Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 26, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Acasti Pharma Inc. | ||
Entity Central Index Key | 0001444192 | ||
Trading Symbol | acst | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 92,488,385 | ||
Entity Public Float | $ 161,005,499 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Shares, no par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 14,240 | $ 16,871 |
Short- term investments | 8,888 | |
Receivables | 546 | 1,189 |
Current-other asset | 195 | 49 |
Deferred financing costs | 121 | 134 |
Prepaid expenses | 977 | 835 |
Total current assets | 16,079 | 27,966 |
Investments | 20 | |
Other asset | 473 | 417 |
Equipment | 1,910 | 2,107 |
Right of Use Asset | 147 | |
Intangible assets | 4,244 | 6,386 |
Total assets | 22,853 | 36,896 |
Current liabilities: | ||
Trade and other payables | 7,319 | 12,307 |
Unsecured convertible debentures | 1,361 | |
Lease liability | 76 | |
Total current liabilities | 7,395 | 13,668 |
Derivative warrant liabilities | 2,393 | 12,183 |
Lease Liability | 71 | |
Total liabilities | 9,859 | 25,851 |
Shareholders’ Equity: | ||
Common shares | 137,424 | 110,857 |
Additional paid-in capital | 9,797 | 8,150 |
Accumulated other comprehensive loss | (7,887) | (7,135) |
Accumulated deficit | (126,340) | (100,827) |
Total Shareholder’s equity | 12,994 | 11,045 |
Commitments and contingencies | ||
Total liabilities and shareholders’ equity | $ 22,853 | $ 36,896 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expenses | ||
Research and development expenses, net of government assistance | $ (15,974) | $ (29,373) |
General and administrative expenses | (5,799) | (4,539) |
Sales and marketing | (2,665) | (494) |
Loss from operations | (24,438) | (34,406) |
Financial expenses | (1,075) | (4,960) |
Net loss and total comprehensive loss | $ (25,513) | $ (39,366) |
Basic and diluted loss per share (in dollars per share) | $ (0.30) | $ (0.73) |
Weighted average number of shares outstanding (in shares) | 84,581,764 | 54,290,295 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Thousands | Public Offering [Member]Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | Public Offering [Member]AOCI Attributable to Parent [Member] | Public Offering [Member]Retained Earnings [Member] | Public Offering [Member] | At-the-market Offering [Member]Common Stock [Member] | At-the-market Offering [Member]Additional Paid-in Capital [Member] | At-the-market Offering [Member]AOCI Attributable to Parent [Member] | At-the-market Offering [Member]Retained Earnings [Member] | At-the-market Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2018 | 25,638,215 | ||||||||||||||
Balance at Mar. 31, 2018 | $ 67,806 | $ 7,152 | $ (6,304) | $ (61,461) | $ 7,193 | ||||||||||
Net loss and total comprehensive loss for the period | (39,366) | (39,366) | |||||||||||||
Cumulative translation adjustment | (831) | $ (831) | |||||||||||||
Warrants exercised (in shares) | 772,474 | 775,855 | |||||||||||||
Warrants exercised | $ 1,345 | $ 1,345 | |||||||||||||
Net proceeds from shares issued under the at-the-market (ATM) program (in shares) | 51,612,000 | 0 | |||||||||||||
Net proceeds from shares issued under the at-the-market (ATM) program | $ 41,609 | $ 221 | $ 41,830 | ||||||||||||
Stock based compensation (in shares) | 4,167 | ||||||||||||||
Stock based compensation | $ 2 | 777 | 779 | ||||||||||||
Issuance of shares for payment of interest on convertible debentures (in shares) | 105,878 | ||||||||||||||
Issuance of shares for payment of interest on convertible debentures | $ 95 | 95 | |||||||||||||
Balance (in shares) at Mar. 31, 2019 | 78,132,734 | ||||||||||||||
Balance at Mar. 31, 2019 | $ 110,857 | 8,150 | (7,135) | (100,827) | 11,045 | ||||||||||
Net loss and total comprehensive loss for the period | (25,513) | (25,513) | |||||||||||||
Cumulative translation adjustment | (752) | (752) | |||||||||||||
Warrants exercised (in shares) | 7,056,103 | ||||||||||||||
Warrants exercised | $ 18,810 | (262) | 18,548 | ||||||||||||
Net proceeds from shares issued under the at-the-market (ATM) program (in shares) | 4,065,986 | 4,065,986 | |||||||||||||
Net proceeds from shares issued under the at-the-market (ATM) program | $ 6,941 | $ 6,941 | |||||||||||||
Shares issued as a settlement (in shares) | 900,000 | ||||||||||||||
Shares issued as a settlement | $ 738 | 738 | |||||||||||||
Stock based compensation (in shares) | 54,626 | ||||||||||||||
Stock based compensation | $ 78 | 1,909 | 1,987 | ||||||||||||
Balance (in shares) at Mar. 31, 2020 | 90,209,449 | ||||||||||||||
Balance at Mar. 31, 2020 | $ 137,424 | $ 9,797 | $ (7,887) | $ (126,340) | $ 12,994 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Cash flows used in operating activities: | ||||
Net loss for the year | $ (25,513) | $ (39,366) | $ (25,513) | $ (39,366) |
Adjustments: | ||||
Amortization of intangible assets | 1,910 | 1,949 | 1,910 | 1,949 |
Depreciation of equipment | 410 | 384 | 410 | 384 |
Stock-based compensation expense | 1,953 | 777 | ||
Fair value of warrant liabilities | 1,116 | 4,745 | 1,116 | 4,745 |
Accretion of interest on convertible debenture | 145 | 156 | ||
Unrealized exchange loss | 246 | 380 | ||
Total adjustments | 5,780 | 8,391 | ||
Changes in non-cash working capital items | (2,993) | 6,294 | (2,993) | 6,294 |
Changes in other assets | (225) | 28 | ||
Changes in deferred financing costs | 7 | (134) | ||
Net cash used in operating activities | (22,944) | (24,787) | ||
Cash flows from (used in) investing activities: | ||||
Acquisition of equipment | (319) | (534) | ||
Acquisition of short-term investments | (1,923) | (18,850) | ||
Maturity of short-term investments | 10,380 | 9,942 | ||
Net cash from (used in) investing activities | 8,138 | (9,442) | ||
Cash flows from (used in) financing activities: | ||||
Proceeds from exercise of warrants | 7,706 | 796 | 7,706 | |
Proceeds from exercise of stock options | 45 | 2 | ||
Payment upon maturity of debentures | (1,556) | |||
Net cash from financing activities | 13,176 | 45,690 | ||
Effect of exchange rate fluctuations on cash and cash equivalents | (254) | 29 | ||
Translation effect on cash and cash equivalents related to reporting currency | (747) | (1,042) | ||
Net (decrease) increase in cash and cash equivalents | (2,631) | 10,448 | ||
Cash and cash equivalents, beginning of year | 16,871 | 6,423 | 16,871 | |
Cash and cash equivalents, end of year | 14,240 | 16,871 | 14,240 | 16,871 |
Cash and cash equivalents are comprised of: | ||||
Cash | 4,869 | 1,420 | 4,869 | 1,420 |
Cash equivalents | 9,371 | 15,451 | 9,371 | $ 15,451 |
At-the-market Offering [Member] | ||||
Cash flows from (used in) financing activities: | ||||
Net proceeds from shares issued | 6,981 | $ 7,000 | ||
Public Offering [Member] | ||||
Cash flows from (used in) financing activities: | ||||
Net proceeds from shares issued | $ 44,892 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Operations Acasti Pharma Inc. (“ Acasti” Corporation” Business Corporations Act 1A Companies Act 545, H7T 0A3. December 2019, The Corporation is subject to a number of risks associated with its ongoing priorities, including the conduct of its clinical program and its results, the establishment of strategic alliances and the development of new pharmaceutical products and their marketing. The Corporation’s current product in development, CaPre, requires approval from the U.S Food and Drug Administration and equivalent regulatory organizations in other countries before its sale can be authorized. Certain risks have been reduced for the longer term with the outcome of the Corporation’s actions, including the scale up of manufacturing of CaPre to 20 20 20 The Corporation has incurred significant operating losses and negative cash flows from operations since inception. To date, the Corporation has financed its operations through the public offering and private placement of Common Shares, units consisting of Common Shares and warrants, and convertible debt, the proceeds from research grants and research tax credits, and the exercises of warrants, rights and options. To achieve the objectives of its business plan, Acasti plans to raise the necessary funds through additional securities offerings and the establishment of strategic alliances as well as additional research grants and research tax credits. The ability of the Corporation to complete the needed financing and ultimately achieve profitable operations is dependent on a number of factors outside of the Corporation’s control. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Adoption of U.S. GAAP The consolidated financial statements of the Corporation have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Comparative figures, which were previously presented in accordance with International Financial Reporting Standards (”IFRS”) as issued by the International Accounting Standards Board, have been adjusted as required to be compliant with the Corporation’s accounting policies under U.S. GAAP and are described in note 21. Basis of presentation These consolidated financial statements of Acasti Pharma Inc., which include the accounts of its subsidiary have been prepared in accordance with U.S. GAAP. All intercompany transactions and balances are eliminated on consolidation. Going concern uncertainty: The following summarizes the principal conditions or events relevant to the Corporation’s going concern assessment, which primarily considers the period of one $16.1 March 31, 2020 $14.2 $7.4 March 31, 2020 3 no not not one may not no As a result, there is a substantial doubt about the Corporation’s ability to continue as a going concern. 2. Summary of significant accounting policies (continued): Going concern uncertainty (continued): The consolidated financial statements have been prepared on a going concern basis, which assumes the Corporation will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the ordinary course of business. These consolidated financial statements do not may not Significant accounting policies, estimates and judgments: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may Estimates are based on management’s best knowledge of current events and actions that management may Estimates and assumptions include the measurement of derivative warrant liabilities ( note 13 note 15 Functional and reporting currency: Effective March 31, 2020, The Corporation’s functional currency is the Canadian dollar. The effects of exchange rate fluctuations on translating foreign currency monetary assets and liabilities into Canadian dollars are included in the statement of loss and comprehensive loss as foreign exchange gain/loss. Expense transactions are translated into the U.S. dollar reporting currency at the average exchange rate during the period, and assets and liabilities are translated at end of period exchange rates, except for equity transactions, which are translated at historical exchange rates. Cash and Cash Equivalents: Cash and cash equivalents comprise cash balances and highly liquid investments purchased with original maturities of three Investments: The Corporation’s investments consists of guaranteed investment certificates, term deposits and treasury bills and are classified as held-to-maturity securities. These investments are recorded at amortized cost. Investments with original maturities exceeding three one Receivables: Receivables are classified at amortized cost and recorded at the outstanding amount net of any provisions for uncollectible amount. Deferred Financing Costs: Deferred financing costs consists of fees charged by underwriters, attorneys, accountants, and other fees directly attributable to future issuances of shares. Provided these costs are determined to be recoverable, these costs are deferred and charged subsequently against the gross proceeds of the related equity transaction when it occurs. If at such time, the Corporation deems that these costs are no 2. Summary of significant accounting policies (continued): Equipment: (i) Recognition and measurement: Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment and are recognized net within operating expenses in the Consolidated Statement of Loss and Comprehensive Loss. (ii) Subsequent costs: The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (iii) Depreciation: Depreciation is recognized in profit or loss on either a straight-line basis or a declining basis over the estimated useful lives of each part of an item of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not The estimated useful lives and rates for the current and comparative periods are as follows: Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment Declining balance 10% to 30% Depreciation methods, useful lives and residual values are reviewed periodically and adjusted prospectively if appropriate. Intangible assets: Intellectual property and licenses that are acquired by the Corporation from a third Amortization group Amortization is calculated over the cost of the intangible asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Assets Period (years) Patents 20 License 8 to 14 Subsequent expenditure: Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. 