Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information Line Items | |
Entity Registrant Name | Siyata Mobile Inc. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 4,663,331 |
Amendment Flag | false |
Entity Central Index Key | 0001649009 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Entity File Number | 001-39557 |
Entity Incorporation, State or Country Code | A1 |
Entity Interactive Data Current | Yes |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current | |||
Cash | $ 5,468,766 | $ 2,661,575 | $ 1,776,949 |
Restricted cash (Note 4) | 10,995,500 | ||
Trade and other receivables (Note 5) | 2,737,096 | 1,492,955 | 679,409 |
Prepaid expenses | 749,000 | 252,868 | 303,314 |
Inventory (Note 6) | 2,409,733 | 3,379,895 | 3,657,465 |
Advance to suppliers | 734,550 | 650,690 | 351,334 |
Total current assets | 23,094,645 | 8,437,983 | 6,768,471 |
Right of Use Assets (Note 7) | 377,035 | 204,939 | |
Loan to Director (Note 8) | 214,456 | 200,000 | |
Equipment | 55,454 | 39,747 | 39,935 |
Intangible assets (Note 9) | 6,549,118 | 6,469,504 | 5,498,548 |
Goodwill (Note 10) | 801,780 | 785,153 | 750,565 |
Total assets | 31,092,488 | 16,137,326 | 13,057,519 |
Current | |||
Bank Loan (Note 11) | 437,848 | 32,435 | |
Accounts payable and accrued liabilities | 2,622,118 | 1,970,663 | 2,930,310 |
Due to Related Party (Note 12) | 76,866 | 145,640 | |
Lease Obligations (Note 13) | 127,776 | 116,311 | |
Convertible debenture (Note 14) | 6,160,769 | 1,047,661 | |
Current portion of long term debt (Note 15) | 56,471 | 44,547 | 24,963 |
Future Purchase Consideration (Note 16) | 315,712 | ||
Total current liabilities | 9,404,982 | 3,288,483 | 3,416,625 |
Lease Obligation (Note 13) | 213,816 | 78,020 | |
Other payables | 142,870 | 132,906 | |
Long Term Convertible Debenture (Note 14) | 4,049,349 | 2,866,983 | |
Long Term Debt (Note 15) | 51,765 | 105,991 | 143,906 |
Total non-current liabilities | 408,451 | 4,366,266 | 3,010,889 |
Total Liabilities | 9,813,433 | 7,654,749 | 6,427,514 |
Shareholders’ equity | |||
Share capital (Note 17) | 50,088,369 | 28,592,662 | 21,246,401 |
Reserves (Note 17) | 9,984,531 | 5,095,530 | 2,923,511 |
Accumulated other comprehensive loss (income) | 100,025 | 97,138 | 105,638 |
Deficit | (38,893,870) | (25,302,753) | (17,645,545) |
Total shareholders’ equity | 21,279,055 | 8,482,577 | 6,630,005 |
Total liabilities and shareholders' equity | $ 31,092,488 | $ 16,137,326 | $ 13,057,519 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Statement of cash flows [abstract] | |||
Revenue (Note 27) | $ 5,989,772 | $ 9,812,188 | $ 10,981,114 |
Cost of Sales (Note 18) | (4,409,655) | (7,122,823) | (9,390,768) |
Gross profit | 1,580,117 | 2,689,365 | 1,590,346 |
EXPENSES | |||
Amortization and Depreciation (Note7, 9) | 1,280,122 | 1,168,594 | 544,208 |
Development expenses | 560,236 | 757,404 | |
Selling and marketing (Note 19) | 3,691,844 | 3,559,602 | 4,207,746 |
General and administrative (Note 20) | 2,857,550 | 2,322,681 | 2,261,990 |
Bad Debts expense (Note 5) | 1,530,667 | ||
Inventory impairment (Note 6) | 1,571,649 | 212,000 | |
Intangible asset impairment (Note 9) | 293,000 | 111,521 | 1,508,880 |
Share-based payments (Note 17) | 517,678 | 1,123,154 | 850,747 |
Total Operating Expenses | 12,302,746 | 9,254,956 | 9,373,571 |
Net operating income (loss) | (10,722,629) | (6,565,591) | (7,783,225) |
OTHER EXPENSES | |||
Finance expense (income) (Note 21) | 1,744,273 | 962,263 | 753,257 |
Foreign exchange loss (income) | (290,401) | 106,745 | (40,261) |
Transaction costs (Note 22) | 1,414,616 | ||
Accretion and change in value of future purchase consideration (Note 16) | 22,609 | 400,886 | |
Total other expenses | 2,868,488 | 1,091,617 | 1,113,882 |
Net Income (loss) for the year | (13,591,117) | (7,657,208) | (8,897,107) |
Other comprehensive income | |||
Translation Adjustment | 2,887 | (8,500) | 32,671 |
Comprehensive loss for the year | $ (13,588,230) | $ (7,665,708) | $ (8,864,436) |
Weighted Average Shares (in Shares) | shares | 1,484,898 | 807,956 | 657,764 |
Basic and diluted loss per share (in Dollars per share) | (per share) | $ (9.15) | $ (9.48) | $ (13.53) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders’ Equity - USD ($) | Share Capital Amount | Reserves | Accumulated other comprehensive Income (loss) | Deficit | Total |
Balance at Dec. 31, 2017 | $ 17,937,968 | $ 2,341,490 | $ 138,309 | $ (8,748,438) | $ 11,669,329 |
Balance (in Shares) at Dec. 31, 2017 | 646,517 | ||||
Exercise of Warrants | $ 1,022,200 | 1,022,200 | |||
Exercise of Warrants (in Shares) | 18,268 | ||||
Exercise of stock options | $ 526,698 | (210,266) | 316,432 | ||
Exercise of stock options (in Shares) | 8,966 | ||||
Shares issued on acquisition of Signifi | $ 285,560 | 285,560 | |||
Shares issued on acquisition of Signifi (in Shares) | 6,897 | ||||
Exercise of agents’ options | $ 169,261 | (58,460) | 110,801 | ||
Exercise of agents’ options (in Shares) | 2,733 | ||||
Non-brokered private placement | $ 1,591,950 | 1,591,950 | |||
Non-brokered private placement (in Shares) | 31,888 | ||||
Share Issuance costs on capital raise | $ (287,236) | (287,236) | |||
Share based payments | 850,747 | 850,747 | |||
Translation adjustment | (32,671) | (32,671) | |||
Loss for the period | (8,897,107) | (8,897,107) | |||
Balance at Dec. 31, 2018 | $ 21,246,401 | 2,923,511 | 105,638 | (17,645,545) | 6,630,005 |
Balance (in Shares) at Dec. 31, 2018 | 715,269 | ||||
Exercise of Warrants | $ 4,418,377 | 4,418,377 | |||
Exercise of Warrants (in Shares) | 80,865 | ||||
Shares issued on acquisition of Signifi | $ 346,673 | 346,673 | |||
Shares issued on acquisition of Signifi (in Shares) | 6,897 | ||||
Exercise of agents’ options | $ 345,832 | (98,068) | 247,764 | ||
Exercise of agents’ options (in Shares) | 5,668 | ||||
Non-brokered private placement | $ 2,290,916 | 2,290,916 | |||
Non-brokered private placement (in Shares) | 51,724 | ||||
Share Issuance costs on capital raise | $ (186,854) | (186,854) | |||
Shares issued as agent compensation for debenture | $ 118,560 | 118,560 | |||
Shares issued as agent compensation for debenture (in Shares) | 3,324 | ||||
Expiry of agent’s options | $ 12,757 | (12,757) | |||
Equity portion of the debenture bifurcated | 446,053 | 446,053 | |||
Issuance of agents’ warrants | 47,209 | 47,209 | |||
Issuance of warrants to debentureholders | 666,428 | 666,428 | |||
Share based payments | 1,123,154 | 1,123,154 | |||
Translation adjustment | (8,500) | (8,500) | |||
Loss for the period | (7,657,208) | (7,657,208) | |||
Balance at Dec. 31, 2019 | $ 28,592,662 | 5,095,530 | 97,138 | (25,302,753) | 8,482,577 |
Balance (in Shares) at Dec. 31, 2019 | 863,747 | ||||
Share Issuance costs on capital raise | $ (4,774,484) | 980,508 | (3,793,976) | ||
Shares issued for debt | $ 710,970 | 710,970 | |||
Shares issued for debt (in Shares) | 85,659 | ||||
Share issuance on conversion of convertible debt | $ 57,692 | 57,692 | |||
Share issuance on conversion of convertible debt (in Shares) | 1,149 | ||||
Equity portion of the debenture bifurcated | 62,986 | 62,986 | |||
Share based payments | 517,678 | 517,678 | |||
Share issuance on capital raise | $ 25,501,529 | 3,327,829 | 28,829,358 | ||
Share issuance on capital raise (in Shares) | 3,712,776 | ||||
Translation adjustment | 2,887 | 2,887 | |||
Loss for the period | (13,591,117) | (13,591,117) | |||
Balance at Dec. 31, 2020 | $ 50,088,369 | $ 9,984,531 | $ 100,025 | $ (38,893,870) | $ 21,279,055 |
Balance (in Shares) at Dec. 31, 2020 | 4,663,331 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net loss for the period | $ (13,591,117) | $ (7,657,208) | $ (8,897,107) |
Items not affecting cash: | |||
Amortization and depreciation | 1,280,122 | 1,168,594 | 544,208 |
Bad debt expense (Note 5) | 1,530,667 | ||
Inventory impairments (Note 6) | 1,571,649 | 212,000 | |
Intangible impairments (Note 9) | 293,000 | 111,521 | 1,508,880 |
Interest expense, net of repayments (Note 21) | 926,962 | 341,112 | 270,988 |
Interest income | (14,456) | ||
Foreign exchange | 138,691 | ||
Accretion of future purchase consideration | 400,886 | ||
Share-based payments | 517,678 | 1,123,154 | 850,747 |
Loss on debt conversion | 16,712 | ||
Net change in non-cash working capital items: | |||
Trade and other receivables, prepaids, and advances to suppliers | (3,353,800) | (1,134,535) | 1,768,193 |
Inventory | (601,487) | 65,570 | (338,959) |
Accounts payable and accrued liabilities | 1,372,389 | (887,569) | 853,282 |
Due to/from related party | (76,866) | (68,774) | 764,460 |
Net cash and restricted cash used in operating activities | (9,989,856) | (6,726,135) | (2,274,422) |
Investing activities: | |||
Intangible additions | (1,513,570) | (2,380,196) | (1,598,660) |
Future purhase consideration | (621,567) | ||
Equipment additions | (21,136) | (3,293) | |
Net cash and restricted cash used in investing activities | (1,534,706) | (2,380,196) | (2,223,520) |
Financing activities: | |||
Lease payments | (146,146) | (135,612) | |
Bank loan | 405,413 | (32,435) | |
Repayment of long term debt | (45,490) | (26,114) | |
Convertible debt issued, net of repayments | 99,490 | 1,685,908 | |
Shares issued for cash | 28,168,529 | 2,290,916 | 1,591,950 |
Share issue costs (cash) | (3,133,147) | (20,085) | (287,236) |
Loan to Director | (200,000) | ||
Exercise of stock options | 316,432 | ||
Exercise of agents’ options | 247,764 | 110,801 | |
Exercise of warrants | 5,529,858 | 1,022,200 | |
Loan received | 165,341 | 168,869 | |
Net cash and restricted cash from financing activities | 25,348,649 | 9,505,541 | 2,923,016 |
Effect of foreign exchange on cash | (20,396) | 485,416 | (144,613) |
Change in cash and restricted for the year | 13,803,691 | 884,626 | (1,719,539) |
Cash, beginning of year | 2,661,575 | 1,776,949 | 3,496,488 |
Cash and restricted cash, end of year | $ 16,465,266 | $ 2,661,575 | $ 1,776,949 |
Nature of Operations and Going
Nature of Operations and Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Going Concern [Abstract] | |
NATURE OF OPERATIONS AND GOING CONCERN | 1. NATURE OF OPERATIONS AND GOING CONCERN Siyata Mobile Inc. (“Siyata” or the “Company”) was incorporated under the Business Corporations Act, British Columbia on October 15, 1986. The Company’s shares are listed on NASDAQ under the symbol SYTA and warrants issued on September 29, 2020 are traded under the symbol SYTAW. As at December 31, 2020, the Company’s principal activity is the sale of vehicle mounted, cellular based communications platforms over advanced 4G mobile networks and cellular booster systems. The registered and records office is located at 2200 - 885 West Georgia Street, Vancouver, BC V6C 3E8. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than a process of forced liquidation. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company incurred a net loss of $13,591,117 during the year ended December 31, 2020 (2019- net loss of $7,657,208), (2018-net loss $8,897,107) and, as of that date, the Company’s total deficit was $38,893,870. The Company’s continuation as a going concern is dependent upon the success of the Company’s sale of inventory, the existing cash flows, and the ability of the Company to obtain additional debt or equity financing, all of which are uncertain. The Company faces risks related to COVID-19 which could significantly disrupt research and development, operations, sales, and financial results. in industries which have been subject to disruption due to global lockdowns, and therefore demand and credit quality of our customers has been negatively impacted. It is not possible to predict the ultimate impact or duration of COVID-19 on our business. These material uncertainties may cast significant doubt on the Company’s ability to continue as a going concern. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of basis of preparation of financial statements [text block] [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION Statement of compliance These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Change of functional currency Effective October 1, 2020, management determined that the Company’s functional currency changed from Canadian dollars to United States dollars (“USD”). The change in the functional currency has been accounted for on a prospective basis and is primarily based on the fact that the Company’s securities are listed on the Nasdaq exchange and as a result the future financing of the Company and cash flows of the entities will be in USD. In accordance with Company’s existing policy, the Company did not reassess the classification of financials instruments as liabilities or equity as a result of the change in functional currency. As a result, warrants remain classified as equity and are not revalued at fair value. For the same reason, the change in functional currency did not give rise to an embedded derivative related to the Company’s previously outstanding convertible debt with a conversion price denominated in Canadian dollars Change of presentation currency As a result of the USD financing and the majority of cash flows denominated in US dollars, the Company changed its presentation currency from Canadian dollars to “USD” effective October 1, 2020. The change in the financial statement presentation currency is an accounting policy change and has been accounted for retrospectively. The balance sheets for each period presented have been translated from the related subsidiary’s functional currency to the new “USD” presentation currency at the rate of exchange prevailing at the respective balance sheet date except for equity items, which have been translated at accumulated historical rates from the related subsidiary’s date of incorporation. The statements of loss and comprehensive loss were translated at the average exchange rates for the reporting period, or at the exchange rate prevailing at the date of transactions. Exchange differences arising in 2018 on translation from the related subsidiary’s functional currency to the “USD” presentation currency have been recognized in other comprehensive income and accumulated as a separate component of equity. With the retrospective application of the change in presentation currency from the Canadian dollar to the US dollar, the Accumulated Other Comprehensive Income (“AOCI”) related to the translation of “USD” functional currency subsidiaries was eliminated except for the wholly-owned subsidiary, Signifi Mobile Inc. whose functional currency is in Canadian dollars. However, with the retrospective application of the change in presentation currency to the “USD”, the Company’s corporate office, which had a Canadian dollar functional currency, resulted in an AOCI balance. The AOCI balance generated by the Canadian dollar entities has been adjusted since it now reflects the translation into the new “USD” presentation currency. Basis of consolidation and presentation These consolidated financial statements of the Company have been prepared on the historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, the consolidated financial statements have been prepared using the accrual basis of accounting, except for the statement of cash flows. These consolidated financial statements incorporate the financial statements of the Company and its wholly controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. These consolidated financial statements include the accounts of the Company and its direct wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Name of Subsidiary Place of Incorporation Ownership Queensgate Resources Corp. British Columbia, Canada 100 % Queensgate Resources US Corp. Nevada, USA 100 % Siyata Mobile (Canada) Inc. British Columbia, Canada 100 % Siyata Mobile Israel Ltd. Israel 100 % Signifi Mobile Inc. Quebec, Canada 100 % Foreign currency translation Items included in the financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”) and has been determined for each entity within the Company. The functional currency of Siyata Mobile Inc. is the USD which is also the functional currency of all its subsidiaries except Signifi Mobile Inc. whose functional currency is Canadian dollars. The functional currency determinations were conducted through an analysis of the consideration factors identified in International Accounting Standards (“IAS”) 21, The Effects of Changes in Foreign Exchange Rates Assets and liabilities of entities with a functional currency other than the USD are translated into USD at period end exchange rates. Income and expenses, and cash flows are translated into USD using the average exchange rate. Transactions in currencies other than the entity’s functional currency are translated at the exchange rates in effect on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange in effect as at the statement of financial position date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the time of the acquisition of the assets or assumption of the liabilities. Foreign currency differences arising on translation are recognized in the statement of loss and comprehensive loss. Restatement of previously reported financial information due to change in presentation currency For comparative purposes, the consolidated balance sheets as at December 31, 2019 and January 1, 2019 include adjustments to reflect the change in the presentation currency to the USD, which is a change in accounting policy. The balance sheet as at January 1, 2019 has been derived from the balance sheet at December 31, 2018 (not presented herein). The exchange rates used to translate the amounts previously reported into Canadian dollars at December 31, 2019 were 1.302 CAD to $1USD, and at January 1, 2019 were 1.362 CAD to $1USD. For comparative purposes, the consolidated statement of loss and comprehensive loss for the years ended December 31, 2019 and 2018 includes adjustments to reflect the change in the presentation currency to the USD, which is a change in accounting policy. The exchange rates used to translate the amounts previously reported into USD for the years ended December 31, 2019 and 2018 were 1.3269 CAD to $1USD, and $1.362 CAD to $1USD respectively, which were the average exchange rates for the period. Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. i) Critical accounting estimates Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical estimates in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are, but not limited to the following: ● Income taxes - Tax provisions are based on enacted or substantively enacted laws. Changes in those laws could affect amounts recognized in profit or loss both in the period of change, which would include any impact on cumulative provisions, and future periods. Deferred tax assets, if any, are recognized to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those deferred tax assets are likely to reverse. Use of estimates and judgements (cont’d) ● Fair value of stock options and warrants - Determining the fair value of warrants and stock options requires judgments related to the choice of a pricing model, the estimation of stock price volatility, the expected forfeiture rate and the expected term of the underlying instruments. Any changes in the estimates or inputs utilized to determine fair value could have a significant impact on the Company’s future operating results or on other components of shareholders’ equity. ● Capitalization of development costs and their amortization rate – Development costs are capitalized in accordance with the accounting policy. To determine the amounts earmarked for capitalization, management estimates the cash flows which are expected to be derived from the asset for which the development is carried out and the expected benefit period. ● Inventory - Inventory is valued at the lower of cost and net realizable value. Cost of inventory includes cost of purchase (purchase price, import duties, transport, handling, and other costs directly attributable to the acquisition of inventories), cost of conversion, and other costs incurred in bringing the inventories to their present location and condition. Net realizable value for inventories is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Provisions are made in profit or loss of the current period on any difference between book value and net realizable value. ● Estimated product returns - Revenue from product sales is recognized net of estimated sales discounts, credits, returns, rebates and allowances. The return allowance is determined based on an analysis of the historical rate of returns, industry return data, and current market conditions, which is applied directly against sales. ● Impairment of non-financial assets - The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may lead to asset impairment. The recoverable amount of an asset or a cash-generating unit (“CGU”) is determined using the greater of fair value less costs to sell and value in use which requires the use of various judgments, estimates, and assumptions. The Company identifies CGUs as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Value in use calculations require estimations of discount rates and future cash flows derived from revenue growth, gross margin and operating costs. Fair value less costs to sell calculations require the Company to estimate fair value of an asset or a CGU using market values of similar assets as well as estimations of the related costs to sell. ● Useful life of intangible assets – The Company estimates the useful life used to amortize intangible assets which relates to the expected future performance of the assets acquired based on management estimate of the sales forecast. ● Collectability of trade receivables – In order for management to determine expected credit losses in accordance with IFRS 9, we are required to make estimates based on historical information related to collections, in addition to taking the current condition of our customers credit quality into account. ii) Critical accounting judgments Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are, but are not limited to, the following: ● Deferred income taxes – judgments are made by management to determine the likelihood of whether deferred income tax assets at the end of the reporting period will be realized from future taxable earnings. To the extent that assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognized in respect of deferred tax assets as well as the amounts recognized in profit or loss in the period in which the change occurs. ● Functional currency - The functional currency for the Company and each of its subsidiaries is the currency of the primary economic environment in which the respective entity operates. The Company has determined the functional currency of each entity to be the USD as of October 1, 2020, except for Signifi Mobile Inc. whose functional currency is Canadian dollars. The Company reconsiders the functional currency of its subsidiaries if there is a change in events and/or conditions which determine the primary economic environment. ● Going concern – As disclosed in Note 1 to the consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES (a) Impairment of long lived assets The carrying amounts of the Company’s non-financial assets, other than deferred tax assets if any, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in profit or loss. (b) Intangible assets i) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss when incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and Siyata has the intention and sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss as incurred. In subsequent periods, capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. ii) 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 expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. iii) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its estimated residual value. Amortization is recognized in profit or loss on a straight line basis over the estimated useful lives of the intangible assets from the date they are available for use. See Note 9 for amortization rates and methods applied to each class of intangible assets. An annual review of the useful life of the intangibles asset are made by management and any changes in useful life are reflected prospectively. Internally generated intangible assets are not systematically amortized as long as they are not available for use (i.e. they have not completed certifications and/or are in working condition for their intended use). Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. (c) Business Combinations Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of acquisition, of assets transferred, liabilities incurred or assumed, and equity instruments issued by the Company. The acquiree’s identifiable assets and liabilities assumed are recognized at their fair value at the acquisition date. The excess of the consideration over the fair value of the net identifiable assets and liabilities acquired is recorded as goodwill. Any gain on a bargain purchase is recorded in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any goodwill that arises is tested annually for impairment. (d) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortization but is tested for impairment annually. (e) Inventory Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out (FIFO) principle, and includes expenditure incurred in acquiring the inventories and the costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completing and selling expenses. (f) Revenues Revenue from the sale of goods, in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement), that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognized as a reduction of revenue as the sales are recognized. Transfers of risks and rewards vary depending on the individual terms of the contract of sale. For sales on products in Israel, transfer usually occurs when the product is received at the customer’s warehouse, but for some international shipments transfer occurs upon loading the goods onto the relevant carrier. (g) Financial Instruments Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive. The classification determines the method by which the financial assets are carried on the balance sheet subsequent to inception and how changes in value are recorded. The Company has classified its cash, restricted cash, loan to director and trade and other receivables at amortized cost. Changes to financial assets measured at fair value, are recognized in profit and loss as they arise (“FVPL”). Changes in financial assets recorded at amortized cost are recognized in profit and loss when the asset is derecognized or reclassified. Impairment An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial liabilities Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the balance sheet subsequent to inception and how changes in value are recorded. The Company has classified its bank loan, accounts payable and accrued liabilities, due to related party, convertible debentures and long term debt as other financial liabilities and carried on the balance sheet at amortized cost. Future purchase consideration is classified as FVTPL. As at December 31, 2020, the Company did not have any derivative financial liabilities since the change in functional currency did not give rise to an embedded derivative related to the Company’s previously outstanding convertible debt with a conversion price denominated in Canadian dollars. (h) Loss per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted loss per share is calculated by dividing the loss by the weighted average number of common shares outstanding assuming that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In the Company’s case diluted loss per share is the same as basic loss per share, as the effect of outstanding share options and warrants on loss per share would be anti-dilutive. The weighted average number of shares is retroactively changed to reflect the 1-to-145 reverse stock split that occurred on September 25, 2020. (i) Share-based payments The stock option plan allows Company employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Consideration paid on the exercise of stock options is credited to share capital and the fair value of the option is reclassified from share-based payment reserve to share capital. In situations where equity instruments are issued to non-employees and some or all of the services received by the entity as consideration cannot be specifically identified, they are all measured at the fair value of the share-based payment, otherwise, share-based payments are measured at the fair value of the services received. The fair value is measured at grant date at each tranche is recognized over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognized as an expense is adjusted to reflect the number of stock options that are expected to vest. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of the discount is included in profit or loss as interest expense from discounting obligations. (j) Income taxes Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable operations, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (k) Leases The Company accounts for lease contracts in accordance with lFRS 16, Leases. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight- line method from the commencement date to the earlier of the end of the useful life of the right--of-use asset or the end of the lease tern. In addition, the right-of-use assets are adjusted for impairment losses, if any. The estimated useful lives and recoverable amounts of right-of-use assets are determined on the same basis as those of property and equipment. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases and leases for which the underlying asset is of low value. The Company recognizes the lease payments associated with these leases as an expense: on a straight-line basis over the lease term. During the year ended December 31, 2020, the Company did not recognize any lease payments as expenses for short-term leases and leases for which the underlying assets are of low value. (l) Equipment Property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost. The depreciable amount of an asset is determined after deducting its residual value . Depreciation of property, plant and equipment is based on the straight line method over the useful life of the asset. The depreciation charge for each period shall be recognised in profit or loss. (m) New accounting pronouncements There are no upcoming account pronouncements expected to have a material impact on the Company’s consolidated financial statements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of restricted cash and cash equivalents [text block] [Abstract] | |
RESTRICTED CASH | 4. RESTRICTED CASH On December 31, 2020, as outlined in more detail in Note 17, the Company issued capital through a private placement. At the year end date, the restricted cash of $10,995,500 (2019-$0, 2018-$0) represented the portion of the capital raise that remained in a trust account with the underwriter. These funds were released by the underwriters, net of any underwriter fees previously accrued), to the Company’s bank account on January 6, 2021. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
TRADE AND OTHER RECEIVABLES | 5. TRADE AND OTHER RECEIVABLES December 31, December 31, December 31, Trade receivables $ 3,501,223 1,160,457 351,803 Allowance for doubtful accounts (1,530,667 ) - - Taxes receivable 766,540 110,714 231,312 Other receivables - 221,784 96,294 Total 2,737,096 1,492,955 679,409 Provisions on Trade Receivables In accordance with policy to use the expected credit loss model, we utilize the expedited method where trade receivables are provided for based on their aging, as well as providing for specified balances deemed non-collectible. In the year ended December 31, 2020 we concluded that a bad debt provision of $1,530,667 was to be recognized (2019, 2018 - $Nil). Factoring Arrangements and Liens Siyata Mobile Israel (“SMI”) has a factoring agreement on its trade receivables, whereby invoices are fully assigned to a funding entity in return for 80%-85% of the total sale to be paid to SMI by the funding entity in advance. The remaining 15-20% is paid to SMI when the funding entity receives payment from the customer. SMI incurs a financing charge of 3.1% on advances received and is subject to certain covenants. The 80-85% received upfront remains a liability from SMI to the funding entity until final settlement, however all such balances are fully insured in case of non-payment. As SMI has both the legally enforceable right and the intention to settle the receivable and liability on a net basis in accordance with IAS 32, Financial Instruments, trade receivables are presented net of the liability for amounts advanced. As at December 31, 2020 the total amounts extended by the funding entity was $65,000 (December 31, 2019 - $1,954,000). Signifi Mobile Inc. has a credit facility outlined in Note 11. As part of its financing facility, the lender has a lien on certain assets including trade and other receivables of Signifi Mobile Inc. in the amount of up to $4,000,000 CAD ($3,137,255 USD). |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of inventories [text block] [Abstract] | |
INVENTORY | 6. INVENTORY December 31, December 31, December 31, Finished products 3,349,382 2,964,890 3,028,617 Impairment of finished products (1,255,649 ) (212,000 ) - Accessories and spare parts 632,000 627,005 628,848 Impairment of accessories and spare parts (316,000 ) - - Total 2,409,733 3,379,895 3,657,465 Provision on Inventory On an annual basis, management reviews the inventory for impairment. For the year ended 2020, it was determined that $1,571,649 of the inventory was impaired (2019 - $212,000) due to slow movement. The accessories and spare parts related to these products amounted to $316,000 (2019 - $Nil), which was also impaired. Liens As discussed in Note 11, a lender has a lien on all of the assets of Signifi Mobile Inc. which includes the inventory of finished goods which comprises $1,289,133 at December 31, 2020 net of impairments. |
Right of Use Assets
Right of Use Assets | 12 Months Ended |
Dec. 31, 2020 | |
Right of Use Assets [Abstract] | |
RIGHT OF USE ASSETS | 7. RIGHT OF USE ASSETS Total Balance Jan 1, 2019 - Addition in the year 319,747 Translation adjustment (601 ) Amortization in the year (114,207 ) Balance December 31, 2019 204,939 Addition in the year 306,086 Foreign exchange 10,677 Amortization in the year (144,667 ) Balance December 31, 2020 377,035 Right of Use Assets net book value at December 31, 2020, consists of $273,644 (2019-$32,036) related to an office lease and $103,391 (2019- 172,903) related to car leases. Due to the implementation of IFRS16 as of January 1, 2019, there were no right of use assets recorded as of December 31, 2018. |
Loan to Director
Loan to Director | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of loans and advances to customers [text block] [Abstract] | |
LOAN TO DIRECTOR | 8. LOAN TO DIRECTOR The loan to our director and Chief Executive Officer was advanced on April 1, 2019 in the amount of $200,000 with a 5 year term. Interest on the loan accrued and was payable at the rate of 7%. As of January 1, 2020, the rate on the loan was increased to 12%. Subsequent to the year end, on May 23,2021, this loan was repaid to the Company in full including principal and interest. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of intangible assets [text block] [Abstract] | |
INTANGIBLE ASSETS | 9. INTANGIBLE ASSETS Development Uniden E-Wave Total Cost: Balance at December 31, 2017 $ 5,396,776 $ 118,447 $ 1,340,741 $ 6,855,964 Additions 1,597,303 0 0 1,597,303 Translation adjustment (379,427 ) (9,349 ) (105,822 ) (494,598 ) Balance at December 31, 2018 6,614,652 109,098 1,234,919 7,958,669 Additions 2,380,196 - - 2,380,196 Translation adjustment 11,401 5,028 56,908 73,337 Balance at December 31, 2019 9,006,249 114,126 1,291,827 10,412,202 Additions 1,513,570 - - 1,513,570 Foreign Exchange 20,658 2,417 27,356 50,431 Balance at December 31, 2020 $ 10,540,477 $ 116,543 $ 1,319,183 $ 11,976,203 Accumulated Amortization: Balance at December 31, 2017 $ 781,188 $ 34,178 - $ 815,366 Additions 198,485 15,947 335,185 549,617 Impairment 1,508,880 - 1,508,880 Translation Adjustment (388,279 ) 992 (26,455 ) (413,742 ) Balance at December 31, 2018 2,100,274 51,117 308,730 2,460,121 Additions 716,712 20,589 316,898 1,054,199 Impairment - - 111,521 111,521 Translation Adjustment 293,820 2,749 20,288 316,857 Balance at December 31, 2019 3,110,806 74,455 757,437 3,942,698 Additions 872,717 20,365 257,175 1,150,257 Impairment 293,000 - - 293,000 Foreign Exchange 6,859 2,640 31,631 41,130 Balance at December 31, 2020 $ 4,283,382 $ 97,460 $ 1,046,243 $ 5,427,085 Net Book Value: Balance at December 31, 2018 $ 4,514,378 $ 57,981 $ 926,189 $ 5,498,548 Balance at December 31, 2019 $ 5,895,443 $ 39,671 $ 534,390 $ 6,469,504 Balance at December 31, 2020 $ 6,257,095 $ 19,083 $ 272,940 $ 6,549,118 Development Costs Development costs are internally generated and are capitalized in accordance with the IAS 38, Intangible Assets. On an annual basis, the Company assesses capitalized development costs for indicators of impairment or when facts or circumstances suggest the carrying amount may exceed its recoverable amount. The Company engaged a third-party valuator to determine the recoverable amount of the intangible assets, being the higher of fair value less cost to dispose (“FVLCD”) and Value In Use (“VIU”). Based on the results of their analysis using a a discount rate of 14.5% in 2020 and 16% in 2019, management determined that the recoverable amount was not equal to, or in excess to the carrying amount on two 4G products and therefore an impairment was taken on development costs in 2020 in the amount of $293,000 (2019 - $111,521 impairment on the E-Wave license), (2018-$1,508,880 full impairment of the 3G devices). As part of the 2019 annual valuation process, the Company reduced the estimated useful lives of its 4G products from 7 years to 5-6 years and reduced the useful life of its 3G products from 11 years to five years. In 2020, the Company reduced the estimated useful lives of its 4G products from 5-6 years to 4 years. Its 3G products were fully amortized at the end of 2020 and therefore no change in estimated useful life was required. The change in the estimated useful lives of these development costs is considered to be a change in estimate and applied prospectively. As follows: Intangible Asset Useful Useful Useful Amortization 4G Devices 4 years 5 - 6 years 7 years Straight line 3G Devices 5 years 5 years 11 years Straight line During the year ended December 31, 2020 the Company incurred $580,236 (2019 - $757,404) in product development costs which did not satisfy the criteria for capitalization and were recorded in profit and loss. The product development costs which did not satisfy the criteria for capitalization and were recorded in profit and loss were for the following product in 2020- UR5 $580,236 (2019- UR-7 $215,000, CP-100 $76,000 and UR-5 $466,000), 2018-$0. Uniden License During 2016, the Company acquired a license agreement from Uniden America Corporation (“Uniden”). The agreement provides for the Company to use the trademark “Uniden”, along with associated designs and trade dress to distribute, market and sell its cellular signal booster and accessories during its term. The agreement has been renewed up to December 31, 2022 and is subject to certain minimum royalties. The license agreement is amortized on a straight-line basis over its five-year term and will be fully amortized by December 31, 2021. Based on the valuation report, the Company has determined that there is no impairment in the year ended December 31, 2021. E-Wave License On October 1, 2017, the Company acquired a license from E-Wave mobile Ltd. (the “E-Wave License”). The license agreement is recoded at cost and is amortized on a straight-line basis over its estimated useful life of four-year term and will be fully amortized by December 31, 2021. On an annual basis, the Company assesses its E-Wave License for indicators of impairment or when facts or circumstances suggest the carrying amount may exceed its recoverable amount. Indicators of impairment relating to the E-Wave License included a decline in demand for the products in the exclusive license agreement. In 2019, an impairment loss of $111,521 was recorded and none was recorded in 2020. The Company engaged a third-party valuator to determine the recoverable amount of the E-Wave License, which was completed using VIU. VIU is an estimate that involves (a) estimating the future cash inflows and the outflows to be derived from continuing use of the asset and from its ultimate disposal and (b) applying the appropriate pre-tax discount rate to those future cash flows after considering and reflecting elements outlined in IAS 36.30, Calculation of VIU. The key assumptions used in the calculation of the recoverable amount include forecasting the next twelve months: i) Revenues; and ii) Normalized Operating Expenses; VIU is determined with reference to risk adjusted cash flows and a discount rate of 26% based on individual characteristics of the Company’s CGU, the risk-free rate of return and other economic and operating factors. The result is that the carrying amount of intangible assets relating to the E-Wave License exceeded their recoverable amount and as a result the Company recorded an impairment charge in 2019 in the amount of $111,521 and $NIL in 2020. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of goodwill [text block] [Abstract] | |
GOODWILL | 10. GOODWILL As at December 31, 2020 and December 31, 2019 the full goodwill balance was allocated to the company’s Canadian wholly owned subsidiary, Signifi Mobile Inc. (“CGU”). The Company assesses whether there are, events, changes in circumstances, and/or changes in key assumptions which management has based its determination of the CGU, that would, more likely than not, reduce the fair value of the CGU to below its carrying value and therefore, require goodwill to be tested for impairment at the end of each reporting period. As at December 31, 2020, the Company performed its annual impairment test on the goodwill, whereby the recoverable amount of the CGU was determined as the higher of FVLCD and VIU. The key assumptions used in the calculation of the recoverable amount relate to five-year future cash flows, weighted average cost of capital, and five years’ average annual growth rate. These key assumptions were based on historical data from internal sources as well as industry and market trends. The discount rate used was 14.5% representing the weighted average cost of capital determined based on mid-year discounting. The five-year growth rate in gross revenues estimated as 37%. As the recoverable amount was above the carrying value at December 31, 2020, management has determined that the goodwill does not have an impairment loss in the year. |
Bank Loan
Bank Loan | 12 Months Ended |
Dec. 31, 2020 | |
Bank Loan [Abstract] | |
BANK LOAN | 11. BANK LOAN During the year ended December 31, 2020 The Company entered into a line of credit with a lender for up to a maximum of $750,000 Canadian dollars. The loan is secured by a floating charge on the receivables, inventory, trademarks and a universal lien on all the assets of Signifi Mobile Inc. to a maximum of $CAD $4,000,000. The Export Development Corporation of Canada guarantees 50% of this debt. As of December 31, 2020 the loan balance was $372,848 ($Nil at December 31, 2019). The loan bears interest at the bank’s prime lending rate plus 1.25% and is repayable on demand. Subsequent to the year-end, the Company provided additional collateral in the form of a collateralized term deposit in the amount of $375,000 Canadian dollars. |
Due to Related Party
Due to Related Party | 12 Months Ended |
Dec. 31, 2020 | |
Due to Related Party [Abstract] | |
DUE TO RELATED PARTY | 12. DUE TO RELATED PARTY The related party, Accel Telecom Inc. owned more than 15% of the total share capital of the Company on a fully diluted basis until September 29, 2020, after the 145/1 reverse stock split and its initial public offering pursuant to which 1,260,000 shares and 1,260,000 warrants were issued. Therefore, the related party transaction note only includes transactions that took place until September 30, 2020. Therefore at December 31, 2020, the due to related party amount was $Nil. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of leases [text block] [Abstract] | |
