Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Zomedica Corp. | |
Entity Central Index Key | 0001684144 | |
Trading Symbol | zom | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 974,350,084 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Shares, without par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 276,601,860 | $ 61,991,703 |
Inventory | 309,658 | |
Prepaid expenses and deposits | 1,393,616 | 1,727,814 |
Trade receivables | 8,535 | |
Other receivables | 235,905 | 146,207 |
Total current assets | 278,549,574 | 63,865,724 |
Prepaid expenses and deposits | 39,101 | 13,924 |
Property and equipment, net | 293,516 | 583,007 |
Right-of-use asset | 1,263,061 | 1,318,716 |
Intangible assets, net | 323,471 | 362,663 |
Total assets | 280,468,723 | 66,144,034 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,128,233 | 1,248,628 |
Current portion of debt obligations | 527,360 | 527,360 |
Current portion of lease liabilities | 306,770 | 252,788 |
Total current liabilities | 1,962,363 | 2,028,776 |
Lease obligations | 978,470 | 1,087,998 |
Total liabilities | 2,940,833 | 3,116,774 |
Commitments and contingencies (Note 13) | ||
Mezzanine equity: | ||
Series 1 preferred shares, no par value; 20 shares authorized 0 and 12 Series 1 preferred shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 11,961,397 | |
Shareholders' equity | ||
Unlimited common shares, no par value; 972,092,308 and 642,036,228 issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 377,970,846 | 104,783,612 |
Common shares subscribed | 459,600 | 459,600 |
Additional paid-in capital | 4,602,089 | 14,792,276 |
Accumulated deficit | (105,045,045) | (68,969,625) |
Total shareholders' equity | 277,527,890 | 51,065,863 |
Total liabilities, mezzanine equity and shareholders' equity | $ 280,468,723 | $ 66,144,034 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Mezzanine equity, par value (in dollars per share) | $ 0 | $ 0 |
Mezzanine equity, shares authorized (in shares) | 20 | 20 |
Mezzanine equity, shares issued (in shares) | 0 | 12 |
Mezzanine equity, shares outstanding (in shares) | 0 | 12 |
Capital stock, no par value (in dollars per share) | $ 0 | $ 0 |
Capital stock, issued (in shares) | 972,092,308 | 642,036,228 |
Capital stock, outstanding (in shares) | 972,092,308 | 642,036,228 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net revenue | $ 14,124 | |
Cost of revenue | 5,658 | |
Gross profit | 8,466 | |
Expenses | ||
Research and development | 413,128 | 630,066 |
Selling, general and administrative | 3,467,670 | 1,703,443 |
Loss from operations | (3,872,332) | (2,333,509) |
Interest income | (55,147) | |
Interest expense | 651 | |
Loss on disposal of assets | 218,986 | 128,931 |
Other income | (5,500) | |
Foreign exchange loss (gain) | 646 | (6,973) |
Loss before income taxes | (4,036,817) | (2,450,618) |
Income tax expense | ||
Net loss and comprehensive loss | $ (4,036,817) | $ (2,450,618) |
Weighted average number of common shares - basic and diluted (in shares) | 890,245,654 | 118,340,596 |
Loss per share - basic and diluted (Note 18) (in dollars per share) | $ (0.04) | $ (0.02) |
Condensed Unaudited Interim Con
Condensed Unaudited Interim Consolidated Statements of Shareholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Common Stock Subscribed [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 12 | 108,038,398 | |||||
Balance at Dec. 31, 2019 | $ 11,961,397 | $ 38,566,820 | $ 3,625,083 | $ (52,057,841) | $ 2,095,459 | ||
Stock and warrant issuance for financing (in shares) | 20,833,334 | ||||||
Stock and warrant issuance for financing | $ 1,705,655 | 794,345 | 2,500,000 | ||||
Stock issuance costs | (238,217) | (110,003) | (348,220) | ||||
Placement agent warrants | (35,816) | 35,816 | |||||
Stock-based compensation | 155,022 | 155,022 | |||||
Net loss | (2,450,618) | (2,450,618) | |||||
Balance (in shares) at Mar. 31, 2020 | 12 | 128,871,732 | |||||
Balance at Mar. 31, 2020 | $ 11,961,397 | $ 39,998,442 | 4,500,263 | (54,508,459) | 1,951,643 | ||
Balance (in shares) at Dec. 31, 2020 | 12 | 642,036,228 | |||||
Balance at Dec. 31, 2020 | $ 11,961,397 | $ 104,783,612 | 459,600 | 14,792,276 | (68,969,625) | 51,065,863 | |
Stock and warrant issuance for financing (in shares) | 105,013,158 | ||||||
Stock and warrant issuance for financing | $ 199,525,000 | 199,525,000 | |||||
Stock issuance costs | (14,281,368) | (14,281,368) | |||||
Stock-based compensation | 1,282,741 | 1,282,741 | |||||
Net loss | (4,036,817) | (4,036,817) | |||||
Stock issuance from warrant exercises (in shares) | 200,323,821 | [1] | |||||
Stock issuance from warrant exercises | $ 43,943,602 | [1] | 459,600 | (11,472,928) | 32,011,074 | ||
Stock redemption (in shares) | (12) | ||||||
Stock redemption | $ (11,961,397) | ||||||
Stock redemption (in shares) | 24,719,101 | ||||||
Stock redemption | $ 44,000,000 | (32,038,603) | 11,961,397 | ||||
Balance (in shares) at Mar. 31, 2021 | 972,092,308 | ||||||
Balance at Mar. 31, 2021 | $ 377,970,846 | $ 4,602,089 | $ (105,045,045) | $ 277,527,890 | |||
[1] | For the three months ended warrant exercises were as follows: Warrant series Warrants exercised Amount Series A 21,677,084 $ 4,293,229 Series B 3,037,167 455,576 Series C 37,566,195 5,646,929 Series D 138,043,375 22,074,940 Subtotal 200,323,821 32,470,674 Common stock subscribed - (459,600 ) Total 200,323,821 $ 32,011,074 |
Condensed Unaudited Interim C_2
Condensed Unaudited Interim Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,036,817) | $ (2,450,618) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | (59,326) | (76,416) |
Amortization - intangible assets | 44,321 | 45,036 |
Amortization - right-of-use asset | 42,448 | |
Loss on sale of property and equipment | 243,061 | 69,834 |
(Gain) loss on right-of-use assets | (24,075) | 59,097 |
Stock-based compensation | 1,282,741 | 155,022 |
Non cash portion of rent expense | 24,185 | 4,012 |
Change in non-cash operating working capital | ||
Purchased Inventory | (309,658) | |
Prepaid expenses and deposits | 309,021 | 409,028 |
Trade receivable | (8,535) | |
Other receivable | (101,508) | (74,845) |
Accounts payable and accrued liabilities | (120,395) | (508,557) |
Net cash used in operating activities | (2,638,333) | (2,173,127) |
Cash flows from investing activities: | ||
Cash received from sale of property and equipment | 75 | 5,400 |
Investment in intangibles | (3,185) | |
Investment in property and equipment | (14,916) | |
Cash from lease cancellation | 1,002,113 | |
Net cash (used in) provided by investing activities | (18,026) | 1,007,513 |
Cash flows from financing activities: | ||
Cash proceeds from issuance of common shares and warrants | 199,525,000 | 2,500,000 |
Cash received from warrant exercises | 32,011,074 | |
Cash paid for shares and warrant issuance costs | (14,269,558) | (348,220) |
Net cash provided by financing activities | 217,266,516 | 2,151,780 |
Increase in cash and cash equivalents | 214,610,157 | 986,166 |
Cash and cash equivalents, beginning of year | 61,991,703 | 510,586 |
Cash and cash equivalents, end of year | 276,601,860 | 1,496,752 |
Supplemental cash flow information: | ||
Interest paid | 651 | |
Interest (received) | $ (24,313) |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 1. Nature of operations The Company is a veterinary health company creating point-of-care diagnostics products for dogs and cats, that focuses on the needs of the veterinarians themselves. The impact of the novel strain of coronavirus (“COVID- 19” The outbreak of the novel strain of coronavirus, specifically identified as “COVID- 19”, March 2020. The COVID- 19 five five may 19 may 19, |
Note 2 - Basis of Preparation