2. Summary of significant accounting policies (continued): Research and Development Costs Research and developments expenditures are expensed as incurred. These costs primarily consist of employees’ salaries and benefits related to research and development activities, consultants that conduct the Corporation’s clinical trials, independent auditors and consultants to perform investigation activities on behalf of the Corporation, clinical trial materials, stock-based compensation expense, and other non-clinical costs and regulatory approvals. Advance payments for goods and services that will be used in future research and development are recognized in prepaids or other assets and are expensed when the services are performed, or the goods are used. Impairment of Long-Lived Assets: The Corporation reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that it is carrying amount may not first No March 31, 2020 2019. Stock based compensation: The Corporation has in place a stock option plan for directors, officers, employees and consultants of the Corporation, with grants under the stock option plan approved by the Corporation’s Board of Directors. The plan provides for the granting of options to purchase Common Shares and the exercise price of each option equals the closing trading price of Common Shares on the day prior to the grant. The terms and conditions for acquiring and exercising options are set by the Corporation’s Board of Directors in accordance with and subject to the terms and conditions of the stock option plan. The Corporation measures the cost of such awards based on the fair value of the award at grant date, net of estimated forfeiture, and recognizes stock based compensation expense in the Consolidated Statements of Loss and Comprehensive Loss on a graded vesting basis over the requisite service period. The requisite service period equals the vesting periods of the awards. The fair value of options is estimated for each tranche of an award that vests on a graded basis. The fair value of options is estimated using the Black-Scholes option pricing model, which uses various inputs including estimated fair value of the Common Shares at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Common Shares. The Corporation applies an estimated forfeiture rate derived from historical employee termination behaviour. If the actual forfeitures differ from those estimated by management, adjustment to compensation expense may Non-employee stock-based compensation transactions in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as stock-based compensation transactions. In June 2018, No. 2018 07, 718 December 15, 2018. April 1, 2018. 718 no April 1, 2018; 13 Contingencies The Corporation records accruals for contingencies expected to be incurred in connection with a loss contingency when it is probable that a liability has been incurred and the amount can be reasonably estimated. Government grants: Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Corporation has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Grants that compensate the Corporation for expenses incurred are recognized in profit or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Corporation for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. 2. Summary of significant accounting policies (continued): Leases: Adoption of Topic 842 On April 1, 2019, 842. no Subsequent to April 1, 2019, 842 Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may not not The Corporation has elected not one not March 31, 2020 $ 147 two 8% $80 Income tax: Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts (tax base) of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rate expected to apply when the underlying asset or liability is realised (settled) based on the rates that are enacted at the reporting date. Deferred tax assets and liabilities are offset if the Corporation has the right to set off the amount owed by with the amount owed by the other party, the Corporation intends to set off and the offset right is enforceable at law. A deferred tax asset is recognized for unused tax losses and tax credits, reduced by a valuation allowance to the extent that it is more likely than not not Earnings per share: The Corporation presents basic and diluted earnings per share ( EPS Segment reporting: An operating segment is a component of the Corporation that engages in business activities from which it may one one $1,510 March 31, 2019 - $1,873 third 2. Summary of significant accounting policies (continued): Convertible Debentures: The unsecured convertible debentures that existed in the financial statements as at March 31, 2019, February 2020. not not not Derivative financial instruments: The Corporation has issued warrants of which some are accounted for as liability-classified derivatives over its own equity. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit and loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and all changes in their fair value are recognized immediately in profit or loss as a component of financial expenses Other equity instruments Warrants that do not Fair Value Measurements Certain of the Corporation’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Financial assets and liabilities: In establishing fair value, the Corporation uses a fair value hierarchy based on levels as defined below: · Level 1: · Level 2: · Level 3: no The Corporation has determined that the carrying values of its short-term financial assets and liabilities (cash and cash equivalents, and trade and other payables) approximate their fair value given the short-term nature of these instruments. The fair value of the liability component of the convertible debenture is determined by discounting future cash flows using a rate that the Corporation could obtain for loans with similar terms, conditions and maturity dates. The fair value of this liability at March 31, 2019 3 3 . |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent Accounting Pronouncements In June 2016, 2016 13 326 2016 13 not 2016 13 December 15, 2022. not In August 2018, 2018 15 2018 15 December 15, 2019 not |
Note 4 - Receivables
Note 4 - Receivables | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Receivables: March 31, 2020 March 31, 2019 Notes $ $ Sales tax receivables 301 463 Government assistance 7 209 652 Interest receivable 11 69 Other receivables 25 5 Total receivables 546 1,189 |
Note 5 - Investments
Note 5 - Investments | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Investments: The Corporation holds various marketable securities with maturities greater than 3 March 31, 2020 March 31, 2019 $ $ Term deposits issued in US currency earning interest at 2.50% and maturing on various dates from April 8, 2019 to March 12, 2020 - 2,020 Treasury bills issued in CAD currency earning interest at rates ranging from 1.83% to 1.90% and maturing on various dates from April 2, 2019 to July 25, 2019 - 6,888 Total investments - 8,908 Short-term investments - 8,888 Investments - 20 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Other Assets The Corporation owns a reserve of krill oil in which amounts are expensed as it is used. The following table summarizes information regarding activities of amounts of the krill oil usage in the research and development production processes and for NKPL66 March 31, 2020 March 31, 2019 $ $ Balance – beginning of year 466 513 Purchased 312 53 Used (90 ) (79 ) Foreign exchange- translation effect (20 ) (21 ) Balance – end of year 668 466 Current-other asset 195 49 Other asset 473 417 |
Note 7 - Government Assistance
Note 7 - Government Assistance | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Government Assistance [Text Block] | 7. Government assistance: March 31, March 31, $ $ Investment tax credit 182 652 Government grant 27 - Total government assistance 209 652 Government assistance is comprised of a government grant from the Canadian federal government and research and development investment tax credits receivable from the Quebec provincial government which relate to qualifiable research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received may March 31, 2020 2019, $149 $445, The amounts recorded as receivables are subject to a government tax audit and the final amounts received may may $ 2029 8 2030 21 2031 32 2032 306 2033 314 2034 310 2035 369 2036 203 2037 224 2038 230 2039 234 2040 217 2,468 In September 2019, $750,000 March 31, 2020 $164 |
Note 8 - Equipment
Note 8 - Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Equipment: March 31, 2020 Cost Accumulated Net book value $ $ $ Furniture and office equipment 15 3 12 Computer equipment 64 18 46 Laboratory equipment 684 343 341 Production equipment 2,341 830 1,511 3,104 1,194 1,910 March 31, 2019 Cost Accumulated Net book value $ $ $ Furniture and office equipment 6 1 5 Computer equipment 23 10 13 Laboratory equipment 490 274 216 Production equipment 2,438 565 1,873 2,957 850 2,107 For the year ended March 31, 2020, $410 2019 $384 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9. Intangible assets: In 2009 2012, Neptune 2022, not March 31, 2020 Cost Accumulated Net book value $ $ $ License 18,025 13,781 4,244 March 31, 2019 Cost Accumulated Net book value $ $ $ License 18,988 12,602 6,386 Amortization expense on intangible assets for the years ended March 31, 2020 2019 $1,910 $1,949, |
Note 10 - Trade and Other Payab
Note 10 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Trade and other payables: March 31, 2020 March 31, 2019 $ $ Trade payables 1,713 3,047 Accrued liabilities and other payables 4,247 7,697 Employee salaries and benefits payable 1,359 825 Legal settlement paid via common shares - 738 Total trade and other payables 7,319 12,307 On May 10, 2019, 900,000 CAD$1.10 $52. March 31, 2019 $790 no |
Note 11 - Derivative Warrant Li
Note 11 - Derivative Warrant Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Derivative warrant liabilities: The warrants issued as part of the public offering of units composed of Common Shares and Common Share purchase warrants on May 9, 2018 May 14, 2018 ( 13 Warrants issued as part of a public offering of units composed of Common Shares and Common Share purchase warrants on December 27, 2017 The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: Warrants issued May 2018 Warrants issued December 27, 2017 March 31, March 31, March 31, March 31, $ $ $ $ Balance – beginning of year 6,177 - 6,005 4,987 Issued during the year - 3,323 - - Amount transferred to Equity (6,072 ) (550 ) (4,770 ) - Change in fair value 1,115 3,579 1 1,166 Translation effect (35 ) (175 ) (28 ) (147 ) Balance – end of year 1,185 6,177 1,208 6,006 Fair value per warrant issuable 0.17 0.62 0.18 0.63 The fair value of the derivative warrant liabilities was estimated using the Black-Scholes option pricing model and based on the following assumptions: Warrant liabilities issued May 2018 Warrant liabilities issued December 27, 2017 March 31, $ March 31, $ March 31, March 31, Exercise price CAD $1.31 CAD $1.31 USD $1.26 USD $1.26 Share price CAD $0.53 CAD $1.35 USD $0.38 USD $1.02 Risk-free interest 0.66 % 1.52 % 0.37 % 2.23 % Contractual life (years) 3.11 4.11 2.74 3.75 Expected volatility 107 % 94.58 % 125.03 % 107.57 % The Corporation measured its derivative warrant liabilities at fair value on a recurring basis. These financial liabilities were measured using level 3 13 . As at March 31, 2020, 5% $167 $173, As at March 31, 2020, 5% $ 88 5% |
Note 12 - Unsecured Convertible
Note 12 - Unsecured Convertible Debentures | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. Unsecured convertible debentures Concurrently with the public offering described in note 14, February 21, 2017, 1,522 2,000 February 21, 2020 1,052,630 Private Placement The debentures could have been converted into Common Shares at any time by the holder at a fixed price of CAD $1.90 $1.90 3.5% $1,469 $1,930 The convertible debentures provided the Corporation an accelerated conversion right whereby the Corporation could have, at any time at least four CAD$2.65, 20 The interest paid on the convertible debentures under the terms of the agreement was 8% March 31, 2017. $0.10 The proceeds of the Private Placement were split between the liability and the equity at the time of the Private Placement. Both the conversion option and contingent warrants were considered the equity component of the Private Placement. The fair value of the liability component was determined through a discounted cash flow analysis using a discount rate of 20% not The split between the liability and equity component portions of the Private Placement are summarized below: Liability component Equity component Total Private Placement $ $ $ Balance at March 31, 2018 1,255 220 1,475 Effective interest for the year 156 - 156 Translation effect (87) - (87) Interest payable during the year 37 37 Balance at March 31, 2019 1,361 220 1,581 Accretion of interest on convertible debenture 145 - 145 Translation effect 50 - 50 Shares issued upon exercise of warrants - (33 ) (33 ) Payment upon maturity of debentures (1,556 ) - (1,556 ) Balance at March 31, 2020 - 187 187 |
Note 13 - Capital and Other Com
Note 13 - Capital and Other Components of Equity | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Capital and other components of equity (a) Common Shares: Authorized capital stock: Unlimited number of shares: Ø Class A shares (Common Shares), voting ( one Ø Class B shares, voting ( ten 5% one one $0.80 none Ø Class C shares, non-voting, non-participating, without par value and maximum annual non-cumulative dividend of 5% one one $0.20 none Ø Class D and E shares, they are non-voting, non-participating, without par value and maximum monthly non-cumulative dividend between 0.5% 2% one one none (b) “At-the-market” sales agreement On February 14, 2019, ATM B. Riley” may $30 may 3 3% 4% As at March 31, 2020, 4,065,986 none March 31, 2019) $7 $291 $1.79 $40 (c) Public Offerings – October 2018: On October 9, 2018, 16,600,000 $1.00 2,490,000 $19.1 $24.7 $17.4 $22.6 19,090,000 On October 23, 2018, 18,750,000 $1.28 2,812,500 $21.1 $27.6 $19.4 $25.4 21,562,500 13. Capital and other components of equity (continued): (d) Public Offering – May 2018: On May 9, 2018, 9,530,000 $1.05 $7.8 CAD$10 9,530,000 9,530,000 one $1.31 May 9, 2023. On May 14, 2018, 1,429,500 $1.05 $1.1 $1.5 1,429,500 1,429,500 one $1.31 May 9, 2023. At the time of issuance, the warrant component of these units are derivative warrant liabilities for accounting purposes due to certain contingent provisions that allow for cash settlement in the warrant agreement (see note 13 $3.3 $4.3 $4.8 $6.2 $1.4 $1.8 $0.5 $0.7 $0.9 $1.1 The fair value of the public offering warrants at issuance was estimated using to the Black-Scholes option pricing model and was based on the following weighted average assumptions: May 2018 Exercise price $ 1.31 Share price $ 0.82 Risk-free interest 2.21 % Contractual life (years) 5 Expected volatility 87.40 % The weighted average fair value of the public offering warrants issued in May 2018 $0.30 $0.39 As part of the transaction, the Corporation also issued broker warrants to purchase up to 547,975 one $1.05 , May 9, 2023. not May 2018 Exercise price $ 1.05 Share price $ 0.81 Risk-free interest 2.20 Contractual life (years) 5 Expected volatility 87.40 % The total value associated with the broker warrants amounted to $220 $283 13. Capital and Other Components of Equity (continued): (e) Public offering – December 27, 2017 On December 27, 2017, 