LEASE OBLIGATIONS | 13. LEASE OBLIGATIONS Lease Obligations 2020 2019 Balance Jan 1, 2019 194,331 - Addition in the year 306,086 301,747 interest expense 14,045 11,406 Translation adjustment (26,724 ) (1,210 ) lease payments (146,146 ) (117,612 ) Balance December 31, 2019 341,592 194,331 Due within one year (127,776 ) (116,311 ) Balance December 31, 2020 213,816 78,020 Future Minimum Lease Payments 2020 - 116,311 2021 127,776 63,197 2022 104,897 14,823 2023 103,458 2024 5,461 Total lease obligations 341,592 194,331 |
Convertible Debentures
Convertible Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Convertible Debentures [Abstract] | |
CONVERTIBLE DEBENTURES | 14. CONVERTIBLE DEBENTURES 2020 2019 2018 Balance, Beginning of Period $ 5,097,010 $ 2,866,983 $ 2,834,052 Interest and accretion expense 1,744,119 693,712 643,961 Interest paid or accrued (831,203 ) (364,006 ) (372,973 ) Rollover to the 10% convertible debenture (186,359 ) - - Issuance of the 10% convertible debenture 1,177,786 - - Repayment of 10.5% convertible debenture (921,641 ) - - Convert $75,000 debentures into share capital (40,980 ) - - Rollover of the 12% convertible debenture - (2,287,452 ) - Issuance of the 12% convertible debenture - 4,049,349 - Foreign exchange adjustment 122,037 138,424 (238,057 ) $ 6,160,769 $ 5,097,010 $ 2,866,983 Due within one year (6,160,769 ) (1,047,661 ) - Balance, End of Year - $ 4,049,349 $ 2,866,983 (a) On December 28, 2017 the Company issued 4,600 unsecured convertible debentures at a price of $1,000 CAD per unit. Each debenture was convertible into 11.5 common shares of the Company at $87.00 CAD per common share with a maturity date of June 28, 2020. Each Convertible Debenture unit bore an interest rate of 10.5% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments was to accrue and be added to the principal amount of this Convertible Debenture. From January 1, 2020 until its maturity on June 28, 2020 the Company paid $56,550 (year ended December 31, 2019-$364,006, year ended December 31, 2018-$372,973) in interest related to the convertible debentures, included within finance expense in profit and loss. On December 22, 2019, a portion of the 10.5% debentureholders rolled over the net present value of their holdings totaling $2,287,452 with a maturity value of $2,423,656 ($3,155,00 CAD) into $2,549,155 ($3,319,000 CAD) of face value 12% convertibles debentures as more fully described below. The exchange of debt instruments between the debenture holders and the Company satisfied the criteria under IFRS 9, Financial Instruments, as a substantial modification, and therefore was treated as an extinguishment of the previous debt and a recognition of a new financial liability. In connection, a loss of $136,204 was recorded within finance expense (income) in profit or loss, as the difference between the carrying amount of the financial liability extinguished and the consideration paid, which is comprised of the newly issued debentures. The remaining portion of the 10.5% Convertible Debentures matured on June 28, 2020 and were repaid at their face value of 1,108,000 ($1,445,000 CAD) except for $186,359 ($250,000 CAD) that were rolled over, for a net repayment of $921,641 ($1,195,000 CAD) as more fully described in 14(d). (b) On December 23, 2019, the Company issued 7,866,000 unsecured 12% convertible debentures at a price of $0.77 per unit ($1.00 CAD), convertible into 0.0153 common shares of the Company at $65.25 CAD (the “Conversion Price”) per common share. The discounted liability for this convertible debenture at December 23, 2019 is $4,049,349. The amount allocated to contributed surplus was $445,053 and the balance of $1,547,500 was the transaction costs incurred. Each of these Convertible Debenture unit bears an interest rate of 12% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments will accrue and be added to the principal amount of the Convertible Debenture. From January 1, 2020 until December 31, 2020 the Company paid $715,763 (2019-$0) in interest related to these 12% convertible debentures, included within finance expense in profit and loss. The 12% Convertible Debentures will mature on December 23, 2021 (the “Maturity Date”) and are convertible into common shares at the Conversion Price, at the option of the holder, at any time prior to the close of business on the earlier of: (i) the last business day immediately preceding the Maturity Date, and (ii) the date fixed for redemption in the event of a change of control. The Company has the right to repay the convertible debenture at 101% of face value anytime after December 23, 2020. On June 24, 2020, $57,692 ($75,000 CAD) of face value of the 12% convertible debentures were converted into common shares of the Company. The discounted value of these debenture at the date of conversion was $40,980 ($54,975 CAD). This gain on conversion of $16,712 was recorded as a finance income in the year. (c) On June 23, 2020, the Company entered into a non-brokered private placement financing agreement with Accel Telecom Inc. Accel Telecom subscribed for 1,330 senior unsecured 10% convertible debentures maturing one year from the issue date at an issue price of $745 (CDN$1,000) per 10% Convertible Debenture for aggregate gross proceeds of $991,427 ($1,330,000 CAD). Each Convertible Debenture can be convertible, at the option of the holder, into 23 common shares in the capital of the Company at a price of $34.11 (CDN$43.50) per Common Share and are redeemable at 101% of the face value at any time after the closing date. On the closing date, Accel will also receive 0.0069 non-transferrable common share purchase warrant for each $0.784 (CDN$1.00) principal amount of the Convertible Debentures purchased. Each warrant entitles the holder to acquire one common share at an exercise price of $34.11 (CDN$43.50) per warrant share for a period of twelve (12) months after the date of issue. On January 6, 2021, the Company redeemed in full this senior unsecured 10% convertible debenture (Note 30). (d) On June 28, 2020, one of the 10.5% convertible debentureholders, see 14 (c), elected to participate on the exact same terms and conditions in the 10% convertible debenture described in 14 (c) for their $186,359 ($250,000 CAD) face value that would otherwise have matured on June 28, 2020. Subsequent to the year end, the Company redeemed in full this senior unsecured 10% convertible debenture (Note 30(b). |
Long Term Debt
Long Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Debt [Abstract] | |
LONG TERM DEBT | 15. LONG TERM DEBT On June 28, 2018, Signifi borrowed $192,886 from the Business Development Bank of Canada (“BDC”) for a term of four years, payable in monthly instalments of principal and interest. This loan bears interest at the bank’s base rate + 3.2%. The loan must be fully repaid by July 23, 2022. The loan is secured by the assets of Signifi and a guarantee by the Company and its Canadian subsidiaries. 2020 2019 2018 Balance, Beginning of Year $ 150,538 $ 168,869 - Loan proceeds - - 192,886 Foreign Exchange adjustments 3,188 7,783 (8,586 ) Capital repayments in the year (45,490 ) (26,114 ) (15,431 ) 108,236 150,538 168,869 Current portion (56,471 ) (44,547 ) (24,963 ) Long Term Debt, End of Year $ 51,765 $ 105,991 $ 143,906 |
Future Purchase consideration
Future Purchase consideration | 12 Months Ended |
Dec. 31, 2020 | |
Future Purchase Consideration [Abstract] | |
FUTURE PURCHASE CONSIDERATION | 16. FUTURE PURCHASE CONSIDERATION 2020 2019 2018 Balance, beginning of the year - $ 315,712 $ 865,854 E-Wave future purchase consideration accrued - - - E-wave future purchase consideration paid - - (621,567 ) Signifi future purchase consideration paid - (315,712 ) (285,714 ) Accretion and change in value of future purchase consideration - 519,148 Foreign exchange adjustments (162,009 ) Balance, end of the year - - $ 315,712 Classification: Short-term (payable within one year) - - $ 315,712 Long-term - - $ - At each reporting period, management updates estimates with respect to probability of payment form and recognizes changes in the estimated value of future purchase consideration in profit or loss. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [text block] [Abstract] | |
SHARE CAPITAL | 17. SHARE CAPITAL (a) Authorized Unlimited number of common shares without par value Unlimited number of preferred shares without par value As at December 31, 2020, the Company had 4,663,331 common shares issued and outstanding (2019-863,747) (2018-715,269) and 40,000 shares to be issued to a consultant for services rendered as part of the share issue costs that were accrued in reserves in 2020 and only issued in 2021 (Note 14(b)(iii). On September 24, 2020, the Company consolidated its common shares (each, a “Share”) on the basis of 145 pre-consolidation Shares for one (1) post-consolidation Share. Share amounts have been retrospectively restated to reflect the post consolidation number of shares. (b) Common share transactions Transactions for the year ended December 31, 2020 are as follows: (i) On June 22, 2020, the Company issued 1,149 shares as a result of an early conversion of the convertible debt (referred to in Note 14(b)) at $48.71— ($65.25 CAD) per share for proceeds of $57,692 ($75,000 CAD). (ii) On August 4, 2020, the Company completed a two part private placement raising aggregate gross proceeds of $1,604,729 ($2,150,000 CAD) through the issuance of 148,276 units at a price of $10.82 per unit ($14.50 CAD). Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at a price of $20.47 ($26.10 CAD) for a period of two years. The Company paid a cash commission of $19,358 ($24,682 CAD), issued 1,702 broker warrants on the same terms as the investor warrants having a black scholes value of $9,873, and other share issuance costs of $146,377. (iii) (iv) During the month of November 2020, the Company issued 170,000 common shares at $5.99 per share to the underwriter of the initial public offering as a result of the underwriter exercising its over-allotment option, for gross proceeds of $1,018,300 less share issuance costs of $81,464 for net proceeds of $936,836. (v) On December 14, 2020, the Company issued 85,659 common shares to various suppliers as required under contractual obligations valued at $710,970. (vi) On December 31, 2020, the Company completed a private placement issuing 1,294,500 units at $10.00 USD per unit for gross proceeds of $12,945,500 USD. Each Unit consisting of one common share and one warrant to purchase one common share. Each warrant has an exercise price of $11.50 USD per share, is exercisable immediately and will expire five (5) years from the date of issuance. The common shares and the warrants comprising the units were immediately separable upon issuance and were issued separately in the offering. The common shares using the residual value approach were valued at $10.00 USD per share and each warrant was valued at $Nil per warrant. Total share issuance costs totalled $1,707,138 which includes 64,724 broker warrants exercisable at $11.50 with a Black Scholes value of $420,508. Transactions for the year ended December 31, 2019 are as follows: i) Issued 5,668 common shares in connection with exercised of agents’ options for proceeds of $247,764. ii) Issued 80,865 common shares in connection with exercise of warrants for proceeds of $4,418,377. iii) Issued 6,897 common shares in connection with purchase consideration for Signifi with the value of the shares as $346,673. iv) On August 29, 2019 the Company completed a non-brokered private placement of 51,724 units at a price of $44.29 ($58.00 CAD) per unit for gross proceeds of $2,290,916. Each unit consisted of one common share and one-half share purchase warrant. Each warrant is exercisable at a price of $68.23 ($87.00 CAD) for a period of two years. In conjunction with the placement, the Company incurred share issuance costs of $185,854. v) On December 23, 2019, the Company issued 3,324 common shares as compensation to the agents in connection to the issuance of the convertible debentures (Note 14). These shares were recorded at its market value of $118,560. (c) Stock options The Company has a shareholder approved “rolling” stock option plan (the “Plan”) in compliance with Nasdaq policies. Under the Plan the maximum number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting. The exercise price of each stock option shall not be less than the market price of the Company’s stock at the date of grant, less a discount of up to 25%. Options can have a maximum term of ten years and typically terminate 90 days following the termination of the optionee’s employment or engagement, except in the case of retirement or death. Vesting of options is at the discretion of the Board of Directors at the time the options are granted. A summary of the Company’s stock option activity is as follows: Number of Weighted Outstanding options, December 31, 2017 59,172 48.56 Granted 15,241 55.98 Exercised (8,965 ) 35.83 Outstanding options, December 31, 2018 65,448 49.00 Granted 17,655 59.01 Expired (518 ) 65.57 Outstanding options, December 31, 2019 82,585 $ 52.34 Granted 279,190 6.47 Expired (33,707 ) 39.79 Outstanding options, December 31, 2020 328,068 $ 14.66 At December 31, 2020 stock options outstanding are as follows: Grant Date Number of Number of Weighted Expiry date Remaining 01-Jan-17 2,207 2,207 40.37 01-Jan-22 1.00 11-Jan-17 2,483 2,483 40.94 11-Jan-22 1.03 04-Apr-17 6,897 6,897 62.54 04-Apr-22 1.26 24-Jul-17 8,619 8,619 78.47 24-Jul-22 1.56 24-Dec-18 14,620 12,103 56.86 24-Dec-23 2.98 15-Jan-19 828 276 56.86 15-Jan-24 3.04 21-Mar-19 12,345 10,943 62.55 21-Mar-24 3.47 01-Dec-19 1,293 1,293 56.86 01-Dec-21 0.92 01-Jan-20 2,069 689 56.86 31-Oct-25 4.75 01-Jan-20 207 207 56.86 01-Dec-21 0.89 15-Nov-20 95,000 11,875 6.00 15-Nov-30 9.88 15-Nov-20 181,500 22,688 6.00 15-Nov-25 4.88 Total 328,068 80,280 14.66 5.93 Transactions for the year ended December 31, 2020 are as follows: During the year ended December 31, 2020 the Company recorded share-based payments expense of $517,678 (2019- $1,123,154) and (2018-$850,747) in relation to options vesting. On January 1, 2020, the Company issued 2,690 stock options to various employees at an exercise price of $56.86 that 2,069 expires on October 31, 2025 and 621 expires on January 1, 2023. On December 1, 2020, due to the termination of an employee, 414 stock options of the 621 stock options issued on January 1, 2020 were cancelled and the remaining balance of 207 vested stock options have an expire date of December 1, 2021. On November 15, 2020 the Company issued 276,500 stock options at an exercise price of $6.00 per common share. Transactions for the year ended December 31, 2019 are as follows: In the first quarter of 2019, 2,207 stock options were granted at an exercise price of CAD$72.50 and 12,345 stock options were granted at an exercise price of CAD$79.75. In the second quarter of 2019, 518 stock options with an exercise price of CAD$65.57 expired. In the fourth quarter of 2019, the Company issued 3,103 options to a Director with an exercise price of CAD$72.50 per option. The following weighted average assumptions have been used for the Black-Scholes valuation for the stock options granted: 2020 2019 2018 Stock price $ 6.47 $ CAD 72.50 $ CAD 62.35 Risk-free interest rate 1.68 % 1.5 % 1.9 % Expected life 5 4.8 5 Annualized volatility 83 % 143 % 148 % Dividend rate 0.00 % 0.00 % 0.00 % (d) Agents’ options Transactions for the year ended December 31, 2020 are as follows: The Company issued 1,702 agents’ options on the closing of the August 2020 capital raise at an exercise price of $20.47 ($26.10 CAD) per common share and these agents’ options expire on July 28, 2022, adding an additional $9,873 to reserves and share issuance costs, The Company issued 113,500 agents’ options to the underwriter of its initial public offering at an exercise price of $6.60 per common share and these agents’ options expire on September 28, 2025 including in reserves an additional $315,796 that are part of the share issuance costs. On October 21, 2020, the underwriter of the initial public offering acquired 266,000 share purchase warrants pursuant to that certain underwriting agreement at $0.01 per warrant. The warrant has an exercise price of $6.85 USD with an expiry date of September 28, 2025. The Company added the black scholes value to these agent warrants adding an additional $335,160 to reserves as part of the share issuance costs. The Company issued 64,724 agent’ options to the placement agency of the December 31, 2020 capital raise at an exercise price of $11.50 expiring on June 30, 2024 and using black scholes added $420,508 to reserves as part of the share issuance costs. Transactions for the year ended December 31, 2019 are as follows: On December 23, 2019, the Company granted 5,025 agents’ options at an exercise price of $45.58 ($CAD 60.18) that expire on December 23, 2021. 5,668 agent’s options, prior to their expiry date of March 16, 2019, were exercised at $43.71 for total proceeds of $247,764. On March 16, 2019, the Company issued 810 Agents’ options expired at an average exercise price of $53.00. A summary of the Company’s agents’ options activity is as follows: Number of Weighted average Outstanding agent options, December 31, 2017 9,593 $ 45.10 Granted 1,572 67.18 Exercised (2,733 ) 40.31 Expired (382 ) 39.19 Outstanding agent options, December 31, 2018 8,050 $ 47.91 Granted 5,025 45.58 Exercised (5,668 ) 43.71 Expired (810 ) 53.00 Outstanding agent options, December 31, 2019 6,597 50.53 Granted 445,926 7.36 Outstanding agent options, December 31, 2020 452,523 $ 8.02 At December 31, 2020 agents’ options outstanding are as follows: Grant Date Number of options outstanding Number of options exercisable Weighted Average Exercise Price Expiry date Remaining contractual life (years) December 24, 2018 1,572 1,572 65.90 December 24, 2021 0.98 December 23, 2019 5,025 5,025 45.58 December 23, 2021 0.98 July 28, 2020 1,702 1,702 20.47 July 28, 2022 1.57 September 29, 2020 113,500 113,500 $ 6.60 September 28, 2025 4.74 September 29, 2020 266,000 266,000 $ 6.85 September 28, 2025 4.74 December 31, 2020 64,724 64,724 $ 11.50 June 30, 2024 3.5 Total 452,523 452,523 $ 8.02 4.49 A summary of the Company’s warrant activity is as follows: Transactions for the year ended December 31, 2020 are as follows: a. On June 23, 2020, as part of the 10% convertible debenture referred to in 14(c), the Company issued 10,897 share purchase warrants at an exercise price of $34.12 with an expiry of June 23, 2021. b. On July 28, 2020, as part of the capital raise per 17(b)(ii), the Company issued 74,138 share purchase warrants at an exercise price of $20.47 with an expiry date of July 28, 2022. c. On September 29, 2020, the Company issued 2,100,000 share purchase warrants as part of the units offered and sold in its initial public offering, which included one common share and one warrant. The warrant has an exercise price of $6.85 USD with an expiry date of September 28, 2025. These warrants trade on Nasdaq under the symbol STYA-W and were valued at the residual value of $1.27 per warrant for total value of $2,667,000 including in reserves. d. On December 31, 2020, the Company issued 1,294,500 share purchase warrants to the December 31, 2020 investors who participated in the private placement. Each unit consisted of one common share and one share purchase warrant. The warrant have an exercise price of $11.50 USD with an expiry date of June 29, 2024. Transactions for the year ended December 31, 2019 are as follows: a. On August 20, 2019 the Company granted 25,863 share purchase warrants as part of the unit of a private placement. These warrants have an expiry date of August 20, 2021 and an exercise price of $68.63 ($CAD87.00). b. On December 23, 2019 the Company granted 54,248 share purchase warrants as part of the unit of a debenture issue. These warrants have an expiry date of December 23, 2022 and an exercise price of $51.18 ($CAD65.25). c. Prior to their expiry on March 16, 2019, 80,865 share purchase options were exercised at $68.36 for total proceeds of $5,529,858. d. On March 16, 2019, 5,196 share purchase warrants from a private placement, expired at $68.36. e. On December 28, 2019, 31,724 share purchase warrants, granted from a debenture issue, expired at $76.90. Number of Weighted average Outstanding, December 31, 2017 172,954 $ 62.44 Granted 31,888 67.18 Exercised (18,268 ) 55.98 Expired (36,900 ) 74.73 Outstanding, December 31, 2018 149,674 $ 60.16 Granted 80,110 54.64 Exercised (80,865 ) 54.64 Expired (36,920 ) 73.22 Outstanding, December 31, 2019 111,999 $ 59.02 Granted 3,479,534 8.96 Outstanding, December 31, 2020 3,591,533 $ 10.55 At December 31, 2020, share purchase warrants outstanding and exercisable are as follows: Grant Date Number of Warrants Exercise Price Expiry date 24-Dec-18 31,887 $ 68.23 24-Dec-21 29-Aug-19 25,863 $ 68.23 29-Aug-21 23-Dec-19 54,248 $ 51.18 23-Dec-22 23-Jun-20 10,897 $ 34.12 23-Jun-21 July 28, 2020 74,138 $ 20.47 28-Jul-22 September 29, 2020 2,100,000 $ 6.85 28-Sep-25 December 31, 2020 1,294,500 $ 11.50 30-June-24 Total 3,591,533 $ 10.55 ** These 10,897 share purchase warrants at $34.12 expired subsequent to the year end. |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cost of sales [text block] [Abstract] | |
COST OF SALES | 18. COST OF SALES (in thousands) December 31, 2020 December 31, December 31, Materials and merchandise $ 2,855 $ 5,488 $ 8,648 Royalties 257 322 261 Other expenses 1,155 816 1,115 Change in inventory 144 497 (633 ) Total $ 4,410 $ 7,123 $ 9,391 |
Selling and Marketing Expenses
Selling and Marketing Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
SELLING AND MARKETING EXPENSES | 19. SELLING AND MARKETING EXPENSES (in thousands) December 31, 2020 December 31, December 31, Salaries and related expenses $ 2,111 $ 1,555 $ 1,173 Advertising and marketing 1,425 1,700 2,737 Travel and conferences 156 305 297 Total $ 3,692 $ 3,560 $ 4,207 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | 20. GENERAL AND ADMINISTRATIVE EXPENSES (in thousands) December 31, December 31, December 31, Salaries and related expenses $ 284 $ 407 $ 236 Professional services 294 203 307 Consulting and director fees 1,206 775 639 Management fees 99 317 440 Travel 43 80 73 Office and general 603 304 297 Regulatory and filing fees 47 46 19 Shareholder relations 281 191 251 Total $ 2,857 $ 2,323 $ 2,262 |
