Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36426 | |
Entity Registrant Name | AquaBounty Technologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3156167 | |
Entity Address, Address Line One | 2 Mill & Main Place | |
Entity Address, Address Line Two | Suite 395 | |
Entity Address, City or Town | Maynard | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01754 | |
City Area Code | 978 | |
Local Phone Number | 648-6000 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AQB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,022,426 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001603978 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 210,899,434 | $ 95,751,160 |
Inventory | 2,106,473 | 1,525,377 |
Prepaid expenses and other current assets | 470,961 | 405,370 |
Total current assets | 213,476,868 | 97,681,907 |
Property, plant and equipment, net | 27,904,874 | 26,930,338 |
Right of use assets, net | 327,386 | 341,997 |
Intangible assets, net | 242,120 | 245,546 |
Restricted cash | 500,000 | 500,000 |
Other assets | 84,685 | 76,715 |
Total assets | 242,535,933 | 125,776,503 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,555,066 | 1,760,103 |
Other current liabilities | 62,765 | 62,483 |
Current debt | 378,791 | 259,939 |
Total current liabilities | 1,996,622 | 2,082,525 |
Long-term lease obligations | 274,232 | 290,327 |
Long-term debt, net | 8,622,436 | 8,528,490 |
Total liabilities | 10,893,290 | 10,901,342 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 80,000,000 shares authorized; 70,983,145 (2020: 55,497,133) shares outstanding | 70,983 | 55,497 |
Additional paid-in capital | 384,459,964 | 263,629,116 |
Accumulated other comprehensive loss | (187,219) | (267,258) |
Accumulated deficit | (152,701,085) | (148,542,194) |
Total stockholders’ equity | 231,642,643 | 114,875,161 |
Total liabilities and stockholders’ equity | $ 242,535,933 | $ 125,776,503 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares outstanding (in shares) | 70,983,145 | 55,497,133 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Product revenues | $ 74,372 | $ 6,753 |
Costs and expenses | ||
Product costs | 1,554,655 | 841,434 |
Sales and marketing | 318,635 | 50,788 |
Research and development | 500,620 | 568,762 |
General and administrative | 1,785,510 | 1,637,190 |
Total costs and expenses | 4,159,420 | 3,098,174 |
Operating loss | (4,085,048) | (3,091,421) |
Other income (expense) | ||
Interest expense | (78,804) | (17,045) |
Other income (expense), net | 4,961 | (1,152) |
Total other income (expense) | (73,843) | (18,197) |
Net loss | (4,158,891) | (3,109,618) |
Other comprehensive income (loss): | ||
Foreign currency translation income (loss) | 80,039 | (381,985) |
Total other comprehensive income (loss) | 80,039 | (381,985) |
Comprehensive loss | $ (4,078,852) | $ (3,491,603) |
Basic and diluted net loss per share | $ (0.06) | $ (0.11) |
Weighted average number of common shares - | ||
basic and diluted | 64,550,920 | 27,116,754 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Beginning balance (in shares) at Dec. 31, 2019 | 21,635,365 | ||||
Beginning balance at Dec. 31, 2019 | $ 21,635 | $ 156,241,363 | $ (360,160) | $ (132,142,209) | $ 23,760,629 |
Net loss | (3,109,618) | (3,109,618) | |||
Other comprehensive income (loss) | (381,985) | (381,985) | |||
Issuance of common stock, net of expenses (in shares) | 10,350,000 | ||||
Issuance of common stock, net of expenses | $ 10,350 | 14,511,354 | 14,521,704 | ||
Share based compensation (in shares) | 100,319 | ||||
Share based compensation | $ 101 | 205,252 | 205,353 | ||
Ending balance (in shares) at Mar. 31, 2020 | 32,085,684 | ||||
Ending balance at Mar. 31, 2020 | $ 32,086 | 170,957,969 | (742,145) | (135,251,827) | 34,996,083 |
Beginning balance (in shares) at Dec. 31, 2020 | 55,497,133 | ||||
Beginning balance at Dec. 31, 2020 | $ 55,497 | 263,629,116 | (267,258) | (148,542,194) | 114,875,161 |
Net loss | (4,158,891) | (4,158,891) | |||
Other comprehensive income (loss) | 80,039 | 80,039 | |||
Cashless exercise of options for common stock (in shares) | 4,354 | ||||
Cashless exercise of options for common stock | $ 4 | (4) | |||
Issuance of common stock, net of expenses (in shares) | 14,950,000 | ||||
Issuance of common stock, net of expenses | $ 14,950 | 119,105,487 | 119,120,437 | ||
Exercise of warrants for common stock (in shares) | 491,133 | ||||
Exercise of warrants for common stock | $ 491 | 1,595,691 | 1,596,182 | ||
Share based compensation (in shares) | 40,525 | ||||
Share based compensation | $ 41 | 129,674 | 129,715 | ||
Ending balance (in shares) at Mar. 31, 2021 | 70,983,145 | ||||
Ending balance at Mar. 31, 2021 | $ 70,983 | $ 384,459,964 | $ (187,219) | $ (152,701,085) | $ 231,642,643 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net loss | $ (4,158,891) | $ (3,109,618) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 422,185 | 347,859 |
Share-based compensation | 129,715 | 205,353 |
Other non-cash charge | 4,203 | |
Changes in operating assets and liabilities: | ||
Inventory | (577,154) | (610,200) |
Prepaid expenses and other assets | (63,966) | (107,922) |
Accounts payable and accrued liabilities | (274,486) | 339,818 |
Net cash used in operating activities | (4,518,394) | (2,934,710) |
Investing activities | ||
Purchase of property, plant and equipment | (1,208,183) | (691,351) |
Proceeds from sale of asset held for sale | 98,000 | |
Proceeds from legal settlement, net | 1,014,008 | |
Other investing activities | (11,010) | (1,307) |
Net cash (used in) provided by investing activities | (1,219,193) | 419,350 |
Financing activities | ||
Proceeds from issuance of debt | 187,120 | |
Repayment of term debt | (38,885) | (39,391) |