9,900,990 US$1.01 $10 9,900,990 8,910,891 one nil 892,044 $1.26. The warrants forming part of the units are derivative warrant liabilities for accounting purposes due to the currency of the exercise price being different from the Corporation’s functional currency. The proceeds of the offering are required to be split between the derivative warrant liabilities and the equity-classified Common Share at the time of issuance of the units. The fair value of the derivative warrant liabilities at the time of issuance was determined to be $4.7 $2 At the time of issuance, the fair value of the warrants at issuance was estimated according to the Black-Scholes option pricing model and based on the following assumptions: December 27, Exercise price $ 1.26 Share price $ 0.97 Risk-free interest 2.22 % Contractual life (years) 5 Expected volatility 93.52 % The fair value of the warrants issued was determined to be $0.47 December 27, 2017. As part of the transaction, the Corporation also issued broker warrants to purchase up to 495,050 one $1.2625, December 19, 2022. $321, $406 No. 2018 07, April 1, 2018, April 1, 2018, $ 65 not No. 2018 07: April 1, Exercise price $ 1.2625 Share price $ 1.02 Risk-free interest 2.56 % Remaining Contractual life (years) 4.75 Expected volatility 95.16 % 13. Capital and Other Components of Equity (continued): (f) Public offering - February 21, 2017: Concurrently with the private placement described in Note 12, February 21, 2017, 3,930,518 $1.45 $4,337 $5,699 one one one one $2.15 February 21, 2022. $906 $1,190 As part of the transaction, the Corporation also issued broker warrants to purchase up to 234,992 $2.15 $110 $144 The warrants issued as part of the units and the broker warrants include an “Acceleration Right”, related to the Corporation’s right to accelerate the expiry date of the warrants. The Acceleration Right clause means the right of the Corporation to accelerate the expiry date to a date that is not 30 four $2.65 20 (g) Issuance of shares: The following table summarizes the shares issued to settle the payment of accrued interest on the unsecured convertible debentures with the corresponding amount recorded to Common Shares. Subsequent to September 30, 2018 Accrued interest as at Share issuance date Number of shares Amount CAD $ March 31, 2017 April 7, 2017 9,496 17 June 30, 2017 August 15, 2017 23,885 40 September 30, 2017 December 27, 2017 22,783 40 December 31, 2017 March 27, 2018 33,605 40 March 31, 2018 June 6, 2018 30,348 40 June 30, 2018 August 21, 2018 51,807 40 September 30, 2018 October 31, 2018 23,723 40 195,647 257 13. Capital and other components of equity (continued): (h) Warrants: The warrants of the Corporation are composed of the following: March 31, 2020 March 31, 2019 Number Amount Number Amount $ $ Liability May 2018 public offering warrants 2018 (i) 6,593,750 1,146 10,188,100 6,178 Series December 2017 U.S. public offering warrants 2017 (ii) 7,072,962 1,247 9,801,861 6,005 13,666,712 2,393 19,989,961 12, 183 Equity Public offering warrants Public offering broker warrants May 2018 (iii) 222,976 89 547,975 219 Public offering U.S. broker warrants December 2017 (iv) 259,121 161 495,050 308 Public offering warrants February 2017 (v) 1,723,934 631 1,904,034 697 Private Placement- contingent warrants 2017 unsecured convertible debenture conversion option and contingent warrants (vi) - - 1,052,630 235 2,206,031 881 3,999,689 1,459 (i) Warrant to acquire one $1.31, May 9, 2023. (ii) Warrant to acquire one $1.26, December 27, 2022. (iii) Warrant to acquire one $1.05, May 9, 2023. (iv) Warrant to acquire one $1.2625, December 19, 2022. (v) Warrant to acquire one $2.15, February 21, 2022. (vi) Warrant to acquire one $1.90, February 21, 2020, March 31, 2020, $2 Warrants exercised: During the year ending March 31, 2020, Number exercised Proceeds $ May 2018 over-allotment Warrants 2018 3,594,350 3,567 Series December 2017 US Public offering Warrants 2017 2,676,611 3,373 Public offering warrants February 2017 180,100 292 Public offering Broker warrants May 2018 325,000 257 Contingent warrants private placement 2017 150,000 217 6,926,061 7,706 13. Capital and other components of equity (continued): (h) Warrants (continued): During the year ended March 31, 2020, 235,929 52,288 December 2017 136,013 During the year ended March 31, 2019, 771,400 May 2018 $1.31 $0.78 4,455 December 2017 1,074 772,474 775,855 |
Note 14 - Financial Expenses
Note 14 - Financial Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 14. Financial expenses: March 31, March 31, $ $ Foreign exchange gain (loss) (2 ) 212 Interest payable on convertible debenture (102 ) (122 ) Accretion of interest on convertible debenture (145 ) (156 ) Financing costs (46 ) (507 ) Interest income 336 358 Change in fair value of warrant liabilities (1,116 ) (4,745 ) Financial (expenses) (1,075 ) (4,960 ) |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15. Stock based compensation: At March 31, 2020, (a) Corporation stock option plan: The Corporation has in place a stock option plan for directors, officers, employees and consultants of the Corporation. An amendment of the stock option plan was approved by shareholders on August 27, 2019. not may 5,494,209 15% June 27, 2018, 11,719,910 15% April 9, 2019. 10 The total number of shares issued to any one twelve 2% not twelve 2% one twelve 2% The following tables summarize information about activities within the stock option plan: Number of Weighted average Weighted average CAD $ CAD $ Outstanding, March 31, 2018 2,284,388 1.81 1.16 Granted 2,173,523 0.77 0.51 Exercised (4,167 ) 0.77 0.55 Forfeited (407,067 ) 1.84 1.21 Outstanding, March 31, 2019 4,046,677 1.25 0.81 Granted 6,140,517 0.85 0.85 Exercised (54,625 ) 1.11 0.79 Forfeited (188,583 ) 1.64 1.16 Expired (7,500 ) 6.50 3.02 Outstanding, March 31, 2020 9,936,486 1.00 0.83 Exercisable at end of year 3,172,234 1.34 0.98 March 31, March 31, Weighted average fair value of the options granted to employees and directors of the Corporation CAD$0.85 CAD$0.51 Stock-based compensation recognized under the stock option plan for the year ended March 31, 2020 $442,975 $592,469 $1,510,026 $2,021,361 March 31, 2019, $183,636 $240,802 $593,555 $779,059 March 31, 2020, $1,992,002 2,801,154 March 31, 2019, $468,698 $608,840 - 1.4 March 31, 2019, 1.25 (a) Corporation stock option plan (continued): A summary of the non-vested stock option activity and related information for the Corporation’s stock options granted is as follows: Number of Weighted average CAD ($) Non- vested, March 31, 2019 2,433,477 1.05 Options granted 6,140,517 0.85 Options vested (1,798,075 ) 1.19 Options forfeited and cancelled (11,667 ) 1.04 Non- vested, March 31, 2020 6,764,252 0.83 The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for options granted during the periods ended: March 31, 2020 March 31, 2019 Exercise price $ 0.85 $ 0.77 Share price $ 1.09 $ 0.73 Dividend — — Risk-free interest 0.88 % 2.21 % Estimated life (years) 5.71 5.68 Expected volatility 99.11 86.10 The following tables summarize the status of the outstanding and exercisable options of the Corporation: March 31, 2020 Exercise price CAD Weighted average remaining contractual life Number of options outstanding Number of options exercisable $ 0.53 10.00 3,836,000 - $ 0.77 8.25 1,862,106 1,012,674 $ 0.78 8.48 200,000 100,000 $ 0.91 8.66 50,000 20,833 $ 1.28 9.04 1,991,059 540,573 $ 1.46 9.24 150,000 37,500 $ 1.56 3.11 525,000 525,000 $ 1.65 6.90 123,333 123,333 $ 1.77 7.20 747,500 498,333 $ 1.99 3.15 265,700 265,700 $ 2.82 9.63 150,000 12,500 $ 4.50 2.16 22,500 22,500 $ 4.80 2.38 13,288 13,288 9,936,486 3,172,234 (a) Corporation stock option plan (continued): Stock-based compensation payment transactions and broker warrants: The fair value of stock-based compensation transactions is measured using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility for a duration equal to the weighted average life of the instruments, life based on the average of the vesting and contractual periods for employee awards as minimal prior exercises of options in which to establish historical exercise experience; contractual life for broker warrants), and the risk-free interest rate (based on government bonds). Service and performance conditions attached to the transactions, if any, are not not may may not (b) Corporation equity incentive plan: The Corporation established an equity incentive plan for employees, directors and consultants. The plan provides for the issuance of restricted share units ( RSUs may no March 31, 2020 March 31, 2019, no March 31, 2020 March 31, 2019. |
Note 16 - Loss Per Share
Note 16 - Loss Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Loss per share: Diluted loss per share was the same amount as basic loss per share, as the effect of options, RSUs and warrants would have been anti-dilutive, as the Corporation has incurred losses in each of the periods presented. All outstanding options, RSUs and warrants could potentially be dilutive in the future. |
Note 17 - Supplemental Cash Flo
Note 17 - Supplemental Cash Flow Disclosure | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 17. Supplemental cash flow disclosure: (a) Changes in working capital items: March 31, March 31, $ $ Receivables 581 (620 ) Prepaid expenses (185 ) (530 ) Trade and other payables (3,389 ) 7,444 Total changes in working capital items (2,993 ) 6,294 (a) Non-cash transactions: March 31, March 31, $ $ Issuance of shares for interest on convertible debt - 90 Issuance of broker warrants included in net proceeds from public offering - 221 Interest receivable included in receivables 11 72 Shares issued as settlement 738 - Deferred financing costs reclassified to Equity 40 - Fair value of derivative warrants liability reclassified to equity 10,691 550 Equipment included in trade and other payables - 9 Interest payable included in trade and other payables - 30 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. Income taxes: Reconciliation of effective tax rate: March 31, March 31, $ $ Loss before income taxes (25,513 ) (39,366 ) Basic combined Canadian statutory income tax rate 1 26.58 % 26.68 % Computed income tax recovery (6,781 ) (10,503 ) Increase resulting from: Non-deductible stock-based compensation 519 207 Non-deductible change in fair value of warrants 205 1,266 Change in valuation allowance 6,004 8,839 Other – Foreign exchange 20 36 Other 33 155 Total tax (recovery) expense 0 0 1 At March 31, 2020 2019, not not not Net deferred income tax assets as of March 31, 2020 2019 March 31, 2020 March 31, 2019 $ $ Deferred tax assets Tax losses carried forward 22,052 17,750 Research and development expenses 4,544 4,017 Property, plan and equipment 324 254 Intangible assets 1 (178 ) Financing expenses 998 1,387 Tax credit carry forwards 2,468 2,459 Other temporary differences 76 283 Deferred tax assets 30,463 25,972 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value - (10 ) Deferred tax liabilities - (10 ) Valuation allowance (30,463 ) (25,962 ) Net deferred tax assets - - As at March 31, 2020, March 31, 2020 Federal Provincial $ $ Tax losses carried forward 2028 508 508 2029 1,157 1,152 2030 1,473 1,467 2031 1,609 1,594 2032 1,318 1,298 2033 2,559 2,559 2034 3,268 3,171 2035 3,907 3,907 2036 5,749 5,661 2037 356 352 2038 12,331 12,281 2039 28,811 28,773 2040 20,311 20,311 83,357 83,034 Research and development expenses, without time limitation 16,698 17,732 Tax credit carry forwards 2,468 - Other deductible temporary differences, without time limitation 5,282 5,282 Unrecognized tax benefits The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended March 31, 2020 2019: March 31, March 31, $ $ Beginning of year: Increase (decrease) resulting from: Positions taken in the current year 164 - Change in valuation allowance (164 ) - End of year - - The Corporation does not 12 The Corporation’s federal and provincial income tax returns filed for all years remain subject to examination by the taxation authorities. |
Note 19 - Financial Instruments
Note 19 - Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 19. Financial instruments: (a) Concentration of credit risk: Financial instruments that potentially subject the Corporation to a concentration of credit risk consist primarily cash and cash equivalents and investments. Cash and cash equivalents and investments are all invested in accordance with the Corporation’s Investment Policy with the primary objective being the preservation of capital and the maintenance of liquidity, which is managed by dealing only with highly rated Canadian institutions. The carrying amount of financial assets, as disclosed in the statements of financial position, represents the Corporation’s credit exposure at the reporting date. (b) Foreign currency risk: The Corporation is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degrees of volatility of those rates. Foreign currency risk is limited to the portion of the Corporation's business transactions denominated in currencies other than the Corporations functional currency of the Canadian dollar. Fluctuations related to foreign exchange rates could cause unforeseen fluctuations in the Corporation's operating results. The Corporation does not The operating results and financial position of the Corporation are reported in U.S. dollars (reporting currency) in the Corporation’s financial statements. (c) Liquidity risk: Liquidity risk is the risk that the Corporation will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Corporation manages liquidity risk through the management of its capital structure and financial leverage. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Corporation's operating budgets, and reviews material transactions outside the normal course of business. Refer to Note 2 The Corporation’s financial liabilities obligations include trade and other payables, which fall due within the next 12 12 |
Note 20 - Commitments
Note 20 - Commitments | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 20. Commitments Research and development contracts and contract research organizations agreements: The Corporation utilizes contract manufacturing organizations related to the development and production of clinical material and clinical research organizations to perform services related to the Corporation’s clinical trials. Pursuant to these agreements with manufacturing and contract research organizations, the Corporation has the right to terminate the agreements either without penalties or under certain penalty conditions. There are no RKO Supply Agreement: On October 25, 2019, Aker” $3.1 4th 2021. March 31, 2020, $2.8 |