Finance Expenses
Finance Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of expenses [text block] [Abstract] | |
FINANCE EXPENSES | 21. FINANCE EXPENSES 2020 2019 2018 Interest and acretion on convertible debentures 1,744,120 693,712 643,961 Interest expense on long term debt 11,107 15,413 8,230 Interest on bank loans from factoring 18,532 235 ,732 90,501 Other interest and bank charges (3,819 ) 15,999 10,565 Gain on conversion of debenture (16,712 ) - - Interest earned on director’s loan (23,000 ) (10,000 ) - Interest expenses on lease obligations 14,045 11,406 - Total 1,744,273 962,262 753,257 |
Transaction Costs
Transaction Costs | 12 Months Ended |
Dec. 31, 2020 | |
Transaction Cost [Abstract] | |
TRANSACTION COSTS | 22. TRANSACTION COSTS Transaction costs incurred in 2020 of $1,414,616 are incremental costs that are directly attributable to the uplisting onto Nasdaq and the Company’s associated initial public offering that do not meet the criteria to be treated as a share issuance cost, but are disclosed separately as an expense. These transaction costs include a proportion of legal fees, accounting fees as well as 100% of filing fees, marketing costs for the uplisting and the initial public offering and other professional fees and expenses. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax [text block] [Abstract] | |
INCOME TAXES | 23. INCOME TAXES The reconciliation of income taxes at statutory rates is as follows: 2020 2019 2018 Loss for the year $ (13,591,117 ) $ (7,657,208 ) $ (8,897,107 ) Expected income tax (recovery) $ (3,670,000 ) $ (2,067,000 ) $ (2,404,000 ) Change in statutory, foreign tax, foreign exchange rates and other (117,000 ) 67,000 117,000 Permanent differences 134,000 309,000 (90,000 ) Share issue cost (1,248,000 ) (50,000 ) (73,000 ) Impact of convertible debenture 17,000 107,000 - Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 208,000 9,000 457,000 Expiry of non-capital losses - - Change in unrecognized deductible temporary differences 4,676,000 1,625,000 1,993,000 Total income tax expense (recovery) $ - $ - $ - Current income tax $ - $ - $ - Deferred tax recovery $ - $ - $ - The significant components of the Company’s deferred tax assets and liabilities are as follows: 2020 2019 2018 ROU assets and lease liabilities (9,000 ) (2,000 ) - Intangible assets (141,000 ) - - Convertible debenture (87,000 ) (321,000 ) (72,000 ) Non-capital losses 237,000 323,000 72,000 Net deferred tax liability $ - $ - $ - The significant components of the Company’s deductible temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2020 Expiry Date Range 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Receivables $ 775,000 No expiry date $ - No expiry date $ - No expiry date Property, plant, and equipment and intangibles 2,216,000 No expiry date 1,541,000 No expiry date 538,000 No expiry date Financing cost 5,948,000 2040 to 2044 1,376,000 2039 to 2043 1,178,000 2038-2042 Inventory 1,373,000 No expiry date - No expiry date - No expiry date Allowance for doubtful accounts 714,000 No expiry date - No expiry date - No expiry date Allowable capital losses 39,000 No expiry date 38,000 No expiry date 196,000 No expiry date Non-capital losses available for future periods 30,491,000 see below 20,708,000 see below 14,991,000 see below Canada 18,553,000 2026 to 2040 10,160,000 2026 to 2039 6,806,000 2026-2038 Israel 11,938,000 No expiry date 10,548,000 No expiry date 8,185,000 No expiry date The Company has approximately $30,491,000 (2019 - $20,708,000) of operating tax loss carry-forwards. Of these, $11.9 million arise from Israel (2019 - $10.5 million) which do not expire, and the remaining balance arise from Canada which expire between 2026 and 2040. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2020 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | 24. CAPITAL MANAGEMENT The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company defines capital as consisting of shareholder’s equity. The Company’s objectives when managing capital are to support the creation of shareholder value, as well as to ensure that the Company is able to meet its financial obligations as they become due. The Company manages its capital structure to maximize its financial flexibility making adjustments in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital, but rather relies on the expertise of the Company’s management to sustain the future development of the business. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. As at December 31, 2020, the Company is subject to externally imposed capital requirements arising from the quarterly payments of interest on the convertible debentures outstanding, as described in Note 14, the monthly principal and interest payments from the BDC loan described in Note 15 and the Bank loan as described in Note 11. The Company also subject to a debt covenant in relation to the factoring agreement described in Note 5. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
FINANCIAL INSTRUMENTS | 25. FINANCIAL INSTRUMENTS Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. Financial instruments measured at fair value are classified into three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; Level 3 – Inputs that are not based on observable market data. The fair values of the Company’s cash, trade and other receivables, due to/from related party, accounts payable and accrued liabilities, long term debt, and convertible debentures approximate carrying value, which is the amount recorded on the consolidated statement of financial position. Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company places its cash with institutions of high credit worthiness. Management has assessed there to be a low level of credit risk associated with its cash balances. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company’s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. Approximately 14% of the Company’s revenue for the year ended December 31, 2020 (2019 -24%) is attributable to sales transactions with a single customer. The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The Company’s review includes external ratings, when available, and in some cases bank references. Purchase limits are established for each customer, which represent the maximum open amount without requiring approval from the Risk Management Committee; these limits are reviewed quarterly. Certain key customers were offered extended payment terms on their purchases due to slow down from Covid-19 and budget approvals for government tenders. As a result, the Company had customers with overdue receivables on their books which resulted in the Company taking a bad debt provision of these overdue receivables which amounted to $1,530,667. More than 50% of the Company’s customers have been active with the Company for over four years, and the impairment of $1,530,667 in impairment loss has been recognized against these customers. In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an individual or legal entity, whether they are a wholesale, retail or end-user customer, geographic location, industry, aging profile, maturity and existence of previous financial difficulties. Trade and other receivables relate mainly to the Company’s wholesale customers. Customers that are graded as “high risk” are placed on a restricted customer list and monitored by the Company, and future sales are made on a prepayment basis. The carrying amount of financial assets represents the maximum credit exposure, notwithstanding the carrying amount of security or any other credit enhancements. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was as follows: (in thousands) December 31, December 31, December 31, EMEA $ 1,246 $ 609 $ 478 North America 1,491 884 203 Total $ 2,737 $ 1,493 $ 679 Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company examines current forecasts of its liquidity requirements so as to make certain that there is sufficient cash for its operating needs, and it is careful at all times to have enough unused credit facilities so that the Company does not exceed its credit limits and is in compliance with its financial covenants (if any). These forecasts take into consideration matters such as the Company’s plan to use debt for financing its activity, compliance with required financial covenants, compliance with certain liquidity ratios, and compliance with external requirements such as laws or regulation. The Company uses activity-based costing to cost its products and services, which assists it in monitoring cash flow requirements and optimizing its cash return on investments. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 90 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Company has a factoring agreement with external funding (Note 5). With the exception of employee benefits, the Company’s accounts payable and accrued liabilities have contractual terms of 90 days. The employment benefits included in accrued liabilities have variable maturities within the coming year. Market risk a) Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency of the Company is the USD as of October 1, 2020 as discussed in Note 2. As at December 31, 2020 the Company’s exposure to foreign currency risk with respect to financial instruments is as follows: (in USD thousands) USD New Israel CAD Total Financial assets and financial liabilities: Current assets Cash 5,236 36 197 5,469 Restricted cash 0 10,995 0 10,995 Trade receivables 1,266 1,246 225 2,737 Due from director 214 - - 214 Current liabilities Bank loan - (65 ) (372 ) (437 ) Accounts payable and accrued liabilities (1,176 ) (1,087 ) (359 ) (2,622 ) Convertible debentures (6,161 ) (6,161 ) Long term debt - - (108 ) (108 ) Total 5,540 11,125 (6,578 ) 10,087 Impact of 10% fluctuation in Exchange Rate 554 $ 1,113 $ (658 ) $ 1,008 b) Interest Rate Risk Interest rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in interest rates. The Company’s sensitively to interest rates is limited to the BDC loan, and is therefore currently immaterial as the rest of the Company’s debt bears interest at fixed rates. c) Price Risk The Company is exposed to price risk with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of related party [text block] [Abstract] | |
RELATED PARTY TRANSACTIONS | 26. RELATED PARTY TRANSACTIONS Key Personnel Compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of executive and non-executive members of the Company’s Board of Directors and corporate officers. The remuneration of directors and key management personnel for the year ended December 31, 2020 and 2019 are as follows: 2020 2019 2018 Payments to key management personnel: Salaries, consulting and directors’ fees $ 1,179,762 $ 928,637 $ 728,624 Share-based payments 261,794 656,895 216,218 Total $ 1,441,556 $ 1,585,532 $ 944,842 Other related party transactions are as follows: (in thousands) Type of Service Nature of Relationship 2020 2019 2018 Selling and marketing expenses VP Technology 174 210 105 General and administrative expense Companies controlled by the CEO, CFO and Directors 1,006 718 624 Loan to Director On April 1, 2019 the Company loaned to a director and its chief Executive Officer, $200,000 USD. This loan was for a term of 5 years with interest charged at rate of 7% per annum payable quarterly. As of January 1, 2020, the interest rate on the loan was increased to 12% per annum. There were no capital repayment requirements until the end of the term when a balloon payment of the principal balance was required. The director repaid the loan in full on May 23, 2021. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2020 | |
Segmented Information Disclosure [Abstract] | |
SEGMENTED INFORMATION | 27. SEGMENTED INFORMATION The Company is domiciled in Canada and it operates and produces its income primarily in Israel, Europe and North America. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of the customers and is as follows: External Revenues (in thousands) December 31, December 31, December 31, EMEA $ 1,465 $ 6,230 8,166 USA 2,679 2,339 1,062 Canada 1,691 1,232 1,713 Australia and New Zealand 155 11 40 Total $ 5,990 $ 9,812 10,981 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of major customers [text block] [Abstract] | |
MAJOR CUSTOMERS | 28. MAJOR CUSTOMERS Revenues from four customers of the Company for the year ended December 31, 2020 represent approximately $2,445,000 or 41% of the Company’s total revenues (December 31, 2019 is four customers representing $4,808,000 or 49% of total revenues). As two of these customers required extended payment terms, 50% bad debt provisions were take on these accounts as part of the Company’s accounting policy for aged receivable provisions. |
Supplemental Information with R
Supplemental Information with Respect to Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cash flow statement [text block] [Abstract] | |
SUPPLEMENTAL INFORMATION WITH RESPECT TO CASH FLOWS | 29. SUPPLEMENTAL INFORMATION WITH RESPECT TO CASH FLOWS During the year ended December 31, 2020, the Company paid $872,505 (December 31, 2019 - $627,557) in interest and $Nil (December 31 - $Nil) in income taxes. During the year ended December 31, 2020 the Company incurred the following non-cash investing or financing activities: (a) Reclassified $40,980 from convertible debenture to share capital as the result of a conversion of $57,692 of debentures into 1,149 shares. (b) Recognized $912,916 (2019-$329,706) of accretion of the convertible debentures, classified $56,471 of long-term debt, $127,776 of lease obligations and $6,160,769 of convertible debentures all as current liabilities. (c) Issued shares with a value of $710,970 and accrued share to be issued of $560,000 in exchange for services. (d) Recognized $306,086 in right of use assets and lease liabilities. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of events after reporting period [text block] [Abstract] | |
SUBSEQUENT EVENTS | 30. SUBSEQUENT EVENTS a) The company issued a total of 100,500 stock options to various employees and members of the Board at an exercise price of $11.50 per share. (b) On March 23, 2021, Signifi Mobile Inc incorporated a new wholly-owned subsidiary , Clear RF Nevada Inc. (c) On March 31, 2021, Clear RF Nevada Inc. acquired 100% of the units of Clear RF LLC, a company that produces M2M (machine-to-machine) cellular amplifiers for commercial and industrial M2M applications and offers patented direct connect cellular amplifiers and patented auto gain & oscillation control designed for M2M and “internet-of-things” (IoT) applications that can be leveraged with our existing distribution channels. In exchange for 100% of the units of the partnership, the company agreed to pay a total of $700,000 by issuing 23,949 common shares of Siyata Mobile Inc. and paid $155,015 in cash, both at closing. One year from the anniversary of the closing date, the company shall pay a further $155,015 in cash and $194,985 common shares of the Company, subject to certain adjustments. This transaction is considered as an acquisition for accounting purposes. Acquisition of Clear RF LLC On March 31, 2021, the Company acquired the issued and outstanding units of Clear RF LLC (“ClearRF”). In consideration, the Company paid cash of $155,014 and issued 23,949 common shares at a value of $194,985. As further consideration, the Company is required to make the additional following payments: a) On March 31, 2022, pay $155,014 in cash (or less, subject to certain income minimums); b) On March 31, 2022, issue common shares of the Company valued at $194,985.in cash, and c) In addition to the above, further incentives may be earned and payable to the vendors based on revenues earned from the date of acquisition to March 31, 2022, inclusive. This transaction qualifies as a business combination and was accounted for using the acquisition method of accounting. To account for the transaction, the Company has determined the fair value of the assets and liabilities of ClearRF at the date of the acquisition and for the purchase price allocation. These fair value assessments require management to make significant estimates and assumptions as well as applying judgment in selecting the appropriate valuation techniques. The acquisition of ClearRF is consistent with the Company’s corporate growth strategy to continue to acquire innovative patented products in the cellular booster market. The Company plans to leverage ClearRF’s machine to machine booster technology in order to build relationships and facilitate sales of the cellular booster suite of products. The aggregate amount of the total acquisition consideration is $700,000, comprised as follows: Consideration Note Fair Cash $ 155,014 Fair value of 23,949 shares at $8.14 per share (i) 194,986 Future purchase consideration (ii) 350,000 Total Consideration $ 700,000 (i) The fair value of the shares issued was determined by multiplying the number shares issued by the share price of the Company on March 31, 2021. (ii) Future consideration represents the expected future payments of cash and common shares. Since the balance of the shares and the cash is due within one year, the Company did not discount the future purchase consideration for the time value of money. The purchase price was allocated as follows: Purchase price allocation Fair Value Purchase price $ 700,000 Less: Net assets acquired Net identifiable tangible assets 100,107 Net identifiable intangible assets 763,893 Deferred tax liability (164,000 ) (700,000 ) Goodwill $ 0 The above acquisition price allocation is considered preliminary and may change before being considered final. The Company incurred costs related to the acquisition totaling $79,069. (d) On May 23, 2021, the loan to director was repaid including principal and interest. (e) On January 6, 2021, the Company repaid the full amount of the of the 10% convertible debenture including principal and accrued interest at its face value of $1,239,215 with a book value of $1,205,684. (f) During the month of February 2021, the Company received multiple tradeable warrant exercises for total proceeds of $609,040 on the redemption of a total of 88,911 tradeable warrants at an exercise price of $6.85 for each common share. |
Effects of the Change in Presen
Effects of the Change in Presentation Currency | 12 Months Ended |
Dec. 31, 2020 | |
Effects Of The Change In Presentation Currency [Abstract] | |
EFFECTS OF THE CHANGE IN PRESENTATION CURRENCY | 31. EFFECTS OF THE CHANGE IN PRESENTATION CURRENCY The effects of the change in presentation currency are as follow: Restatement of previously reported financial information due to change in presentation currency For comparative purposes, the consolidated balance sheets as at December 31, 2019 and January 1, 2019 include adjustments to reflect the change in the presentation currency to the USD, which is a change in accounting policy. The balance sheet as at January 1, 2019 has been derived from the balance sheet at December 31, 2018 (not presented herein). The exchange rates used to translate the amounts previously reported into Canadian dollars at December 31, 2019 were 1.302 CAD/USD, and at January 1, 2019 were 1.362 CAD/USD. For comparative purposes, the consolidated statement of loss and comprehensive loss for the years ended December 31, 2019 and 2018 includes adjustments to reflect the change in the presentation currency to the USD, which is a change in accounting policy. The exchange rates used to translate the amounts previously reported into USD for the years ended December 31, 2019 and 2018 were 1.3269 CAD to $1USD and $1.295 CAD to $1USD respectively, which were the average exchange rates for the period. For the year ended December 31, 2019, an inventory impairment of $212,000 was reclassified from cost of sales to operating expenses to be consistent with the current year presentation, without changing the net loss. (i) Effect on the consolidated balance sheet as at December 31, 2019 and January 1, 2019 Dec 31, Dec 31, Dec 31, Dec 31, ASSETS Current Cash 2,661,575 3,465,371 1,776,949 2,420,205 Trade and Other Receivables 1,492,955 1,943,828 679,409 925,355 Prepaid expenses 252,868 329,234 303,314 413,114 Inventory 3,379,895 4,400,623 3,657,465 4,981,467 Advance to suppliers 650,690 847,198 351,334 478,517 8,437,983 10,986,254 6,768,471 9,218,658 Right of Use 204,939 266,830 - - Loan to Director 200,000 260,400 - - Equipment 39,747 51,750 39,935 54,392 Intangible assets 6,469,504 8,423,294 5,498,548 7,489,023 Goodwill 785,153 1,022,269 750,565 1,022,269 Total assets 16,137,326 21,010,797 13,057,519 17,784,342 LIABILITIES AND SHAREHOLDERS’ EQUITY Current - Bank Loan 32,435 42,230 - - Accounts payable and accrued liabilities 1,970,663 2,565,802 2,930,310 3,991,081 Due to Related Party 76,866 100,079 145,640 198,362 Lease Obligations 116,311 151,437 - - Convertible debenture 1,047,661 1,364,055 - - Current portion of long term debt 44,547 58,000 24,963 34,000 Future Purchase Consideration - - 315,712 430,000 3,288,483 4,281,603 3,416,625 4,653,443 Lease Obligation 78,020 101,582 - - Other payables 132,906 173,044 - - Long Term Convertible Debenture 4,049,349 5,272,252 2,866,983 3,904,831 Long Term Debt 105,991 138,000 143,906 196,000 4,366,266 5,684,878 3,010,889 4,100,831 Total Liabilities 7,654,749 9,966,481 6,427,514 8,754,274 Shareholders’ equity Share capital 28,592,662 37,346,168 21,246,401 27,638,100 Reserves 5,095,530 6,602,751 2,923,511 3,750,999 Accumulated other comprehensive loss 97,138 (125,084 ) 105,638 260,137 Deficit (25,302,753 ) (32,779,519 ) (17,645,545 ) (22,619,168 ) 8,482,577 11,044,316 6,630,005 9,030,068 Total liabilities and shareholders’ equity 16,137,326 21,010,797 13,057,519 17,784,342 (ii) Effect on the consolidated statement of loss and comprehensive loss for the years ended December 31, 2019 and 2018 Year ended Year ended Year ended Year ended Revenue 9,812,188 13,019,792 10,981,114 14,220,542 Cost of Sales (7,122,823 ) (9,451,274 ) (9,390,768 ) (12,161,044 ) Gross profit 2,689,365 3,568,518 1,590,346 2,059,498 EXPENSES Amortization and Depreciation 1,168,594 1,550,607 544,208 704,749 Product development 757,404 1,005,000 - - Selling and marketing 3,559,602 4,723,236 4,207,746 5,449,031 General and administrative 2,322,681 3,081,966 2,261,990 2,929,277 Bad Debt expense - - - - Inventory impariment 212,000 281,303 - - Impairment of intangible assets 111,521 147,977 1,508,880 1,954,000 Share-based payments 1,123,154 1,490,313 850,747 1,102,313 Total Operating Expenses 9,254,956 12,280,402 9,373,571 12,139,370 Net operating income (loss) (6,565,591 ) (8,711,884 ) (7,783,225 ) (10,079,872 ) OTHER EXPENSES Finance expense (income) 962,263 1,276,827 753,257 975,468 Foreign exchange 106,745 141,640 (40,261 ) (46,507 ) Accretion and change in value of future purchase consideration 22,609 30,000 400,886 519,148 Total other expenses 1,091,617 1,448,467 1,113,882 1,448,109 Net Income (loss) for the period (7,657,208 ) (10,160,351 ) (8,897,107 ) (11,527,981 ) Other comprehensive income (loss) Translation Adjustment (8,500 ) (385,221 ) 32,671 869,082 Comprehensive loss for the period 7,665,708 10,545,572 8,864,436 10,658,899 Weighted Average Shares 807,956 807,956 657,764 657,764 Basic and diluted loss per share $ (9.48 ) $ (12.58 ) $ (13.53 ) $ (17.53 ) |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Impairment of long lived assets | (a) Impairment of long lived assets The carrying amounts of the Company’s non-financial assets, other than deferred tax assets if any, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in profit or loss. |
