Document and Entity Information
Document and Entity Information | 12 Months Ended |
Apr. 30, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F/A |
Amendment Flag | true |
Document Period End Date | Apr. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Trading Symbol | IPA |
Entity Registrant Name | IMMUNOPRECISE ANTIBODIES LTD. |
Entity Central Index Key | 0001715925 |
Current Fiscal Year End Date | --04-30 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 19,169,216 |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NASDAQ |
Entity File Number | 001-39530 |
Entity Incorporation, State or Country Code | A1 |
Entity Tax Identification Number | 98-1508109 |
Entity Primary SIC Number | 8731 |
Entity Address, Address Line One | 3204-4464 Markham Street |
Entity Address, City or Town | Victoria |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V8Z 7X8 |
City Area Code | 250 |
Local Phone Number | 483-0308 |
Document Annual Report | true |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Registration Statement | false |
Amendment Description | This Amendment No. 1 to Form 40-F (the “Form 40-F/A”) for the year ended April 30, 2021 is being filed to furnish the financial statements of ImmunoPrecise Antibodies Ltd. (the “Company”) for the fiscal year ended April 30, 2021 formatted in eXtensible Business Reporting Language (“XBRL”). No other changes have been made to the Form 40-F other than the furnishing of the exhibit described above. This Amendment No. 1 does not reflect subsequent events occurring after the original date of the Form 40-F or modify or update in any way disclosures made in the Form 40-F. |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 4837 Amber Valley Parkway Suite 11 |
Entity Address, City or Town | Fargo |
Entity Address, State or Province | ND |
Entity Address, Postal Zip Code | 58104 |
City Area Code | 701 |
Local Phone Number | 353-0022 |
Contact Personnel Name | ImmunoPrecise Antibodies (USA), Ltd. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Current assets | ||
Cash | $ 41,759 | $ 2,606 |
Amounts receivable | 2,858 | 2,492 |
Sales tax receivable | 491 | 88 |
Inventory | 1,204 | 819 |
Unbilled revenue | 770 | 1,168 |
Prepaid expenses | 1,776 | 526 |
Total current assets | 48,858 | 7,699 |
Restricted cash | 79 | 85 |
Deposit on equipment | 52 | 88 |
Investment | 111 | 119 |
Property and equipment | 4,024 | 3,078 |
Intangible assets | 6,058 | 8,285 |
Goodwill | 7,777 | 7,909 |
Total assets | 66,959 | 27,263 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,011 | 1,766 |
Sales tax payable | 140 | |
Deferred revenue | 1,111 | 1,475 |
Debentures | 2,000 | |
Income taxes payable | 326 | |
Loans payable | 122 | |
Leases | 986 | 752 |
Deferred acquisition payments | 498 | 1,815 |
Current liabilities | 6,072 | 7,930 |
Debenture subscriptions received | 313 | |
Loans payable | 190 | |
Convertible debentures – liability component | 1,531 | |
Leases | 940 | 1,132 |
Deferred acquisition payments | 1,011 | |
Deferred income tax liability | 1,492 | 1,601 |
Liabilities | 10,035 | 12,177 |
SHAREHOLDERS' EQUITY | ||
Share capital | 80,102 | 34,087 |
Convertible debentures – equity component | 127 | |
Contributed surplus | 7,201 | 3,778 |
Accumulated other comprehensive income (loss) | (687) | (300) |
Deficit | (29,819) | (22,479) |
Equity | 56,924 | 15,086 |
Total liabilities and shareholders’ equity | $ 66,959 | $ 27,263 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||
REVENUE | $ 17,912,000 | $ 14,058,000 |
COST OF SALES | 6,374,000 | 6,024,000 |
GROSS PROFIT | 11,538,000 | 8,034,000 |
EXPENSES | ||
Advertising | 691,000 | 378,000 |
Amortization and depreciation | 2,737,000 | 2,573,000 |
Bad debt expense | 4,000 | 48,000 |
Consulting fees | 348,000 | 227,000 |
Foreign exchange loss (gain) | 163,000 | (78,000) |
Insurance | 748,000 | 135,000 |
Interest and bank charges | 517,000 | 537,000 |
Management fees | 269,000 | 653,000 |
Office and general | 1,443,000 | 872,000 |
Professional fees | 1,428,000 | 884,000 |
Rent | 191,000 | 128,000 |
Repairs and maintenance | 134,000 | 80,000 |
Research and development | 1,974,000 | 446,000 |
Salaries and benefits | 5,600,000 | 4,619,000 |
Share-based payments | 2,748,479 | 739,011 |
Telephone and utilities | 68,000 | 50,000 |
Travel | 74,000 | 296,000 |
Total expenses | 19,137,000 | 12,587,000 |