Proceeds from the issuance of common stock, net | 119,120,437 | 14,521,704 |
Proceeds from the exercise of stock options and warrants, net | 1,596,182 | |
Net cash provided by financing activities | 120,864,854 | 14,482,313 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 21,007 | (15,951) |
Net change in cash, cash equivalents and restricted cash | 115,148,274 | 11,951,002 |
Cash, cash equivalents and restricted cash at beginning of period | 96,251,160 | 2,798,744 |
Cash, cash equivalents and restricted cash at end of period | 211,399,434 | 14,749,746 |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: | ||
Cash and cash equivalents | 210,899,434 | 14,749,746 |
Restricted cash | 500,000 | |
Supplemental disclosure of cash flow information and non-cash transactions: | ||
Interest paid in cash | 73,685 | 17,045 |
Property and equipment included in accounts payable and accrued liabilities | $ 82,068 | $ 257,884 |
Nature of Business and Organiza
Nature of Business and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Nature of Business and Organization [Abstract] | |
Nature of Business and Organization | 1. Nature of business and organization AquaBounty Technologies, Inc. (the “Parent” and, together with its subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained approval from the US Food and Drug Administration (the “FDA”) for the production and sale of its AquAdvantage salmon product in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its AquAdvantage salmon product in Canada. AQUA Bounty Canada Inc. (the “Canadian Subsidiary”) was incorporated in January 1994 for the purpose of establishing a commercial biotechnology laboratory to conduct research and development programs related to the Parent’s technologies and to commercialize the Parent’s products in Canada. AquaBounty Panama, S. de R.L. (the “Panama Subsidiary”) was incorporated in May 2008 in Panama for the purpose of conducting commercial trials of the Parent’s products. Operations at the site concluded in May 2019. AquaBounty Farms, Inc. (the “U.S. Subsidiary”) was incorporated in December 2014 in the State of Delaware for the purpose of conducting field trials and commercializing the Parent’s products in the United States. AquaBounty Farms Indiana LLC (the “Indiana Subsidiary”), which is wholly owned by the U.S. Subsidiary, was formed in June 2017 in the State of Delaware for the purpose of operating its aquaculture facility in Albany, Indiana. AquaBounty Brasil Participações Ltda. (the “Brazil Subsidiary”) was incorporated in May 2015 for the purpose of conducting field trials and commercializing the Parent’s products in Brazil. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of presentation The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation. The unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2021, and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Liquidity In February 2021, the Company completed an equity raise with net proceeds of $ 119.1 million and has $ 210.9 million in cash and cash equivalents as of March 31, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements for at least the next twelve months from the filing date. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan. Inventories Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation. As of March 31, 2021, the NRV of the Company’s conventional salmon biomass was valued at $ 0 as a result of its decision to harvest and donate this fish. The NRV of the Company’s AquAdvantage salmon biomass was valued at $ 1.8 million. The Company also considers capacity utilization in calculating its inventory value with any excess capacity charged to production costs as idle capacity. Inventory reserves are recorded as needed to represent the difference between the carrying value and the NRV calculation, taking into consideration the expected timing and disposition of the inventory. Revenue recognition The Company records revenue on the sale of a product when all revenue recognition criteria are fulfilled, including identifying the contract with a customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations in the contract; and recognizing revenue when (or as) the Company satisfies a performance obligation. The Company evaluates customer credit risk in order to conclude it is “probable” it will collect the amount of consideration due in exchange for the goods or services. Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti - dilutive and are excluded from the calculation of diluted net loss per share. At March 31, 2021, the Company had 1,141,847 potentially dilutive securities outstanding, consisting of 457,722 warrants and 684,125 stock options. Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition. |
Risks and Uncertainties
Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 3. Risks and uncertainties The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to manufacture, distribute, and sell for a profit any products approved for sale; (iv) the Company’s ability to obtain the necessary patents and proprietary rights to effectively protect its technologies; and (v) the outcome of any collaborations or alliances entered into by the Company. COVID-19 The COVID-19 pandemic continues to spread throughout the United States and the world, and now includes several variants of the virus. Because infections of this virus and the incidences of the disease it causes, certain national, provincial, state, and local governmental authorities in the United States and Canada have issued, and continue to update, proclamations and directives aimed at minimizing the spread of the virus. These directives currently remain in effect and the Company is monitoring