Intangible assets | (b) Intangible assets i) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss when incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and Siyata has the intention and sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss as incurred. In subsequent periods, capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. ii) 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 expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred. iii) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its estimated residual value. Amortization is recognized in profit or loss on a straight line basis over the estimated useful lives of the intangible assets from the date they are available for use. See Note 9 for amortization rates and methods applied to each class of intangible assets. An annual review of the useful life of the intangibles asset are made by management and any changes in useful life are reflected prospectively. Internally generated intangible assets are not systematically amortized as long as they are not available for use (i.e. they have not completed certifications and/or are in working condition for their intended use). Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. |
Business Combinations | (c) Business Combinations Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of acquisition, of assets transferred, liabilities incurred or assumed, and equity instruments issued by the Company. The acquiree’s identifiable assets and liabilities assumed are recognized at their fair value at the acquisition date. The excess of the consideration over the fair value of the net identifiable assets and liabilities acquired is recorded as goodwill. Any gain on a bargain purchase is recorded in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any goodwill that arises is tested annually for impairment. |
Goodwill | (d) Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortization but is tested for impairment annually. |
Inventory | (e) Inventory Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out (FIFO) principle, and includes expenditure incurred in acquiring the inventories and the costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completing and selling expenses. |
Revenues | (f) Revenues Revenue from the sale of goods, in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement), that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognized as a reduction of revenue as the sales are recognized. Transfers of risks and rewards vary depending on the individual terms of the contract of sale. For sales on products in Israel, transfer usually occurs when the product is received at the customer’s warehouse, but for some international shipments transfer occurs upon loading the goods onto the relevant carrier. |
Financial Instruments | (g) Financial Instruments Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive. The classification determines the method by which the financial assets are carried on the balance sheet subsequent to inception and how changes in value are recorded. The Company has classified its cash, restricted cash, loan to director and trade and other receivables at amortized cost. Changes to financial assets measured at fair value, are recognized in profit and loss as they arise (“FVPL”). Changes in financial assets recorded at amortized cost are recognized in profit and loss when the asset is derecognized or reclassified. Impairment An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial liabilities Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the balance sheet subsequent to inception and how changes in value are recorded. The Company has classified its bank loan, accounts payable and accrued liabilities, due to related party, convertible debentures and long term debt as other financial liabilities and carried on the balance sheet at amortized cost. Future purchase consideration is classified as FVTPL. As at December 31, 2020, the Company did not have any derivative financial liabilities since the change in functional currency did not give rise to an embedded derivative related to the Company’s previously outstanding convertible debt with a conversion price denominated in Canadian dollars. |
Loss per share | (h) Loss per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted loss per share is calculated by dividing the loss by the weighted average number of common shares outstanding assuming that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In the Company’s case diluted loss per share is the same as basic loss per share, as the effect of outstanding share options and warrants on loss per share would be anti-dilutive. The weighted average number of shares is retroactively changed to reflect the 1-to-145 reverse stock split that occurred on September 25, 2020. |
Share-based payments | (i) Share-based payments The stock option plan allows Company employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Consideration paid on the exercise of stock options is credited to share capital and the fair value of the option is reclassified from share-based payment reserve to share capital. In situations where equity instruments are issued to non-employees and some or all of the services received by the entity as consideration cannot be specifically identified, they are all measured at the fair value of the share-based payment, otherwise, share-based payments are measured at the fair value of the services received. The fair value is measured at grant date at each tranche is recognized over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognized as an expense is adjusted to reflect the number of stock options that are expected to vest. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of the discount is included in profit or loss as interest expense from discounting obligations. |
Income taxes | (j) Income taxes Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable operations, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Leases | (k) Leases The Company accounts for lease contracts in accordance with lFRS 16, Leases. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight- line method from the commencement date to the earlier of the end of the useful life of the right--of-use asset or the end of the lease tern. In addition, the right-of-use assets are adjusted for impairment losses, if any. The estimated useful lives and recoverable amounts of right-of-use assets are determined on the same basis as those of property and equipment. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases and leases for which the underlying asset is of low value. The Company recognizes the lease payments associated with these leases as an expense: on a straight-line basis over the lease term. During the year ended December 31, 2020, the Company did not recognize any lease payments as expenses for short-term leases and leases for which the underlying assets are of low value. |
Equipment | (l) Equipment Property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost. The depreciable amount of an asset is determined after deducting its residual value . Depreciation of property, plant and equipment is based on the straight line method over the useful life of the asset. The depreciation charge for each period shall be recognised in profit or loss. |
New accounting pronouncements | (m) New accounting pronouncements There are no upcoming account pronouncements expected to have a material impact on the Company’s consolidated financial statements. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of basis of preparation of financial statements [text block] [Abstract] | |
Schedule of consolidated financial statements | Name of Subsidiary Place of Incorporation Ownership Queensgate Resources Corp. British Columbia, Canada 100 % Queensgate Resources US Corp. Nevada, USA 100 % Siyata Mobile (Canada) Inc. British Columbia, Canada 100 % Siyata Mobile Israel Ltd. Israel 100 % Signifi Mobile Inc. Quebec, Canada 100 % |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Schedule of trade and other receivables | December 31, December 31, December 31, Trade receivables $ 3,501,223 1,160,457 351,803 Allowance for doubtful accounts (1,530,667 ) - - Taxes receivable 766,540 110,714 231,312 Other receivables - 221,784 96,294 Total 2,737,096 1,492,955 679,409 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of inventories [text block] [Abstract] | |
Schedule of inventory | December 31, December 31, December 31, Finished products 3,349,382 2,964,890 3,028,617 Impairment of finished products (1,255,649 ) (212,000 ) - Accessories and spare parts 632,000 627,005 628,848 Impairment of accessories and spare parts (316,000 ) - - Total 2,409,733 3,379,895 3,657,465 |
Right of Use Assets (Tables)
Right of Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Schedule of right of use assets | Total Balance Jan 1, 2019 - Addition in the year 319,747 Translation adjustment (601 ) Amortization in the year (114,207 ) Balance December 31, 2019 204,939 Addition in the year 306,086 Foreign exchange 10,677 Amortization in the year (144,667 ) Balance December 31, 2020 377,035 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of intangible assets [text block] [Abstract] | |
Schedule of change in the estimated useful lives of these development costs | Development Uniden E-Wave Total Cost: Balance at December 31, 2017 $ 5,396,776 $ 118,447 $ 1,340,741 $ 6,855,964 Additions 1,597,303 0 0 1,597,303 Translation adjustment (379,427 ) (9,349 ) (105,822 ) (494,598 ) Balance at December 31, 2018 6,614,652 109,098 1,234,919 7,958,669 Additions 2,380,196 - - 2,380,196 Translation adjustment 11,401 5,028 56,908 73,337 Balance at December 31, 2019 9,006,249 114,126 1,291,827 10,412,202 Additions 1,513,570 - - 1,513,570 Foreign Exchange 20,658 2,417 27,356 50,431 Balance at December 31, 2020 $ 10,540,477 $ 116,543 $ 1,319,183 $ 11,976,203 Accumulated Amortization: Balance at December 31, 2017 $ 781,188 $ 34,178 - $ 815,366 Additions 198,485 15,947 335,185 549,617 Impairment 1,508,880 - 1,508,880 Translation Adjustment (388,279 ) 992 (26,455 ) (413,742 ) Balance at December 31, 2018 2,100,274 51,117 308,730 2,460,121 Additions 716,712 20,589 316,898 1,054,199 Impairment - - 111,521 111,521 Translation Adjustment 293,820 2,749 20,288 316,857 Balance at December 31, 2019 3,110,806 74,455 757,437 3,942,698 Additions 872,717 20,365 257,175 1,150,257 Impairment 293,000 - - 293,000 Foreign Exchange 6,859 2,640 31,631 41,130 Balance at December 31, 2020 $ 4,283,382 $ 97,460 $ 1,046,243 $ 5,427,085 Net Book Value: Balance at December 31, 2018 $ 4,514,378 $ 57,981 $ 926,189 $ 5,498,548 Balance at December 31, 2019 $ 5,895,443 $ 39,671 $ 534,390 $ 6,469,504 Balance at December 31, 2020 $ 6,257,095 $ 19,083 $ 272,940 $ 6,549,118 |
Schedule of change in the estimated useful lives of these development costs | Intangible Asset Useful Useful Useful Amortization 4G Devices 4 years 5 - 6 years 7 years Straight line 3G Devices 5 years 5 years 11 years Straight line |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of leases [text block] [Abstract] | |
Schedule of lease obligations and future minimum lease payments | Lease Obligations 2020 2019 Balance Jan 1, 2019 194,331 - Addition in the year 306,086 301,747 interest expense 14,045 11,406 Translation adjustment (26,724 ) (1,210 ) lease payments (146,146 ) (117,612 ) Balance December 31, 2019 341,592 194,331 Due within one year (127,776 ) (116,311 ) Balance December 31, 2020 213,816 78,020 Future Minimum Lease Payments 2020 - 116,311 2021 127,776 63,197 2022 104,897 14,823 2023 103,458 2024 5,461 Total lease obligations 341,592 194,331 |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Convertible Debentures [Abstract] | |
Schedule of convertible debentures | 2020 2019 2018 Balance, Beginning of Period $ 5,097,010 $ 2,866,983 $ 2,834,052 Interest and accretion expense 1,744,119 693,712 643,961 Interest paid or accrued (831,203 ) (364,006 ) (372,973 ) Rollover to the 10% convertible debenture (186,359 ) - - Issuance of the 10% convertible debenture 1,177,786 - - Repayment of 10.5% convertible debenture (921,641 ) - - Convert $75,000 debentures into share capital (40,980 ) - - Rollover of the 12% convertible debenture - (2,287,452 ) - Issuance of the 12% convertible debenture - 4,049,349 - Foreign exchange adjustment 122,037 138,424 (238,057 ) $ 6,160,769 $ 5,097,010 $ 2,866,983 Due within one year (6,160,769 ) (1,047,661 ) - Balance, End of Year - $ 4,049,349 $ 2,866,983 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Long Term Debt Explanatory [Abstract] | |
Schedule of long term debt | 2020 2019 2018 Balance, Beginning of Year $ 150,538 $ 168,869 - Loan proceeds - - 192,886 Foreign Exchange adjustments 3,188 7,783 (8,586 ) Capital repayments in the year (45,490 ) (26,114 ) (15,431 ) 108,236 150,538 168,869 Current portion (56,471 ) (44,547 ) (24,963 ) Long Term Debt, End of Year $ 51,765 $ 105,991 $ 143,906 |
Future Purchase consideration (
Future Purchase consideration (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Future Purchase Consideration [Abstract] | |
Schedule of future purchase consideration | 2020 2019 2018 Balance, beginning of the year - $ 315,712 $ 865,854 E-Wave future purchase consideration accrued - - - E-wave future purchase consideration paid - - (621,567 ) Signifi future purchase consideration paid - (315,712 ) (285,714 ) Accretion and change in value of future purchase consideration - 519,148 Foreign exchange adjustments (162,009 ) Balance, end of the year - - $ 315,712 Classification: Short-term (payable within one year) - - $ 315,712 Long-term - - $ - |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [text block] [Abstract] | |
Schedule of stock option activity | Number of Weighted Outstanding options, December 31, 2017 59,172 48.56 Granted 15,241 55.98 Exercised (8,965 ) 35.83 Outstanding options, December 31, 2018 65,448 49.00 Granted 17,655 59.01 Expired (518 ) 65.57 Outstanding options, December 31, 2019 82,585 $ 52.34 Granted 279,190 6.47 Expired (33,707 ) 39.79 Outstanding options, December 31, 2020 328,068 $ 14.66 Number of Weighted average Outstanding agent options, December 31, 2017 9,593 $ 45.10 Granted 1,572 67.18 Exercised (2,733 ) 40.31 Expired (382 ) 39.19 Outstanding agent options, December 31, 2018 8,050 $ 47.91 Granted 5,025 45.58 Exercised (5,668 ) 43.71 Expired (810 ) 53.00 Outstanding agent options, December 31, 2019 6,597 50.53 Granted 445,926 7.36 Outstanding agent options, December 31, 2020 452,523 $ 8.02 Number of Weighted average Outstanding, December 31, 2017 172,954 $ 62.44 Granted 31,888 67.18 Exercised (18,268 ) 55.98 Expired (36,900 ) 74.73 Outstanding, December 31, 2018 149,674 $ 60.16 Granted 80,110 54.64 Exercised (80,865 ) 54.64 Expired (36,920 ) 73.22 Outstanding, December 31, 2019 111,999 $ 59.02 Granted 3,479,534 8.96 Outstanding, December 31, 2020 3,591,533 $ 10.55 |
Schedule stock options outstanding | Grant Date Number of Number of Weighted Expiry date Remaining 01-Jan-17 2,207 2,207 40.37 01-Jan-22 1.00 11-Jan-17 2,483 2,483 40.94 11-Jan-22 1.03 04-Apr-17 6,897 6,897 62.54 04-Apr-22 1.26 24-Jul-17 8,619 8,619 78.47 24-Jul-22 1.56 24-Dec-18 14,620 12,103 56.86 24-Dec-23 2.98 15-Jan-19 828 276 56.86 15-Jan-24 3.04 21-Mar-19 12,345 10,943 62.55 21-Mar-24 3.47 01-Dec-19 1,293 1,293 56.86 01-Dec-21 0.92 01-Jan-20 2,069 689 56.86 31-Oct-25 4.75 01-Jan-20 207 207 56.86 01-Dec-21 0.89 15-Nov-20 95,000 11,875 6.00 15-Nov-30 9.88 15-Nov-20 181,500 22,688 6.00 15-Nov-25 4.88 Total 328,068 80,280 14.66 5.93 Grant Date Number of options outstanding Number of options exercisable Weighted Average Exercise Price Expiry date Remaining contractual life (years) December 24, 2018 1,572 1,572 65.90 December 24, 2021 0.98 December 23, 2019 5,025 5,025 45.58 December 23, 2021 0.98 July 28, 2020 1,702 1,702 20.47 July 28, 2022 1.57 September 29, 2020 113,500 113,500 $ 6.60 September 28, 2025 4.74 September 29, 2020 266,000 266,000 $ 6.85 September 28, 2025 4.74 December 31, 2020 64,724 64,724 $ 11.50 June 30, 2024 3.5 Total 452,523 452,523 $ 8.02 4.49 Grant Date Number of Warrants Exercise Price Expiry date 24-Dec-18 31,887 $ 68.23 24-Dec-21 29-Aug-19 25,863 $ 68.23 29-Aug-21 23-Dec-19 54,248 $ 51.18 23-Dec-22 23-Jun-20 10,897 $ 34.12 23-Jun-21 July 28, 2020 74,138 $ 20.47 28-Jul-22 September 29, 2020 2,100,000 $ 6.85 28-Sep-25 December 31, 2020 1,294,500 $ 11.50 30-June-24 Total 3,591,533 $ 10.55 ** These 10,897 share purchase warrants at $34.12 expired subsequent to the year end. |
Schedule of weighted average assumptions | 2020 2019 2018 Stock price $ 6.47 $ CAD 72.50 $ CAD 62.35 Risk-free interest rate 1.68 % 1.5 % 1.9 % Expected life 5 4.8 5 Annualized volatility 83 % 143 % 148 % Dividend rate 0.00 % 0.00 % 0.00 % |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cost of sales [text block] [Abstract] | |
Schedule of cost of sales | (in thousands) December 31, 2020 December 31, December 31, Materials and merchandise $ 2,855 $ 5,488 $ 8,648 Royalties 257 322 261 Other expenses 1,155 816 1,115 Change in inventory 144 497 (633 ) Total $ 4,410 $ 7,123 $ 9,391 |
Selling and Marketing Expenses
Selling and Marketing Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
Schedule of selling and marketing expenses | (in thousands) December 31, 2020 December 31, December 31, Salaries and related expenses $ 2,111 $ 1,555 $ 1,173 Advertising and marketing 1,425 1,700 2,737 Travel and conferences 156 305 297 Total $ 3,692 $ 3,560 $ 4,207 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
Schedule of general and administrative expenses | (in thousands) December 31, December 31, December 31, Salaries and related expenses $ 284 $ 407 $ 236 Professional services 294 203 307 Consulting and director fees 1,206 775 639 Management fees 99 317 440 Travel 43 80 73 Office and general 603 304 297 Regulatory and filing fees 47 46 19 Shareholder relations 281 191 251 Total $ 2,857 $ 2,323 $ 2,262 |
Finance Expenses (Tables)
Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of expenses [text block] [Abstract] | |
Schedule of finance expenses | 2020 2019 2018 Interest and acretion on convertible debentures 1,744,120 693,712 643,961 Interest expense on long term debt 11,107 15,413 8,230 Interest on bank loans from factoring 18,532 235 ,732 90,501 Other interest and bank charges (3,819 ) 15,999 10,565 Gain on conversion of debenture (16,712 ) - - Interest earned on director’s loan (23,000 ) (10,000 ) - Interest expenses on lease obligations 14,045 11,406 - Total 1,744,273 962,262 753,257 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax [text block] [Abstract] | |
Schedule of reconciliation of income taxes at statutory rates | 2020 2019 2018 Loss for the year $ (13,591,117 ) $ (7,657,208 ) $ (8,897,107 ) Expected income tax (recovery) $ (3,670,000 ) $ (2,067,000 ) $ (2,404,000 ) Change in statutory, foreign tax, foreign exchange rates and other (117,000 ) 67,000 117,000 Permanent differences 134,000 309,000 (90,000 ) Share issue cost (1,248,000 ) (50,000 ) (73,000 ) Impact of convertible debenture 17,000 107,000 - Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 208,000 9,000 457,000 Expiry of non-capital losses - - Change in unrecognized deductible temporary differences 4,676,000 1,625,000 1,993,000 Total income tax expense (recovery) $ - $ - $ - Current income tax $ - $ - $ - Deferred tax recovery $ - $ - $ - |
Schedule of deferred tax assets and liabilities | 2020 2019 2018 ROU assets and lease liabilities (9,000 ) (2,000 ) - Intangible assets (141,000 ) - - Convertible debenture (87,000 ) (321,000 ) (72,000 ) Non-capital losses 237,000 323,000 72,000 Net deferred tax liability $ - $ - $ - |
Schedule of temporary differences unused tax credits and unused tax losses | 2020 Expiry Date Range 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Receivables $ 775,000 No expiry date $ - No expiry date $ - No expiry date Property, plant, and equipment and intangibles 2,216,000 No expiry date 1,541,000 No expiry date 538,000 No expiry date Financing cost 5,948,000 2040 to 2044 1,376,000 2039 to 2043 1,178,000 2038-2042 Inventory 1,373,000 No expiry date - No expiry date - No expiry date Allowance for doubtful accounts 714,000 No expiry date - No expiry date - No expiry date Allowable capital losses 39,000 No expiry date 38,000 No expiry date 196,000 No expiry date Non-capital losses available for future periods 30,491,000 see below 20,708,000 see below 14,991,000 see below Canada 18,553,000 2026 to 2040 10,160,000 2026 to 2039 6,806,000 2026-2038 Israel 11,938,000 No expiry date 10,548,000 No expiry date 8,185,000 No expiry date |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Schedule of maximum exposure to credit risk for trade and other receivables | (in thousands) December 31, December 31, December 31, EMEA $ 1,246 $ 609 $ 478 North America 1,491 884 203 Total $ 2,737 $ 1,493 $ 679 |