Loss before other income (expenses) and income taxes | (7,599,000) | (4,553,000) |
OTHER INCOME (EXPENSES) | ||
Accretion | (346,000) | (900,000) |
Grant Income | 1,895,000 | 220,000 |
Subsidy Income | 844,000 | |
Interest and other income | 282,000 | 52,000 |
Unrealized foreign exchange loss | (1,071,000) | |
Loss on settlement | (112,000) | |
Other income (expenses) | 1,604,000 | (740,000) |
Loss before income taxes | (5,995,000) | (5,293,000) |
Income taxes | (1,345,000) | 346,000 |
NET LOSS FOR THE YEAR | (7,340,000) | (4,947,000) |
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO LOSS | ||
Exchange difference on translating foreign operations | (387,000) | (72,000) |
COMPREHENSIVE LOSS FOR THE YEAR | $ (7,727,000) | $ (5,019,000) |
LOSS PER SHARE – BASIC AND DILUTED | $ (0.45) | $ (0.36) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 16,474,350 | 13,628,896 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) | Total | UPE | IPA Europe | Share Capital | Share CapitalUPE | Share CapitalIPA Europe | Convertible Debentures-Equity Component | Contributed Surplus | Accumulated Other Comprehensive (Loss) Income | Deficit | |
Beginning balance at Apr. 30, 2019 | $ 18,068,000 | $ 32,699,000 | $ 3,074,000 | $ (228,000) | $ (17,477,000) | ||||||
Beginning balance, shares at Apr. 30, 2019 | [1] | 13,587,865 | |||||||||
Adoption of IFRS 16 (Note 4) | (55,000) | (55,000) | |||||||||
Balance, May 1, 2019 (Adjusted after adoption of IFRS 16) | 18,013,000 | $ 32,699,000 | 3,074,000 | (228,000) | (17,532,000) | ||||||
Balance, shares at May 1, 2019, (Adjusted after adoption of IFRS 16) | 13,587,865 | ||||||||||
Shares issued pursuant to settlement of Debentures and accrued interest | 859,000 | $ 859,000 | |||||||||
Shares issued pursuant to settlement of debentures and accrued interest, shares | 248,959 | ||||||||||
Shares issued pursuant to option exercise | 17,000 | $ 29,000 | (12,490) | ||||||||
Shares issued pursuant to option exercise, shares | 11,000 | ||||||||||
Shares issued pursuant to warrant exercise | 477,000 | $ 500,000 | (22,942) | ||||||||
Shares issued pursuant to warrant exercise, shares | 136,194 | ||||||||||
Share-based payments | 739,000 | 739,000 | |||||||||
Comprehensive loss for the year | (5,019,000) | (72,000) | (4,947,000) | ||||||||
Ending balance at Apr. 30, 2020 | 15,086,000 | $ 34,087,000 | 3,778,000 | (300,000) | (22,479,000) | ||||||
Ending balance, shares at Apr. 30, 2020 | 13,984,018 | ||||||||||
Shares issued pursuant to deferred acquisition payment | $ 1,047,000 | $ 511,000 | $ 1,047,000 | $ 511,000 | |||||||
Shares issued pursuant to deferred acquisition payment, shares | 203,178 | 132,833 | |||||||||
Shares issued pursuant to option exercise | 684,000 | $ 1,047,000 | (363,175) | ||||||||
Shares issued pursuant to option exercise, shares | 189,100 | ||||||||||
Shares issued pursuant to warrant exercise | 15,016,000 | $ 15,425,000 | (409,106) | ||||||||
Shares issued pursuant to warrant exercise, shares | 2,568,417 | ||||||||||
Convertible debentures | 204,000 | $ 204,000 | |||||||||
Shares issued pursuant to conversion of convertible debentures | 904,000 | $ 981,000 | (77,000) | ||||||||
Shares issued pursuant to conversion of convertible debentures, shares | 232,934 | ||||||||||
Share-based payments | 2,748,000 | 2,748,000 | |||||||||
Shares issued pursuant to bought deal offering of common shares | 28,451,000 | $ 27,004,000 | 1,447,000 | ||||||||
Shares issued pursuant to bought deal offering of common shares, shares | 1,858,736 | ||||||||||
Comprehensive loss for the year | (7,727,000) | (387,000) | (7,340,000) | ||||||||
Ending balance at Apr. 30, 2021 | $ 56,924,000 | $ 80,102,000 | $ 127,000 | $ 7,201,000 | $ (687,000) | $ (29,819,000) | |||||
Ending balance, shares at Apr. 30, 2021 | 19,169,216 | ||||||||||
[1] | The balance of shares is reflected on a post-consolidation basis, taking into account rounding for fractional shares. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Operating activities: | ||
Net loss for the period | $ (7,340) | $ (4,947) |
Items not affecting cash: | ||
Amortization and depreciation | 3,713 | 3,407 |
Deferred income taxes | (83) | (455) |
Accretion | 346 | 900 |
Interest expense settled in shares | 47 | |
Loan forgiven | (280) | |
Foreign exchange | 1,234 | (48) |