their status. The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 pandemic, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption and reduced operations. To date, the Company’s farm operations have not been materially affected by the pandemic, although management has made modifications to biosecurity procedures and the farm sites to adapt to local requirements and to provide a safe work environment. The Company’s current preventative and protective measures include, but are not limited to, segregating farm workers to specific locations, rotating shifts, and monitoring worker temperatures upon arrival at the Company’s facilities. To the extent possible, work-from-home is utilized for employees that do not have fish care responsibilities. The Company experienced delays in capital projects due to the pandemic, including, but not limited to, a six-month delay in the completion of the processing facility at the Indiana farm, which did not become operational until November 2020. Management utilized third party alternatives for fish processing during the delay. During Q1 2021, project delays were limited to extended lead-times on equipment purchases. However, the Company could experience delays on purchases of capital equipment and supplies and other materials required in its operations due to vendor shortages or it could be impacted by transportation or other supply chain disruptions to its partners or customers. The Company has been primarily impacted by a reduction in the market price and demand for Atlantic salmon due to the pandemic’s impact on the food service sector. This had and continues to have a negative impact on revenue and inventory value, as the company is not yet an established vendor and customers have been reluctant to add a new supplier during a period of depressed demand. Consequently, in December 2020, the Company made the decision to donate substantially all of the conventional salmon to local food charities, which are experiencing unprecedented need during the pandemic. This decision was made to ease the capacity constraints at the Indiana farm to provide space for the growing biomass of AquAdvantage salmon. The donation program commenced in February 2021 and is expected to be completed in May 2021, though the Company is exploring the possibility of continuing the donation program for fish that do not meet customer specifications. Management expects the financial impact of the pandemic to continue through at least the first half of 2021, as the industry waits for the roll-out of COVID-19 vaccines and the subsequent reopening of the food service sector. Any financial impact beyond the near-term cannot be reasonably estimated at this time but may have a material adverse impact on the Company’s business, financial condition, and results of operations in 2021. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and certificates of deposit. This risk is mitigated by the Company’s policy of investing in financial instruments with short-term maturities issued by highly rated financial institutions. The Company’s cash balances may at times exceed insurance limitations. The Company holds cash balances in bank accounts located in Canada to fund its local operations. These amounts are subject to foreign currency exchange risk, which is minimized by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $ 83 thousand at March 31, 2021. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory [Abstract] | |
Inventory | 4. Inventory Major classifications of inventory are summarized as follows: March 31, 2021 December 31, 2020 Feed $ 234,804 244,311 Eggs and fry 57,175 54,929 Packaging 4,422 6,452 Fish in process, net 1,810,072 1,219,685 Inventory, net $ 2,106,473 1,525,377 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, plant and equipment Major classifications of property, plant and equipment are summarized as follows: March 31, 2021 December 31, 2020 Land $ 728,316 $ 724,785 Building and improvements 14,214,666 14,048,917 Construction in process 3,887,384 3,212,287 Equipment 14,380,752 13,819,210 Office furniture and equipment 217,246 202,596 Vehicles 29,044 28,700 Total property and equipment $ 33,457,408 $ 32,036,495 Less accumulated depreciation and amortization ( 5,552,534 ) ( 5,106,157 ) Property, plant and equipment, net $ 27,904,874 $ 26,930,338 Included in construction in process is $ 2.1 million for construction related to the Rollo Bay farm site and renovations to the Fortune Bay hatchery, $ 1.2 million for construction related to the Indiana farm site, and $ 583 thousand related to design work for a new 10,000 metric ton farm. An additional $ 1.2 million has been committed to these projects. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 6. Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following: March 31, 2021 December 31, 2020 Accounts payable $ 644,459 $ 799,888 Accrued payroll including vacation 520,162 583,301 Accrued professional fees and contract services 246,968 278,165 Accrued construction costs 141,767 86,052 Accrued taxes and other 1,710 12,697 Accounts payable and accrued liabilities $ 1,555,066 $ 1,760,103 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Debt | 7. Debt The current material terms and conditions of debt outstanding are as follows: Interest rate Monthly repayment Maturity date March 31, 2021 December 31, 2020 ACOA AIF Grant 0 % Royalties - $ 2,280,591 $ 2,253,595 ACOA term loan #1 0 % C$ 3,120 Feb 2027 175,941 181,203 ACOA term loan #2 0 % C$ 4,630 Sep 2029 374,990 381,451 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 41,730 43,925 PEI Finance term loan 4 % C$ 16,313 Nov 2023 2,020,523 2,014,321 DFO term loan 0 % C$ 2,091 Aug 2032 189,313 — First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 4,000,000 4,000,000 Total debt $ 9,083,088 $ 8,874,495 less: debt issuance costs ( 81,861 ) ( 86,066 ) less: current portion ( 378,791 ) ( 259,939 ) Long-term debt, net $ 8,622,436 $ 8,528,490 Estimated principal payments remaining on loan debt are as follows: AIF ACOA FPEI Kubota DFO FFBT Total 2021 $ — $ 55,388 $ 56,441 $ 8,165 $ — $ 116,675 $ 236,669 2022 — 73,851 78,313 10,886 — 482,306 645,356 2023 — 73,852 1,885,769 10,886 16,606 509,256 2,496,369 2024 — 73,851 — 10,886 19,928 537,276 641,941 2025 — 73,851 — 907 19,928 567,735 662,421 Thereafter 2,280,591 200,138 — — 132,851 1,786,752 4,400,332 Total $ 2,280,591 $ 550,931 $ 2,020,523 $ 41,730 $ 189,313 $ 4,000,000 $ 9,083,088 In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with DFO's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$ 1.9 million ($ 1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). On February 25, 2021, the Canadian Subsidiary borrowed C$ 238,400 ($ 187,120 ) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in March 2023, with maturity in August 2032. The Company recognized interest expense of $ 79 thousand and $ 17 thousand for the three months ended March 31, 2021 and 2020, respectively, on its interest-bearing debt. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 8. Leases Lease expense for the three months ended three months ended March 31, 2021 and 2020, amounted to $ 22 thousand and $ 20 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 23 years as of March 31, 2021. Lease payments included in operating cash flows totaled $ 22 thousand and $ 21 thousand for the three months ended March 31, 2021 and 2020, respectively. The table below summarizes the Company’s lease obligations and remaining payments at March 31, 2021: March 31, 2021 December 31, 2020 Lease Lease Remaining Remaining Lease Remaining Lease Type Term Years Payments Liability Payments Liability Maynard Office Lease Operating Mar 2023 1.92 134,463 120,384 150,918 134,099 Indiana Auto Lease Operating Feb 2021 - - 1,157 821 Indiana Well Lease Operating Dec 2048 27.69 682,809 216,613 686,809 217,890 Total 817,272 336,997 838,884 352,810 Less: current portion ( 82,979 ) ( 62,765 ) ( 83,571 ) ( 62,483 ) Long-term leases $ 734,293 $ 274,232 $ 755,313 $ 290,327 Remaining payments under leases are as follows at March 31, 2021: Year Office Well Amount 2021 49,960 11,999 61,959 2022 67,602 16,478 84,080 2023 16,901 16,972 33,873 2024 - 17,481 17,481 2025 - 18,006 18,006 Thereafter - 601,873 601,873 Total Lease Payments 134,463 682,809 817,272 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ equity Recent issuances On February 8, 2021, the Company completed a public offering of 14,950,000 Common Shares for net proceeds of approximately $ 119.1 million. Warrants The following table summarizes information about outstanding warrants at March 31, 2021: Number of options Weighted average exercise price Outstanding at December 31, 2020 948,855 $ 3.25 Issued — - Exercised ( 491,133 ) 3.25 Expired — - Outstanding at March 31, 2021 457,722 3.25 Exercisable at March 31, 2021 457,722 3.25 During the three months ended March 31, 2021, the Company issued 491,133 Common Shares at $ 3.25 per share in conjunction with the exercise of warrants, with total proceeds of $ 1.6 million. All remaining warrants have an expiration date of January 17, 2023 . Share-based compensation At March 31, 2021, the Company has reserved 1,591,453 Common Shares issuable upon the exercise of outstanding stock options and future issuances under its 2006 and 2016 Equity Incentive Plans. Restricted stock A summary of the Company’s restricted Common Shares as of March 31, 2021, is as follows: Shares Weighted average grant date fair value Balance at December 31, 2020 72,653 $ 1.90 Granted 40,525 6.72 Vested ( 43,822 ) 3.27 Balance at March 31, 2021 69,356 $ 3.85 During the three months ended March 31, 2021 and 2020, the Company expensed $ 107 thousand and $ 84 thousand, respectively, related to the restricted stock awards. At March 31, 2021, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $ 260 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 3 years. Stock options The Company’s option activity is summarized as follows: Number of options Weighted average exercise price Outstanding at December 31, 2020 657,414 $ 4.28 Granted 48,914 6.72 Exercised ( 16,667 ) 6.90 Expired ( 5,536 ) 6.90 Outstanding at March 31, 2021 684,125 $ 4.37 Exercisable at March 31, 2021 586,746 $ 4.39 Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one to three years and are exercisable for a term of ten years from the date of issuance. The fair values of stock option grants to employees and members of the Board of Directors during 2021 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions: March 2021 Expected volatility 111 % Risk free interest rate 0.80 % Expected dividend yield 0 % Expected life (in years) 5 The weighted average fair value of stock options granted during the three months ended March 31, 2021, was $ 5.31 . The total intrinsic value of all options outstanding was $ 2.4 million and $ 3.6 million at March 31, 2021, and December 31, 2020, respectively. The total intrinsic value of exercisable options was $ 2.1 million and $ 3.2 million at March 31, 2021 and December 31, 2020, respectively. The following table summarizes information about options outstanding and exercisable at March 31, 2021: Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable Weighted average price of outstanding and exercisable options $ 1.88 - $ 2.50 531,519 8.0 481,470 $ 3.30 - $ 6.72 60,516 8.7 13,186 $ 7.50 - $ 10.80 20,503 3.3 20,503 $ 14.20 - $ 23.40 71,587 5.0 71,587 684,125 586,746 $ 4.39 Total share-based compensation on stock options amounted to $ 22 thousand and $ 121 thousand for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $ 324 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 3 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and contingencies The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. See Note 5 for commitments related to the Company’s renovation and construction costs. The Company is subject to legal proceedings and claims arising in the normal course of business. There have been no other material changes to the commitments and contingencies disclosed in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Department of Fisheries and Oceans Loan On April 27, 2021, the Canadian Subsidiary borrowed C$ 276,840 or approximately $ 221,470 under its DFO Term Loan (see Note 7). |