Note 2 - Basis of Preparation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for the presentation of interim financial statements and with the instructions to Form 10 10 X. not three March 31, 2021 not may December 31, 2021. 2; 10 December 31, 2020. December 31, 2020 |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Significant accounting policies Estimates and assumptions In preparing these financial statements, management was required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. These estimates and assumptions are subject to an inherent degree of uncertainty. We are not may may may Inventories Inventories are stated at the lower of cost or net realizable value. Cost is based on the first first not Revenue recognition The Company enters into agreements which may The Company allocates revenue to each performance obligation in proportion to the relative standalone selling prices and recognize revenue when control of the related goods or services is transferred for each obligation. We utilize the observable standalone selling price when available, which represents the price charged for the performance obligation when sold separately. The Company's contracts with customers are generally comprised of purchase orders for the sale of the point of care diagnostic instrument, consumable products, and warranties, or some variation thereof. The instrument and consumables each represent a single performance obligation when sold separately, that is satisfied at a point in time upon transfer of control of the product to the customer which is typically upon receipt of the goods by the customer. The warranties are also a separate performance obligation, whereby revenue is recognized over time. Sales tax is charged on sales to end users, and remitted to the appropriate state authority. Accounts receivable are recorded at net realizable value, and have payment terms of 30 Cost of revenue Cost of goods sold consists of materials, and shipping costs incurred internally to produce and receive the products. Shipping and handling costs incurred by the Company are included in cost of goods sold. Comparative figures Certain prior year amounts have been reclassified to conform to the current year presentation. The change in presentation had no three March 31, 2020. not |
Note 4 - Prepaid Expenses, Depo
Note 4 - Prepaid Expenses, Deposits and Deferred Financing Costs | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Prepaid Rent [Text Block] | 4. Prepaid expenses, deposits and deferred financing costs March 31, December 31, 2021 2020 Deposits (i) $ 1,148,755 $ 1,455,119 Prepaid marketing 15,444 26,330 Prepaid insurance 109,440 184,154 Other (ii) 159,078 62,211 Total $ 1,432,717 $ 1,727,814 (i) Deposits include payments made to vendors in advance and are primarily associated with inventory, warranties, and research activity. As of March 31, 2021, December 31, 2020, $39,101 $13,924 (ii) Other is comprised of deferred financing costs, subscription payments, utilities, travel costs, and software licensing. As of March 31, 2021, December 31, 2020, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment March 31, December 31, 2021 2020 Computer equipment $ 387,055 $ 364,165 Furniture and equipment 110,244 121,281 Laboratory equipment 220,372 234,087 Leasehold improvements 272,194 571,460 989,865 1,290,993 Accumulated depreciation and amortization 696,349 707,986 Net property and equipment $ 293,516 $ 583,007 Depreciation expense for the three March 31, 2021 $59,326. |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. Intangible assets March 31, December 31, 2021 2020 Computer software $ 28,011 $ 22,882 Trademarks 16,236 16,236 Website 513,680 513,680 557,927 552,798 Accumulated amortization 234,456 190,135 Net intangibles $ 323,471 $ 362,663 Amortization expense for the three March 31, 2021 $44,321. |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases On February 1, 2020 60 February 1, 2020 January 31, 2025 $32,452 $36,525 $1,002,113. $1,061,210 $59,097 On February 1, 2020, $1,553,611 12%. On February 1, 2021 48 February 1, 2021 January 31, 2025 $12,039 first two $30,911 $1,297,666 $24,075 On February 1, 2021, $1,306,082 3.95%. During the three March 31, 2021, $80,714 $18,626 $62,088 Right-of-use asset Premise lease Cost Aggregate lease commitments $ 1,387,655 Less: impact of present value (81,573 ) Balance at March 31, 2021 1,306,082 Reduction in right-of-use asset Straight line amortization 46,256 Interest (3,235 ) Balance at March 31, 2021 43,021 Net book value as at: March 31, 2021 $ 1,263,061 Lease liabilities Premise lease Additions $ 1,306,082 Payments (24,077 ) Interest 3,235 Total lease liabilities at March 31, 2021 1,285,240 Current portion of lease liabilities 306,770 Long term portion of lease liabilities 978,470 Total lease liabilities at March 31, 2021 $ 1,285,240 Total remaining undiscounted lease liabilities related to the above lease are as follows: 2021 - remainder balance $ 254,591 2022 348,790 2023 359,254 2024 370,031 2025 30,911 Total $ 1,363,577 |
Note 8 - Loan Arrangements
Note 8 - Loan Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Loan arrangements On October 18, 2017, may $5,000,000, five 5 may one $250,000 one not two may fourteen 14% March 31, 2021, no The Coronavirus Aid, Relief, and Economic Security Act, or (“CARES”) Act, was signed into law on March 27, 2020, $2.0 19 100% $10 2.5x not Under the Program, the borrower is eligible for loan forgiveness up to the amount the borrower spends on certain eligible costs during the 8 25% not 1% 18 24 54 24 In April 2020, $527,360 |
Note 9 - Preferred Stock
Note 9 - Preferred Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 9. Preferred shares The Company is authorized to issue up to 20 1 $1,000,000. 1 not not 1 not 9 9 1 1 9 1 Upon any dissolution, liquidation or winding up, whether voluntary or involuntary, holders of Series 1 1 1 In the event of a fundamental transaction (defined to include an amalgamation, merger or other business combination transaction involving our company in which the shareholders do not 50% may third 1 1 1 5.0 9.0 Issued and outstanding preferred stock: Number of preferred Preferred stock stock amount Balance at December 31, 2019 12 $ 11,961,397 Balance at December 31, 2020 12 11,961,397 Stock redemption (12 ) (11,961,397 ) Balance at March 31, 2021 - $ - The Company exchanged the issued and outstanding shares of its Series 1 March 7, 2021 24,719,101 $44,000,000. |
Note 10 - Common Stock
Note 10 - Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Common shares The Company is authorized to issue an unlimited number of common shares, without par value. Issued and outstanding common shares: Number of Common stock Balance at December 31, 2019 108,038,398 $ 38,566,820 Stock issued from financing (i) 20,833,334 1,431,622 Balance at March 31, 2020 128,871,732 $ 39,998,442 Balance at December 31, 2020 642,036,228 $ 104,783,612 Stock issued from financing (ii) 105,013,158 185,243,632 Stock issued from exercises of warrants (iii) 200,323,821 43,943,602 Stock issued from preferred share redemption (Note 10) 24,719,101 44,000,000 Balance at March 31, 2021 972,092,308 $ 377,970,846 (i) On February 14, 2020, one one 20,833,334 20,833,334 $0.12 $0.20 six 5.5 1,041,667 $0.15 5 20,833,334 20,833,334 1,041,667 The Company raised $2,500,000 $1,705,655 $794,345 The direct cash costs related to the issuance of the common shares and warrants issued in February 2020 $348,220. $238,217 $110,003 $52,496 $35,816 $16,680 (ii) On February 8, 2021, 91,315,790 $1.90 30 13,697,368 The Company raised $199,525,000 $199,525,000 The direct cash costs related to the issuance of the common shares and warrants issued in February 2021 $14,281,368. (iii) For the three Warrant series Warrants Amount Series A 21,677,084 $ 4,293,229 Series B 3,037,167 455,576 Series C 37,566,195 