Note 21 - Comparative Figures
Note 21 - Comparative Figures | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 21. Comparative figures Certain comparative figures in the year ended March 31, 2019 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. Subsequent events ATM Program Subsequent to March 31, 2020, 2,278,936 $1.8 $0.08 $0.81 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These consolidated financial statements of Acasti Pharma Inc., which include the accounts of its subsidiary have been prepared in accordance with U.S. GAAP. All intercompany transactions and balances are eliminated on consolidation. |
Going Concern [Policy Text Block] | Going concern uncertainty: The following summarizes the principal conditions or events relevant to the Corporation’s going concern assessment, which primarily considers the period of one $16.1 March 31, 2020 $14.2 $7.4 March 31, 2020 3 no not not one may not no As a result, there is a substantial doubt about the Corporation’s ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis, which assumes the Corporation will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the ordinary course of business. These consolidated financial statements do not may not |
Use of Estimates, Policy [Policy Text Block] | Significant accounting policies, estimates and judgments: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may Estimates are based on management’s best knowledge of current events and actions that management may Estimates and assumptions include the measurement of derivative warrant liabilities ( note 13 note 15 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Functional and reporting currency: Effective March 31, 2020, The Corporation’s functional currency is the Canadian dollar. The effects of exchange rate fluctuations on translating foreign currency monetary assets and liabilities into Canadian dollars are included in the statement of loss and comprehensive loss as foreign exchange gain/loss. Expense transactions are translated into the U.S. dollar reporting currency at the average exchange rate during the period, and assets and liabilities are translated at end of period exchange rates, except for equity transactions, which are translated at historical exchange rates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents comprise cash balances and highly liquid investments purchased with original maturities of three |
Marketable Securities, Policy [Policy Text Block] | Investments: The Corporation’s investments consists of guaranteed investment certificates, term deposits and treasury bills and are classified as held-to-maturity securities. These investments are recorded at amortized cost. Investments with original maturities exceeding three one |
Receivable [Policy Text Block] | Receivables: Receivables are classified at amortized cost and recorded at the outstanding amount net of any provisions for uncollectible amount. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs: Deferred financing costs consists of fees charged by underwriters, attorneys, accountants, and other fees directly attributable to future issuances of shares. Provided these costs are determined to be recoverable, these costs are deferred and charged subsequently against the gross proceeds of the related equity transaction when it occurs. If at such time, the Corporation deems that these costs are no |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment: (i) Recognition and measurement: Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment and are recognized net within operating expenses in the Consolidated Statement of Loss and Comprehensive Loss. (ii) Subsequent costs: The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (iii) Depreciation: Depreciation is recognized in profit or loss on either a straight-line basis or a declining basis over the estimated useful lives of each part of an item of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not The estimated useful lives and rates for the current and comparative periods are as follows: Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment Declining balance 10% to 30% Depreciation methods, useful lives and residual values are reviewed periodically and adjusted prospectively if appropriate. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible assets: Intellectual property and licenses that are acquired by the Corporation from a third Amortization group Amortization is calculated over the cost of the intangible asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Assets Period (years) Patents 20 License 8 to 14 Subsequent expenditure: Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and developments expenditures are expensed as incurred. These costs primarily consist of employees’ salaries and benefits related to research and development activities, consultants that conduct the Corporation’s clinical trials, independent auditors and consultants to perform investigation activities on behalf of the Corporation, clinical trial materials, stock-based compensation expense, and other non-clinical costs and regulatory approvals. Advance payments for goods and services that will be used in future research and development are recognized in prepaids or other assets and are expensed when the services are performed, or the goods are used. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: The Corporation reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that it is carrying amount may not first No March 31, 2020 2019. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies The Corporation records accruals for contingencies expected to be incurred in connection with a loss contingency when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Government Grants [Policy Text Block] | Government grants: Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Corporation has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Grants that compensate the Corporation for expenses incurred are recognized in profit or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Corporation for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. |
Income Tax, Policy [Policy Text Block] | Income tax: Income tax expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts (tax base) of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rate expected to apply when the underlying asset or liability is realised (settled) based on the rates that are enacted at the reporting date. Deferred tax assets and liabilities are offset if the Corporation has the right to set off the amount owed by with the amount owed by the other party, the Corporation intends to set off and the offset right is enforceable at law. A deferred tax asset is recognized for unused tax losses and tax credits, reduced by a valuation allowance to the extent that it is more likely than not not |
Lessee, Leases [Policy Text Block] | Leases: Adoption of Topic 842 On April 1, 2019, 842. no Subsequent to April 1, 2019, 842 Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may not not The Corporation has elected not one not March 31, 2020 $147. two 8%. $80 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: The Corporation presents basic and diluted earnings per share ( EPS |
Segment Reporting, Policy [Policy Text Block] | Segment reporting: An operating segment is a component of the Corporation that engages in business activities from which it may one one $1,510 March 31, 2019 - $1,873 third |
Debt, Policy [Policy Text Block] | Convertible Debentures: The unsecured convertible debentures that existed in the financial statements as at March 31, 2019, February 2020. not not not |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments: The Corporation has issued warrants of which some are accounted for as liability-classified derivatives over its own equity. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit and loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and all changes in their fair value are recognized immediately in profit or loss as a component of financial expenses |
Stockholders' Equity, Policy [Policy Text Block] | Other equity instruments Warrants that do not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Certain of the Corporation’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial assets and liabilities: In establishing fair value, the Corporation uses a fair value hierarchy based on levels as defined below: · Level 1: · Level 2: · Level 3: no The Corporation has determined that the carrying values of its short-term financial assets and liabilities (cash and cash equivalents, and trade and other payables) approximate their fair value given the short-term nature of these instruments. The fair value of the liability component of the convertible debenture is determined by discounting future cash flows using a rate that the Corporation could obtain for loans with similar terms, conditions and maturity dates. The fair value of this liability at March 31, 2019 3 3 . |
Share-based Payment Arrangement [Policy Text Block] | Stock based compensation: The Corporation has in place a stock option plan for directors, officers, employees and consultants of the Corporation, with grants under the stock option plan approved by the Corporation’s Board of Directors. The plan provides for the granting of options to purchase Common Shares and the exercise price of each option equals the closing trading price of Common Shares on the day prior to the grant. The terms and conditions for acquiring and exercising options are set by the Corporation’s Board of Directors in accordance with and subject to the terms and conditions of the stock option plan. The Corporation measures the cost of such awards based on the fair value of the award at grant date, net of estimated forfeiture, and recognizes stock based compensation expense in the Consolidated Statements of Loss and Comprehensive Loss on a graded vesting basis over the requisite service period. The requisite service period equals the vesting periods of the awards. The fair value of options is estimated for each tranche of an award that vests on a graded basis. The fair value of options is estimated using the Black-Scholes option pricing model, which uses various inputs including estimated fair value of the Common Shares at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Common Shares. The Corporation applies an estimated forfeiture rate derived from historical employee termination behaviour. If the actual forfeitures differ from those estimated by management, adjustment to compensation expense may Non-employee stock-based compensation transactions in which the Corporation receives goods or services as consideration for its own equity instruments are accounted for as stock-based compensation transactions. In June 2018, No. 2018 07, 718 December 15, 2018. April 1, 2018. 718 no April 1, 2018; 13 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Lives and Rates [Table Text Block] | Assets Method Period/Rate Furniture and office equipment Declining balance 20% to 30% Computer equipment Declining balance 30% Laboratory equipment Declining balance 30% Production equipment Declining balance 10% to 30% |
Schedule of Intangible Assets, Useful Life [Table Text Block] | Assets Period (years) Patents 20 License 8 to 14 |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2020 March 31, 2019 Notes $ $ Sales tax receivables 301 463 Government assistance 7 209 652 Interest receivable 11 69 Other receivables 25 5 Total receivables 546 1,189 |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2020 March 31, 2019 $ $ Term deposits issued in US currency earning interest at 2.50% and maturing on various dates from April 8, 2019 to March 12, 2020 - 2,020 Treasury bills issued in CAD currency earning interest at rates ranging from 1.83% to 1.90% and maturing on various dates from April 2, 2019 to July 25, 2019 - 6,888 Total investments - 8,908 Short-term investments - 8,888 Investments - 20 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, 2020 March 31, 2019 $ $ Balance – beginning of year 466 513 Purchased 312 53 Used (90 ) (79 ) Foreign exchange- translation effect (20 ) (21 ) Balance – end of year 668 466 Current-other asset 195 49 Other asset 473 417 |
Note 7 - Government Assistance
Note 7 - Government Assistance (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Government Assistance [Table Text Block] | March 31, March 31, $ $ Investment tax credit 182 652 Government grant 27 - Total government assistance 209 652 |
Summary of Tax Credit Carryforwards [Table Text Block] | March 31, 2020 Federal Provincial $ $ Tax losses carried forward 2028 508 508 2029 1,157 1,152 2030 1,473 1,467 2031 1,609 1,594 2032 1,318 1,298 2033 2,559 2,559 2034 3,268 3,171 2035 3,907 3,907 2036 5,749 5,661 2037 356 352 2038 12,331 12,281 2039 28,811 28,773 2040 20,311 20,311 83,357 83,034 Research and development expenses, without time limitation 16,698 17,732 Tax credit carry forwards 2,468 - Other deductible temporary differences, without time limitation 5,282 5,282 |
Investment Tax Credit Carryforward [Member] | |
Notes Tables | |
Summary of Tax Credit Carryforwards [Table Text Block] | $ 2029 8 2030 21 2031 32 2032 306 2033 314 2034 310 2035 369 2036 203 2037 224 2038 230 2039 234 2040 217 2,468 |
Note 8 - Equipment (Tables)
Note 8 - Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 Cost Accumulated Net book value $ $ $ Furniture and office equipment 15 3 12 Computer equipment 64 18 46 Laboratory equipment 684 343 341 Production equipment 2,341 830 1,511 3,104 1,194 1,910 March 31, 2019 Cost Accumulated Net book value $ $ $ Furniture and office equipment 6 1 5 Computer equipment 23 10 13 Laboratory equipment 490 274 216 Production equipment 2,438 565 1,873 2,957 850 2,107 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2020 Cost Accumulated Net book value $ $ $ License 18,025 13,781 4,244 March 31, 2019 Cost Accumulated Net book value $ $ $ License 18,988 12,602 6,386 |
Note 10 - Trade and Other Pay_2