Nature of Business and Organi_2
Nature of Business and Organization (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Nature of Business and Organization [Abstract] | |
Nature of Business and Organization | AquaBounty Technologies, Inc. (the “Parent” and, together with its subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained approval from the US Food and Drug Administration (the “FDA”) for the production and sale of its AquAdvantage salmon product in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its AquAdvantage salmon product in Canada. AQUA Bounty Canada Inc. (the “Canadian Subsidiary”) was incorporated in January 1994 for the purpose of establishing a commercial biotechnology laboratory to conduct research and development programs related to the Parent’s technologies and to commercialize the Parent’s products in Canada. AquaBounty Panama, S. de R.L. (the “Panama Subsidiary”) was incorporated in May 2008 in Panama for the purpose of conducting commercial trials of the Parent’s products. Operations at the site concluded in May 2019. AquaBounty Farms, Inc. (the “U.S. Subsidiary”) was incorporated in December 2014 in the State of Delaware for the purpose of conducting field trials and commercializing the Parent’s products in the United States. AquaBounty Farms Indiana LLC (the “Indiana Subsidiary”), which is wholly owned by the U.S. Subsidiary, was formed in June 2017 in the State of Delaware for the purpose of operating its aquaculture facility in Albany, Indiana. AquaBounty Brasil Participações Ltda. (the “Brazil Subsidiary”) was incorporated in May 2015 for the purpose of conducting field trials and commercializing the Parent’s products in Brazil. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation. |
Basis of Presentation | The unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2021, and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. |
Liquidity | Liquidity In February 2021, the Company completed an equity raise with net proceeds of $ 119.1 million and has $ 210.9 million in cash and cash equivalents as of March 31, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements for at least the next twelve months from the filing date. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan. |
Inventories | Inventories Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation. As of March 31, 2021, the NRV of the Company’s conventional salmon biomass was valued at $ 0 as a result of its decision to harvest and donate this fish. The NRV of the Company’s AquAdvantage salmon biomass was valued at $ 1.8 million. The Company also considers capacity utilization in calculating its inventory value with any excess capacity charged to production costs as idle capacity. Inventory reserves are recorded as needed to represent the difference between the carrying value and the NRV calculation, taking into consideration the expected timing and disposition of the inventory. |
Revenue Recognition | Revenue recognition The Company records revenue on the sale of a product when all revenue recognition criteria are fulfilled, including identifying the contract with a customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations in the contract; and recognizing revenue when (or as) the Company satisfies a performance obligation. The Company evaluates customer credit risk in order to conclude it is “probable” it will collect the amount of consideration due in exchange for the goods or services. |
Net Loss Per Share | Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti - dilutive and are excluded from the calculation of diluted net loss per share. At March 31, 2021, the Company had 1,141,847 potentially dilutive securities outstanding, consisting of 457,722 warrants and 684,125 stock options. |
Accounting Pronouncements | Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory [Abstract] | |
Schedule of Inventory | March 31, 2021 December 31, 2020 Feed $ 234,804 244,311 Eggs and fry 57,175 54,929 Packaging 4,422 6,452 Fish in process, net 1,810,072 1,219,685 Inventory, net $ 2,106,473 1,525,377 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | March 31, 2021 December 31, 2020 Land $ 728,316 $ 724,785 Building and improvements 14,214,666 14,048,917 Construction in process 3,887,384 3,212,287 Equipment 14,380,752 13,819,210 Office furniture and equipment 217,246 202,596 Vehicles 29,044 28,700 Total property and equipment $ 33,457,408 $ 32,036,495 Less accumulated depreciation and amortization ( 5,552,534 ) ( 5,106,157 ) Property, plant and equipment, net $ 27,904,874 $ 26,930,338 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | March 31, 2021 December 31, 2020 Accounts payable $ 644,459 $ 799,888 Accrued payroll including vacation 520,162 583,301 Accrued professional fees and contract services 246,968 278,165 Accrued construction costs 141,767 86,052 Accrued taxes and