5,646,929 Series D 138,043,375 22,074,940 Subtotal 200,323,821 32,470,674 Common stock subscribed - (459,600 ) Total 200,323,821 $ 32,011,074 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock-based compensation During the three March 31, 2021, 1,400,000 four ten three March 31, 2021, no three March 31, 2020, 5,056,000 four five The continuity of stock options are as follows: Number of Weighted Avg Balance at December 31, 2020 39,604,515 $ 0.36 Stock options forfeited (3,965,265 ) $ 1.52 Stock options forfeited (18,750 ) $ 0.19 Stock options granted 800,000 $ 1.87 Stock options granted 200,000 $ 2.06 Stock options granted 200,000 $ 1.88 Stock options granted 200,000 $ 2.49 Balance at March 31, 2021 37,020,500 $ 0.30 Vested at March 31, 2021 11,916,500 $ 0.29 As at March 31, 2021, Grant date Exercise Number of Number of Number of Weighted Avg August 19, 2019 0.26 500,000 500,000 - 0.39 August 19, 2019 0.35 100,000 100,000 - 0.39 August 19, 2019 0.45 100,000 100,000 - 0.39 August 19, 2019 0.55 100,000 100,000 - 0.39 August 19, 2019 0.65 100,000 100,000 - 0.39 August 19, 2019 0.75 100,000 100,000 - 0.39 September 16, 2019 0.43 500,000 500,000 - 0.46 March 14, 2020 0.19 3,705,500 1,852,750 1,852,750 3.96 June 16, 2020 0.19 2,000,000 2,000,000 - 4.21 July 9, 2020 0.18 175,000 43,750 131,250 4.28 August 25, 2020 0.13 40,000 10,000 30,000 4.41 September 29, 2020 0.11 300,000 75,000 225,000 4.50 October 1, 2020 0.11 300,000 75,000 225,000 4.51 October 20, 2020 0.09 40,000 10,000 30,000 4.56 December 31, 2020 0.23 27,560,000 6,000,000 21,560,000 9.76 February 26, 2021 1.87 800,000 200,000 600,000 9.92 March 1, 2021 2.06 200,000 50,000 150,000 9.92 March 8, 2021 1.88 200,000 50,000 150,000 9.94 March 15, 2021 2.49 200,000 50,000 150,000 9.96 Balance at March 31, 2021 37,020,500 11,916,500 25,104,000 11. Stock-based compensation (continued) The Company calculates volatility of stock-based compensation using the historical price of the Company's stock. An increase/decrease in the volatility would have resulted in an increase/decrease in the fair value of the options. The fair value of options granted during the three March 31, 2021 March 31, 2020 March 14, 2020 February 26, 2021 Volatility 87 % 117 % Risk-free interest rate 0.49 % 0.95 % Expected life (in years) 5 10 Dividend yield 0 % 0 % Common share price $ 0.18 $ 1.87 Strike price $ 0.19 $ 1.87 Forfeiture rate 0 0 March 1, 2021 March 8, 2021 Volatility 117 % 117 % Risk-free interest rate 0.92 % 1.07 % Expected life (in years) 10 10 Dividend yield 0 % 0 % Common share price $ 2.06 $ 1.88 Strike price $ 2.06 $ 1.88 Forfeiture rate 0 0 March 15, 2021 Volatility 117 % Risk-free interest rate 1.06 % Expected life (in years) 10 Dividend yield 0 % Common share price $ 2.49 Strike price $ 2.49 Forfeiture rate 0 The Company recorded $1,282,741 $155,022 three March 31, 2021 2020, three March 31, 2021 2020 no |
Note 12 - Warrants
Note 12 - Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Warrants Note Disclosure [Text Block] | 12. Warrants The Company calculates volatility of warrants based on the historical price of the Company's stock. An increase/decrease in the volatility would have resulted in an increase/decrease in the fair value of the options. In connection with the February 14, 2020 20,833,334 five one one $.20. 1,041,667 $0.15 In connection with the April 9, 2020 16,666,667 five one $0.15. 1,666,667 one $0.15 In connection with the May 29, 2020 133,333,333 two one $0.15. 12,170,000 $0.0001 December 31, 2020, In connection with the July 7, 2020 187,500,000 two one $0.16. 25,000,000 $0.0001 December 31, 2020, As at March 31, 2021, Original Issue date Exercise Warrants Weighted Average February 14, 2020 0.20 - - February 14, 2020 0.15 197,917 3.87 April 9, 2020 0.15 366,585 4.03 May 29, 2020 0.15 276,500 1.16 July 7, 2020 0.16 856,000 1.27 Balance at March 31, 2021 1,697,002 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and contingencies On May 10, 2018, • 1 st $3,500,000 • 2 nd $3,500,000 10 As at March 31, 2021, none not March 31, 2021. From time to time, the Company may March 31, 2021, May 12, 2021, not On November 1, 2019, 1:19 01108 November 22, 2019. January 21, 2020, February 11, 2020, February 25, 2020. September 30, 2020, October 14, 2020 May 10, 2021, no not Under the terms of the Development and Supply Agreement, dated November 26, 2018, third |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 14. Financial instruments (a) Fair values The Company follows ASC topic 820, 820 820 three three three Level 1 Level 2 1 Level 3 The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying values of cash, trade and other receivable, accounts payable and accrued liabilities and shareholder loans payable approximates their fair values because of the short-term nature of these instruments. (b) Interest rate and credit risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. The Company does not (c) Foreign exchange risk The Company has balances in Canadian dollars that give rise to exposure to foreign exchange (“FX”) risk relating to the impact of translating certain non-U.S. dollar balance sheet accounts as these statements are presented in U.S. dollars. A strengthening U.S. dollar will lead to a FX loss while a weakening U.S. dollar will lead to a FX gain. For each Canadian dollar balance of $1.0 10% $0.1 (d) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty raising liquid funds to meet commitments as they fall due. In meeting its liquidity requirements, the Company closely monitors its forecasted cash requirements with expected cash drawdown. The following are the contractual maturities of the undiscounted cash flows of financial liabilities as at March 31, 2021 December 31, 2020: March 31, 2021 Less than 3 6 6 9 9 months Greater than 3 months months months 1 year 1 year Total Third parties Accounts payable and accrued liabilities $ 1,128,233 $ - $ - $ - $ - $ 1,128,233 Debt obligations 527,360 - - - - 527,360 Lease obligations 75,413 75,980 76,551 78,826 978,470 1,285,240 $ 1,731,006 $ 75,980 $ 76,551 $ 78,826 $ 978,470 $ 2,940,833 December 31, 2020 Less than 3 6 6 9 9 months Greater than 3 months months months 1 year 1 year Total Third parties Accounts payable and accrued liabilities $ 1,248,628 $ - $ - $ - $ - $ 1,248,628 Debt obligations 527,360 - - - - 527,360 Lease obligations 59,662 62,463 64,356 66,307 1,087,998 1,340,786 $ 1,835,650 $ 62,463 $ 64,356 $ 66,307 $ 1,087,998 $ 3,116,774 |
Note 15 - Segmented Information
Note 15 - Segmented Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment information The Company's operations comprise a single reportable segment engaged in the research, development targeting health and wellness solutions for the companion animal. As the operations comprise a single reportable segment, amounts disclosed in the financial statements for loss for the period, depreciation and total assets also represent segmented amounts. In addition, all the Company's long-lived assets are in the United States of America (“US”). March 31, December 31, 2021 2020 Canada $ 250,972,315 $ 53,160,701 US 29,496,408 12,983,333 Total assets $ 280,468,723 $ 66,144,034 Total US property and equipment $ 293,516 $ 583,007 Total US right-of-use asset 1,263,062 1,318,716 $ 1,556,578 $ 1,901,723 |
Note 16 - Loss Per Share