Reclassification of capitalized development costs | 80 | |
Change in fair value of investment | (28) | |
Loss on settlement | 112 | |
Share-based payments | 2,748 | 739 |
Items not affecting cash | 418 | (273) |
Changes in non-cash working capital related to operations: | ||
Amounts receivable | (439) | (933) |
Inventory | (316) | (23) |
Unbilled revenue | 393 | (775) |
Prepaid expenses | (1,342) | (193) |
Accounts payable and accrued liabilities | 876 | 172 |
Taxes payable and receivable | 62 | (116) |
Deferred revenue | (252) | 750 |
Net cash provided by (used in) operating activities | (600) | (1,391) |
Investing activities: | ||
Purchase of equipment | (1,375) | (374) |
Deposit on equipment | (52) | (88) |
Internally generated development costs | (114) | |
Deferred acquisition payment | (1,029) | (1,007) |
Net cash used in investing activities | (2,456) | (1,583) |
Financing activities: | ||
Proceeds on share issuance, net of transaction costs | 44,151 | 493 |
Repayment of leases | (945) | (657) |
Proceeds from loans | 283 | |
Loan repayments | (29) | (83) |
Proceeds from convertible debentures, net of transaction costs | 2,202 | 313 |
Repayment of debentures | (2,000) | (175) |
Net cash provided by (used in) financing activities | 43,379 | 174 |
Increase (decrease) in cash during the year | 40,323 | (2,800) |
Foreign exchange | (1,176) | (48) |
Cash – beginning of the year | 2,691 | 5,539 |
Cash – end of the year | 41,838 | 2,691 |
Cash is comprised of: | ||
Cash | 41,759 | 2,606 |
Restricted cash | 79 | 85 |
Cash paid for interest | 120 | 301 |
Cash paid for income tax | $ 1,096 | $ 238 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Nature Of Operations [Abstract] | |
Nature Of Operations | 1. NATURE OF OPERATIONS ImmunoPrecise Antibodies Ltd. (the "Company" or “IPA”) On November 23, 2020, the Company consolidated its issued and outstanding common shares on the basis of 5 pre-consolidation shares for one post-consolidation share (the “Consolidation”). All references to share and per share amounts in these consolidated financial statements have been retroactively restated to reflect the Consolidation. The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern. This assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its obligations in the normal course of operations. The Company has incurred operating losses since inception, including $7.3 million for the year ended April 30, 2021 and has accumulated a deficit of $29.8 million as of April 30, 2021. The Company has $41.8 million cash on hand as of April 30, 2021 which will sustain its existing operations through at least 2022. The Company may need to raise additional funds in order to funds its strategic goals and there can be no assurances that sufficient funding, including adequate financing, will be available. The ability of the Company to arrange additional financing in the future depends in part, on the prevailing capital market conditions and profitability of its operations. In March 2020, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and specifically, the regional economies in which the Company operates. The pandemic could result in delays in the course of business and could have a negative impact on the Company’s ability to raise new capital. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time. Accordingly, the consolidated financial statements do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and liquidate its liabilities, contingent obligations and commitments other than in the normal course of business and at amounts different from those in the consolidated financial statements. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Apr. 30, 2021 | |
Basis Of Accounting [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION (a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), and include the significant accounting policies as described in Note 3. These consolidated financial statements were approved by the Board of Directors. (b) Basis of measurement These consolidated financial statements have been prepared on the historical cost basis. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cashflow information. (c) Basis of consolidation These consolidated financial statements include the financial statements of the Company and the following subsidiaries which are wholly owned and subject to control by the Company: Name of Subsidiary % Equity Interest - 2021 % Equity Interest - 2020 Country of Incorporation Functional Currency ImmunoPrecise Antibodies (Canada) Ltd. 100% 100% Canada Canadian dollar ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") 100% 100% USA US dollar ImmunoPrecise Antibodies (N.D.) Ltd. 100% 100% USA US dollar ImmunoPrecise Antibodies (MA) LLC 100% 100% USA US dollar Talem Therapeutics LLC ("Talem") 100% 100% USA US dollar U-Protein Express B.V. (“U-Protein”) 0% 100% Netherlands Euro ImmunoPrecise Netherlands B.V. 100% 100% Netherlands Euro ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe", formerly ModiQuest Research B.V.) 100% 100% Netherlands Euro Immulease B.V. ("Immulease") 0% 100% Netherlands Euro ImmunoPrecise Antibodies (Quebec), Ltd. 100% 0% Canada Canadian dollar 9438-9244 Quebec, Inc 100% 0% Canada Canadian dollar Control is achieved when the Company has the power to, directly or indirectly, govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation. The Company incorporated new subsidiaries, ImmunoPrecise Antibodies (USA) Ltd., in Delaware, USA on September 11, 2019, and ImmunoPrecise Antibodies (Quebec), Ltd. and 9438-9244 Quebec, Inc on March 30, 2021. The Company merged U-Protein Express B.V. and Immulease B.V. into ImmunoPrecise Antibodies (Europe) B.V., a wholly owned subsidiary of ImmunoPrecise Netherlands B.V., on January 1, 2021. (d) Functional and presentation currency The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. The presentation currency of the Company is the Canadian dollar. Entities whose functional currencies differ from the presentation currency are translated into Canadian dollars as follows: assets and liabilities – at the closing rate as at the reporting date, and income and expenses – at the average rate of the period. All resulting changes are recognized in other comprehensive income as cumulative translation differences. Transactions in foreign currencies are translated into the functional currency at exchange rates at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the functional currency exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss. When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary are reallocated between controlling and non-controlling interests. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES Business combinations Acquisitions of businesses are accounted for using the acquisition model. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39, Financial Instruments: Recognition and Measurement Provisions, Contingent Liabilities and Contingent Assets The Company recognizes revenue from sale of antibodies and service agreements. Sale of antibodies: Revenue from sale of antibodies is recognized when the terms of a contract with a customer have been satisfied. This occurs when: • The control over the product has been transferred to the customer; and • The product is received by the customer or transfer of title to the customer occurs upon shipment. Following delivery, the customer bears the risks of obsolescence and loss in relation to the goods. Revenue is recognized based on the price specified in the contract, net of estimated sales discounts and returns. Contract revenue: Revenues from contracted services are generally recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Contract revenue is recognized on a percentage of completion basis when the key milestones contained within the contract are satisfied and there is an enforceable right to payment for performance completed to date. For contracts with no enforceable right to payment when the contract is incomplete, contract revenue is recognized on a completed contract basis when the customers are satisfied with the service at the end of the contract. Unbilled revenue and deferred revenue: Amounts recognized as revenue in excess of billings are classified as unbilled revenue. Amounts received in advance of the performance of services are classified as deferred revenue. Cost of sales: Cost of sales includes materials, direct labour, and allocation of overhead including depreciation of lab equipment. Financial instruments Recognition and Classification The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes party to the contractual provisions of the financial instrument. The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Classification