other 1,710 12,697 Accounts payable and accrued liabilities $ 1,555,066 $ 1,760,103 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Terms and Conditions of Long-term Debt Outstanding | Interest rate Monthly repayment Maturity date March 31, 2021 December 31, 2020 ACOA AIF Grant 0 % Royalties - $ 2,280,591 $ 2,253,595 ACOA term loan #1 0 % C$ 3,120 Feb 2027 175,941 181,203 ACOA term loan #2 0 % C$ 4,630 Sep 2029 374,990 381,451 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 41,730 43,925 PEI Finance term loan 4 % C$ 16,313 Nov 2023 2,020,523 2,014,321 DFO term loan 0 % C$ 2,091 Aug 2032 189,313 — First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 4,000,000 4,000,000 Total debt $ 9,083,088 $ 8,874,495 less: debt issuance costs ( 81,861 ) ( 86,066 ) less: current portion ( 378,791 ) ( 259,939 ) Long-term debt, net $ 8,622,436 $ 8,528,490 |
Principal Payments Due on Long-term Debt | AIF ACOA FPEI Kubota DFO FFBT Total 2021 $ — $ 55,388 $ 56,441 $ 8,165 $ — $ 116,675 $ 236,669 2022 — 73,851 78,313 10,886 — 482,306 645,356 2023 — 73,852 1,885,769 10,886 16,606 509,256 2,496,369 2024 — 73,851 — 10,886 19,928 537,276 641,941 2025 — 73,851 — 907 19,928 567,735 662,421 Thereafter 2,280,591 200,138 — — 132,851 1,786,752 4,400,332 Total $ 2,280,591 $ 550,931 $ 2,020,523 $ 41,730 $ 189,313 $ 4,000,000 $ 9,083,088 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Obligations and Remaining Payments | March 31, 2021 December 31, 2020 Lease Lease Remaining Remaining Lease Remaining Lease Type Term Years Payments Liability Payments Liability Maynard Office Lease Operating Mar 2023 1.92 134,463 120,384 150,918 134,099 Indiana Auto Lease Operating Feb 2021 - - 1,157 821 Indiana Well Lease Operating Dec 2048 27.69 682,809 216,613 686,809 217,890 Total 817,272 336,997 838,884 352,810 Less: current portion ( 82,979 ) ( 62,765 ) ( 83,571 ) ( 62,483 ) Long-term leases $ 734,293 $ 274,232 $ 755,313 $ 290,327 |
Summary of Remaining Payments under Leases | Year Office Well Amount 2021 49,960 11,999 61,959 2022 67,602 16,478 84,080 2023 16,901 16,972 33,873 2024 - 17,481 17,481 2025 - 18,006 18,006 Thereafter - 601,873 601,873 Total Lease Payments 134,463 682,809 817,272 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity [Abstract] | |
Information About Outstanding Warrants | Number of options Weighted average exercise price Outstanding at December 31, 2020 948,855 $ 3.25 Issued — - Exercised ( 491,133 ) 3.25 Expired — - Outstanding at March 31, 2021 457,722 3.25 Exercisable at March 31, 2021 457,722 3.25 |
Restricted Stock Activity | Shares Weighted average grant date fair value Balance at December 31, 2020 72,653 $ 1.90 Granted 40,525 6.72 Vested ( 43,822 ) 3.27 Balance at March 31, 2021 69,356 $ 3.85 |
Stock Option Activity | Number of options Weighted average exercise price Outstanding at December 31, 2020 657,414 $ 4.28 Granted 48,914 6.72 Exercised ( 16,667 ) 6.90 Expired ( 5,536 ) 6.90 Outstanding at March 31, 2021 684,125 $ 4.37 Exercisable at March 31, 2021 586,746 $ 4.39 |
Stock Option Grants Weighted Average Assumptions | March 2021 Expected volatility 111 % Risk free interest rate 0.80 % Expected dividend yield 0 % Expected life (in years) 5 |
Information About Options Outstanding and Exercisable | Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable Weighted average price of outstanding and exercisable options $ 1.88 - $ 2.50 531,519 8.0 481,470 $ 3.30 - $ 6.72 60,516 8.7 13,186 $ 7.50 - $ 10.80 20,503 3.3 20,503 $ 14.20 - $ 23.40 71,587 5.0 71,587 684,125 586,746 $ 4.39 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Net proceeds from equity | $ 119,100,000 | |||
Cash and cash equivalents | $ 210,899,434 | $ 95,751,160 | $ 14,749,746 | |
Potentially dilutive securities outstanding (in shares) | 1,141,847 | |||
Warrant [Member] | ||||
Potentially dilutive securities outstanding (in shares) | 457,722 | |||
Employee Stock Option [Member] | ||||
Potentially dilutive securities outstanding (in shares) | 684,125 | |||
Conventional Salmon Biomass [Member] | ||||
Net realizable value (NRV) | $ 0 | |||
AquAdvantage Salmon Biomass [Member] | ||||
Net realizable value (NRV) | $ 1,800,000 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Canada [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Cash in Canadian bank accounts | $ 83 |
Inventory (Schedule of Inventor
Inventory (Schedule of Inventory) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventory, net | $ 2,106,473 | $ 1,525,377 |
Feed [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 234,804 | 244,311 |
Eggs And Fry [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 57,175 | 54,929 |
Packaging [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 4,422 | 6,452 |
Fish In Process, Net [Member] | ||
Inventory [Line Items] | ||
Inventory, net | $ 1,810,072 | $ 1,219,685 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | $ 33,457,408 | $ 32,036,495 |
Capital Addition Purchase Commitments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Commitments to purchase property, plant, and equipment | 1,200,000 | |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | 3,887,384 | $ 3,212,287 |
Rollo Bay Farm Site [Member] | Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | 2,100,000 | |
Indiana Farm [Member] | Capital Addition Purchase Commitments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Commitments to purchase property, plant, and equipment | 583,000 | |
Indiana Farm [Member] | Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | $ 1,200,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 33,457,408 | $ 32,036,495 |
Less accumulated depreciation and amortization | (5,552,534) | (5,106,157) |