Note 16 - Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Loss per share For the three months For the three months Numerator Net loss for the period $ (4,036,817 ) $ (2,450,618 ) Charge to retained earnings for preferred share exchange (32,038,603 ) - Loss attributable to common shareholders (36,075,420 ) (2,450,618 ) Denominator Weighted average shares - basic 890,245,654 118,340,596 Stock options - - Warrants - - Denominator for diluted loss per share 890,245,654 118,340,596 Loss per share - basic and diluted $ (0.04 ) $ (0.02 ) For the above-mentioned periods, the Company had stock options and warrants outstanding which could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted loss per share in the periods presented, as their effect would have been anti-dilutive. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Estimates and assumptions In preparing these financial statements, management was required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. These estimates and assumptions are subject to an inherent degree of uncertainty. We are not may may may |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is based on the first first not |
Revenue [Policy Text Block] | Revenue recognition The Company enters into agreements which may The Company allocates revenue to each performance obligation in proportion to the relative standalone selling prices and recognize revenue when control of the related goods or services is transferred for each obligation. We utilize the observable standalone selling price when available, which represents the price charged for the performance obligation when sold separately. The Company's contracts with customers are generally comprised of purchase orders for the sale of the point of care diagnostic instrument, consumable products, and warranties, or some variation thereof. The instrument and consumables each represent a single performance obligation when sold separately, that is satisfied at a point in time upon transfer of control of the product to the customer which is typically upon receipt of the goods by the customer. The warranties are also a separate performance obligation, whereby revenue is recognized over time. Sales tax is charged on sales to end users, and remitted to the appropriate state authority. Accounts receivable are recorded at net realizable value, and have payment terms of 30 |
Cost of Goods and Service [Policy Text Block] | Cost of revenue Cost of goods sold consists of materials, and shipping costs incurred internally to produce and receive the products. Shipping and handling costs incurred by the Company are included in cost of goods sold. |
Reclassification, Comparability Adjustment [Policy Text Block] | Comparative figures Certain prior year amounts have been reclassified to conform to the current year presentation. The change in presentation had no three March 31, 2020. not |
Note 4 - Prepaid Expenses, De_2
Note 4 - Prepaid Expenses, Deposits and Deferred Financing Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Prepaid Expenses and Deposits [Table Text Block] | March 31, December 31, 2021 2020 Deposits (i) $ 1,148,755 $ 1,455,119 Prepaid marketing 15,444 26,330 Prepaid insurance 109,440 184,154 Other (ii) 159,078 62,211 Total $ 1,432,717 $ 1,727,814 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2021 2020 Computer equipment $ 387,055 $ 364,165 Furniture and equipment 110,244 121,281 Laboratory equipment 220,372 234,087 Leasehold improvements 272,194 571,460 989,865 1,290,993 Accumulated depreciation and amortization 696,349 707,986 Net property and equipment $ 293,516 $ 583,007 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2021 2020 Computer software $ 28,011 $ 22,882 Trademarks 16,236 16,236 Website 513,680 513,680 557,927 552,798 Accumulated amortization 234,456 190,135 Net intangibles $ 323,471 $ 362,663 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Right of Use Asset and Lease Liabilities [Table Text Block] | Right-of-use asset Premise lease Cost Aggregate lease commitments $ 1,387,655 Less: impact of present value (81,573 ) Balance at March 31, 2021 1,306,082 Reduction in right-of-use asset Straight line amortization 46,256 Interest (3,235 ) Balance at March 31, 2021 43,021 Net book value as at: March 31, 2021 $ 1,263,061 Lease liabilities Premise lease Additions $ 1,306,082 Payments (24,077 ) Interest 3,235 Total lease liabilities at March 31, 2021 1,285,240 Current portion of lease liabilities 306,770 Long term portion of lease liabilities 978,470 Total lease liabilities at March 31, 2021 $ 1,285,240 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 - remainder balance $ 254,591 2022 348,790 2023 359,254 2024 370,031 2025 30,911 Total $ 1,363,577 |
Note 9 - Preferred Stock (Table
Note 9 - Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Preferred Stock [Table Text Block] | Number of preferred Preferred stock stock amount Balance at December 31, 2019 12 $ 11,961,397 Balance at December 31, 2020 12 11,961,397 Stock redemption (12 ) (11,961,397 ) Balance at March 31, 2021 - $ - |
Note 10 - Common Stock (Tables)
Note 10 - Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number of Common stock Balance at December 31, 2019 108,038,398 $ 38,566,820 Stock issued from financing (i) 20,833,334 1,431,622 Balance at March 31, 2020 128,871,732 $ 39,998,442 Balance at December 31, 2020 642,036,228 $ 104,783,612 Stock issued from financing (ii) 105,013,158 185,243,632 Stock issued from exercises of warrants (iii) 200,323,821 43,943,602 Stock issued from preferred share redemption (Note 10) 24,719,101 44,000,000 Balance at March 31, 2021 972,092,308 $ 377,970,846 |
Class of Warrant or Right, Warrant Series [Table Text Block] | Warrant series Warrants Amount Series A 21,677,084 $ 4,293,229 Series B 3,037,167 455,576 Series C 37,566,195 5,646,929 Series D 138,043,375 22,074,940 Subtotal 200,323,821 32,470,674 Common stock subscribed - (459,600 ) Total 200,323,821 $ 32,011,074 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Avg Balance at December 31, 2020 39,604,515 $ 0.36 Stock options forfeited (3,965,265 ) $ 1.52 Stock options forfeited (18,750 ) $ 0.19 Stock options granted 800,000 $ 1.87 Stock options granted 200,000 $ 2.06 Stock options granted 200,000 $ 1.88 Stock options granted 200,000 $ 2.49 Balance at March 31, 2021 37,020,500 $ 0.30 Vested at March 31, 2021 11,916,500 $ 0.29 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Grant date Exercise Number of Number of Number of Weighted Avg August 19, 2019 0.26 500,000 500,000 - 0.39 August 19, 2019 0.35 100,000 100,000 - 0.39 August 19, 2019 0.45 100,000 100,000 - 0.39 August 19, 2019 0.55 100,000 100,000 - 0.39 August 19, 2019 0.65 100,000 100,000 - 0.39 August 19, 2019 0.75 100,000 100,000 - 0.39 September 16, 2019 0.43 500,000 500,000 - 0.46 March 14, 2020 0.19 3,705,500 1,852,750 1,852,750 3.96 June 16, 2020 0.19 2,000,000 2,000,000 - 4.21 July 9, 2020 0.18 175,000 43,750 131,250 4.28 August 25, 2020 0.13 40,000 10,000 30,000 4.41 September 29, 2020 0.11 300,000 75,000 225,000 4.50 October 1, 2020 0.11 300,000 75,000 225,000 4.51 October 20, 2020 0.09 40,000 10,000 30,000 4.56 December 31, 2020 0.23 27,560,000 6,000,000 21,560,000 9.76 February 26, 2021 1.87 800,000 200,000 600,000 9.92 March 1, 2021 2.06 200,000 50,000 150,000 9.92 March 8, 2021 1.88 200,000 50,000 150,000 9.94 March 15, 2021 2.49 200,000 50,000 150,000 9.96 Balance at March 31, 2021 37,020,500 11,916,500 25,104,000 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 14, 2020 February 26, 2021 Volatility 87 % 117 % Risk-free interest rate 0.49 % 0.95 % Expected life (in years) 5 10 Dividend yield 0 % 0 % Common share price $ 0.18 $ 1.87 Strike price $ 0.19 $ 1.87 Forfeiture rate 0 0 March 1, 2021 March 8, 2021 Volatility 117 % 117 % Risk-free interest rate 0.92 % 1.07 % Expected life (in years) 10 10 Dividend yield 0 % 0 % Common share price $ 2.06 $ 1.88 Strike price $ 2.06 $ 1.88 Forfeiture rate 0 0 March 15, 2021 Volatility 117 % Risk-free interest rate 1.06 % Expected life (in years) 10 Dividend yield 0 % Common share price $ 2.49 Strike price $ 2.49 Forfeiture rate 0 |
Note 12 - Warrants (Tables)