Schedule of exposure to foreign currency risk | (in USD thousands) USD New Israel CAD Total Financial assets and financial liabilities: Current assets Cash 5,236 36 197 5,469 Restricted cash 0 10,995 0 10,995 Trade receivables 1,266 1,246 225 2,737 Due from director 214 - - 214 Current liabilities Bank loan - (65 ) (372 ) (437 ) Accounts payable and accrued liabilities (1,176 ) (1,087 ) (359 ) (2,622 ) Convertible debentures (6,161 ) (6,161 ) Long term debt - - (108 ) (108 ) Total 5,540 11,125 (6,578 ) 10,087 Impact of 10% fluctuation in Exchange Rate 554 $ 1,113 $ (658 ) $ 1,008 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of related party [text block] [Abstract] | |
Schedule of remuneration of directors and key management personnel | 2020 2019 2018 Payments to key management personnel: Salaries, consulting and directors’ fees $ 1,179,762 $ 928,637 $ 728,624 Share-based payments 261,794 656,895 216,218 Total $ 1,441,556 $ 1,585,532 $ 944,842 |
Schedule of other related party transactions | (in thousands) Type of Service Nature of Relationship 2020 2019 2018 Selling and marketing expenses VP Technology 174 210 105 General and administrative expense Companies controlled by the CEO, CFO and Directors 1,006 718 624 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segmented Information Disclosure [Abstract] | |
Schedule of geographical segments, segment revenue is based on the geographical location of the customers | External Revenues (in thousands) December 31, December 31, December 31, EMEA $ 1,465 $ 6,230 8,166 USA 2,679 2,339 1,062 Canada 1,691 1,232 1,713 Australia and New Zealand 155 11 40 Total $ 5,990 $ 9,812 10,981 |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of events after reporting period [text block] [Abstract] | |
Schedule of aggregate amount of the total acquisition consideration | Consideration Note Fair Cash $ 155,014 Fair value of 23,949 shares at $8.14 per share (i) 194,986 Future purchase consideration (ii) 350,000 Total Consideration $ 700,000 (i) The fair value of the shares issued was determined by multiplying the number shares issued by the share price of the Company on March 31, 2021. (ii) Future consideration represents the expected future payments of cash and common shares. Since the balance of the shares and the cash is due within one year, the Company did not discount the future purchase consideration for the time value of money. |
Schedule of purchase price | Purchase price allocation Fair Value Purchase price $ 700,000 Less: Net assets acquired Net identifiable tangible assets 100,107 Net identifiable intangible assets 763,893 Deferred tax liability (164,000 ) (700,000 ) Goodwill $ 0 |
Effects of the Change in Pres_2
Effects of the Change in Presentation Currency (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Effects Of The Change In Presentation Currency [Abstract] | |
Schedule of consolidated balance sheet | Dec 31, Dec 31, Dec 31, Dec 31, ASSETS Current Cash 2,661,575 3,465,371 1,776,949 2,420,205 Trade and Other Receivables 1,492,955 1,943,828 679,409 925,355 Prepaid expenses 252,868 329,234 303,314 413,114 Inventory 3,379,895 4,400,623 3,657,465 4,981,467 Advance to suppliers 650,690 847,198 351,334 478,517 8,437,983 10,986,254 6,768,471 9,218,658 Right of Use 204,939 266,830 - - Loan to Director 200,000 260,400 - - Equipment 39,747 51,750 39,935 54,392 Intangible assets 6,469,504 8,423,294 5,498,548 7,489,023 Goodwill 785,153 1,022,269 750,565 1,022,269 Total assets 16,137,326 21,010,797 13,057,519 17,784,342 LIABILITIES AND SHAREHOLDERS’ EQUITY Current - Bank Loan 32,435 42,230 - - Accounts payable and accrued liabilities 1,970,663 2,565,802 2,930,310 3,991,081 Due to Related Party 76,866 100,079 145,640 198,362 Lease Obligations 116,311 151,437 - - Convertible debenture 1,047,661 1,364,055 - - Current portion of long term debt 44,547 58,000 24,963 34,000 Future Purchase Consideration - - 315,712 430,000 3,288,483 4,281,603 3,416,625 4,653,443 Lease Obligation 78,020 101,582 - - Other payables 132,906 173,044 - - Long Term Convertible Debenture 4,049,349 5,272,252 2,866,983 3,904,831 Long Term Debt 105,991 138,000 143,906 196,000 4,366,266 5,684,878 3,010,889 4,100,831 Total Liabilities 7,654,749 9,966,481 6,427,514 8,754,274 Shareholders’ equity Share capital 28,592,662 37,346,168 21,246,401 27,638,100 Reserves 5,095,530 6,602,751 2,923,511 3,750,999 Accumulated other comprehensive loss 97,138 (125,084 ) 105,638 260,137 Deficit (25,302,753 ) (32,779,519 ) (17,645,545 ) (22,619,168 ) 8,482,577 11,044,316 6,630,005 9,030,068 Total liabilities and shareholders’ equity 16,137,326 21,010,797 13,057,519 17,784,342 |
Schedule of consolidated statement of loss and comprehensive loss | Year ended Year ended Year ended Year ended Revenue 9,812,188 13,019,792 10,981,114 14,220,542 Cost of Sales (7,122,823 ) (9,451,274 ) (9,390,768 ) (12,161,044 ) Gross profit 2,689,365 3,568,518 1,590,346 2,059,498 EXPENSES Amortization and Depreciation 1,168,594 1,550,607 544,208 704,749 Product development 757,404 1,005,000 - - Selling and marketing 3,559,602 4,723,236 4,207,746 5,449,031 General and administrative 2,322,681 3,081,966 2,261,990 2,929,277 Bad Debt expense - - - - Inventory impariment 212,000 281,303 - - Impairment of intangible assets 111,521 147,977 1,508,880 1,954,000 Share-based payments 1,123,154 1,490,313 850,747 1,102,313 Total Operating Expenses 9,254,956 12,280,402 9,373,571 12,139,370 Net operating income (loss) (6,565,591 ) (8,711,884 ) (7,783,225 ) (10,079,872 ) OTHER EXPENSES Finance expense (income) 962,263 1,276,827 753,257 975,468 Foreign exchange 106,745 141,640 (40,261 ) (46,507 ) Accretion and change in value of future purchase consideration 22,609 30,000 400,886 519,148 Total other expenses 1,091,617 1,448,467 1,113,882 1,448,109 Net Income (loss) for the period (7,657,208 ) (10,160,351 ) (8,897,107 ) (11,527,981 ) Other comprehensive income (loss) Translation Adjustment (8,500 ) (385,221 ) 32,671 869,082 Comprehensive loss for the period 7,665,708 10,545,572 8,864,436 10,658,899 Weighted Average Shares 807,956 807,956 657,764 657,764 Basic and diluted loss per share $ (9.48 ) $ (12.58 ) $ (13.53 ) $ (17.53 ) |
Nature of Operations and Goin_2
Nature of Operations and Going Concern (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of General Information About Financial Statements Explanatory [Abstract] | |||
Net loss | $ (13,591,117) | $ (7,657,208) | $ (8,897,107) |
Retained earnings | $ (38,893,870) | $ (25,302,753) | $ (17,645,545) |
Basis of Preparation (Details)
Basis of Preparation (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of basis of preparation of financial statements [text block] [Abstract] | |||
Exchange Rate Translate | $ 1.302 | ||
Exchange rates | $ 1.362 | $ 1.3269 | $ 1.362 |
Basis of Preparation (Details)
Basis of Preparation (Details) - Schedule of consolidated financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Queensgate Resources Corp. [Member] | |
Basis of Preparation (Details) - Schedule of consolidated financial statements [Line Items] | |
Name of Subsidiary | Queensgate Resources Corp. |
Place of Incorporation | British Columbia, Canada |
Ownership | 100.00% |
Queensgate Resources US Corp. [Member] | |
Basis of Preparation (Details) - Schedule of consolidated financial statements [Line Items] | |
Name of Subsidiary | Queensgate Resources US Corp. |
Place of Incorporation | Nevada, USA |
Ownership | 100.00% |
Siyata Mobile (Canada) Inc. [Member] | |
Basis of Preparation (Details) - Schedule of consolidated financial statements [Line Items] | |
Name of Subsidiary | Siyata Mobile (Canada) Inc. |
Place of Incorporation | British Columbia, Canada |
Ownership | 100.00% |
Siyata Mobile Israel Ltd. [Member] | |
Basis of Preparation (Details) - Schedule of consolidated financial statements [Line Items] | |
Name of Subsidiary | Siyata Mobile Israel Ltd. |
Place of Incorporation | Israel |
Ownership | 100.00% |
Signifi Mobile Inc. [Member] | |
Basis of Preparation (Details) - Schedule of consolidated financial statements [Line Items] | |
Name of Subsidiary | Signifi Mobile Inc. |
Place of Incorporation | Quebec, Canada |
Ownership | 100.00% |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of restricted cash and cash equivalents [text block] [Abstract] | |||
Restricted cash and cash equivalents | $ 10,995,500 | ||
Restricted Cash Equivalents | $ 0 | ||
Restricted Cash Equivalents | $ 0 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020CAD ($) | |
Trade and Other Receivables (Details) [Line Items] | |||
Bad debt provision (in Dollars) | $ 1,530,667 | ||
Finance charge in advance percentage | 3.10% | ||
Funding entity amount (in Dollars) | $ 65,000 | $ 1,954,000 | |
Credit facility | $ 3,137,255 | $ 4,000,000 | |
Bottom of range [member] | |||
Trade and Other Receivables (Details) [Line Items] | |||
80.00% | |||
Remaining sales, percentage | 15.00% | ||
Liability received, percentage | 80.00% | ||
Top of range [member] | |||
Trade and Other Receivables (Details) [Line Items] | |||
85.00% | |||
Remaining sales, percentage | 20.00% | ||
Liability received, percentage | 85.00% |
Trade and Other Receivables (_2
Trade and Other Receivables (Details) - Schedule of trade and other receivables - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of trade and other receivables [Abstract] | |||
Trade receivables | $ 3,501,223 | $ 1,160,457 | $ 351,803 |
Allowance for doubtful accounts | (1,530,667) | ||
Taxes receivable | 766,540 | 110,714 | 231,312 |
Other receivables | 221,784 | 96,294 | |
Total | $ 2,737,096 | $ 1,492,955 | $ 679,409 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory (Details) [Line Items] | |||
Inventories, at fair value less costs to sell | $ 1,571,649 | $ 212,000 | |
Impairment of accessories and spare parts | 316,000 | ||
Finished goods | 3,349,382 | $ 2,964,890 | $ 3,028,617 |
Signifi Mobile Inc [Member] | |||
Inventory (Details) [Line Items] | |||
Finished goods | $ 1,289,133 |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of inventory - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of inventory [Abstract] | |||
Finished products | $ 3,349,382 | $ 2,964,890 | $ 3,028,617 |
Impairment of finished products | (1,255,649) | (212,000) | |
Accessories and spare parts | 632,000 | 627,005 | 628,848 |
Impairment of accessories and spare parts | (316,000) | ||
Total | $ 2,409,733 | $ 3,379,895 | $ 3,657,465 |
Right of Use Assets (Details)
Right of Use Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Office lease | $ 273,644 | $ 32,036 |
Car lease | $ 103,391 | $ 172,903 |
Right of Use Assets (Details) -
Right of Use Assets (Details) - Schedule of right of use assets - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of right of use assets [Abstract] | ||
Balance | $ 204,939 | |
Addition in the year | 306,086 | 319,747 |
Foreign exchange | 10,677 | |
Translation adjustment | (601) | |
Amortization in the year | (144,667) | (114,207) |
Balance | $ 377,035 | $ 204,939 |
Loan to Director (Details)
Loan to Director (Details) - USD ($) | 1 Months Ended | |||
Apr. 01, 2019 | Dec. 31, 2020 | Jan. 02, 2020 | Dec. 28, 2017 | |
Disclosure of loans and advances to customers [text block] [Abstract] | ||||
Bank debt instruments held (in Dollars) | $ 200,000 | |||
Term of loan | 5 years | |||
Interest rate | 7.00% | 1.25% | 12.00% | 10.50% |
Intangible Assets (Details)
Intangible Assets (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020UYI | |
Intangible Assets (Details) [Line Items] | ||||
Discounted value, percentage | 14.50% | 16.00% | ||
Impairment on development costs | $ 111,521 | |||
Description of estimated useful life for intangible assets | As part of the 2019 annual valuation process, the Company reduced the estimated useful lives of its 4G products from 7 years to 5-6 years and reduced the useful life of its 3G products from 11 years to five years. In 2020, the Company reduced the estimated useful lives of its 4G products from 5-6 years to 4 years. Its 3G products were fully amortized at the end of 2020 and therefore no change in estimated useful life was required. | |||
Product development costs | 757,404 | $ 0 | UYI 580,236 | |
Description of intangible assets | The result is that the carrying amount of intangible assets relating to the E-Wave License exceeded their recoverable amount and as a result the Company recorded an impairment charge in 2019 in the amount of $111,521 and $NIL in 2020. | |||
4G Products [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Number of products | 2 | |||
Impairment on development costs | $ 293,000 | |||
4G Products [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Impairment on development costs | 111,521 | |||
3G Devices [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Impairment on development costs | $ 1,508,880 | |||
UR-5 [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Product development costs | $ 580,236 | 466,000 | ||
UR-7 [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Product development costs | 215,000 | |||
CP-100 [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Product development costs | $ 76,000 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost: | |||
Balance | $ 10,412,202 | $ 7,958,669 | $ 6,855,964 |
Balance | 11,976,203 | 10,412,202 | 7,958,669 |
Additions | 1,513,570 | 2,380,196 | 1,597,303 |
Foreign Exchange | 50,431 | ||
Translation adjustment | 73,337 | (494,598) | |
Accumulated Amortization: | |||
Balance | 3,942,698 | 2,460,121 | 815,366 |
Balance | 5,427,085 | 3,942,698 | 2,460,121 |
Additions | 1,150,257 | 1,054,199 | 549,617 |
Impairment | 293,000 | 111,521 | 1,508,880 |
Foreign Exchange | 41,130 | ||
Translation Adjustment | 316,857 | (413,742) | |
Net Book Value: | |||
Balance | 6,469,504 | 5,498,548 | |
Balance | 6,549,118 | 6,469,504 | |
Development Costs [Member] | |||
Cost: | |||
Balance | 9,006,249 | 6,614,652 | 5,396,776 |
Balance | 10,540,477 | 9,006,249 | 6,614,652 |
Additions | 1,513,570 | 2,380,196 | 1,597,303 |
Foreign Exchange | 20,658 | ||
Translation adjustment | 11,401 | (379,427) | |
Accumulated Amortization: | |||
Balance | 3,110,806 | 2,100,274 | 781,188 |
Balance | 4,283,382 | 3,110,806 | 2,100,274 |
Additions | 872,717 | 716,712 | 198,485 |
Impairment | 293,000 | 1,508,880 | |
Foreign Exchange | 6,859 | ||
Translation Adjustment | 293,820 | (388,279) | |
Net Book Value: | |||
Balance | 5,895,443 | 4,514,378 | |
Balance | 6,257,095 | 5,895,443 | |
Uniden License [Member] | |||
Cost: | |||
Balance | 114,126 | 109,098 | 118,447 |
Balance | 116,543 | 114,126 | 109,098 |
Additions | 0 | ||
Foreign Exchange | 2,417 | ||
Translation adjustment | 5,028 | (9,349) | |
Accumulated Amortization: | |||
Balance | 74,455 | 51,117 | 34,178 |
Balance | 97,460 | 74,455 | 51,117 |
Additions | 20,365 | 20,589 | 15,947 |
Impairment | |||
Foreign Exchange | 2,640 | ||
Translation Adjustment | 2,749 | 992 | |
Net Book Value: | |||
Balance | 39,671 | 57,981 | |
Balance | 19,083 | 39,671 | |
E-Wave License [Member] | |||
Cost: | |||
Balance | 1,291,827 | 1,234,919 | 1,340,741 |
Balance | 1,319,183 | 1,291,827 | 1,234,919 |
Additions | 0 | ||
Foreign Exchange | 27,356 | ||
Translation adjustment | 56,908 | (105,822) | |
Accumulated Amortization: | |||
Balance | 757,437 | 308,730 | |
Balance | 1,046,243 | 757,437 | 308,730 |
Additions | 257,175 | 316,898 | 335,185 |
Impairment | 111,521 | ||
Foreign Exchange | 31,631 | ||
Translation Adjustment | 20,288 | (26,455) | |
Net Book Value: | |||
Balance | 534,390 | $ 926,189 | |
Balance | $ 272,940 | $ 534,390 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of change in the estimated useful lives of these development costs | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
4G Devices [Member] | |||
Intangible Assets (Details) - Schedule of change in the estimated useful lives of these development costs [Line Items] | |||
Useful Economic Life 2020 | 4 years | ||
Useful Economic Life 2018 | 7 years | ||
Amortization Method | Straight line | ||
4G Devices [Member] | Minimum [Member] | |||
Intangible Assets (Details) - Schedule of change in the estimated useful lives of these development costs [Line Items] | |||
Useful Economic Life 2019 | 5 years | ||
4G Devices [Member] | Maximum [Member] | |||
Intangible Assets (Details) - Schedule of change in the estimated useful lives of these development costs [Line Items] | |||
Useful Economic Life 2019 | 6 years | ||
3G Devices [Member] | |||
Intangible Assets (Details) - Schedule of change in the estimated useful lives of these development costs [Line Items] | |||
Useful Economic Life 2020 | 5 years | ||
Useful Economic Life 2019 | 5 years | ||
Useful Economic Life 2018 | 11 years | ||
Amortization Method | Straight line |
Goodwill (Details)
Goodwill (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of goodwill [text block] [Abstract] | |
Description of goodwill | The key assumptions used in the calculation of the recoverable amount relate to five-year future cash flows, weighted average cost of capital, and five years’ average annual growth rate. These key assumptions were based on historical data from internal sources as well as industry and market trends. The discount rate used was 14.5% representing the weighted average cost of capital determined based on mid-year discounting. |
Percentage of gross revenue | 37.00% |
Bank Loan (Details)
Bank Loan (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Jan. 02, 2020 | Dec. 31, 2019USD ($) | Apr. 01, 2019 | Dec. 28, 2017 |
Bank Loan (Details) [Line Items] | ||||||
Line of credit | $ 750,000 | |||||
Guarantees of debt percentage | 50.00% | 50.00% | ||||
Loan balance (in Dollars) | $ 372,848 | |||||
Loan bears interest rate | 1.25% | 1.25% | 12.00% | 7.00% | 10.50% | |
Collateral term deposit | $ 375,000 | |||||
Signifi Mobile Inc [Member] | ||||||
Bank Loan (Details) [Line Items] | ||||||
Line of credit | $ 4,000,000 |
Due to Related Party (Details)
Due to Related Party (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Sep. 29, 2020 | Dec. 31, 2020 | |
Due to Related Party (Details) [Line Items] | ||
Initial public offering shares | 1,260,000 | |
Warrants issue | 1,260,000 | |
Amounts receivable, related party transactions (in Dollars) | ||
Accel Telecom Inc. [Member] | ||
Due to Related Party (Details) [Line Items] | ||
Total share capital percentage | 15.00% |
Lease Obligations (Details) - S
Lease Obligations (Details) - Schedule of lease obligations and future minimum lease payments - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of lease obligations and future minimum lease payments [Abstract] | ||
Balance at openning | $ 194,331 | |
Addition in the year | 306,086 | 301,747 |
interest expense | 14,045 | 11,406 |
Translation adjustment | (26,724) | (1,210) |
lease payments | (146,146) | (117,612) |
Balance at ending | 341,592 | 194,331 |
Due within one year | (127,776) | (116,311) |
Balance at ending | 213,816 | 78,020 |
2020 | 116,311 | |
2021 | 127,776 | 63,197 |
2022 | 104,897 | 14,823 |
2023 | 103,458 | |
2024 | 5,461 | |
Total lease obligations | $ 341,592 | $ 194,331 |
Convertible Debentures (Details
Convertible Debentures (Details) | Jan. 06, 2021 | Jun. 23, 2020USD ($)$ / sharesshares | Jun. 28, 2020USD ($) | Jun. 24, 2020USD ($) | Jun. 22, 2020shares | Dec. 23, 2019USD ($)$ / sharesshares | Dec. 23, 2019USD ($)$ / sharesshares | Dec. 22, 2019USD ($) | Dec. 28, 2017USD ($)shares | Dec. 28, 2017USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 28, 2020CAD ($) | Jun. 24, 2020CAD ($) | Jun. 23, 2020CAD ($)$ / sharesshares | Jan. 02, 2020 | Dec. 23, 2019$ / shares | Dec. 22, 2019CAD ($) | Apr. 01, 2019 | Dec. 28, 2017$ / shares |
Convertible Debentures [Abstract] | |||||||||||||||||||||
Unsecured convertible debentures | $ 4,600 | $ 4,600 | |||||||||||||||||||
Unsecured convertible debentures per unit (in Dollars per share) | $ / shares | $ 1,000 | ||||||||||||||||||||
Convertible common shares (in Shares) | shares | 1,149 | 11.5 | |||||||||||||||||||
Convertible common shares per share (in Dollars per share) | $ / shares | $ 87 | ||||||||||||||||||||
Interest rate percentage | 10.50% | 10.50% | 1.25% | 12.00% | 7.00% | ||||||||||||||||
Convertible debenture paid amount | $ 56,550 | ||||||||||||||||||||
Interest paid or accrued | $ 831,203 | $ 364,006 | $ 372,973 | ||||||||||||||||||
Debenture shoulders rolled percentage | 10.50% | ||||||||||||||||||||
Present value | $ 2,287,452 | ||||||||||||||||||||
Maturity value | 2,423,656 | ||||||||||||||||||||
Face value | $ 186,359 | $ 57,692 | $ 2,549,155 | $ 250,000 | $ 75,000 | $ 3,319,000 | |||||||||||||||
Convertibles debentures percentage | 12.00% | ||||||||||||||||||||
Finance expense income | $ 136,204 | ||||||||||||||||||||
Remaining portion percentage | 10.50% | ||||||||||||||||||||
Repaid their face value | $ 1,108,000 | 1,445,000 | |||||||||||||||||||
Rolled over value | 186,359 | 250,000 | |||||||||||||||||||
Repayment value | $ 921,641 | $ 1,195,000 | |||||||||||||||||||
Share issued unsecured (in Shares) | shares | 7,866,000 | 7,866,000 | |||||||||||||||||||
Unsecure convertible debentures | 12.00% | ||||||||||||||||||||
Price per unit | (per share) | $ 0.77 | $ 1 | |||||||||||||||||||
Convertible common shares (in Shares) | shares | 0.0153 | 0.0153 | |||||||||||||||||||
Convertible price per share (in Dollars per share) | $ / shares | $ 65.25 | ||||||||||||||||||||
Discounted liability | $ 4,049,349 | $ 4,049,349 | |||||||||||||||||||
Contributed surplus amount allocated | 445,053 | ||||||||||||||||||||
Transaction costs | $ 1,547,500 | $ 1,547,500 | $ 1,414,616 | ||||||||||||||||||
Interest rate of percentage | 12.00% | ||||||||||||||||||||
Interest amount | $ 715,763 | 0 | |||||||||||||||||||
Convertible debenture | 10.00% | 101.00% | 10.50% | 12.00% | 12.00% | ||||||||||||||||
Convertible debenture, description | The 12% Convertible Debentures will mature on December 23, 2021 (the “Maturity Date”) and are convertible into common shares at the Conversion Price, at the option of the holder, at any time prior to the close of business on the earlier of: (i) the last business day immediately preceding the Maturity Date, and (ii) the date fixed for redemption in the event of a change of control. The Company has the right to repay the convertible debenture at 101% of face value anytime after December 23, 2020. | ||||||||||||||||||||
Conversion note | $ 40,980 | $ 54,975 | |||||||||||||||||||
Conversion amount | $ 16,712 | ||||||||||||||||||||
Senior unsecure share (in Shares) | shares | 1,330 | 1,330 | |||||||||||||||||||