Note 10 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2020 March 31, 2019 $ $ Trade payables 1,713 3,047 Accrued liabilities and other payables 4,247 7,697 Employee salaries and benefits payable 1,359 825 Legal settlement paid via common shares - 738 Total trade and other payables 7,319 12,307 |
Note 11 - Derivative Warrant _2
Note 11 - Derivative Warrant Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Warrants issued May 2018 Warrants issued December 27, 2017 March 31, March 31, March 31, March 31, $ $ $ $ Balance – beginning of year 6,177 - 6,005 4,987 Issued during the year - 3,323 - - Amount transferred to Equity (6,072 ) (550 ) (4,770 ) - Change in fair value 1,115 3,579 1 1,166 Translation effect (35 ) (175 ) (28 ) (147 ) Balance – end of year 1,185 6,177 1,208 6,006 Fair value per warrant issuable 0.17 0.62 0.18 0.63 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Warrant liabilities issued May 2018 Warrant liabilities issued December 27, 2017 March 31, $ March 31, $ March 31, March 31, Exercise price CAD $1.31 CAD $1.31 USD $1.26 USD $1.26 Share price CAD $0.53 CAD $1.35 USD $0.38 USD $1.02 Risk-free interest 0.66 % 1.52 % 0.37 % 2.23 % Contractual life (years) 3.11 4.11 2.74 3.75 Expected volatility 107 % 94.58 % 125.03 % 107.57 % |
Note 12 - Unsecured Convertib_2
Note 12 - Unsecured Convertible Debentures (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | Liability component Equity component Total Private Placement $ $ $ Balance at March 31, 2018 1,255 220 1,475 Effective interest for the year 156 - 156 Translation effect (87) - (87) Interest payable during the year 37 37 Balance at March 31, 2019 1,361 220 1,581 Accretion of interest on convertible debenture 145 - 145 Translation effect 50 - 50 Shares issued upon exercise of warrants - (33 ) (33 ) Payment upon maturity of debentures (1,556 ) - (1,556 ) Balance at March 31, 2020 - 187 187 |
Note 13 - Capital and Other C_2
Note 13 - Capital and Other Components of Equity (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Warrant liabilities issued May 2018 Warrant liabilities issued December 27, 2017 March 31, $ March 31, $ March 31, March 31, Exercise price CAD $1.31 CAD $1.31 USD $1.26 USD $1.26 Share price CAD $0.53 CAD $1.35 USD $0.38 USD $1.02 Risk-free interest 0.66 % 1.52 % 0.37 % 2.23 % Contractual life (years) 3.11 4.11 2.74 3.75 Expected volatility 107 % 94.58 % 125.03 % 107.57 % |
Schedule of Stock Issued for Accrued Interest on Debt [Table Text Block] | Accrued interest as at Share issuance date Number of shares Amount CAD $ March 31, 2017 April 7, 2017 9,496 17 June 30, 2017 August 15, 2017 23,885 40 September 30, 2017 December 27, 2017 22,783 40 December 31, 2017 March 27, 2018 33,605 40 March 31, 2018 June 6, 2018 30,348 40 June 30, 2018 August 21, 2018 51,807 40 September 30, 2018 October 31, 2018 23,723 40 195,647 257 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | March 31, 2020 March 31, 2019 Number Amount Number Amount $ $ Liability May 2018 public offering warrants 2018 (i) 6,593,750 1,146 10,188,100 6,178 Series December 2017 U.S. public offering warrants 2017 (ii) 7,072,962 1,247 9,801,861 6,005 13,666,712 2,393 19,989,961 12, 183 Equity Public offering warrants Public offering broker warrants May 2018 (iii) 222,976 89 547,975 219 Public offering U.S. broker warrants December 2017 (iv) 259,121 161 495,050 308 Public offering warrants February 2017 (v) 1,723,934 631 1,904,034 697 Private Placement- contingent warrants 2017 unsecured convertible debenture conversion option and contingent warrants (vi) - - 1,052,630 235 2,206,031 881 3,999,689 1,459 |
Schedule of Stockholders' Equity Note, Warrants or Rights Exercised [Table Text Block] | Number exercised Proceeds $ May 2018 over-allotment Warrants 2018 3,594,350 3,567 Series December 2017 US Public offering Warrants 2017 2,676,611 3,373 Public offering warrants February 2017 180,100 292 Public offering Broker warrants May 2018 325,000 257 Contingent warrants private placement 2017 150,000 217 6,926,061 7,706 |
Broker Warrants Issued December 2017 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | April 1, Exercise price $ 1.2625 Share price $ 1.02 Risk-free interest 2.56 % Remaining Contractual life (years) 4.75 Expected volatility 95.16 % |
Warrants Issued December 27, 2017 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 27, Exercise price $ 1.26 Share price $ 0.97 Risk-free interest 2.22 % Contractual life (years) 5 Expected volatility 93.52 % |
Broker Warrants Issued May 2018 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | May 2018 Exercise price $ 1.05 Share price $ 0.81 Risk-free interest 2.20 Contractual life (years) 5 Expected volatility 87.40 % |
Warrants Issued in May 2018 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | May 2018 Exercise price $ 1.31 Share price $ 0.82 Risk-free interest 2.21 % Contractual life (years) 5 Expected volatility 87.40 % |
Note 14 - Financial Expenses (T
Note 14 - Financial Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | March 31, March 31, $ $ Foreign exchange gain (loss) (2 ) 212 Interest payable on convertible debenture (102 ) (122 ) Accretion of interest on convertible debenture (145 ) (156 ) Financing costs (46 ) (507 ) Interest income 336 358 Change in fair value of warrant liabilities (1,116 ) (4,745 ) Financial (expenses) (1,075 ) (4,960 ) |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted average Weighted average CAD $ CAD $ Outstanding, March 31, 2018 2,284,388 1.81 1.16 Granted 2,173,523 0.77 0.51 Exercised (4,167 ) 0.77 0.55 Forfeited (407,067 ) 1.84 1.21 Outstanding, March 31, 2019 4,046,677 1.25 0.81 Granted 6,140,517 0.85 0.85 Exercised (54,625 ) 1.11 0.79 Forfeited (188,583 ) 1.64 1.16 Expired (7,500 ) 6.50 3.02 Outstanding, March 31, 2020 9,936,486 1.00 0.83 Exercisable at end of year 3,172,234 1.34 0.98 March 31, March 31, Weighted average fair value of the options granted to employees and directors of the Corporation CAD$0.85 CAD$0.51 |
Schedule of Nonvested Option Activity [Table Text Block] | Number of Weighted average CAD ($) Non- vested, March 31, 2019 2,433,477 1.05 Options granted 6,140,517 0.85 Options vested (1,798,075 ) 1.19 Options forfeited and cancelled (11,667 ) 1.04 Non- vested, March 31, 2020 6,764,252 0.83 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 31, 2020 March 31, 2019 Exercise price $ 0.85 $ 0.77 Share price $ 1.09 $ 0.73 Dividend — — Risk-free interest 0.88 % 2.21 % Estimated life (years) 5.71 5.68 Expected volatility 99.11 86.10 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | March 31, 2020 Exercise price CAD Weighted average remaining contractual life Number of options outstanding Number of options exercisable $ 0.53 10.00 3,836,000 - $ 0.77 8.25 1,862,106 1,012,674 $ 0.78 8.48 200,000 100,000 $ 0.91 8.66 50,000 20,833 $ 1.28 9.04 1,991,059 540,573 $ 1.46 9.24 150,000 37,500 $ 1.56 3.11 525,000 525,000 $ 1.65 6.90 123,333 123,333 $ 1.77 7.20 747,500 498,333 $ 1.99 3.15 265,700 265,700 $ 2.82 9.63 150,000 12,500 $ 4.50 2.16 22,500 22,500 $ 4.80 2.38 13,288 13,288 9,936,486 3,172,234 |
Note 17 - Supplemental Cash F_2
Note 17 - Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | March 31, March 31, $ $ Receivables 581 (620 ) Prepaid expenses (185 ) (530 ) Trade and other payables (3,389 ) 7,444 Total changes in working capital items (2,993 ) 6,294 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | March 31, March 31, $ $ Issuance of shares for interest on convertible debt - 90 Issuance of broker warrants included in net proceeds from public offering - 221 Interest receivable included in receivables 11 72 Shares issued as settlement 738 - Deferred financing costs reclassified to Equity 40 - Fair value of derivative warrants liability reclassified to equity 10,691 550 Equipment included in trade and other payables - 9 Interest payable included in trade and other payables - 30 |
Note 18 - Income Taxes (Tables)
Note 18 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 31, March 31, $ $ Loss before income taxes (25,513 ) (39,366 ) Basic combined Canadian statutory income tax rate 1 26.58 % 26.68 % Computed income tax recovery (6,781 ) (10,503 ) Increase resulting from: Non-deductible stock-based compensation 519 207 Non-deductible change in fair value of warrants 205 1,266 Change in valuation allowance 6,004 8,839 Other – Foreign exchange 20 36 Other 33 155 Total tax (recovery) expense 0 0 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2020 March 31, 2019 $ $ Deferred tax assets Tax losses carried forward 22,052 17,750 Research and development expenses 4,544 4,017 Property, plan and equipment 324 254 Intangible assets 1 (178 ) Financing expenses 998 1,387 Tax credit carry forwards 2,468 2,459 Other temporary differences 76 283 Deferred tax assets 30,463 25,972 Deferred tax liabilities Tax basis of unsecured convertible debentures in excess of carrying value - (10 ) Deferred tax liabilities - (10 ) Valuation allowance (30,463 ) (25,962 ) Net deferred tax assets - - |
Summary of Tax Credit Carryforwards [Table Text Block] | March 31, 2020 Federal Provincial $ $ Tax losses carried forward 2028 508 508 2029 1,157 1,152 2030 1,473 1,467 2031 1,609 1,594 2032 1,318 1,298 2033 2,559 2,559 2034 3,268 3,171 2035 3,907 3,907 2036 5,749 5,661 2037 356 352 2038 12,331 12,281 2039 28,811 28,773 2040 20,311 20,311 83,357 83,034 Research and development expenses, without time limitation 16,698 17,732 Tax credit carry forwards 2,468 - Other deductible temporary differences, without time limitation 5,282 5,282 |
Summary of Income Tax Contingencies [Table Text Block] | March 31, March 31, $ $ Beginning of year: Increase (decrease) resulting from: Positions taken in the current year 164 - Change in valuation allowance (164 ) - End of year - - |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Mar. 31, 2020T |
Amount of CaPre Manufacturing (US Ton) | 20 |
Number of Jurisdictions, Filed Patent Applications | 20 |
Number of Issued Patents | 20 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Assets, Current, Total | $ 16,079 | $ 27,966 | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 14,240 | 16,871 | $ 16,871 | $ 6,423 |
Liabilities, Current, Total | 7,395 | 13,668 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | $ 147 | |||
Lessee, Operating Lease, Term of Contract (Year) | 2 years | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 80 | |||
Number of Reportable Segments | 1 | |||
Assets, Total | $ 22,853 | 36,896 | ||
Operating Lease, Liability, Total | $ 147 | |||
Lessee, Operating Lease, Discount Rate | 8.00% | |||
FRANCE | ||||
Assets, Total | $ 1,510 | $ 1,873 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives and Rates of Equipment (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Furniture and Fixtures [Member] | Minimum [Member] | |
Rate | 20.00% |
Furniture and Fixtures [Member] | Maximum [Member] | |
Rate | 30.00% |
Computer Equipment [Member] | |
Rate | 30.00% |
Laboratory Equipment [Member] | |
Rate | 30.00% |
Production Equipment [Member] | Minimum [Member] | |
Rate | 10.00% |
Production Equipment [Member] | Maximum [Member] | |
Rate | 30.00% |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Patents [Member] | |
Patents (Year) | 20 years |
Licensing Agreements [Member] | Minimum [Member] | |
Patents (Year) | 8 years |
Licensing Agreements [Member] | Maximum [Member] | |
Patents (Year) | 14 years |
Note 4 - Receivables - Receivab
Note 4 - Receivables - Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Sales tax receivables | $ 301 | $ 463 |
Government assistance | 209 | 652 |
Interest receivable | 11 | 69 |
Other receivables | 25 | 5 |
Total receivables | $ 546 | $ 1,189 |
Note 5 - Investments - Marketab
Note 5 - Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Total investments | $ 8,908 | |
Short-term investments | 8,888 | |
Investments | 20 | |
Deposits [Member] | ||
Total investments | 2,020 | |
Canadian Treasury Bill [Member] | ||
Total investments | $ 6,888 |
Note 5 - Investments - Market_2
Note 5 - Investments - Marketable Securities (Details) (Parentheticals) | Mar. 31, 2020 | Mar. 31, 2019 |
Deposits [Member] | ||
Investment, interest | 2.50% | 2.50% |
Deposits [Member] | Minimum [Member] | ||
Investment, maturity date | Apr. 8, 2019 | Apr. 8, 2019 |
Deposits [Member] | Maximum [Member] | ||
Investment, maturity date | Mar. 12, 2020 | Mar. 12, 2020 |
Canadian Treasury Bill [Member] | Minimum [Member] | ||
Investment, interest | 1.83% | 1.83% |
Investment, maturity date | Apr. 2, 2019 | Apr. 2, 2019 |
Canadian Treasury Bill [Member] | Maximum [Member] | ||
Investment, interest | 1.90% | 1.90% |
Investment, maturity date | Jul. 25, 2019 | Jul. 25, 2019 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 466 | $ 513 |
Purchased | 312 | 53 |
Used | (90) | (79) |
Foreign exchange- translation effect | (20) | (21) |
Balance | 668 | 466 |
Current-other asset | 195 | 49 |
Other asset | $ 473 | $ 417 |
Note 7 - Government Assistanc_2
Note 7 - Government Assistance (Details Textual) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Proceeds from NRC IRAP | $ 164 | ||
Maximum [Member] | |||
Award in Non-dilutive and Non-repayable Funding From NRC IRAP | $ 750 | ||
Research and Development Expense [Member] | |||
Government Assistance | $ 149 | $ 445 |
Note 7 - Government Assistanc_3
Note 7 - Government Assistance - Government Assistance (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Investment tax credit | $ 182 | $ 652 |
Government grant | 27 | |
Total government assistance | $ 209 | $ 652 |
Note 7 - Government Assistanc_4
Note 7 - Government Assistance - Unrecognized Federal Tax Credits Expirations (Details) - Investment Tax Credit Carryforward [Member] $ in Thousands | Mar. 31, 2020USD ($) |
Tax losses carried forward | $ 2,468 |
Tax Year 2029 [Member] | |
Tax losses carried forward | 8 |
Tax Year 2030 [Member] | |
Tax losses carried forward | 21 |
Tax Year 2031 [Member] | |
Tax losses carried forward | 32 |
Tax Year 2032 [Member] | |
Tax losses carried forward | 306 |
Tax Year 2033 [Member] | |
Tax losses carried forward | 314 |
Tax Year 2034 [Member] | |
Tax losses carried forward | 310 |
Tax Year 2035 [Member] | |
Tax losses carried forward | 369 |
Tax Year 2036 [Member] | |
Tax losses carried forward | 203 |
Tax Year 2037 [Member] | |
Tax losses carried forward | 224 |
Tax Year 2038 [Member] | |
Tax losses carried forward | 230 |
Tax Year 2039 [Member] | |
Tax losses carried forward | 234 |
Tax Year 2040 [Member] | |