Note 12 - Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Original Issue date Exercise Warrants Weighted Average February 14, 2020 0.20 - - February 14, 2020 0.15 197,917 3.87 April 9, 2020 0.15 366,585 4.03 May 29, 2020 0.15 276,500 1.16 July 7, 2020 0.16 856,000 1.27 Balance at March 31, 2021 1,697,002 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Contractual Maturities of Undiscounted Cash Flows of Financial Liabilities [Table Text Block] | March 31, 2021 Less than 3 6 6 9 9 months Greater than 3 months months months 1 year 1 year Total Third parties Accounts payable and accrued liabilities $ 1,128,233 $ - $ - $ - $ - $ 1,128,233 Debt obligations 527,360 - - - - 527,360 Lease obligations 75,413 75,980 76,551 78,826 978,470 1,285,240 $ 1,731,006 $ 75,980 $ 76,551 $ 78,826 $ 978,470 $ 2,940,833 December 31, 2020 Less than 3 6 6 9 9 months Greater than 3 months months months 1 year 1 year Total Third parties Accounts payable and accrued liabilities $ 1,248,628 $ - $ - $ - $ - $ 1,248,628 Debt obligations 527,360 - - - - 527,360 Lease obligations 59,662 62,463 64,356 66,307 1,087,998 1,340,786 $ 1,835,650 $ 62,463 $ 64,356 $ 66,307 $ 1,087,998 $ 3,116,774 |
Note 15 - Segmented Informati_2
Note 15 - Segmented Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, 2021 2020 Canada $ 250,972,315 $ 53,160,701 US 29,496,408 12,983,333 Total assets $ 280,468,723 $ 66,144,034 Total US property and equipment $ 293,516 $ 583,007 Total US right-of-use asset 1,263,062 1,318,716 $ 1,556,578 $ 1,901,723 |
Note 16 - Loss Per Share (Table
Note 16 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months For the three months Numerator Net loss for the period $ (4,036,817 ) $ (2,450,618 ) Charge to retained earnings for preferred share exchange (32,038,603 ) - Loss attributable to common shareholders (36,075,420 ) (2,450,618 ) Denominator Weighted average shares - basic 890,245,654 118,340,596 Stock options - - Warrants - - Denominator for diluted loss per share 890,245,654 118,340,596 Loss per share - basic and diluted $ (0.04 ) $ (0.02 ) |
Note 4 - Prepaid Expenses, De_3
Note 4 - Prepaid Expenses, Deposits and Deferred Financing Costs (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Deposits, Noncurrent | $ 39,101 | $ 13,924 |
Note 4 - Prepaid Expenses, De_4
Note 4 - Prepaid Expenses, Deposits and Deferred Financing Costs - Summary of Prepaid Expenses, Deposits and Deferred Financing Costs (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Deposits | [1] | $ 1,148,755 | $ 1,455,119 |
Prepaid marketing | 15,444 | 26,330 | |
Prepaid insurance | 109,440 | 184,154 | |
Other | [2] | 159,078 | 62,211 |
Total | $ 1,432,717 | $ 1,727,814 | |
[1] | Deposits include payments made to vendors in advance and are primarily associated with inventory and research activity. As of March 31, 2021, and December 31, 2020, the Company classified $39,101 and $13,924 as a non-current asset, with the remainder classified as a current asset in the consolidated balance sheets | ||
[2] | Other is comprised of deferred financing costs, subscription payments, utilities, travel costs, warranties, and software licensing. As of March 31, 2021, and December 31, 2020, the Company classified all amounts as a current asset in the consolidated balance sheets. |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Total | $ 59,326 | $ 76,416 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 989,865 | $ 1,290,993 |
Accumulated depreciation and amortization | 696,349 | 707,986 |
Net property and equipment | 293,516 | 583,007 |
Computer Equipment [Member] | ||
Property and equipment, gross | 387,055 | 364,165 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 110,244 | 121,281 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 220,372 | 234,087 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 272,194 | $ 571,460 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 44,321 | $ 45,036 |
Note 6 - Intangible Assets - Fi
Note 6 - Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-lived intangible assets, gross | $ 557,927 | $ 552,798 |
Accumulated amortization | 234,456 | 190,135 |
Net intangibles | 323,471 | 362,663 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived intangible assets, gross | 28,011 | 22,882 |
Trademarks [Member] | ||
Finite-lived intangible assets, gross | 16,236 | 16,236 |
Website [Member] | ||
Finite-lived intangible assets, gross | $ 513,680 | $ 513,680 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | Feb. 01, 2021 | Feb. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Increase (Decrease) in Prepaid Rent | $ 1,002,113 | ||||
Gain (loss) on Operating Lease, Right-of-Use Assets | 24,075 | $ (59,097) | |||
Operating Lease, Right-of-Use Asset | 1,263,061 | $ 1,318,716 | |||
Operating Lease, Liability, Total | 1,285,240 | $ 1,340,786 | |||
Lease Agreement with Wickfield Phoenix LLC [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 4 years | 5 years | |||
Monthly Rent Payment | $ 36,525 | ||||
Gain (loss) on Operating Lease, Right-of-Use Assets | $ 24,075 | ||||
Operating Lease, Right-of-Use Asset | $ 1,306,082 | $ 1,553,611 | |||
Lessee, Operating Lease, Discount Rate | 3.95% | 12.00% | |||
Operating Lease, Right-of-Use Asset, Lease Modification | $ 1,297,666 | ||||
Operating Lease, Expense | 80,714 | ||||
Operating Lease, Liability, Total | 1,306,082 | ||||
Lease Agreement with Wickfield Phoenix LLC [Member] | Research and Development Expense [Member] | |||||
Operating Lease, Expense | 18,626 | ||||
Lease Agreement with Wickfield Phoenix LLC [Member] | General and Administrative Expense [Member] | |||||
Operating Lease, Expense | $ 62,088 | ||||
Lease Agreement with Wickfield Phoenix LLC [Member] | Minimum [Member] | |||||
Monthly Rent Payment | 12,039 | $ 32,452 | |||
Lease Agreement with Wickfield Phoenix LLC [Member] | Maximum [Member] | |||||
Monthly Rent Payment | $ 30,911 | ||||
Lease Cancellation [Member] | |||||
Increase (Decrease) in Prepaid Rent | 1,002,113 | ||||
Operating Lease, Right-of-Use Asset, Lease Cancellation | 1,061,210 | ||||
Lease Modification [Member] | |||||
Gain (loss) on Operating Lease, Right-of-Use Assets | $ (59,097) |
Note 7 - Leases - Right of Use
Note 7 - Leases - Right of Use Asset and Lease Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Aggregate lease commitments | $ 1,387,655 | |
Less: impact of present value | (81,573) | |
Cost, balance | 1,306,082 | |
Straight line amortization | 46,256 | |
Interest | (3,235) | |
Reduction in right-of-use asset, balance | 43,021 | |
Net book value | 1,263,061 | $ 1,318,716 |
Additions | 1,306,082 | |
Payments | (24,077) | |
Interest | 3,235 | |
Operating Lease, Liability, Total | 1,285,240 | 1,340,786 |
Current portion of lease liabilities | 306,770 | 252,788 |
Long term portion of lease liabilities | $ 978,470 | $ 1,087,998 |
Note 7 - Leases - Remaining Und
Note 7 - Leases - Remaining Undiscounted Lease Liabilities (Details) | Mar. 31, 2021USD ($) |
2021 - remainder balance | $ 254,591 |
2022 | 348,790 |
2023 | 359,254 |
2024 | 370,031 |
2025 | 30,911 |
Total | $ 1,363,577 |
Note 8 - Loan Arrangements (Det
Note 8 - Loan Arrangements (Details Textual) - USD ($) | Oct. 18, 2017 | Apr. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 527,360 | $ 527,360 | ||
Loan Arrangement With Shareholder [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 5,000,000 | |||
Debt Instrument, Term (Year) | 5 years | |||
Debt Agreement, Minimum Borrowing Per Advances | $ 250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | |||
Long-term Debt, Total | $ 0 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Short-term Debt, Total | $ 527,360 |
Note 9 - Preferred Stock (Detai
Note 9 - Preferred Stock (Details Textual) - USD ($) | Mar. 07, 2021 | Mar. 31, 2021 |
Conversion of Stock, Amount Issued | $ 11,961,397 | |
