
Balance, goodwill | 7,681,003 | $ 7,681,003 | |
DenseLight [member] | |||
Statement Line Items [Line Items] | |||
Balance, goodwill | 6,630,544 | ||
Impairment, goodiwll | |||
Disposed on the sale of DenseLight, goodwill | (6,630,544) | ||
Balance, goodwill | 6,630,544 | ||
BB Photonics [member] | |||
Statement Line Items [Line Items] | |||
Balance, goodwill | 1,050,459 | ||
Impairment, goodiwll | (1,050,459) | ||
Disposed on the sale of DenseLight, goodwill | |||
Balance, goodwill | $ 1,050,459 |
Note 24 - Goodwill and Deferr_5
Note 24 - Goodwill and Deferred Tax Liability - Deferred Tax Liability (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Balance, deferred tax liability | $ 1,000,427 | $ 1,298,367 | $ 1,596,307 |
Tax effect of amortization, deferred tax liability | (297,940) | (297,940) | |
Tax effect of Impairment, deferred tax liability | (292,740) | ||
Disposed on the sale of DenseLight, deferred tax liability | (707,687) | ||
Balance, deferred tax liability | 1,000,427 | 1,298,367 | |
DenseLight [member] | |||
Statement Line Items [Line Items] | |||
Balance, deferred tax liability | 707,687 | 1,005,627 | 1,303,567 |
Tax effect of amortization, deferred tax liability | (297,940) | (297,940) | |
Tax effect of Impairment, deferred tax liability | |||
Disposed on the sale of DenseLight, deferred tax liability | (707,687) | ||
Balance, deferred tax liability | 707,687 | 1,005,627 | |
BB Photonics [member] | |||
Statement Line Items [Line Items] | |||
Balance, deferred tax liability | 292,740 | 292,740 | 292,740 |
Tax effect of amortization, deferred tax liability | |||
Tax effect of Impairment, deferred tax liability | (292,740) | ||
Disposed on the sale of DenseLight, deferred tax liability | |||
Balance, deferred tax liability | $ 292,740 | $ 292,740 |
Note 25 - Income Taxes (Details
Note 25 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Tax effect from change in tax rate | [1] | $ 9,472,000 | ||
BB Photonics [member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) through business combinations, deferred tax liability (asset) | $ 928,000 | |||
CANADA | ||||
Statement Line Items [Line Items] | ||||
Applicable tax rate | 26.50% | 26.50% | 26.50% | |
UNITED STATES | ||||
Statement Line Items [Line Items] | ||||
Applicable tax rate | 21.00% | 35.00% | ||
[1] | Due to the reduction of US corporate tax rates from 35% to 21%, the Company will not be able to apply $9,472,000 against any future US taxes payable. |
Note 25 - Income Taxes - Compon
Note 25 - Income Taxes - Components of Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Net loss, continuing operations | $ (11,727,372) | $ (8,422,117) | $ (7,908,851) | |
Net income (loss), discontinued operations | 5,481,757 | (8,198,602) | (5,186,886) | |
Net loss before taxes | (6,245,615) | (16,620,719) | (13,095,737) | |
Expected current income tax recovery | 1,655,088 | 4,404,491 | 3,470,370 | |
Deferred tax recovery (2) | [1] | 292,740 | 297,940 | 297,940 |
Total amount of expected and actual income tax recorded | 1,947,828 | 4,702,431 | 3,768,310 | |
Amounts not deductible for tax purposes | (1,212,900) | (1,065,900) | (841,000) | |
Other non-deductible items | (173,000) | (509,900) | (463,000) | |
Deductible share and debt issuance costs | 216,000 | 77,000 | 94,000 | |
Non-taxable gain | 2,307,000 | |||
Impact of US statutory income tax rate change (1) | [2] | (9,472,000) | ||
Foreign tax differential | 591,000 | (592,000) | (69,000) | |
Non-recognizable permanent capital loss | (1,175,000) | |||
Unusable foreign tax recoveries (3) | [3] | (7,040,081) | ||
Unrecognized tax recovered (losses) | 4,831,893 | (2,313,691) | 7,280,630 | |
Income tax recovery recognized (2) | [1] | $ 292,740 | $ 297,940 | $ 297,940 |
[1] | Deferred tax recovery and income tax recovery recognized for 2018 and 2017 are included Income (loss) from discontinued operations, net of taxes on the consolidated statements of operations and deficit. | |||
[2] | Due to the reduction of US corporate tax rates from 35% to 21%, the Company will not be able to apply $9,472,000 against any future US taxes payable. | |||
[3] | Deferred tax assets applicable to DenseLight and no longer available to the Company. |
Note 25 - Income Taxes - Future
Note 25 - Income Taxes - Future Income Tax Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Unused tax credits and losses for which no deferred tax asset recognised | $ 97,824,771 | $ 132,612,271 | $ 124,155,932 |
Unrecognized deferred tax assets | (97,824,771) | (132,612,271) | (124,155,932) |
Deferred income tax assets recognized | |||
Resource assets [member] | |||
Statement Line Items [Line Items] | |||
Temporary differences | 1,024,271 | 1,024,271 | 1,024,271 |
Gross unamortized share issue costs [member] | |||
Statement Line Items [Line Items] | |||
Temporary differences | 385,000 | 669,000 | 705,351 |
Canadian non-capital losses [member] | |||
Statement Line Items [Line Items] | |||
Unused tax losses | 16,545,000 | 12,431,000 | 11,100,672 |
Canadian capital losses [member] | |||
Statement Line Items [Line Items] | |||
Unused tax losses | 4,432,500 | ||
US non-capital losses [member] | |||
Statement Line Items [Line Items] | |||
Unused tax losses | 75,060,000 | 71,594,000 | 67,654,438 |
Singapore non-capital losses [member] | |||
Statement Line Items [Line Items] | |||
Unused tax losses | $ 378,000 | $ 46,894,000 | $ 43,671,200 |
Note 26 - Subsequent Events (De
Note 26 - Subsequent Events (Details Textual) - DenseLight [member] - USD ($) | Mar. 30, 2020 | Feb. 14, 2020 | Nov. 08, 2019 | May 31, 2020 | Mar. 30, 2020 | May 31, 2020 | Mar. 30, 2020 | May 31, 2020 |
Statement Line Items [Line Items] | ||||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,000,000 | |||||||
Cash received in excess of proceeds from sale of discontinued operations | $ 2,000,000 | |||||||
Disposal of major subsidiary [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Cash flows from losing control of subsidiaries or other businesses | $ 8,250,000 | $ 4,750,000 | $ 5,000,000 | $ 13,000,000 | $ 18,000,000 | $ 26,000,000 | ||
Proportion of shares in subsidiary sold, transferred to buyer | 81.00% |