Tax losses carried forward | $ 217 |
Note 8 - Equipment (Details Tex
Note 8 - Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Total | $ 410 | $ 384 | $ 410 | $ 384 |
Note 8 - Equipment - Equipment
Note 8 - Equipment - Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Equipment, cost | $ 3,104 | $ 2,957 |
Equipment, accumulated depreciation | 1,194 | 850 |
Equipment, net book value | 1,910 | 2,107 |
Furniture and Fixtures [Member] | ||
Equipment, cost | 15 | 6 |
Equipment, accumulated depreciation | 3 | 1 |
Equipment, net book value | 12 | 5 |
Computer Equipment [Member] | ||
Equipment, cost | 64 | 23 |
Equipment, accumulated depreciation | 18 | 10 |
Equipment, net book value | 46 | 13 |
Laboratory Equipment [Member] | ||
Equipment, cost | 684 | 490 |
Equipment, accumulated depreciation | 343 | 274 |
Equipment, net book value | 341 | 216 |
Production Equipment [Member] | ||
Equipment, cost | 2,341 | 2,438 |
Equipment, accumulated depreciation | 830 | 565 |
Equipment, net book value | $ 1,511 | $ 1,873 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 1,910 | $ 1,949 | $ 1,910 | $ 1,949 |
Note 9 - Intangible Assets - In
Note 9 - Intangible Assets - Intangible Assets (Details) - Licensing Agreements [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Intangible asset, cost | $ 18,025 | $ 18,988 |
Intangible asset, accumulated amortization | 13,781 | 12,602 |
Intangible asset, net book value | $ 4,244 | $ 6,386 |
Note 10 - Trade and Other Pay_3
Note 10 - Trade and Other Payables (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 10, 2019 | Mar. 31, 2019 |
General and Administrative Expense [Member] | ||
Litigation Settlement, Expense | $ 790 | |
Former Chief Executive Officer [Member] | ||
Stock Issued During Period, Shares, Settlements (in shares) | 900,000 | |
Shares Issued, Price Per Share (in dollars per share) | $ 1.10 | |
Legal Fees | $ 52 |
Note 10 - Trade and Other Pay_4
Note 10 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Trade payables | $ 1,713 | $ 3,047 |
Accrued liabilities and other payables | 4,247 | 7,697 |
Employee salaries and benefits payable | 1,359 | 825 |
Legal settlement paid via common shares | 738 | |
Total trade and other payables | $ 7,319 | $ 12,307 |
Note 11 - Derivative Warrant _3
Note 11 - Derivative Warrant Liabilities (Details Textual) $ in Thousands | Mar. 31, 2020USD ($) |
Derivative Liability, 5% Increase in Volatility, Gain | $ 167 |
Derivative Liability, 5% Decrease in Volatility, Loss | 173 |
Derivative Liability, 5% Increase Currency, Gain | 88 |
Derivative Liability, 5% Decrease Currency, Loss | $ 88 |
Note 11 - Derivative Warrant _4
Note 11 - Derivative Warrant Liabilities - Changes in Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Warrants Issued in May 2018 [Member] | ||
Balance | $ 6,177 | |
Issued during the year | 3,323 | |
Amount transferred to Equity | (6,072) | (550) |
Change in fair value | 1,115 | 3,579 |
Translation effect | (35) | (175) |
Balance | $ 1,185 | $ 6,177 |
Fair value per warrant issuable (in dollars per share) | $ 0.17 | $ 0.62 |
Warrants Issued December 27, 2017 [Member] | ||
Balance | $ 6,005 | $ 4,987 |
Issued during the year | ||
Amount transferred to Equity | (4,770) | |
Change in fair value | 1 | 1,166 |
Translation effect | (28) | (147) |
Balance | $ 1,208 | $ 6,006 |
Fair value per warrant issuable (in dollars per share) | $ 0.18 | $ 0.63 |
Note 11 - Derivative Warrant _5
Note 11 - Derivative Warrant Liabilities - Assumptions (Details) | Mar. 31, 2020 | Mar. 31, 2019 | May 09, 2018 | Dec. 27, 2017 |
Measurement Input, Exercise Price [Member] | Warrants Issued in May 2018 [Member] | ||||
Derivative warrant liability, measurement input | 1.31 | 1.31 | 1.31 | |
Measurement Input, Exercise Price [Member] | Warrants Issued December 27, 2017 [Member] | ||||
Derivative warrant liability, measurement input | 1.26 | 1.26 | 1.26 | |
Measurement Input, Share Price [Member] | Warrants Issued in May 2018 [Member] | ||||
Derivative warrant liability, measurement input | 0.53 | 1.35 | 0.82 | |
Measurement Input, Share Price [Member] | Warrants Issued December 27, 2017 [Member] | ||||
Derivative warrant liability, measurement input | 0.38 | 1.02 | 0.97 | |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued in May 2018 [Member] | ||||
Derivative warrant liability, measurement input | 0.0066 | 0.0152 | 0.0221 | |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued December 27, 2017 [Member] | ||||
Derivative warrant liability, measurement input | 0.0037 | 0.0223 | 0.0222 | |
Measurement Input, Expected Term [Member] | Warrants Issued in May 2018 [Member] | ||||
Derivative warrant liability, measurement input | 3.11 | 4.11 | 5 | |
Measurement Input, Expected Term [Member] | Warrants Issued December 27, 2017 [Member] | ||||
Derivative warrant liability, measurement input | 2.74 | 3.75 | 5 | |
Measurement Input, Price Volatility [Member] | Warrants Issued in May 2018 [Member] | ||||
Derivative warrant liability, measurement input | 1.07 | 0.9458 | 0.874 | |
Measurement Input, Price Volatility [Member] | Warrants Issued December 27, 2017 [Member] | ||||
Derivative warrant liability, measurement input | 1.2503 | 1.0757 | 0.9352 |
Note 12 - Unsecured Convertib_3
Note 12 - Unsecured Convertible Debentures (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | Feb. 21, 2017USD ($)$ / sharesshares | Feb. 21, 2017CAD ($) | Mar. 31, 2020$ / shares | Feb. 21, 2017CAD ($)$ / sharesshares |
Warrants Issued in Connection with Private Placement [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,052,630 | 1,052,630 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ 1.90 | $ 1.90 | ||
Unsecured Convertible Debentures [Member] | ||||
Debt Instrument, Face Amount | $ 1,522 | $ 2,000 | ||
Debt Instrument, Convertible, Conversion Price (in CAD per share) | $ 1.90 | |||
Debt Instrument, Discount Rate | 3.50% | 3.50% | ||
Proceeds from Issuance of Unsecured Debt | $ 1,469 | $ 1,930 | ||
Debt Instrument, Accelerated Conversion Right, Period After Issuance (Month) | 120 days | 120 days | ||
Debt Instrument, Accelerated Conversion Right, Minimum Average Share Price, 20 Consecutive Trading Days (in CAD per share) | $ 2.65 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||
Debt Instrument, Interest, Payment in Shares, Floor Price (in dollars per share) | $ 0.10 | |||
Unsecured Convertible Debentures [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Long-term Debt, Measurement Input | 20 | 20 |
Note 12 - Unsecured Convertib_4
Note 12 - Unsecured Convertible Debentures - Liability and Equity Components (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2019USD ($) | |
Payment upon maturity of debentures | $ (1,556) | $ (2,000) | |||
Unsecured Convertible Debentures [Member] | |||||
Balance | $ 1,361 | $ 1,255 | |||
Balance | 220 | 220 | |||
Balance | 1,581 | 1,475 | |||
Effective interest for the year | 156 | ||||
Translation effect | 50 | (87) | |||
Interest payable during the year | (145) | 37 | |||
Accretion of interest on convertible debenture | 145 | (37) | |||
Shares issued upon exercise of warrants | (33) | ||||
Payment upon maturity of debentures | (1,556) | ||||
Balance | 1,361 | 1,361 | |||
Balance | 187 | 220 | 187 | 220 | |
Balance | $ 187 | $ 1,581 | $ 187 | $ 1,581 |
Note 13 - Capital and Other C_3
Note 13 - Capital and Other Components of Equity (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | Feb. 14, 2019USD ($) | Oct. 23, 2018USD ($)shares | Oct. 23, 2018CAD ($)$ / sharesshares | Oct. 09, 2018USD ($)$ / sharesshares | Oct. 09, 2018CAD ($)shares | May 14, 2018USD ($)shares | May 14, 2018CAD ($)$ / sharesshares | May 09, 2018USD ($)$ / sharesshares | May 09, 2018CAD ($)shares | Dec. 27, 2017USD ($)$ / sharesshares | Feb. 21, 2017USD ($)shares | Feb. 21, 2017CAD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2020CAD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Mar. 31, 2019CAD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | May 09, 2018CAD ($)$ / sharesshares | Apr. 01, 2018USD ($) | Dec. 27, 2017CAD ($)shares | Feb. 21, 2017$ / sharesshares | ||||
At-the-market Sales Agreement, Common Stock, Maximum Amount | $ | $ 30,000 | ||||||||||||||||||||||||||
At-the-market Sales Agreement, Term (Year) | 3 years | ||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 3,999,689 | 3,999,689 | 2,206,031 | ||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 1,459 | $ 1,459 | $ 881 | ||||||||||||||||||||||||
Transaction Costs Related to Derivative Warrant Liability | $ | $ 1,075 | 4,960 | |||||||||||||||||||||||||
Additional Paid in Capital, Ending Balance | $ | 8,150 | $ 8,150 | $ 9,797 | ||||||||||||||||||||||||
Repayments of Convertible Debt | $ 1,556 | $ 2,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Warrant Excercises (in shares) | 775,855 | 775,855 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 6,926,061 | 6,926,061 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | 7,706 | $ 796 | $ 7,706 | ||||||||||||||||||||||||
Accounting Standards Update 2018-07 [Member] | |||||||||||||||||||||||||||
Additional Paid in Capital, Ending Balance | $ | $ 65 | ||||||||||||||||||||||||||
Derivative Liability, Total | $ | $ (65) | ||||||||||||||||||||||||||
Other Income (Expenses) [Member] | |||||||||||||||||||||||||||
Transaction Costs Related to Derivative Warrant Liability | $ 500 | $ 700 | |||||||||||||||||||||||||
Warrants Issued in May 2018 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 9,530,000 | 10,188,100 | [1] | 10,188,100 | [1] | 6,593,750 | [1] | 9,530,000 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.31 | $ 1.31 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 3,300 | $ 6,178 | [1] | $ 6,178 | [1] | $ 1,146 | [1] | $ 4,300 | |||||||||||||||||||
Class of Warrant or Right, Weighted Average Fair Value Per Share (in dollars per share) | (per share) | $ 0.30 | $ 0.39 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 771,400 | 771,400 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period, Exercise Price (in CAD per share) | $ / shares | $ 1.31 | ||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 780 | $ 4,455,000 | |||||||||||||||||||||||||
Over-Allotment Option Warrants Issued in May 2018 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 1,429,500 | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.31 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 3,594,350 | 3,594,350 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 3,567 | ||||||||||||||||||||||||||
Broker Warrants Issued May 2018 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | [2] | 547,975 | 547,975 | 222,976 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.05 | $ 1.05 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 220 | $ 219 | [2] | $ 219 | [2] | $ 89 | [2] | $ 283 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 547,975 | 547,975 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 325,000 | 325,000 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 257 | ||||||||||||||||||||||||||
Warrants Issued December 27, 2017 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 8,910,891 | 9,801,861 | [3] | 9,801,861 | [3] | 7,072,962 | [3] | 8,910,891 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.26 | ||||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 4,700 | $ 6,005 | [3] | $ 6,005 | [3] | $ 1,247 | [3] | ||||||||||||||||||||
Class of Warrant or Right, Weighted Average Fair Value Per Share (in dollars per share) | $ / shares | $ 0.47 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 52,288 | 52,288 | 1,074 | 1,074 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Warrant Excercises (in shares) | 136,013 | 136,013 | 772,474 | 772,474 | |||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 2,676,611 | 2,676,611 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 3,373 | ||||||||||||||||||||||||||
Over-Allotment Option Warrants Issued December 2017 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.26 | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 892,044 | 892,044 | |||||||||||||||||||||||||
Broker Warrants Issued December 2017 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | [4] | 495,050 | 495,050 | 259,121 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.2625 | $ 1.2625 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ 321 | $ 308 | [4] | $ 308 | [4] | $ 161 | [4] | $ 406 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 495,050 | 495,050 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 235,929 | 235,929 | |||||||||||||||||||||||||
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | [5] | 1,904,034 | 1,904,034 | 1,723,934 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | (per share) | $ 2.15 | $ 2.15 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | [5] | $ 697 | $ 697 | $ 631 | |||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 180,100 | 180,100 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 292 | ||||||||||||||||||||||||||
Broker Warrants Issued February 2017 [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 2.15 | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 234,992 | 234,992 | |||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 110 | $ 144 | |||||||||||||||||||||||||
Warrants Issued in Connection with Public Offering and Broker Warrants [Member] | |||||||||||||||||||||||||||
Class of Warrants or Rights, Acceleration Right, Minimum Expiration Period (Day) | 30 days | 30 days | |||||||||||||||||||||||||
Class of Warrants or Rights, Acceleration Right, Period After Issuance (Month) | 120 days | 120 days | |||||||||||||||||||||||||
Class of Warrants or Rights, Acceleration Right, Minimum Average Share Price, 20 Consecutive Trading Days (in dollars per share) | $ / shares | $ 2.65 | ||||||||||||||||||||||||||
Warrants Issued in Connection with Private Placement [Member] | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | [6] | 1,052,630 | 1,052,630 | ||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.90 | $ 1.90 | |||||||||||||||||||||||||
Warrants and Rights Outstanding | $ | [6] | $ 235 | $ 235 | ||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,052,630 | 1,052,630 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 150,000 | 150,000 | |||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 217 | ||||||||||||||||||||||||||