Redemption of Preferred Shares for Common Shares [Member] | ||
Conversion of Stock, Shares Issued (in shares) | 24,719,101 | |
Conversion of Stock, Amount Issued | $ 44,000,000 | |
Series 1 Preferred Shares [Member] | ||
Preferred Stock, Shares Authorized (in shares) | 20 | |
Preferred Stock, Stated Value Per Share (in dollars per share) | $ 1,000,000 | |
Net Sales Payments, Percentage of Sales | 9.00% |
Note 9 - Preferred Stock - Issu
Note 9 - Preferred Stock - Issued and Outstanding Preferred Stock (Details) - Series 1 Preferred Shares [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, number (in shares) | 0 | 12 | 12 |
Balance, amount | $ 0 | $ 11,961,397 | $ 11,961,397 |
Stock redemption (in shares) | (12) | ||
Stock redemption | $ (11,961,397) |
Note 10 - Common Stock (Details
Note 10 - Common Stock (Details Textual) - USD ($) | Feb. 08, 2021 | Feb. 14, 2020 | Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 09, 2020 |
Issuance of Common Shares and Warrants, Direct Costs of Issuance | $ 14,281,368 | $ 348,220 | $ (14,281,368) | $ (348,220) | ||
Adjustments to Equity, Warrant Issued | ||||||
Proceeds from Issuance of Common Stock | 199,525,000 | 2,500,000 | ||||
Common Stock [Member] | ||||||
Stock Issued During Period, Value, New Issues | $ 199,525,000 | |||||
Issuance of Common Shares and Warrants, Direct Costs of Issuance | 238,217 | (14,281,368) | (238,217) | |||
Adjustments to Equity, Warrant Issued | (35,816) | |||||
Additional Paid-in Capital [Member] | ||||||
Issuance of Common Shares and Warrants, Direct Costs of Issuance | 110,003 | (110,003) | ||||
Adjustments to Equity, Warrant Issued | $ 35,816 | |||||
Series A Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 20,833,334 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||||
Class of Warrant or Right, Period Exerciseable (Month) | 180 days | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years 182 days | |||||
Class of Warrant or Right, Issued During Period (in shares) | 20,833,334 | |||||
Class of Warrant or Right, Issued During Period, Value | $ 794,345 | |||||
Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,041,667 | 1,666,667 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.15 | $ 0.15 | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Class of Warrant or Right, Issued During Period (in shares) | 1,041,667 | |||||
Adjustments to Equity, Warrant Issued | 52,496 | |||||
Placement Agent Warrants [Member] | Common Stock [Member] | ||||||
Adjustments to Equity, Warrant Issued | 35,816 | |||||
Placement Agent Warrants [Member] | Additional Paid-in Capital [Member] | ||||||
Adjustments to Equity, Warrant Issued | $ 16,680 | |||||
Registered Direct Offering [Member] | ||||||
Shares Issued, Number of Common Shares Per Share (in shares) | 1 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 20,833,334 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.12 | |||||
Proceeds from Issuance or Sale of Equity, Total | $ 2,500,000 | |||||
Stock Issued During Period, Value, New Issues | $ 1,705,655 | |||||
The Common Shares Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 91,315,790 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.90 | |||||
Proceeds from Issuance of Common Stock | $ 199,525,000 | |||||
Over-Allotment Option [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 13,697,368 |
Note 10 - Common Stock - Issued
Note 10 - Common Stock - Issued and Outstanding Common Shares (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Number of common shares (in shares) | 642,036,228 | ||||
Stock issued from exercises of warrants (iii) | $ 32,011,074 | ||||
Stock issued from preferred share redemption (Note 10) | $ 11,961,397 | ||||
Number of common shares (in shares) | 972,092,308 | ||||
Common Stock [Member] | |||||
Number of common shares (in shares) | 642,036,228 | 108,038,398 | |||
Capital stock | $ 104,783,612 | $ 38,566,820 | |||
Stock issued from financing, net of cost (in shares) | 105,013,158 | [1] | 20,833,334 | [2] | |
Stock issued from financing, net of cost | $ 185,243,632 | [1] | $ 1,431,622 | [2] | |
Stock issued from exercises of warrants (iii) (in shares) | [3] | 200,323,821 | |||
Stock issued from exercises of warrants (iii) | [3] | $ 43,943,602 | |||
Stock issued from preferred share redemption (Note 10) (in shares) | 24,719,101 | ||||
Stock issued from preferred share redemption (Note 10) | $ 44,000,000 | ||||
Number of common shares (in shares) | 972,092,308 | 128,871,732 | |||
Capital stock | $ 377,970,846 | $ 39,998,442 | |||
[1] | On February 8, 2021, the Company completed a sale of 91,315,790 common shares at an offering price of $1.90 per share. The company also granted the underwriter a 30-day option to purchase up to 13,697,368 additional common shares at the public offering price. The Company raised $199,525,000 in gross proceeds as part of the offering. The Company recorded $199,525,000 as the value of common shares under common stock. The direct cash costs related to the issuance of the common shares and warrants issued in February 2021 were $14,281,367. These direct costs were recorded as an offset against the statement of shareholders' equity with the entirety recorded under capital stock. | ||||
[2] | On February 14, 2020, the Company completed a registered direct offering ("RDO") of its common shares and a simultaneous private placement of its warrants ("Series A Warrants") in a fixed combination of one common share and a Series A Warrant to purchase one common share, resulting in the sale of 20,833,334 common shares and Series A Warrants to purchase 20,833,334 common shares at a combined offering price of $0.12 per share and related Series A Warrant. Each Series A Warrant has an exercise price of $0.20 per share, is exercisable six months after issuance and has a term of 5.5 years. The Company also issued warrants to the placement agents to purchase 1,041,667 common shares at an exercise price of $0.15 per share ("Placement Agent Warrants"), which were exercisable immediately upon issuance and have a term of 5 years. In aggregate, the Company issued 20,833,334 common shares, 20,833,334 Series A Warrants, and an additional 1,041,667 Series A Placement Agent Warrants. The Company raised $2,500,000 in gross proceeds as part of the RDO. The Company recorded $1,705,655 as the value of common shares under common stock and $794,345 as the value of Series A Warrants under additional paid-in-capital in the consolidated statements of shareholders' equity. The direct cash costs related to the issuance of the common shares and warrants issued in February 2020 were $348,220. These direct costs were recorded as an offset against the statement of shareholders' equity with $238,217 being recorded under capital stock and $110,003 being recorded under additional paid-in-capital. The Company also recorded the value of the Series A Placement Agent Warrants in the amount of $52,496 as an offset against the statement of shareholders' equity with $35,816 being recorded under capital stock and $16,680 being recorded under additional paid-in-capital. | ||||
[3] | For the three months ended warrant exercises were as follows: Warrant series Warrants exercised Amount Series A 21,677,084 $ 4,293,229 Series B 3,037,167 455,576 Series C 37,566,195 5,646,929 Series D 138,043,375 22,074,940 Subtotal 200,323,821 32,470,674 Common stock subscribed - (459,600 ) Total 200,323,821 $ 32,011,074 |
Note 10 - Common Stock - Warran
Note 10 - Common Stock - Warrant Exercises (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Class of warrant or right, warrants exercised (in shares) | 200,323,821 | |
Class of warrant or right, warrants exercised, value | $ 32,470,674 | |
Common stock subscribed, value | (459,600) | $ (459,600) |
Class of warrant or right, warrants exercised, total value | $ 32,011,074 | |