Senior unsecure Percentage | 10.00% | 10.00% | |||||||||||||||||||
Issue price amount | $ 745 | $ 1,000 | |||||||||||||||||||
Convertible debenture percentage | 10.00% | ||||||||||||||||||||
Gross proceeds | $ 991,427 | $ 1,330,000 | |||||||||||||||||||
Common share per share | (per share) | $ 34.11 | $ 43.50 | |||||||||||||||||||
Principal amount per share | (per share) | 0.784 | 1 | |||||||||||||||||||
Exercise price | (per share) | $ 34.11 | $ 43.50 | |||||||||||||||||||
Exercise price | $ 0.10 | $ 31,092,488 | $ 16,137,326 | $ 13,057,519 | |||||||||||||||||
Unsecured convertible debenture percentage | 10.00% |
Convertible Debentures (Detai_2
Convertible Debentures (Details) - Schedule of convertible debentures - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of convertible debentures [Abstract] | |||
Balance, Beginning of Period | $ 5,097,010 | $ 2,866,983 | $ 2,834,052 |
Interest and accretion expense | 1,744,119 | 693,712 | 643,961 |
Interest paid or accrued | (831,203) | (364,006) | (372,973) |
Rollover to the 10% convertible debenture | (186,359) | ||
Issuance of the 10% convertible debenture | 1,177,786 | ||
Repayment of 10.5% convertible debenture | (921,641) | ||
Convert $75,000 debentures into share capital | (40,980) | ||
Rollover of the 12% convertible debenture | (2,287,452) | ||
Issuance of the 12% convertible debenture | 4,049,349 | ||
Foreign exchange adjustment | 122,037 | 138,424 | (238,057) |
Total | 6,160,769 | 5,097,010 | 2,866,983 |
Due within one year | $ (6,160,769) | (1,047,661) | |
Balance, End of Year | $ 4,049,349 | $ 2,866,983 |
Convertible Debentures (Detai_3
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) | 12 Months Ended |
Dec. 31, 2020shares | |
Convertible Debenture [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convertible debenture, Percentage | 10.00% |
Convertible Debenture One [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convertible debenture, Percentage | 10.00% |
Convertible Debenture Two [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convertible debenture, Percentage | 1050.00% |
Convertible Debenture Three [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convert debentures share capital (in Shares) | 75,000 |
Convertible Debenture Four [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convertible debenture, Percentage | 12.00% |
Convertible Debenture Five [Member] | |
Convertible Debentures (Details) - Schedule of convertible debentures (Parentheticals) [Line Items] | |
Convertible debenture, Percentage | 12.00% |
Long Term Debt (Details)
Long Term Debt (Details) - Business Development Bank of Canada [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Long Term Debt (Details) [Line Items] | |
Borrowed amount | $ 192,886 |
Term of maturity | four |
Loan bears Interest rate | 3.20% |
Long Term Debt (Details) - Sche
Long Term Debt (Details) - Schedule of long term debt - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2018 | |
Schedule of long term debt [Abstract] | |||
Balance, Beginning of Year | $ 150,538 | $ 168,869 | |
Loan proceeds | 192,886 | ||
Foreign Exchange adjustments | 3,188 | 7,783 | (8,586) |
Capital repayments in the year | (45,490) | (26,114) | (15,431) |
Principal and interests | 108,236 | 150,538 | 168,869 |
Current portion | (56,471) | (44,547) | (24,963) |
Long Term Debt, End of Year | $ 51,765 | $ 105,991 | $ 143,906 |
Future Purchase consideration_2
Future Purchase consideration (Details) - Schedule of future purchase consideration - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of future purchase consideration [Abstract] | |||
Balance, beginning of the year | $ 315,712 | $ 865,854 | |
E-Wave future purchase consideration accrued | |||
E-wave future purchase consideration paid | (621,567) | ||
Signifi future purchase consideration paid | (315,712) | (285,714) | |
Accretion and change in value of future purchase consideration | 519,148 | ||
Foreign exchange adjustments | (162,009) | ||
Balance, end of the year | 315,712 | ||
Short-term (payable within one year) | 315,712 | ||
Long-term |
Share Capital (Details)
Share Capital (Details) | Dec. 14, 2020USD ($)shares | Aug. 04, 2020USD ($)$ / sharesshares | Aug. 04, 2020CAD ($)shares | Nov. 30, 2020USD ($)$ / sharesshares | Sep. 29, 2020USD ($)$ / sharesshares | Jun. 22, 2020USD ($)$ / sharesshares | Dec. 28, 2017shares | Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Nov. 15, 2020$ / sharesshares | Aug. 04, 2020CAD ($)$ / sharesshares | Jun. 22, 2020CAD ($)$ / shares |
Share Capital (Details) [Line Items] | |||||||||||||||
Number of shares issued (in Shares) | 170,000 | ||||||||||||||
Number of shares to be issued (in Shares) | 40,000 | ||||||||||||||
Issued shares of convertible debt (in Shares) | 1,149 | 11.5 | |||||||||||||
Issued of convertible debt, per share | (per share) | $ 48.71 | $ 65.25 | |||||||||||||
Proceeds of convertible debt | $ 57,692 | $ 75,000 | |||||||||||||
Aggregate gross proceeds | $ 1,604,729 | $ 2,150,000 | |||||||||||||
Issuance of units (in Shares) | 148,276 | 148,276 | |||||||||||||
Issuance of units price, per share | (per share) | $ 10.82 | $ 14.50 | |||||||||||||
Warrant exercisable price | (per share) | $ 20.47 | $ 6.85 | $ 26.10 | ||||||||||||
Warrant expiration term | 2 years | 2 years | 5 years | ||||||||||||
Cash commission | $ 19,358 | $ 24,682 | |||||||||||||
Issued broker warrants (in Shares) | 1,702 | 1,702 | |||||||||||||
Black scholes value | $ | $ 9,873 | ||||||||||||||
Other share issuance costs | $ | $ 146,377 | $ 3,133,147 | $ 20,085 | $ 287,236 | |||||||||||
Gross proceeds | $ | $ 1,018,300 | $ 12,600,000 | |||||||||||||
Initial public offering, shares (in Shares) | 2,100,000 | ||||||||||||||
Public offering, per unit (in Dollars per share) | $ / shares | $ 6 | ||||||||||||||
Value, per share (in Dollars per share) | $ / shares | $ 5.99 | 4.73 | |||||||||||||
Valued, per warrant (in Dollars per share) | $ / shares | $ 1.27 | ||||||||||||||
Description of initial public offering | Share issuance costs related to the initial public offering was $2,810,274, of which $560,000 recorded in reserves relates to 40,000 common shares to be issued for services, 113,500 underwriter warrants exercisable at $6.60USD per share, with a black scholes value of $315,796, and underwriter overallotment 266,000 tradeable warrants with an exercise price of $6.85 USD with a black scholes value of $335,160. | ||||||||||||||
Issuance costs | $ | $ 81,464 | ||||||||||||||
Net proceeds shares amount | $ | $ 936,836 | ||||||||||||||
Contractual obligations valued | $ | $ 710,970 | ||||||||||||||
Description of private placement | the Company completed a private placement issuing 1,294,500 units at $10.00 USD per unit for gross proceeds of $12,945,500 USD. Each Unit consisting of one common share and one warrant to purchase one common share. Each warrant has an exercise price of $11.50 USD per share, is exercisable immediately and will expire five (5) years from the date of issuance. The common shares and the warrants comprising the units were immediately separable upon issuance and were issued separately in the offering. The common shares using the residual value approach were valued at $10.00 USD per share and each warrant was valued at $Nil per warrant. Total share issuance costs totalled $1,707,138 which includes 64,724 broker warrants exercisable at $11.50 with a Black Scholes value of $420,508. | ||||||||||||||
Transactions during the year, description | On June 23, 2020, as part of the 10% convertible debenture referred to in 14(c), the Company issued 10,897 share purchase warrants at an exercise price of $34.12 with an expiry of June 23, 2021. b.On July 28, 2020, as part of the capital raise per 17(b)(ii), the Company issued 74,138 share purchase warrants at an exercise price of $20.47 with an expiry date of July 28, 2022. c.On September 29, 2020, the Company issued 2,100,000 share purchase warrants as part of the units offered and sold in its initial public offering, which included one common share and one warrant. The warrant has an exercise price of $6.85 USD with an expiry date of September 28, 2025. These warrants trade on Nasdaq under the symbol STYA-W and were valued at the residual value of $1.27 per warrant for total value of $2,667,000 including in reserves. d.On December 31, 2020, the Company issued 1,294,500 share purchase warrants to the December 31, 2020 investors who participated in the private placement. Each unit consisted of one common share and one share purchase warrant. The warrant have an exercise price of $11.50 USD with an expiry date of June 29, 2024. | i)Issued 5,668 common shares in connection with exercised of agents’ options for proceeds of $247,764. ii)Issued 80,865 common shares in connection with exercise of warrants for proceeds of $4,418,377. iii)Issued 6,897 common shares in connection with purchase consideration for Signifi with the value of the shares as $346,673. iv)On August 29, 2019 the Company completed a non-brokered private placement of 51,724 units at a price of $44.29 ($58.00 CAD) per unit for gross proceeds of $2,290,916. Each unit consisted of one common share and one-half share purchase warrant. Each warrant is exercisable at a price of $68.23 ($87.00 CAD) for a period of two years. In conjunction with the placement, the Company incurred share issuance costs of $185,854. v)On December 23, 2019, the Company issued 3,324 common shares as compensation to the agents in connection to the issuance of the convertible debentures (Note 14). These shares were recorded at its market value of $118,560. | |||||||||||||
Share-based payments expense | $ | $ 517,678 | $ 1,123,154 | $ 850,747 | ||||||||||||
Stock option description | the Company issued 2,690 stock options to various employees at an exercise price of $56.86 that 2,069 expires on October 31, 2025 and 621 expires on January 1, 2023. | ||||||||||||||
Number of stock option issued (in Shares) | 276,500 | ||||||||||||||
Stock option exercise price (in Dollars per share) | $ / shares | $ 6 | ||||||||||||||
Agents options, description | The Company issued 1,702 agents’ options on the closing of the August 2020 capital raise at an exercise price of $20.47 ($26.10 CAD) per common share and these agents’ options expire on July 28, 2022, adding an additional $9,873 to reserves and share issuance costs, The Company issued 113,500 agents’ options to the underwriter of its initial public offering at an exercise price of $6.60 per common share and these agents’ options expire on September 28, 2025 including in reserves an additional $315,796 that are part of the share issuance costs. On October 21, 2020, the underwriter of the initial public offering acquired 266,000 share purchase warrants pursuant to that certain underwriting agreement at $0.01 per warrant. The warrant has an exercise price of $6.85 USD with an expiry date of September 28, 2025. The Company added the black scholes value to these agent warrants adding an additional $335,160 to reserves as part of the share issuance costs. The Company issued 64,724 agent’ options to the placement agency of the December 31, 2020 capital raise at an exercise price of $11.50 expiring on June 30, 2024 and using black scholes added $420,508 to reserves as part of the share issuance costs. | ||||||||||||||
Warrants, description | a.On August 20, 2019 the Company granted 25,863 share purchase warrants as part of the unit of a private placement. These warrants have an expiry date of August 20, 2021 and an exercise price of $68.63 ($CAD87.00). b.On December 23, 2019 the Company granted 54,248 share purchase warrants as part of the unit of a debenture issue. These warrants have an expiry date of December 23, 2022 and an exercise price of $51.18 ($CAD65.25). c.Prior to their expiry on March 16, 2019, 80,865 share purchase options were exercised at $68.36 for total proceeds of $5,529,858. d.On March 16, 2019, 5,196 share purchase warrants from a private placement, expired at $68.36. e.On December 28, 2019, 31,724 share purchase warrants, granted from a debenture issue, expired at $76.90. | ||||||||||||||
Number of share purchase warrants (in Shares) | 10,897 | ||||||||||||||
Share purchase warrants price (in Dollars per share) | $ / shares | $ 34.12 | ||||||||||||||
Private placement unit, description | Each unit consisted of one common share and one-half of one common share purchase warrant. | ||||||||||||||
Employee [Member] | |||||||||||||||
Share Capital (Details) [Line Items] | |||||||||||||||
Stock option description | On December 1, 2020, due to the termination of an employee, 414 stock options of the 621 stock options issued on January 1, 2020 were cancelled and the remaining balance of 207 vested stock options have an expire date of December 1, 2021. | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Share Capital (Details) [Line Items] | |||||||||||||||
Stock option description | In the first quarter of 2019, 2,207 stock options were granted at an exercise price of CAD$72.50 and 12,345 stock options were granted at an exercise price of CAD$79.75. | 518 stock options with an exercise price of CAD$65.57 expired. In the fourth quarter of 2019, the Company issued 3,103 options to a Director with an exercise price of CAD$72.50 per option. | |||||||||||||
Agents’ Options [Member] | |||||||||||||||
Share Capital (Details) [Line Items] | |||||||||||||||
Transactions during the year, description | On December 23, 2019, the Company granted 5,025 agents’ options at an exercise price of $45.58 ($CAD 60.18) that expire on December 23, 2021. 5,668 agent’s options, prior to their expiry date of March 16, 2019, were exercised at $43.71 for total proceeds of $247,764. On March 16, 2019, the Company issued 810 Agents’ options expired at an average exercise price of $53.00. | ||||||||||||||
Common shares [Member] | |||||||||||||||
Share Capital (Details) [Line Items] | |||||||||||||||
Number of shares outstanding (in Shares) | 4,663,331 | 269 | |||||||||||||
Number of shares issued (in Shares) | 85,659 | 4,663,331 |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of stock option activity | 12 Months Ended | ||
Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Stock options [Member] | |||
Share Capital (Details) - Schedule of stock option activity [Line Items] | |||
Number of Stock Options, Outstanding | 82,585 | 65,448 | 59,172 |
Weighted Average Exercise Price, Outstanding | $ 52.34 | $ 49 | $ 48.56 |
Number of Stock Options, Granted | 279,190 | 17,655 | 15,241 |
Weighted Average Exercise Price, Granted | $ 6.47 | $ 59.01 | $ 55.98 |
Number of Stock Options, Expired (in Shares) | shares | (33,707) | (518) | |
Weighted Average Exercise Price, Expired | $ 39.79 | $ 65.57 | |
Number of Stock Options, Exercised | (8,965) | ||
Weighted Average Exercise Price, Exercised | $ 35.83 | ||
Number of Stock Options, Outstanding | 328,068 | 82,585 | 65,448 |
Weighted Average Exercise Price, Outstanding | $ 14.66 | $ 52.34 | $ 49 |
Agent options [Member] | |||
Share Capital (Details) - Schedule of stock option activity [Line Items] | |||
Number of Stock Options, Outstanding | 6,597 | 8,050 | 9,593 |
Weighted Average Exercise Price, Outstanding | $ 50.53 | $ 47.91 | $ 45.10 |
Number of Stock Options, Granted | 445,926 | 5,025 | 1,572 |
Weighted Average Exercise Price, Granted | $ 7.36 | $ 45.58 | $ 67.18 |
Number of Stock Options, Expired (in Shares) | shares | (810) | (382) | |
Weighted Average Exercise Price, Expired | $ 53 | $ 39.19 | |
Number of Stock Options, Exercised | (5,668) | (2,733) | |
Weighted Average Exercise Price, Exercised | $ 43.71 | $ 40.31 | |
Number of Stock Options, Outstanding | 452,523 | 6,597 | 8,050 |
Weighted Average Exercise Price, Outstanding | $ 8.02 | $ 50.53 | $ 47.91 |
Share purchase warrant [Member] | |||
Share Capital (Details) - Schedule of stock option activity [Line Items] | |||
Number of Stock Options, Outstanding | 111,999 | 149,674 | 172,954 |
Weighted Average Exercise Price, Outstanding | $ 59.02 | $ 60.16 | $ 62.44 |
Number of Stock Options, Granted | 3,479,534 | 80,110 | 31,888 |
Weighted Average Exercise Price, Granted | $ 8.96 | $ 54.64 | $ 67.18 |
Number of Stock Options, Expired (in Shares) | shares | (36,920) | (36,900) | |
Weighted Average Exercise Price, Expired | $ 73.22 | $ 74.73 | |
Number of Stock Options, Exercised | (80,865) | (18,268) | |
Weighted Average Exercise Price, Exercised | $ 54.64 | $ 55.98 | |
Number of Stock Options, Outstanding | 3,591,533 | 111,999 | 149,674 |
Weighted Average Exercise Price, Outstanding | $ 10.55 | $ 59.02 | $ 60.16 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of stock options outstanding | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Stock Options [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | Total |
Number of options outstanding | 328,068,000,000 |
Number of options exercisable | 80,280,000,000 |
Weighted Average Exercise Price | $ / shares | $ 14.66 |
Remaining contractual life (years) | 5 years 339 days |
Stock Options [Member] | 01-Jan-17 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 01-Jan-17 |
Number of options outstanding | 2,207,000,000 |
Number of options exercisable | 2,207,000,000 |
Weighted Average Exercise Price | $ / shares | $ 40.37 |
Expiry date | 01-Jan-22 |
Remaining contractual life (years) | 1 year |
Stock Options [Member] | 11-Jan-17 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 11-Jan-17 |
Number of options outstanding | 2,483,000,000 |
Number of options exercisable | 2,483,000,000 |
Weighted Average Exercise Price | $ / shares | $ 40.94 |
Expiry date | 11-Jan-22 |
Remaining contractual life (years) | 1 year 10 days |
Stock Options [Member] | 04-Apr-17 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 04-Apr-17 |
Number of options outstanding | 6,897,000,000 |
Number of options exercisable | 6,897,000,000 |
Weighted Average Exercise Price | $ / shares | $ 62.54 |
Expiry date | 04-Apr-22 |
Remaining contractual life (years) | 1 year 94 days |
Stock Options [Member] | 24-Jul-17 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 24-Jul-17 |
Number of options outstanding | 8,619,000,000 |
Number of options exercisable | 8,619,000,000 |
Weighted Average Exercise Price | $ / shares | $ 78.47 |
Expiry date | 24-Jul-22 |
Remaining contractual life (years) | 1 year 204 days |
Stock Options [Member] | 24-Dec-18 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 24-Dec-18 |
Number of options outstanding | 14,620,000,000 |
Number of options exercisable | 12,103,000,000 |
Weighted Average Exercise Price | $ / shares | $ 56.86 |
Expiry date | 24-Dec-23 |
Remaining contractual life (years) | 2 years 357 days |
Stock Options [Member] | 15-Jan-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 15-Jan-19 |
Number of options outstanding | 828,000,000 |
Number of options exercisable | 276,000,000 |
Weighted Average Exercise Price | $ / shares | $ 56.86 |
Expiry date | 15-Jan-24 |
Remaining contractual life (years) | 3 years 14 days |
Stock Options [Member] | 21-Mar-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 21-Mar-19 |
Number of options outstanding | 12,345,000,000 |
Number of options exercisable | 10,943,000,000 |
Weighted Average Exercise Price | $ / shares | $ 62.55 |
Expiry date | 21-Mar-24 |
Remaining contractual life (years) | 3 years 171 days |
Stock Options [Member] | 01-Dec-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 01-Dec-19 |
Number of options outstanding | 1,293,000,000 |
Number of options exercisable | 1,293,000,000 |
Weighted Average Exercise Price | $ / shares | $ 56.86 |
Expiry date | 01-Dec-21 |
Remaining contractual life (years) | 335 days |
Stock Options [Member] | 01-Jan-20 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 01-Jan-20 |
Number of options outstanding | 2,069,000,000 |
Number of options exercisable | 689,000,000 |
Weighted Average Exercise Price | $ / shares | $ 56.86 |
Expiry date | 31-Oct-25 |
Remaining contractual life (years) | 4 years 9 months |
Stock Options [Member] | 01-Jan-20 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 01-Jan-20 |
Number of options outstanding | 207,000,000 |
Number of options exercisable | 207,000,000 |
Weighted Average Exercise Price | $ / shares | $ 56.86 |
Expiry date | 01-Dec-21 |
Remaining contractual life (years) | 324 days |
Stock Options [Member] | 15-Nov-20 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 15-Nov-20 |
Number of options outstanding | 95,000,000,000 |
Number of options exercisable | 11,875,000,000 |
Weighted Average Exercise Price | $ / shares | $ 6 |
Expiry date | 15-Nov-30 |
Remaining contractual life (years) | 9 years 321 days |
Stock Options [Member] | 15-Nov-20 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 15-Nov-20 |
Number of options outstanding | 181,500,000,000 |
Number of options exercisable | 22,688,000,000 |
Weighted Average Exercise Price | $ / shares | $ 6 |
Expiry date | 15-Nov-25 |
Remaining contractual life (years) | 4 years 321 days |
Agents Option [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | Total |
Number of options outstanding | 452,523,000,000 |
Number of options exercisable | 452,523,000,000 |
Weighted Average Exercise Price | $ / shares | $ 8.02 |
Remaining contractual life (years) | 4 years 178 days |
Agents Option [Member] | December 24, 2018 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | December 24, 2018 |
Number of options outstanding | 1,572,000,000 |
Number of options exercisable | 1,572,000,000 |
Weighted Average Exercise Price | $ / shares | $ 65.90 |
Expiry date | December 24, 2021 |
Remaining contractual life (years) | 357 days |
Agents Option [Member] | 23-Dec-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | December 23, 2019 |
Number of options outstanding | 5,025,000,000 |
Number of options exercisable | 5,025,000,000 |
Weighted Average Exercise Price | $ / shares | $ 45.58 |
Expiry date | December 23, 2021 |
Remaining contractual life (years) | 357 days |
Agents Option [Member] | July 28, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | July 28, 2020 |
Number of options outstanding | 1,702,000,000 |
Number of options exercisable | 1,702,000,000 |
Weighted Average Exercise Price | $ / shares | $ 20.47 |
Expiry date | July 28, 2022 |
Remaining contractual life (years) | 1 year 208 days |
Agents Option [Member] | September 29, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | September 29, 2020 |