Property, plant and equipment, net | 27,904,874 | 26,930,338 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 728,316 | 724,785 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 14,214,666 | 14,048,917 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 3,887,384 | 3,212,287 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 14,380,752 | 13,819,210 |
Office Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 217,246 | 202,596 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 29,044 | $ 28,700 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 644,459 | $ 799,888 |
Accrued payroll including vacation | 520,162 | 583,301 |
Accrued professional fees and contract services | 246,968 | 278,165 |
Accrued construction costs | 141,767 | 86,052 |
Accrued taxes and other | 1,710 | 12,697 |
Accounts payable and accrued liabilities | $ 1,555,066 | $ 1,760,103 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Feb. 25, 2021USD ($) | Feb. 25, 2021CAD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 187,120 | |||||
DFO Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount borrowed | $ 187,120 | $ 238,400 | ||||
Interest rate | 0.00% | |||||
Proceeds from issuance of debt | $ 1,400,000 | $ 1,900,000 | ||||
Maturity date | Aug 2032 | |||||
Interest expense | $ 79,000 | $ 17,000 |
Debt (Terms and Conditions of L
Debt (Terms and Conditions of Long-term Debt Outstanding) (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Total debt | $ 9,083,088 | $ 8,874,495 | |
less: debt issuance costs | 81,861 | 86,066 | |
less: current portion | (378,791) | (259,939) | |
Long-term debt, net | $ 8,622,436 | 8,528,490 | |
ACOA AIF Grant [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Maturity date | - | - | |
Total debt | $ 2,280,591 | 2,253,595 | |
ACOA Term Loan#1 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Monthly repayment | $ 3,120 | ||
Maturity date | Feb 2027 | Feb 2027 | |
Total debt | $ 175,941 | 181,203 | |
ACOA Term Loan#2 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Monthly repayment | $ 4,630 | ||
Maturity date | Sep 2029 | Sep 2029 | |
Total debt | $ 374,990 | 381,451 | |
Kubota Canada Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Monthly repayment | $ 1,142 | ||
Maturity date | Jan 2025 | Jan 2025 | |
Total debt | $ 41,730 | 43,925 | |
PEI Finance Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.00% | ||
Monthly repayment | $ 16,313 | ||
Maturity date | Nov 2023 | Nov 2023 | |
Total debt | $ 2,020,523 | 2,014,321 | |
DFO Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Monthly repayment | $ 2,091 | ||
Maturity date | Aug 2032 | Aug 2032 | |
Total debt | $ 189,313 | ||
First Farmers Bank & Trust Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.375% | ||
Monthly repayment | $ 56,832 | ||
Maturity date | Oct 2028 | Oct 2028 | |
Total debt | $ 4,000,000 | $ 4,000,000 |
Debt (Principal Payments Due on
Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Year | ||
2021 | $ 236,669 | |
2022 | 645,356 | |
2023 | 2,496,369 | |
2024 | 641,941 | |
2025 | 662,421 | |
Thereafter | 4,400,332 | |
Total debt | 9,083,088 | $ 8,874,495 |
ACOA AIF Grant [Member] | ||
Year | ||
2021 | ||
2022 | ||
2023 | ||
2024 | ||
2025 | ||
Thereafter | 2,280,591 | |
Total debt | 2,280,591 | 2,253,595 |
ACOA [Member] | ||
Year | ||
2021 | 55,388 | |
2022 | 73,851 | |
2023 | 73,852 | |
2024 | 73,851 | |
2025 | 73,851 | |
Thereafter | 200,138 | |
Total debt | 550,931 | |
PEI Finance Term Loan [Member] | ||
Year | ||
2021 | 56,441 | |
2022 | 78,313 | |
2023 | 1,885,769 | |
2024 | ||
2025 | ||
Thereafter | ||
Total debt | 2,020,523 | 2,014,321 |
Kubota Canada Ltd [Member] | ||
Year | ||
2021 | 8,165 | |
2022 | 10,886 | |
2023 | 10,886 | |
2024 | 10,886 | |
2025 | 907 | |
Thereafter | ||
Total debt | 41,730 | 43,925 |
DFO Term Loan [Member] | ||
Year | ||
2021 | ||
2022 | ||
2023 | 16,606 | |
2024 | 19,928 | |
2025 | 19,928 | |
Thereafter | 132,851 | |
Total debt | 189,313 | |
First Farmers Bank & Trust Term Loan [Member] | ||
Year | ||
2021 | 116,675 | |
2022 | 482,306 | |
2023 | 509,256 | |
2024 | 537,276 | |
2025 | 567,735 | |
Thereafter | 1,786,752 | |
Total debt | $ 4,000,000 | $ 4,000,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Lease expense | $ 22 | $ 20 |
Weighted average remaining lease term | 23 years | |
Lease payment | $ 22 | $ 21 |
Leases (Summary of Lease Obliga
Leases (Summary of Lease Obligations and Remaining Payments) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Remaining Payments | $ 817,272 | $ 838,884 |
Remaining Payments - Less: current portion | (82,979) | (83,571) |
Remaining Payments - Long-term leases | 734,293 | 755,313 |
Lease Liability | 336,997 | 352,810 |
Lease Liability - Less: current portion | (62,765) | (62,483) |
Lease Liability - Long-term leases | $ 274,232 | 290,327 |
Maynard Office Lease [Member] | ||
Lease Term | Mar 2023 | |
Remaining Years | 1 year 11 months 1 day | |
Remaining Payments | $ 134,463 | 150,918 |
Lease Liability | $ 120,384 | 134,099 |
Indiana Auto Lease [Member] | ||
Lease Term | Feb 2021 | |
Remaining Payments | 1,157 | |
Lease Liability | 821 | |
Indiana Well Lease [Member] | ||
Lease Term | Dec 2048 | |
Remaining Years | 27 years 8 months 8 days | |
Remaining Payments | $ 682,809 | 686,809 |
Lease Liability | $ 216,613 | $ 217,890 |
Leases (Summary of Remaining Pa
Leases (Summary of Remaining Payments under Leases) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
2021 | $ 61,959 | |
2022 | 84,080 | |
2023 | 33,873 | |
2024 | 17,481 | |
2025 | 18,006 | |
Thereafter | 601,873 | |
Remaining Payments | 817,272 | $ 838,884 |
Office [Member] | ||
Property, Plant and Equipment [Line Items] | ||
2021 | 49,960 | |
2022 | 67,602 | |
2023 | 16,901 | |
2024 | ||
2025 | ||
Thereafter | ||