Series A Warrants [Member] | ||
Class of warrant or right, warrants exercised (in shares) | 21,677,084 | |
Class of warrant or right, warrants exercised, value | $ 4,293,229 | |
Series B Warrants [Member] | ||
Class of warrant or right, warrants exercised (in shares) | 3,037,167 | |
Class of warrant or right, warrants exercised, value | $ 455,576 | |
Series C Warrants [Member] | ||
Class of warrant or right, warrants exercised (in shares) | 37,566,195 | |
Class of warrant or right, warrants exercised, value | $ 5,646,929 | |
Series D Warrants [Member] | ||
Class of warrant or right, warrants exercised (in shares) | 138,043,375 | |
Class of warrant or right, warrants exercised, value | $ 22,074,940 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 1,400,000 | 5,056,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |
Share-based Payment Arrangement, Expense | $ 1,282,741 | $ 155,022 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 0 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Issuance of Stock Options (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Number of Options, Options Outstanding (in shares) | 37,020,500 | 39,604,515 | |
Weighted Avg Exercise Price, Options Outstanding (in dollars per share) | $ 0.30 | $ 0.36 | |
Number of Options, Options Granted (in shares) | 1,400,000 | 5,056,000 | |
Number of Options, Options Vested (in shares) | 11,916,500 | ||
Weighted Avg Exercise Price, Vested (in dollars per share) | $ 0.29 | ||
Options 1 [Member] | |||
Stock options forfeited (in shares) | (3,965,265) | ||
Weighted Avg Exercise Price, Options Forfeited (in dollars per share) | $ 1.52 | ||
Options 2 [Member] | |||
Stock options forfeited (in shares) | (18,750) | ||
Weighted Avg Exercise Price, Options Forfeited (in dollars per share) | $ 0.19 | ||
Options 3 [Member] | |||
Number of Options, Options Granted (in shares) | 800,000 | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 1.87 | ||
Options 4 [Member] | |||
Number of Options, Options Granted (in shares) | 200,000 | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 2.06 | ||
Options 5 [Member] | |||
Number of Options, Options Granted (in shares) | 200,000 | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 1.88 | ||
Options 6 [Member] | |||
Number of Options, Options Granted (in shares) | 200,000 | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 2.49 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Details of the Issued Stock Options (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Number of Options, Options Outstanding (in shares) | 37,020,500 | 39,604,515 |
Number of unvested options outstanding (in shares) | 25,104,000 | |
Number of Options, Options Vested (in shares) | 11,916,500 | |
Options 3 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 1.87 | |
Options 4 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | 2.06 | |
August 19, 2019 [Member] | Options 1 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.26 | |
Number of Options, Options Outstanding (in shares) | 500,000 | |
Number of Vested Options (in shares) | 500,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
August 19, 2019 [Member] | Options 2 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.35 | |
Number of Options, Options Outstanding (in shares) | 100,000 | |
Number of Vested Options (in shares) | 100,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
August 19, 2019 [Member] | Options 3 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.45 | |
Number of Options, Options Outstanding (in shares) | 100,000 | |
Number of Vested Options (in shares) | 100,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
August 19, 2019 [Member] | Options 4 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.55 | |
Number of Options, Options Outstanding (in shares) | 100,000 | |
Number of Vested Options (in shares) | 100,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
August 19, 2019 [Member] | Option 5 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.65 | |
Number of Options, Options Outstanding (in shares) | 100,000 | |
Number of Vested Options (in shares) | 100,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
August 19, 2019 [Member] | Option 6 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.75 | |
Number of Options, Options Outstanding (in shares) | 100,000 | |
Number of Vested Options (in shares) | 100,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 142 days | |
September 16, 2019 [Member] | Option 7 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.43 | |
Number of Options, Options Outstanding (in shares) | 500,000 | |
Number of Vested Options (in shares) | 500,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 167 days | |
March 14, 2020 [Member] | Option 8 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.19 | |
Number of Options, Options Outstanding (in shares) | 3,705,500 | |
Number of Vested Options (in shares) | 1,852,750 | |
Number of unvested options outstanding (in shares) | 1,852,750 | |
Weighted Avg Remaining Life (Year) | 3 years 350 days | |
June 16, 2020 [Member] | Option 9 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.19 | |
Number of Options, Options Outstanding (in shares) | 2,000,000 | |
Number of unvested options outstanding (in shares) | ||
Weighted Avg Remaining Life (Year) | 4 years 76 days | |
Number of Options, Options Vested (in shares) | 2,000,000 | |
July 9, 2020 [Member] | Option 10 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.18 | |
Number of Options, Options Outstanding (in shares) | 175,000 | |
Number of unvested options outstanding (in shares) | 131,250 | |
Weighted Avg Remaining Life (Year) | 4 years 102 days | |
Number of Options, Options Vested (in shares) | 43,750 | |
August 25, 2020 [Member] | Option 11 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.13 | |
Number of Options, Options Outstanding (in shares) | 40,000 | |
Number of unvested options outstanding (in shares) | 30,000 | |
Weighted Avg Remaining Life (Year) | 4 years 149 days | |
Number of Options, Options Vested (in shares) | 10,000 | |
September 29, 2020 [Member] | Option 12 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.11 | |
Number of Options, Options Outstanding (in shares) | 300,000 | |
Number of unvested options outstanding (in shares) | 225,000 | |
Weighted Avg Remaining Life (Year) | 4 years 182 days | |
Number of Options, Options Vested (in shares) | 75,000 | |
October 1, 2020 [Member] | Option 13 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.11 | |
Number of Options, Options Outstanding (in shares) | 300,000 | |
Number of unvested options outstanding (in shares) | 225,000 | |
Weighted Avg Remaining Life (Year) | 4 years 186 days | |
Number of Options, Options Vested (in shares) | 75,000 | |
October 20, 2020 [Member] | Option 14 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.09 | |
Number of Options, Options Outstanding (in shares) | 40,000 | |
Number of unvested options outstanding (in shares) | 30,000 | |
Weighted Avg Remaining Life (Year) | 4 years 204 days | |
Number of Options, Options Vested (in shares) | 10,000 | |
December 31, 2020 [Member] | Option 15 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 0.23 | |
Number of Options, Options Outstanding (in shares) | 27,560,000 | |
Number of unvested options outstanding (in shares) | 21,560,000 | |
Weighted Avg Remaining Life (Year) | 9 years 277 days | |
Number of Options, Options Vested (in shares) | 6,000,000 | |
February 26, 2021 [Member] | Options 16 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 1.87 | |
Number of Options, Options Outstanding (in shares) | 800,000 | |
Number of unvested options outstanding (in shares) | 600,000 | |
Weighted Avg Remaining Life (Year) | 9 years 335 days | |