At-the-market Offering [Member] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,065,986 | 4,065,986 | 0 | 0 | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | 6,981 | $ 7,000 | |||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 291 | ||||||||||||||||||||||||||
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares | $ 1.79 | ||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ | $ 40 | ||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 6,941 | ||||||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 18,750,000 | 18,750,000 | 16,600,000 | 16,600,000 | 9,530,000 | 9,530,000 | 9,900,990 | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 19,400 | $ 25,400 | $ 17,400 | $ 22,600 | $ 4,800 | $ 6,200 | $ 44,892 | ||||||||||||||||||||
Payments of Stock Issuance Costs | $ 1,400 | $ 1,800 | $ 2,000 | $ 906 | $ 1,190 | ||||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | (per share) | $ 1.28 | $ 1 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 21,100 | $ 27,600 | $ 19,100 | $ 24,700 | $ 41,830 | ||||||||||||||||||||||
Number of Units Issued During Period (in shares) | 9,530,000 | 9,530,000 | 9,900,990 | 3,930,518 | 3,930,518 | ||||||||||||||||||||||
Price Per Unit Issued (in CAD per share) | (per share) | $ 1.01 | $ 1.45 | $ 1.05 | ||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 7,800 | $ 10,000 | $ 10,000 | $ 4,337 | $ 5,699 | ||||||||||||||||||||||
Deferred Stock Issuance Costs | $ 900 | $ 1,100 | |||||||||||||||||||||||||
Class A Common Stock Per Unit or Warrant Per Unit (in shares) | 0.5 | 0.5 | |||||||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,812,500 | 2,812,500 | 2,490,000 | 2,490,000 | 1,429,500 | 1,429,500 | |||||||||||||||||||||
Number of Units Issued During Period (in shares) | 1,429,500 | 1,429,500 | |||||||||||||||||||||||||
Price Per Unit Issued (in CAD per share) | $ / shares | $ 1.05 | ||||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 1,100 | $ 1,500 | |||||||||||||||||||||||||
Public Offering and Over-Allotment Option [Member] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 21,562,500 | 21,562,500 | 19,090,000 | 19,090,000 | |||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3.00% | ||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 4.00% | ||||||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||||
Common Stock, Votes Per Share | 1 | ||||||||||||||||||||||||||
Common Class A [Member] | Public Offering [Member] | |||||||||||||||||||||||||||
Common Stock Per Unit (in shares) | 1 | 1 | |||||||||||||||||||||||||
Common Class B [Member] | |||||||||||||||||||||||||||
Common Stock, Votes Per Share | 10 | ||||||||||||||||||||||||||
Common Stock, Dividend Rate, Percentage | 5.00% | 5.00% | |||||||||||||||||||||||||
Common Stock, Conversion Rate into Class A | 1 | 1 | |||||||||||||||||||||||||
Common Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 0.80 | ||||||||||||||||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | ||||||||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 0 | ||||||||||||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||||||||
Common Stock, Dividend Rate, Percentage | 5.00% | 5.00% | |||||||||||||||||||||||||
Common Stock, Conversion Rate into Class A | 1 | 1 | |||||||||||||||||||||||||
Common Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 0.20 | ||||||||||||||||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | ||||||||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 0 | ||||||||||||||||||||||||||
Common Class D and Common Class E [Member] | |||||||||||||||||||||||||||
Common Stock, Conversion Rate into Class A | 1 | 1 | |||||||||||||||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 0 | ||||||||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 0 | ||||||||||||||||||||||||||
Common Class D and Common Class E [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Common Stock, Dividend Rate, Percentage | 0.50% | 0.50% | |||||||||||||||||||||||||
Common Class D and Common Class E [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Common Stock, Dividend Rate, Percentage | 2.00% | 2.00% | |||||||||||||||||||||||||
[1] | Warrant to acquire one Common Share at an exercise price of CAD $1.31, expiring on May 9, 2023. | ||||||||||||||||||||||||||
[2] | Warrant to acquire one Common Share of the Corporation at an exercise price of CAD $1.05, expiring on May 9, 2023. | ||||||||||||||||||||||||||
[3] | Warrant to acquire one Common Share at an exercise price of $1.26, expiring on December 27, 2022. | ||||||||||||||||||||||||||
[4] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.2625, expiring on December 27, 2022. | ||||||||||||||||||||||||||
[5] | Warrant to acquire one Common Share of the Corporation at an exercise price of CAD $2.15, expiring on February 21, 2022. | ||||||||||||||||||||||||||
[6] | Warrant to acquire one Common Share at an exercise price of CAD $1.90, expiring on February 21, 2020, exercisable only for any portion of or all debentures paid by the Corporation prior to maturity. During the year ended March 31, 2020, convertible debentures were fully repaid with an amount of CAD $2 million resulting in the cancellation of the outstanding conversion option. |
Note 13 - Capital and Other C_4
Note 13 - Capital and Other Components of Equity - Assumptions for May 2018 Warrants (Details) - Warrants Issued in May 2018 [Member] | Mar. 31, 2020 | Mar. 31, 2019 | May 09, 2018 |
Measurement Input, Exercise Price [Member] | |||
Derivative warrant liability, measurement input | 1.31 | 1.31 | 1.31 |
Measurement Input, Share Price [Member] | |||
Derivative warrant liability, measurement input | 0.53 | 1.35 | 0.82 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative warrant liability, measurement input | 0.0066 | 0.0152 | 0.0221 |
Measurement Input, Expected Term [Member] | |||
Derivative warrant liability, measurement input | 3.11 | 4.11 | 5 |
Measurement Input, Price Volatility [Member] | |||
Derivative warrant liability, measurement input | 1.07 | 0.9458 | 0.874 |
Note 13 - Capital and Other C_5
Note 13 - Capital and Other Components of Equity - Assumptions for May 2018 Broker Warrants (Details) - Broker Warrants Issued May 2018 [Member] | May 09, 2018 |
Measurement Input, Exercise Price [Member] | |
Derivative warrant liability, measurement input | 1.05 |
Measurement Input, Share Price [Member] | |
Derivative warrant liability, measurement input | 0.81 |
Measurement Input, Risk Free Interest Rate [Member] | |
Derivative warrant liability, measurement input | 0.022 |
Measurement Input, Expected Term [Member] | |
Derivative warrant liability, measurement input | 5 |
Measurement Input, Price Volatility [Member] | |
Derivative warrant liability, measurement input | 0.874 |
Note 13 - Capital and Other C_6
Note 13 - Capital and Other Components of Equity - Assumptions for December 2017 Warrants (Details) - Warrants Issued December 27, 2017 [Member] | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 27, 2017 |
Measurement Input, Exercise Price [Member] | |||
Derivative warrant liability, measurement input | 1.26 | 1.26 | 1.26 |
Measurement Input, Share Price [Member] | |||
Derivative warrant liability, measurement input | 0.38 | 1.02 | 0.97 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative warrant liability, measurement input | 0.0037 | 0.0223 | 0.0222 |
Measurement Input, Expected Term [Member] | |||
Derivative warrant liability, measurement input | 2.74 | 3.75 | 5 |
Measurement Input, Price Volatility [Member] | |||
Derivative warrant liability, measurement input | 1.2503 | 1.0757 | 0.9352 |
Note 13 - Capital and Other C_7
Note 13 - Capital and Other Components of Equity - Assumptions for December 2017 Broker Warrants (Details) - Broker Warrants Issued December 2017 [Member] | Apr. 01, 2018 |
Measurement Input, Exercise Price [Member] | |
Derivative warrant liability, measurement input | 1.2625 |
Measurement Input, Share Price [Member] | |
Derivative warrant liability, measurement input | 1.02 |
Measurement Input, Risk Free Interest Rate [Member] | |
Derivative warrant liability, measurement input | 0.0256 |
Measurement Input, Expected Term [Member] | |
Derivative warrant liability, measurement input | 4.75 |
Measurement Input, Price Volatility [Member] | |
Derivative warrant liability, measurement input | 0.9516 |
Note 13 - Capital and Other C_8
Note 13 - Capital and Other Components of Equity - Shares Issued to Settle the Payment of Accrued Interest (Details) $ in Thousands, $ in Thousands | Oct. 31, 2018CAD ($)shares | Aug. 21, 2018CAD ($)shares | Jun. 06, 2018CAD ($)shares | Mar. 27, 2018CAD ($)shares | Dec. 27, 2017CAD ($)shares | Aug. 15, 2017CAD ($)shares | Apr. 07, 2017CAD ($)shares | Mar. 31, 2019USD ($) | Oct. 31, 2018CAD ($)shares |
Number of shares (in shares) | 23,723 | 51,807 | 30,348 | 33,605 | 22,783 | 23,885 | 9,496 | 195,647 | |
Amount | $ 40 | $ 40 | $ 40 | $ 40 | $ 40 | $ 40 | $ 17 | $ 95 | $ 257 |
Note 13 - Capital and Other C_9
Note 13 - Capital and Other Components of Equity - Warrants (Details) $ in Thousands, $ in Thousands | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($)shares | May 09, 2018USD ($)shares | May 09, 2018CAD ($)shares | Dec. 27, 2017USD ($)shares | Dec. 27, 2017CAD ($)shares | |||
Number outstanding (in shares) | 2,206,031 | 3,999,689 | |||||||
Amount | $ | $ 881 | $ 1,459 | |||||||
Warrants Issued in May 2018 [Member] | |||||||||
Number outstanding (in shares) | 6,593,750 | [1] | 10,188,100 | [1] | 9,530,000 | 9,530,000 | |||
Amount | $ 1,146 | [1] | $ 6,178 | [1] | $ 3,300 | $ 4,300 | |||
Warrants Issued December 27, 2017 [Member] | |||||||||
Number outstanding (in shares) | 7,072,962 | [2] | 9,801,861 | [2] | 8,910,891 | 8,910,891 | |||
Amount | $ | $ 1,247 | [2] | $ 6,005 | [2] | $ 4,700 | ||||
Derivative Liability Warrants [Member] | |||||||||
Number outstanding (in shares) | 13,666,712 | 19,989,961 | |||||||
Amount | $ | $ 2,393 | $ 12,183 | |||||||
Broker Warrants Issued May 2018 [Member] | |||||||||
Number outstanding (in shares) | [3] | 222,976 | 547,975 | ||||||
Amount | $ 89 | [3] | $ 219 | [3] | $ 220 | $ 283 | |||
Broker Warrants Issued December 2017 [Member] | |||||||||
Number outstanding (in shares) | [4] | 259,121 | 495,050 | ||||||
Amount | $ 161 | [4] | $ 308 | [4] | $ 321 | $ 406 | |||
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||||||||
Number outstanding (in shares) | [5] | 1,723,934 | 1,904,034 | ||||||
Amount | $ | [5] | $ 631 | $ 697 | ||||||
Warrants Issued in Connection with Private Placement [Member] | |||||||||
Number outstanding (in shares) | [6] | 1,052,630 | |||||||
Amount | $ | [6] | $ 235 | |||||||
[1] | Warrant to acquire one Common Share at an exercise price of CAD $1.31, expiring on May 9, 2023. | ||||||||
[2] | Warrant to acquire one Common Share at an exercise price of $1.26, expiring on December 27, 2022. | ||||||||
[3] | Warrant to acquire one Common Share of the Corporation at an exercise price of CAD $1.05, expiring on May 9, 2023. | ||||||||
[4] | Warrant to acquire one Common Share of the Corporation at an exercise price of $1.2625, expiring on December 27, 2022. | ||||||||
[5] | Warrant to acquire one Common Share of the Corporation at an exercise price of CAD $2.15, expiring on February 21, 2022. | ||||||||
[6] | Warrant to acquire one Common Share at an exercise price of CAD $1.90, expiring on February 21, 2020, exercisable only for any portion of or all debentures paid by the Corporation prior to maturity. During the year ended March 31, 2020, convertible debentures were fully repaid with an amount of CAD $2 million resulting in the cancellation of the outstanding conversion option. |
Note 13 - Capital and Other _10
Note 13 - Capital and Other Components of Equity - Warrant Exercises (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | |
Number exercised (in shares) | 6,926,061 | ||
Proceeds | $ 7,706 | $ 796 | $ 7,706 |
Over-Allotment Option Warrants Issued in May 2018 [Member] | |||
Number exercised (in shares) | 3,594,350 | ||
Proceeds | $ 3,567 | ||
Warrants Issued December 27, 2017 [Member] | |||
Number exercised (in shares) | 2,676,611 | ||
Proceeds | $ 3,373 | ||
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||
Number exercised (in shares) | 180,100 | ||
Proceeds | $ 292 | ||
Broker Warrants Issued May 2018 [Member] | |||
Number exercised (in shares) | 325,000 | ||
Proceeds | $ 257 | ||
Warrants Issued in Connection with Private Placement [Member] | |||
Number exercised (in shares) | 150,000 | ||
Proceeds | $ 217 |
Note 14 - Financial Expenses -
Note 14 - Financial Expenses - Financial Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Foreign exchange gain (loss) | $ (2) | $ 212 | ||
Interest payable on convertible debenture | (102) | (122) | ||
Accretion of interest on convertible debenture | (145) | (156) | ||
Financing costs | (46) | (507) | ||
Interest income | 336 | 358 | ||
Change in fair value of warrant liabilities | $ (1,116) | $ (4,745) | (1,116) | (4,745) |
Financial (expenses) | $ (1,075) | $ (4,960) |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) | Aug. 27, 2019shares | Apr. 09, 2019 | Jun. 27, 2018 | Mar. 31, 2020USD ($)shares | Mar. 31, 2020CAD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2019CAD ($) | Mar. 31, 2020CAD ($)shares | Aug. 26, 2019shares | Mar. 31, 2019CAD ($)shares |
Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 11,719,910 | 5,494,209 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 15.00% | 15.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 200.00% | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,992,002 | $ 468,698 | $ 2,801,154 | $ 608,840 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 146 days | 1 year 146 days | 1 year 91 days | 1 year 91 days | ||||||
Stock Option Plan [Member] | Research and Development Expense [Member] | ||||||||||
Share-based Payment Arrangement, Expense | $ 442,975 | $ 592,469 | $ 183,636 | $ 240,802 | ||||||
Stock Option Plan [Member] | General and Administrative Expense [Member] | ||||||||||
Share-based Payment Arrangement, Expense | 1,510,026 | $ 2,021,361 | 593,555 | $ 779,059 | ||||||
Stock Option Plan [Member] | Consultant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | |||||||||
Stock Option Plan [Member] | Related Party [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | |||||||||
Equity Incentive Plan [Member] | ||||||||||