Remaining Payments | 134,463 | |
Well [Member] | ||
Property, Plant and Equipment [Line Items] | ||
2021 | 11,999 | |
2022 | 16,478 | |
2023 | 16,972 | |
2024 | 17,481 | |
2025 | 18,006 | |
Thereafter | 601,873 | |
Remaining Payments | $ 682,809 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Feb. 08, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Stockholders' Equity | |||||
Proceeds from issuance or sale of equity | $ 119,100,000 | ||||
Common stock reserved for future issuances (in shares) | 1,591,453 | ||||
Share-based compensation | $ 129,715 | $ 205,353 | |||
Restricted Stock [Member] | |||||
Stockholders' Equity | |||||
Share-based compensation expense | 107,000 | 84,000 | |||
Unearned share-based compensation expense in future periods | $ 260,000 | ||||
Unearned share-based compensation earn period | 3 years | ||||
Employee Stock Option [Member] | |||||
Stockholders' Equity | |||||
Unearned share-based compensation expense in future periods | $ 324,000 | ||||
Unearned share-based compensation earn period | 3 years | ||||
Weighted average fair value of stock options grants (in dollars per share) | $ 5.31 | ||||
Intrinsic value of options outstanding | $ 2,400,000 | $ 3,600,000 | |||
Intrinsic value of exercisable options | 2,100,000 | $ 3,200,000 | |||
Share-based compensation | $ 22,000 | $ 121,000 | |||
Common Stock [Member] | |||||
Stockholders' Equity | |||||
Issued (in shares) | 14,950,000 | 10,350,000 | |||
Common Stock [Member] | Warrant [Member] | |||||
Stockholders' Equity | |||||
Issued (in shares) | 491,133 | ||||
Price per share | $ 3.25 | ||||
Proceeds from issuance or sale of equity | $ 1,600,000 | ||||
Expiration date | Jan. 17, 2023 | ||||
February 2021 Public Offering [Member] | Common Stock [Member] | |||||
Stockholders' Equity | |||||
Issued (in shares) | 14,950,000 | ||||
Proceeds from issuance or sale of equity | $ 119,100,000 |
Stockholders' Equity (Informati
Stockholders' Equity (Information About Outstanding Warrants) (Details) - Warrant [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of options | |
Outstanding, beginning balance | shares | 948,855 |
Issued | shares | |
Exercised | shares | (491,133) |
Expired | shares | |
Outstanding, ending balance | shares | 457,722 |
Exercisable | shares | 457,722 |
Weighted average exercise price | |
Outstanding, beginning balance | $ / shares | $ 3.25 |
Issued | $ / shares | |
Exercised | $ / shares | 3.25 |
Expired | $ / shares | |
Outstanding, ending balance | $ / shares | 3.25 |
Exercisable | $ / shares | $ 3.25 |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Beginning balance | shares | 72,653 |
Granted | shares | 40,525 |
Vested | shares | (43,822) |
Ending balance | shares | 69,356 |
Weighted average grant date fair value | |
Beginning balance | $ / shares | $ 1.90 |
Granted | $ / shares | 6.72 |
Vested | $ / shares | 3.27 |
Ending balance | $ / shares | $ 3.85 |
Stockholders' Equity (Stock Opt
Stockholders' Equity (Stock Option Activity) (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of options | |
Outstanding, beginning balance | shares | 657,414 |
Granted | shares | 48,914 |
Exercised | shares | (16,667) |
Expired | shares | (5,536) |
Outstanding, ending balance | shares | 684,125 |
Exercisable | shares | 586,746 |
Weighted average exercise price | |
Outstanding, beginning balance | $ / shares | $ 4.28 |
Issued | $ / shares | 6.72 |
Exercised | $ / shares | 6.90 |
Expired | $ / shares | 6.90 |
Outstanding, ending balance | $ / shares | 4.37 |
Exercisable | $ / shares | $ 4.39 |
Stockholders' Equity (Stock O_2
Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 111.00% |
Risk free interest rate | 0.80% |
Expected dividend yield | 0.00% |
Expected life (in years) | 5 years |
Stockholders' Equity (Informa_2
Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 684,125 |
Number of options exercisable | 586,746 |
Weighted average price of outstanding and exercisable options | $ / shares | $ 4.39 |
$1.88 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 531,519 |
Weighted average remaining estimated life (in years) | 8 years |
Number of options exercisable | 481,470 |
$3.30 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 60,516 |
Weighted average remaining estimated life (in years) | 8 years 8 months 12 days |
Number of options exercisable | 13,186 |
$7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 20,503 |
Weighted average remaining estimated life (in years) | 3 years 3 months 18 days |
Number of options exercisable | 20,503 |
$14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 71,587 |
Weighted average remaining estimated life (in years) | 5 years |
Number of options exercisable | 71,587 |
Minimum [Member] | $1.88 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | $ 1.88 |
Minimum [Member] | $3.30 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 3.30 |
Minimum [Member] | $7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 7.50 |
Minimum [Member] | $14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 14.20 |
Maximum [Member] | $1.88 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 2.50 |
Maximum [Member] | $3.30 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 6.72 |
Maximum [Member] | $7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 10.80 |
Maximum [Member] | $14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | $ 23.40 |
Subsequent Events (Details)
Subsequent Events (Details) - DFO Term Loan [Member] | Apr. 27, 2021CAD ($) | Apr. 27, 2021USD ($) | Feb. 25, 2021CAD ($) | Feb. 25, 2021USD ($) |
Subsequent Event [Line Items] | ||||
Amount borrowed | $ 238,400 | $ 187,120 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount borrowed | $ 276,840 | $ 221,470 |