Number of options outstanding | 113,500,000,000 |
Number of options exercisable | 113,500,000,000 |
Weighted Average Exercise Price | $ / shares | $ 6.60 |
Expiry date | September 28, 2025 |
Remaining contractual life (years) | 4 years 270 days |
Agents Option [Member] | September 29, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | September 29, 2020 |
Number of options outstanding | 266,000,000,000 |
Number of options exercisable | 266,000,000,000 |
Weighted Average Exercise Price | $ / shares | $ 6.85 |
Expiry date | September 28, 2025 |
Remaining contractual life (years) | 4 years 270 days |
Agents Option [Member] | December 31, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | December 31, 2020 |
Number of options outstanding | 64,724,000,000 |
Number of options exercisable | 64,724,000,000 |
Weighted Average Exercise Price | $ / shares | $ 11.50 |
Expiry date | June 30, 2024 |
Remaining contractual life (years) | 3 years 6 months |
Share Purchase Warrants [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | Total |
Number of Warrants outstanding and exercisable | 3,591,533 |
Exercise Price | $ / shares | $ 10.55 |
Share Purchase Warrants [Member] | 24-Dec-18 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 24-Dec-18 |
Expiry date | 24-Dec-21 |
Number of Warrants outstanding and exercisable | 31,887 |
Exercise Price | $ / shares | $ 68.23 |
Share Purchase Warrants [Member] | 23-Dec-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 23-Dec-19 |
Expiry date | 23-Dec-22 |
Number of Warrants outstanding and exercisable | 54,248 |
Exercise Price | $ / shares | $ 51.18 |
Share Purchase Warrants [Member] | July 28, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | July 28, 2020 |
Expiry date | 28-Jul-22 |
Number of Warrants outstanding and exercisable | 74,138 |
Exercise Price | $ / shares | $ 20.47 |
Share Purchase Warrants [Member] | December 31, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | December 31, 2020 |
Expiry date | 30-June-24 |
Number of Warrants outstanding and exercisable | 1,294,500 |
Exercise Price | $ / shares | $ 11.50 |
Share Purchase Warrants [Member] | 29-Aug-19 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 29-Aug-19 |
Expiry date | 29-Aug-21 |
Number of Warrants outstanding and exercisable | 25,863 |
Exercise Price | $ / shares | $ 68.23 |
Share Purchase Warrants [Member] | 23-Jun-20 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | 23-Jun-20 |
Expiry date | 23-Jun-21** |
Number of Warrants outstanding and exercisable | 10,897 |
Exercise Price | $ / shares | $ 34.12 |
Share Purchase Warrants [Member] | September 29, 2020 [Member] | |
Share Capital (Details) - Schedule of stock options outstanding [Line Items] | |
Grant Date | September 29, 2020 |
Expiry date | 28-Sep-25 |
Number of Warrants outstanding and exercisable | 2,100,000 |
Exercise Price | $ / shares | $ 6.85 |
Share Capital (Details) - Sch_3
Share Capital (Details) - Schedule of weighted average assumptions - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of weighted average assumptions [Abstract] | |||
Stock price (in Dollars per share) | $ 6.47 | $ 72.50 | $ 62.35 |
Risk-free interest rate | 1.68% | 1.50% | 1.90% |
Expected life | 5 years | 4 years 292 days | 5 years |
Annualized volatility | 83.00% | 143.00% | 148.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Cost of Sales (Details) - Sched
Cost of Sales (Details) - Schedule of cost of sales - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of cost of sales [Abstract] | |||
Materials and merchandise | $ 2,855 | $ 5,488 | $ 8,648 |
Royalties | 257 | 322 | 261 |
Other expenses | 1,155 | 816 | 1,115 |
Change in inventory | 144 | 497 | (633) |
Total | $ 4,410 | $ 7,123 | $ 9,391 |
Selling and Marketing Expense_2
Selling and Marketing Expenses (Details) - Schedule of selling and marketing expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of selling and marketing expenses [Abstract] | |||
Salaries and related expenses | $ 2,111 | $ 1,555 | $ 1,173 |
Advertising and marketing | 1,425 | 1,700 | 2,737 |
Travel and conferences | 156 | 305 | 297 |
Total | $ 3,692 | $ 3,560 | $ 4,207 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - Schedule of general and administrative expenses | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | |
Schedule of general and administrative expenses [Abstract] | |||||
Salaries and related expenses | $ 284,000 | $ 407,000 | $ 236,000 | ||
Professional services | 294,000 | 203,000 | 307,000 | ||
Consulting and director fees | 1,206,000 | 775,000 | 639,000 | ||
Management fees | 99,000 | 317,000 | 440,000 | ||
Travel | 43,000 | 80,000 | 73,000 | ||
Office and general | 603,000 | 304,000 | 297,000 | ||
Regulatory and filing fees | 47,000 | 46,000 | 19,000 | ||
Shareholder relations | 281,000 | 191,000 | 251,000 | ||
Total | $ 2,857,000 | $ 2,322,681 | $ 3,081,966 | $ 2,261,990 | $ 2,929,277 |
Finance Expenses (Details) - Sc
Finance Expenses (Details) - Schedule of finance expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of finance expenses [Abstract] | |||
Interest and acretion on convertible debentures | $ 1,744,120 | $ 693,712 | $ 643,961 |
Interest expense on long term debt | 11,107 | 15,413 | 8,230 |
Interest on bank loans from factoring | 18,532 | 235,732 | 90,501 |
Other interest and bank charges | (3,819) | 15,999 | 10,565 |
Gain on conversion of debenture | (16,712) | ||
Interest earned on director’s loan | (23,000) | (10,000) | |
Interest expenses on lease obligations | 14,045 | 11,406 | |
Total | $ 1,744,273 | $ 962,262 | $ 753,257 |
Transaction Costs (Details)
Transaction Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 23, 2019 | |
Transaction Cost [Abstract] | ||
Transaction costs | $ 1,414,616 | $ 1,547,500 |
Filing fees percentage | 100.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes (Details) [Line Items] | ||
Operating tax loss carry-forwards | $ 30,491,000 | $ 20,708,000 |
Israel [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating tax loss carry-forwards | $ 10,500,000 | |
Deferred tax asset when utilisation is dependent on future taxable profits in excess of profits from reversal of taxable temporary differences and entity has suffered loss in jurisdiction to which deferred tax asset relates | $ 11,900,000 | |
Canada [Member] | ||
Income Taxes (Details) [Line Items] | ||
Expire date | 2026 | 2040 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of reconciliation of income taxes at statutory rates | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | |
Schedule of reconciliation of income taxes at statutory rates [Abstract] | |||||
Loss for the year | $ (13,591,117) | $ (7,657,208) | $ (10,160,351) | $ (8,897,107) | $ (11,527,981) |
Expected income tax (recovery) | (3,670,000) | (2,067,000) | (2,404,000) | ||
Change in statutory, foreign tax, foreign exchange rates and other | (117,000) | 67,000 | 117,000 | ||
Permanent differences | 134,000 | 309,000 | (90,000) | ||
Share issue cost | (1,248,000) | (50,000) | (73,000) | ||
Impact of convertible debenture | 17,000 | 107,000 | |||
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses | 208,000 | 9,000 | 457,000 | ||
Expiry of non-capital losses | |||||
Change in unrecognized deductible temporary differences | 4,676,000 | 1,625,000 | 1,993,000 | ||
Total income tax expense (recovery) | |||||
Current income tax | |||||
Deferred tax recovery |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of deferred tax assets and liabilities [Abstract] | |||
ROU assets and lease liabilities | $ (9,000) | $ (2,000) | |
Intangible assets | (141,000) | ||
Convertible debenture | (87,000) | (321,000) | (72,000) |
Non-capital losses | 237,000 | 323,000 | 72,000 |
Net deferred tax liability |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of temporary differences unused tax credits and unused tax losses - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Temporary Differences | |||
Receivables | $ 775,000 | ||
Property, plant, and equipment and intangibles | 2,216,000 | 1,541,000 | 538,000 |
Financing cost | 5,948,000 | 1,376,000 | 1,178,000 |
Inventory | 1,373,000 | ||
Allowance for doubtful accounts | 714,000 | ||
Allowable capital losses | 39,000 | 38,000 | 196,000 |
Non-capital losses available for future periods | 30,491,000 | 20,708,000 | 14,991,000 |
Canada [Member] | |||
Temporary Differences | |||
Non-capital losses available for future periods | 18,553,000 | 10,160,000 | 6,806,000 |
Israel [Member] | |||
Temporary Differences | |||
Non-capital losses available for future periods | $ 11,938,000 | $ 10,548,000 | $ 8,185,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments (Details) [Line Items] | ||
Overdue receivables | $ 1,530,667 | |
Impairment loss | $ 1,530,667 | |
Active customers, description | More than 50% of the Company’s customers have been active with the Company for over four years | |
Customer One [Member] | ||
Financial Instruments (Details) [Line Items] | ||
Revenue percentage | 14.00% | 24.00% |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of maximum exposure to credit risk for trade and other receivables - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments (Details) - Schedule of maximum exposure to credit risk for trade and other receivables [Line Items] | |||
Trade and other receivable | $ 2,737 | $ 1,493 | $ 679 |
EMEA [Member] | |||
Financial Instruments (Details) - Schedule of maximum exposure to credit risk for trade and other receivables [Line Items] | |||
Trade and other receivable | 1,246 | 609 | 478 |
North America [Member] | |||
Financial Instruments (Details) - Schedule of maximum exposure to credit risk for trade and other receivables [Line Items] | |||
Trade and other receivable | $ 1,491 | $ 884 | $ 203 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of exposure to foreign currency risk ₪ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Financial Instruments (Details) - Schedule of exposure to foreign currency risk [Line Items] | |||||
Cash | $ 5,469,000 | ||||
Restricted cash | 10,995,000 | ||||
Trade receivables | 2,737,000 | ||||
Due from director | 214,000 | ||||
Bank loan | (437,000) | ||||
Accounts payable and accrued liabilities | (2,622,000) | ||||
Convertible debentures | (6,160,769) | $ (1,047,661) | |||
Long term debt | (108,000) | ||||
Total | 10,087,000 | ||||
Impact of 10% fluctuation in Exchange Rate | 1,008,000 | ||||
USD [Member] | |||||
Financial Instruments (Details) - Schedule of exposure to foreign currency risk [Line Items] | |||||
Cash | 5,236,000 | ||||
Restricted cash | 0 | ||||
Trade receivables | 1,266,000 | ||||
Due from director | 214,000 | ||||
Bank loan | |||||
Accounts payable and accrued liabilities | (1,176,000) | ||||
Long term debt | |||||
Total | 5,540,000 | ||||
Impact of 10% fluctuation in Exchange Rate | $ 554,000 | ||||
New Israel Sshekel (“NIS”) [Member] | |||||
Financial Instruments (Details) - Schedule of exposure to foreign currency risk [Line Items] | |||||
Cash | ₪ | ₪ 36 | ||||
Restricted cash | ₪ | 10,995 | ||||
Trade receivables | ₪ | 1,246 | ||||
Due from director | ₪ | |||||
Bank loan | ₪ | (65) | ||||
Accounts payable and accrued liabilities | ₪ | (1,087) | ||||
Long term debt | ₪ | |||||
Total | ₪ | 11,125 | ||||
Impact of 10% fluctuation in Exchange Rate | ₪ | ₪ 1,113 | ||||
CAD [Member] | |||||
Financial Instruments (Details) - Schedule of exposure to foreign currency risk [Line Items] | |||||
Cash | $ 197 | ||||
Restricted cash | 0 | ||||
Trade receivables | 225 | ||||
Due from director | |||||
Bank loan | (372) | ||||
Accounts payable and accrued liabilities | (359) | ||||
Convertible debentures | (6,161) | ||||
Long term debt | (108) | ||||
Total | (6,578) | ||||
Impact of 10% fluctuation in Exchange Rate | $ (658) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jan. 02, 2020 | Apr. 01, 2019 |
Disclosure of related party [text block] [Abstract] | ||
Company loaned amount (in Dollars) | $ 200,000 | |
Loan Terms | 5 years | |
Interest charged rate | 12.00% | 7.00% |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of remuneration of directors and key management personnel - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Payments to key management personnel: | |||
Salaries, consulting and directors’ fees | $ 1,179,762 | $ 928,637 | $ 728,624 |
Share-based payments | 261,794 | 656,895 | 216,218 |
Total | $ 1,441,556 | $ 1,585,532 | $ 944,842 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of other related party transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
VP Technology [Member] | |||
Related Party Transactions (Details) - Schedule of other related party transactions [Line Items] | |||
Selling and marketing expenses | $ 174 | $ 210 | $ 105 |
CEO, CFO and Directors [Member] | |||
Related Party Transactions (Details) - Schedule of other related party transactions [Line Items] | |||
General and administrative expense | $ 1,006 | $ 718 | $ 624 |
Segmented Information (Details)
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | |
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers [Line Items] | |||||
Revenue | $ 5,990,000 | $ 9,812,188 | $ 13,019,792 | $ 10,981,114 | $ 14,220,542 |
EMEA [Member] | |||||
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers [Line Items] | |||||
Revenue | 1,465,000 | 6,230,000 | 8,166,000 | ||
USA [Member] | |||||
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers [Line Items] | |||||
Revenue | 2,679,000 | 2,339,000 | 1,062,000 | ||
Canada [Member] | |||||
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers [Line Items] | |||||
Revenue | 1,691,000 | 1,232,000 | 1,713,000 | ||
Australia and New Zealand [Member] | |||||
Segmented Information (Details) - Schedule of geographical segments, segment revenue is based on the geographical location of the customers [Line Items] | |||||
Revenue | $ 155,000 | $ 11,000 | $ 40,000 |
Major Customers (Details)
Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Major Customers (Details) [Line Items] | ||
Revenues from customers (in Dollars) | $ 2,445,000 | $ 4,808,000 |
Revenues [Member] | ||
Major Customers (Details) [Line Items] | ||
Number of customers | 4 | 4 |
Concentration risk, percentage | 41.00% | 49.00% |
Number customers required extended payment terms | 2 | |
Provision Bad Debt | 50.00% |
Supplemental Information with_2
Supplemental Information with Respect to Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of cash flow statement [text block] [Abstract] | ||
Interest amount paid | $ 872,505 | $ 627,557 |
Income tax | ||
Description of convertible debenture | (a)Reclassified $40,980 from convertible debenture to share capital as the result of a conversion of $57,692 of debentures into 1,149 shares. (b)Recognized $912,916 (2019-$329,706) of accretion of the convertible debentures, classified $56,471 of long-term debt, $127,776 of lease obligations and $6,160,769 of convertible debentures all as current liabilities. (c)Issued shares with a value of $710,970 and accrued share to be issued of $560,000 in exchange for services. (d)Recognized $306,086 in right of use assets and lease liabilities. |
Subsequent events (Details)
Subsequent events (Details) - USD ($) | Mar. 31, 2021 | Jan. 06, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent events (Details) [Line Items] | ||||||||
Stock options issued (in Shares) | 100,500 | |||||||
Stock options exercise price per share (in Dollars per share) | $ 11.50 | |||||||
Issuance of common stock (in Shares) | 23,949 | |||||||
Cash paid | $ 5,468,766 | $ 2,661,575 | $ 1,776,949 | |||||
Common shares value | $ 194,985 | $ 194,985 | ||||||
Acquisition of incurred costs | $ 79,069 | |||||||
Convertibel debenture percentage | 10.00% | |||||||
Accrued interest face value | $ 1,239,215 | |||||||
Explanation of body of authorisation | $1,205,684 | |||||||
Subsequent, description | (f) During the month of February 2021, the Company received multiple tradeable warrant exercises for total proceeds of $609,040 on the redemption of a total of 88,911 tradeable warrants at an exercise price of $6.85 for each common share. | |||||||
Subsequent Event [Member] | ||||||||
Subsequent events (Details) [Line Items] | ||||||||
Cash paid | $ 155,014 | $ 155,014 | ||||||
Non-adjusting events after reporting period [member] | ||||||||
Subsequent events (Details) [Line Items] | ||||||||
Company acquired percentage | 100.00% | 100.00% | ||||||
Exchange units percentage | 100.00% | 100.00% | ||||||
Total number of shares value | $ 700,000 | $ 700,000 | ||||||
Issuance of common stock (in Shares) | 23,949 | |||||||
Cash paid | 155,015 | $ 155,015 | $ 155,014 | |||||
Common shares value | $ 194,985 | $ 194,985 | $ 194,985 |
Subsequent events (Details) - S
Subsequent events (Details) - Schedule of aggregate amount of the total acquisition consideration | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Schedule of aggregate amount of the total acquisition consideration [Abstract] | |
Cash | $ 155,014 |
Fair value of 23,949 shares at $8.14 per share (in Shares) | shares | 194,986 |
Future purchase consideration | $ 350,000 |
Total Consideration | $ 700,000 |
Subsequent events (Details) -_2
Subsequent events (Details) - Schedule of purchase price | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of purchase price [Abstract] | |
Purchase price | $ 700,000 |
Less: Net assets acquired | |
Net identifiable tangible assets | 100,107 |
Net identifiable intangible assets | 763,893 |
Deferred tax liability | (164,000) |
Total | (700,000) |
Goodwill | $ 0 |
Effects of the Change in Pres_3
Effects of the Change in Presentation Currency (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018 | Jan. 01, 2019 | |
Effects of the Change in Presentation Currency (Details) [Line Items] | |||
Inventory impairment (in Dollars) | $ 212,000 | ||
CAD [Member] | |||
Effects of the Change in Presentation Currency (Details) [Line Items] | |||
Exchange rates | 1.302 | 1.362 | |
Average exchange rates | 1.3269 | 1.295 |
Effects of the Change in Pres_4
Effects of the Change in Presentation Currency (Details) - Schedule of consolidated balance sheet - Consolidated Balance Sheet [Member] | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) |
Current | ||||
Cash | $ 2,661,575 | $ 3,465,371 | $ 1,776,949 | $ 2,420,205 |
Trade and Other Receivables | 1,492,955 | 1,943,828 | 679,409 | 925,355 |
Prepaid expenses | 252,868 | 329,234 | 303,314 | 413,114 |
Inventory | 3,379,895 | 4,400,623 | 3,657,465 | 4,981,467 |
Advance to suppliers | 650,690 | 847,198 | 351,334 | 478,517 |
Current total | 8,437,983 | 10,986,254 | 6,768,471 | 9,218,658 |
Right of Use | 204,939 | 266,830 | ||
Loan to Director | 200,000 | 260,400 | ||
Equipment | 39,747 | 51,750 | 39,935 | 54,392 |
Intangible assets | 6,469,504 | 8,423,294 | 5,498,548 | 7,489,023 |
Goodwill | 785,153 | 1,022,269 | 750,565 | 1,022,269 |
Total assets | 16,137,326 | 21,010,797 | 13,057,519 | 17,784,342 |
Bank Loan | 32,435 | 42,230 | ||
Accounts payable and accrued liabilities | 1,970,663 | 2,565,802 | 2,930,310 | 3,991,081 |
Due to Related Party | 76,866 | 100,079 | 145,640 | 198,362 |
Lease Obligations | 116,311 | 151,437 | ||
Convertible debenture | 1,047,661 | 1,364,055 | ||
Current portion of long term debt | 44,547 | 58,000 | 24,963 | 34,000 |
Future Purchase Consideration | 315,712 | 430,000 | ||
Current liabilities | 3,288,483 | 4,281,603 | 3,416,625 | 4,653,443 |
Lease Obligation | 78,020 | 101,582 | ||
Other payables | 132,906 | 173,044 | ||
Long Term Convertible Debenture | 4,049,349 | 5,272,252 | 2,866,983 | 3,904,831 |
Long Term Debt | 105,991 | 138,000 | 143,906 | 196,000 |
Non current Liabilities | 4,366,266 | 5,684,878 | 3,010,889 | 4,100,831 |
Total Liabilities | 7,654,749 | 9,966,481 | 6,427,514 | 8,754,274 |
Shareholders’ equity | ||||
Share capital | 28,592,662 | 37,346,168 | 21,246,401 | 27,638,100 |
Reserves | 5,095,530 | 6,602,751 | 2,923,511 | 3,750,999 |
Accumulated other comprehensive loss | 97,138 | (125,084) | 105,638 | 260,137 |
Deficit | (25,302,753) | (32,779,519) | (17,645,545) | (22,619,168) |
Shareholders' equity total | 8,482,577 | 11,044,316 | 6,630,005 | 9,030,068 |
Total liabilities and shareholders’ equity | $ 16,137,326 | $ 21,010,797 | $ 13,057,519 | $ 17,784,342 |
Effects of the Change in Pres_5
Effects of the Change in Presentation Currency (Details) - Schedule of consolidated statement of loss and comprehensive loss | 12 Months Ended | ||||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | |
Schedule of consolidated statement of loss and comprehensive loss [Abstract] | |||||
Revenue | $ 5,990,000 | $ 9,812,188 | $ 13,019,792 | $ 10,981,114 | $ 14,220,542 |
Cost of Sales | (4,409,655) | (7,122,823) | (9,451,274) | (9,390,768) | (12,161,044) |
Gross profit | 2,689,365 | 3,568,518 | 1,590,346 | 2,059,498 | |
EXPENSES | |||||
Amortization and Depreciation | 1,280,122 | 1,168,594 | 1,550,607 | 544,208 | 704,749 |
Product development | 757,404 | 1,005,000 | |||
Selling and marketing | 3,691,844 | 3,559,602 | 4,723,236 | 4,207,746 | 5,449,031 |
General and administrative | 2,857,000 | 2,322,681 | 3,081,966 | 2,261,990 | 2,929,277 |
Bad Debt expense | (1,530,667) | ||||
Inventory impariment | 1,571,649 | 212,000 | 281,303 | ||
Impairment of intangible assets | 293,000 | 111,521 | 147,977 | 1,508,880 | 1,954,000 |
Share-based payments | 517,678 | 1,123,154 | 1,490,313 | 850,747 | 1,102,313 |
Total Operating Expenses | 12,302,746 | 9,254,956 | 12,280,402 | 9,373,571 | 12,139,370 |
Net operating income (loss) | (6,565,591) | (8,711,884) | (7,783,225) | (10,079,872) | |
OTHER EXPENSES | |||||
Finance expense (income) | 962,263 | 1,276,827 | 753,257 | 975,468 | |
Foreign exchange | 106,745 | 141,640 | (40,261) | (46,507) | |
Accretion and change in value of future purchase consideration | 22,609 | 30,000 | 400,886 | 519,148 | |
Total other expenses | 2,868,488 | 1,091,617 | 1,448,467 | 1,113,882 | 1,448,109 |
Net Income (loss) for the period | (13,591,117) | (7,657,208) | (10,160,351) | (8,897,107) | (11,527,981) |
Translation Adjustment | 2,887 | (8,500) | (385,221) | 32,671 | 869,082 |
Comprehensive loss for the period | $ 13,588,230 | $ 7,665,708 | $ 10,545,572 | $ 8,864,436 | $ 10,658,899 |
Weighted Average Shares | 1,484,898 | 807,956 | 807,956 | 657,764 | 657,764 |
Basic and diluted loss per share | (per share) | $ (9.15) | $ (9.48) | $ (12.58) | $ (13.53) | $ (17.53) |