Share-based Payment Arrangement, Expense | $ | $ 0 | $ 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | 0 | 0 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Activities Within the Stock Option Plan (Details) | 12 Months Ended | |||
Mar. 31, 2020$ / sharesshares | Mar. 31, 2020$ / shares$ / sharesshares | Mar. 31, 2019$ / sharesshares | Mar. 31, 2019$ / sharesshares | |
Granted, number of options (in shares) | shares | 6,140,517 | 6,140,517 | ||
Granted, weighted average fair value (in CAD per share) | $ 0.85 | |||
Stock Option Plan [Member] | ||||
Outstanding, number of options (in shares) | shares | 4,046,677 | 4,046,677 | 2,284,388 | 2,284,388 |
Outstanding, weighted average exercise price (in CAD per share) | $ 1.25 | $ 1.81 | ||
Outstanding, weighted average fair value (in CAD per share) | $ 0.81 | $ 1.16 | ||
Granted, number of options (in shares) | shares | 6,140,517 | 6,140,517 | 2,173,523 | 2,173,523 |
Granted, weighted average exercise price (in CAD per share) | $ 0.85 | $ 0.77 | ||
Granted, weighted average fair value (in CAD per share) | $ 0.85 | $ 0.51 | ||
Exercised, number of options (in shares) | shares | (54,625) | (54,625) | (4,167) | (4,167) |
Exercised, weighted average exercise price (in CAD per share) | $ 1.11 | $ 0.77 | ||
Exercised, weighted average fair value (in CAD per share) | $ 0.79 | $ 0.55 | ||
Forfeited, number of options (in shares) | shares | (188,583) | (188,583) | (407,067) | (407,067) |
Forfeited, weighted average exercise price (in CAD per share) | $ 1.64 | $ 1.84 | ||
Forfeited, weighted average fair value (in CAD per share) | $ 1.16 | $ 1.21 | ||
Expired, number of options (in shares) | shares | (7,500) | (7,500) | ||
Expired, weighted average exercise price (in CAD per share) | $ 6.50 | |||
Expired, weighted average fair value (in CAD per share) | $ 3.02 | |||
Outstanding, number of options (in shares) | shares | 9,936,486 | 9,936,486 | 4,046,677 | 4,046,677 |
Outstanding, weighted average exercise price (in CAD per share) | $ 1 | $ 1.25 | ||
Outstanding, weighted average fair value (in CAD per share) | $ 0.83 | $ 0.81 | ||
Exercisable, number of options (in shares) | shares | 3,172,234 | 3,172,234 | ||
Exercisable, weighted average exercise price (in CAD per share) | $ 1.34 | $ 1.34 | ||
Exercisable, weighted average fair value (in CAD per share) | $ 0.98 | |||
Stock Option Plan [Member] | Directors and Employees [Member] | ||||
Granted, weighted average fair value (in CAD per share) | $ 0.85 | $ 0.51 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation - Non-vested Stock Option Activity (Details) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Non-vested, number of options (in shares) | shares | 2,433,477 |
Non-vested, weighted average grant date fair value price (in CAD per share) | $ / shares | $ 1.05 |
Granted, number of options (in shares) | shares | 6,140,517 |
Granted, weighted average fair value (in CAD per share) | $ / shares | $ 0.85 |
Options vested (in shares) | shares | (1,798,075) |
Options vested, weighted average grant date fair value price (in CAD per share) | $ / shares | $ 1.19 |
Options forfeited and cancelled (in shares) | shares | (11,667) |
Options forfeited and cancelled, weighted average grant date fair value price (in CAD per share) | $ / shares | $ 1.04 |
Non-vested, number of options (in shares) | shares | 6,764,252 |
Non-vested, weighted average grant date fair value price (in CAD per share) | $ / shares | $ 0.83 |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation - Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Exercise price (in CAD per share) | $ 0.85 | $ 0.77 |
Share price (in CAD per share) | $ 1.09 | $ 0.73 |
Dividend | ||
Risk-free interest | 0.88% | 2.21% |
Estimated life (years) (Year) | 5 years 259 days | 5 years 248 days |
Expected volatility | 99.11% | 86.10% |
Note 15 - Stock-based Compens_7
Note 15 - Stock-based Compensation - Outstanding and Exercisable Options (Details) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Exercise price (in CAD per share) | $ / shares | |
Weighted average remaining contractual life (Day) | |
Number of options outstanding (in shares) | 9,936,486 |
Number of options exercisable (in shares) | 3,172,234 |
Exercise Price Range 1 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 0.53 |
Weighted average remaining contractual life (Day) | 10 days |
Number of options outstanding (in shares) | 3,836,000 |
Number of options exercisable (in shares) | |
Exercise Price Range 2 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 0.77 |
Weighted average remaining contractual life (Day) | 8 days |
Number of options outstanding (in shares) | 1,862,106 |
Number of options exercisable (in shares) | 1,012,674 |
Exercise Price Range 3 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 0.78 |
Weighted average remaining contractual life (Day) | 8 days |
Number of options outstanding (in shares) | 200,000 |
Number of options exercisable (in shares) | 100,000 |
Exercise Price Range 4 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 0.91 |
Weighted average remaining contractual life (Day) | 8 days |
Number of options outstanding (in shares) | 50,000 |
Number of options exercisable (in shares) | 20,833 |
Exercise Price Range 5 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.28 |
Weighted average remaining contractual life (Day) | 9 days |
Number of options outstanding (in shares) | 1,991,059 |
Number of options exercisable (in shares) | 540,573 |
Exercise Price Range 6 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.46 |
Weighted average remaining contractual life (Day) | 9 days |
Number of options outstanding (in shares) | 150,000 |
Number of options exercisable (in shares) | 37,500 |
Exercise Price Range 7 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.56 |
Weighted average remaining contractual life (Day) | 3 days |
Number of options outstanding (in shares) | 525,000 |
Number of options exercisable (in shares) | 525,000 |
Exercise Price Range 8 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.65 |
Weighted average remaining contractual life (Day) | 6 days |
Number of options outstanding (in shares) | 123,333 |
Number of options exercisable (in shares) | 123,333 |
Exercise Price Range 9 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.77 |
Weighted average remaining contractual life (Day) | 7 days |
Number of options outstanding (in shares) | 747,500 |
Number of options exercisable (in shares) | 498,333 |
Exercise Price Range 10 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 1.99 |
Weighted average remaining contractual life (Day) | 3 days |
Number of options outstanding (in shares) | 265,700 |
Number of options exercisable (in shares) | 265,700 |
Exercise Price Range 11 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 2.82 |
Weighted average remaining contractual life (Day) | 9 days |
Number of options outstanding (in shares) | 150,000 |
Number of options exercisable (in shares) | 12,500 |
Exercise Price Range 12 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 4.50 |
Weighted average remaining contractual life (Day) | 2 days |
Number of options outstanding (in shares) | 22,500 |
Number of options exercisable (in shares) | 22,500 |
Exercise Price Range 13 [Member] | |
Exercise price (in CAD per share) | $ / shares | $ 4.80 |
Weighted average remaining contractual life (Day) | 2 days |
Number of options outstanding (in shares) | 13,288 |
Number of options exercisable (in shares) | 13,288 |
Note 17 - Supplemental Cash F_3
Note 17 - Supplemental Cash Flow Disclosure - Changes in Working Capital Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables | $ 581 | $ (620) | ||
Prepaid expenses | (185) | (530) | ||
Trade and other payables | (3,389) | 7,444 | ||
Total changes in working capital items | $ (2,993) | $ 6,294 | $ (2,993) | $ 6,294 |
Note 17 - Supplemental Cash F_4
Note 17 - Supplemental Cash Flow Disclosure - Non-cash Transactions (Details) | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | |
Issuance of shares for interest on convertible debt | $ 90 | |||
Issuance of broker warrants included in net proceeds from public offering | 221 | |||
Interest receivable included in receivables | 11 | 72 | ||
Shares issued as settlement | 738 | |||
Deferred financing costs reclassified to Equity | 40 | |||
Fair value of derivative warrants liability reclassified to equity | $ 10,691 | $ 550 | ||
Equipment included in trade and other payables | $ 9 | |||
Interest payable included in trade and other payables | $ 30 |
Note 18 - Income Taxes - Reconc
Note 18 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Loss before income taxes | $ (25,513) | $ (39,366) | |
Basic combined Canadian statutory income tax rate | [1] | 26.58% | 26.68% |
Computed income tax recovery | $ (6,781) | $ (10,503) | |
Non-deductible stock-based compensation | 519 | 207 | |
Non-deductible change in fair value of warrants | 205 | 1,266 | |
Change in valuation allowance | 6,004 | 8,839 | |
Other – Foreign exchange | 20 | 36 | |
Other | 33 | 155 | |
Total tax (recovery) expense | $ 0 | $ 0 | |
[1] | The Canadian combined statutory income tax rate has decreased due to a reduction in the provincial statutory income tax rate. |
Note 18 - Income Taxes - Net De
Note 18 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Tax losses carried forward | $ 22,052 | $ 17,750 |
Research and development expenses | 4,544 | 4,017 |
Property, plan and equipment | 324 | 254 |
Intangible assets | 1 | (178) |
Financing expenses | 998 | 1,387 |
Tax credit carry forwards | 2,468 | 2,459 |
Other temporary differences | 76 | 283 |
Deferred tax assets | 30,463 | 25,972 |
Tax basis of unsecured convertible debentures in excess of carrying value | (10) | |
Deferred tax liabilities | (10) | |
Valuation allowance | (30,463) | (25,962) |
Net deferred tax assets |
Note 18 - Income Taxes - Tax At
Note 18 - Income Taxes - Tax Attributes and Temporary Differences Available to Reduce Future Years' Taxable Income (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Domestic Tax Authority [Member] | |
Tax losses carried forward | $ 83,357 |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |
Carryforwards, without time limitation | 16,698 |
Domestic Tax Authority [Member] | Tax Credit Carry Forwards [Member] | |
Carryforwards, without time limitation | 2,468 |
Domestic Tax Authority [Member] | Other Tax Credit Carryforward [Member] | |
Carryforwards, without time limitation | 5,282 |
Domestic Tax Authority [Member] | Tax Year 2028 [Member] | |
Tax losses carried forward | 508 |
Domestic Tax Authority [Member] | Tax Year 2029 [Member] | |
Tax losses carried forward | 1,157 |
Domestic Tax Authority [Member] | Tax Year 2030 [Member] | |
Tax losses carried forward | 1,473 |
Domestic Tax Authority [Member] | Tax Year 2031 [Member] | |
Tax losses carried forward | 1,609 |
Domestic Tax Authority [Member] | Tax Year 2032 [Member] | |
Tax losses carried forward | 1,318 |
Domestic Tax Authority [Member] | Tax Year 2033 [Member] | |
Tax losses carried forward | 2,559 |
Domestic Tax Authority [Member] | Tax Year 2034 [Member] | |
Tax losses carried forward | 3,268 |
Domestic Tax Authority [Member] | Tax Year 2035 [Member] | |
Tax losses carried forward | 3,907 |
Domestic Tax Authority [Member] | Tax Year 2036 [Member] | |
Tax losses carried forward | 5,749 |
Domestic Tax Authority [Member] | Tax Year 2037 [Member] | |
Tax losses carried forward | 356 |
Domestic Tax Authority [Member] | Tax Year 2038 [Member] | |
Tax losses carried forward | 12,331 |
Domestic Tax Authority [Member] | Tax Year 2039 [Member] | |
Tax losses carried forward | 28,811 |
Domestic Tax Authority [Member] | Tax Year 2040 [Member] | |
Tax losses carried forward | 20,311 |
State and Local Jurisdiction [Member] | |
Tax losses carried forward | 83,034 |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |
Carryforwards, without time limitation | 17,732 |
State and Local Jurisdiction [Member] | Tax Credit Carry Forwards [Member] | |
Carryforwards, without time limitation | |
State and Local Jurisdiction [Member] | Other Tax Credit Carryforward [Member] | |
Carryforwards, without time limitation | 5,282 |
State and Local Jurisdiction [Member] | Tax Year 2028 [Member] | |
Tax losses carried forward | 508 |
State and Local Jurisdiction [Member] | Tax Year 2029 [Member] | |
Tax losses carried forward | 1,152 |
State and Local Jurisdiction [Member] | Tax Year 2030 [Member] | |
Tax losses carried forward | 1,467 |
State and Local Jurisdiction [Member] | Tax Year 2031 [Member] | |
Tax losses carried forward | 1,594 |
State and Local Jurisdiction [Member] | Tax Year 2032 [Member] | |
Tax losses carried forward | 1,298 |
State and Local Jurisdiction [Member] | Tax Year 2033 [Member] | |
Tax losses carried forward | 2,559 |
State and Local Jurisdiction [Member] | Tax Year 2034 [Member] | |
Tax losses carried forward | 3,171 |
State and Local Jurisdiction [Member] | Tax Year 2035 [Member] | |
Tax losses carried forward | 3,907 |
State and Local Jurisdiction [Member] | Tax Year 2036 [Member] | |
Tax losses carried forward | 5,661 |
State and Local Jurisdiction [Member] | Tax Year 2037 [Member] | |
Tax losses carried forward | 352 |
State and Local Jurisdiction [Member] | Tax Year 2038 [Member] | |
Tax losses carried forward | 12,281 |
State and Local Jurisdiction [Member] | Tax Year 2039 [Member] | |
Tax losses carried forward | 28,773 |
State and Local Jurisdiction [Member] | Tax Year 2040 [Member] | |
Tax losses carried forward | $ 20,311 |
Note 18 - Income Taxes - Unreco
Note 18 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Beginning of year: | ||
Positions taken in the current year | 164 | |
Change in valuation allowance | (164) | |
End of year |
Note 20 - Commitments (Details
Note 20 - Commitments (Details Textual) - RKO Supply Agreement [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Oct. 25, 2019 |
Purchase Obligation, Total | $ 3.1 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.8 |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) - At-the-market Offering [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Issued During Period, Shares, New Issues (in shares) | 4,065,986 | 0 | |
Payments of Stock Issuance Costs | $ 291 | ||
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 2,278,936 | ||
Proceeds from Issuance of Common Stock, Net | $ 1,800 | ||
Payments of Stock Issuance Costs | $ 80 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 0.81 |