Number of Options, Options Vested (in shares) | 200,000 | |
March 1, 2021 [Member] | Options 17 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 2.06 | |
Number of Options, Options Outstanding (in shares) | 200,000 | |
Number of unvested options outstanding (in shares) | 150,000 | |
Weighted Avg Remaining Life (Year) | 9 years 335 days | |
Number of Options, Options Vested (in shares) | 50,000 | |
March 8, 2021 [Member] | Options 18 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 1.88 | |
Number of Options, Options Outstanding (in shares) | 200,000 | |
Number of unvested options outstanding (in shares) | 150,000 | |
Weighted Avg Remaining Life (Year) | 9 years 343 days | |
Number of Options, Options Vested (in shares) | 50,000 | |
March 15, 2021 [Member] | Options 19 [Member] | ||
Weighted Avg Exercise Price, Options Granted (in dollars per share) | $ 2.49 | |
Number of Options, Options Outstanding (in shares) | 200,000 | |
Number of unvested options outstanding (in shares) | 150,000 | |
Weighted Avg Remaining Life (Year) | 9 years 350 days | |
Number of Options, Options Vested (in shares) | 50,000 |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Valuation Assumptions for Fair Value of Options Granted (Details) - $ / shares | Mar. 15, 2021 | Mar. 08, 2021 | Mar. 01, 2021 | Feb. 26, 2021 | Mar. 14, 2020 |
Volatility | 117.00% | 117.00% | 87.00% | ||
Risk-free interest rate | 1.06% | 0.92% | 0.49% | ||
Expected life (in years) (Year) | 10 years | 10 years | 5 years | ||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Common share price (in dollars per share) | $ 2.49 | $ 2.06 | $ 0.18 | ||
Strike price (in dollars per share) | $ 2.49 | $ 2.06 | $ 0.19 | ||
Forfeiture rate | 0.00% | 0.00% | 0.00% | ||
Minimum [Member] | |||||
Volatility | 117.00% | 117.00% | |||
Risk-free interest rate | 1.07% | 0.95% | |||
Expected life (in years) (Year) | 10 years | 10 years | |||
Dividend yield | 0.00% | 0.00% | |||
Common share price (in dollars per share) | $ 1.88 | $ 1.87 | |||
Strike price (in dollars per share) | $ 1.88 | $ 1.87 | |||
Forfeiture rate | 0.00% | 0.00% |
Note 12 - Warrants (Details Tex
Note 12 - Warrants (Details Textual) - $ / shares | Jul. 07, 2020 | May 29, 2020 | Apr. 09, 2020 | Feb. 14, 2020 |
Series A Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 20,833,334 | |||
Warrants and Rights Outstanding, Term (Year) | 5 years 182 days | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | |||
Placement Agent Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,666,667 | 1,041,667 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.15 | $ 0.15 | ||
Series B Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 16,666,667 | |||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.15 | |||
Series C Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 133,333,333 | |||
Warrants and Rights Outstanding, Term (Year) | 2 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.15 | |||
Series C Pre-funded Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,170,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | |||
Series D Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 187,500,000 | |||
Warrants and Rights Outstanding, Term (Year) | 2 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.16 | |||
Series D Pre-funded Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 25,000,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 |
Note 12 - Warrants - Details of
Note 12 - Warrants - Details of Outstanding Warrants (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Warrants and Rights, Outstanding (in shares) | 1,697,002 |
Warrant One [Member] | |
Warrant, exercise price (in dollars per share) | $ / shares | $ 0.20 |
Warrants and Rights, Outstanding (in shares) | |
Warrants, weighted average remaining life (Year) | |
Warrant Two [Member] | |
Warrant, exercise price (in dollars per share) | $ / shares | $ 0.15 |
Warrants and Rights, Outstanding (in shares) | 197,917 |
Warrants, weighted average remaining life (Year) | 3 years 317 days |
Warrant Three [Member] | |
Warrant, exercise price (in dollars per share) | $ / shares | $ 0.15 |
Warrants and Rights, Outstanding (in shares) | 366,585 |
Warrants, weighted average remaining life (Year) | 4 years 10 days |
Warrant Four [Member] | |
Warrant, exercise price (in dollars per share) | $ / shares | $ 0.15 |
Warrants and Rights, Outstanding (in shares) | 276,500 |
Warrants, weighted average remaining life (Year) | 1 year 58 days |
Warrant Five [Member] | |
Warrant, exercise price (in dollars per share) | $ / shares | $ 0.16 |
Warrants and Rights, Outstanding (in shares) | 856,000 |
Warrants, weighted average remaining life (Year) | 1 year 98 days |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - Seraph Biosciences, Inc. [Member] | May 10, 2018USD ($) |
Development, Commercialization and Exclusive Distribution Agreement, Contingent on Achievement of Development Milestone, Cash | $ 3,500,000 |
Development, Commercialization and Exclusive Distribution Agreement, Contingent on Achievement of Development Milestone, Equity | $ 3,500,000 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments - Contractual Maturities of Undiscounted Cash Flows of Financial Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts payable and Accrued Liabilities, maturity less than 3 Months | $ 1,128,233 | $ 1,248,628 |
Accounts payable and accrued liabilities, Maturity 3 to 6 Months | ||
Accounts payable and accrued liabilities, Maturity 6 to 9 Months | ||
Accounts payable and accrued liabilities, Maturity 9 to 12 Months | ||
Accounts payable and accrued liabilities, Greater than 1 Year | ||
Accounts payable and accrued liabilities | 1,128,233 | 1,248,628 |
Debt obligations, maturity less than 3 Months | 527,360 | 527,360 |
Debt obligations, Maturity 3 to 6 Months | ||
Debt obligations, Maturity 6 to 9 Months | ||
Debt obligations, Maturity 9 to 12 Months | ||
Debt obligations, Maturity Greater Than 1 Year | ||
Debt obligations | 527,360 | 527,360 |
Lease obligations, maturity less than 3 Months | 75,413 | 59,662 |
Lease obligations, Maturity 3 to 6 Months | 75,980 | 62,463 |
Lease obligations, Maturity 6 to 9 Months | 76,551 | 64,356 |
Lease obligations, Maturity 9 to 12 Months | 78,826 | 66,307 |
Long term portion of lease liabilities | 978,470 | 1,087,998 |
Lease obligations | 1,285,240 | 1,340,786 |
Maturity Less Than 3 Months | 1,731,006 | 1,835,650 |
Maturity 3 to 6 Months | 75,980 | 62,463 |
Maturity 6 to 9 Months | 76,551 | 64,356 |
Maturity 9 to 12 Months | 78,826 | 66,307 |
Maturity Greater Than 1 Year | 978,470 | 1,087,998 |
Liabilities, Total | $ 2,940,833 | $ 3,116,774 |
Note 15 - Segmented Informati_3
Note 15 - Segmented Information - Long-lived Assets by Geographic Areas (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | $ 280,468,723 | $ 66,144,034 |
Total US property and equipment | 293,516 | 583,007 |
Total US right-of-use asset | 1,263,061 | 1,318,716 |
Property, Plant and Equipment, Including Leased Assets | 1,556,578 | 1,901,723 |
CANADA | ||
Assets | 250,972,315 | 53,160,701 |
UNITED STATES | ||
Assets | 29,496,408 | 12,983,333 |
Total US property and equipment | $ 293,516 | $ 583,007 |
Note 16 - Loss Per Share - Loss
Note 16 - Loss Per Share - Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (4,036,817) | $ (2,450,618) |
Charge to retained earnings for preferred share exchange | (32,038,603) | |
Loss attributable to common shareholders | $ (36,075,420) | $ (2,450,618) |
Weighted average shares - basic (in shares) | 890,245,654 | 118,340,596 |
Stock options (in shares) | ||
Warrants (in shares) | ||
Denominator for diluted loss per share (in shares) | 890,245,654 | 118,340,596 |
Loss per share - basic and diluted (Note 18) (in dollars per share) | $ (0.04) | $ (0.02) |