and measurement IFRS 9 Cash Amortized cost Amounts receivable Amortized cost Investment FVTPL Accounts payable and accrued liabilities Amortized cost Convertible debentures Amortized cost Deferred acquisition payments Amortized cost Measurement Financial assets and liabilities at FVTPL: Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income (loss). Financial assets at FVTOCI: Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses recognized in other comprehensive income (loss). Financial assets and liabilities at amortized cost: Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Impairment of financial assets at amortized cost: The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition Financial assets: The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss). Financial liabilities: The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets, is recognized in profit or loss. Government assistance The Company periodically applies for financial assistance under available government incentive programs. Government assistance relating to capital expenditures is reflected as a reduction of the cost of such assets. Government assistance relating to research and development expenditures is recorded as a reduction of current year's expenses when the related expenditures are incurred. Government grant The Company periodically applies for financial assistance under available government incentive programs. The grant is recognized when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants will be received. All funds received as part of the grant or subsidies are reflected in grant and subsidy income as awarded. Inventory Inventory consists of supplies, parts and antibodies and is valued at the lower of average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. Equipment and leasehold improvements Equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the following terms: Asset Basis Term Lab equipment Straight line 5 years Furniture Straight line 5 years Computer Straight line 2 years Computer software Straight line 1 year Building Straight line Remaining term of the property lease Automobile Straight line 4 years Leasehold improvements Straight line Remaining term of the lease plus the first renewal option Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss when the asset is derecognised. Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (“CGU”s). To test for impairment, goodwill is allocated to each of the Company’s CGUs, groups of CGUs, or an operating segment expected to benefit from the acquisition. Goodwill is tested by combining the carrying amounts of equipment and leasehold improvements, intangible assets and goodwill and comparing this to the recoverable amount. Fair value less costs of disposal is price to be received in an orderly transaction between market participants. Value in use is assessed using the present value of the expected future cash flows. Any excess of the carrying amount over the recoverable amount is recorded as impairment. Impairment charges, which are not tax affected, are recognized in profit or loss and are not reversed. Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of their carrying amount to the recoverable amount. The recoverable amount is the higher of the fair value less selling costs or the value in use. Value in use is determined by the present value of the future cash flows from the asset. If the recoverable amount is less than the carrying amount, then there is impairment. Where an impairment loss exists, the portion of the carrying amount exceeding the recoverable amount is recorded as an expense immediately. Assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstance indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior periods. The reversal is recognized in profit or loss immediately. Income taxes I ncome taxes are recognized in the statement of comprehensive income (loss), except where they relate to items recognized directly in equity, in which case the related taxes are recognized in equity. Deferred tax assets and liabilities are recognized based on the difference between the tax and accounting values of assets and liabilities and are calculated using enacted or substantively enacted tax rates for the periods in which the differences are expected to reverse. The effect of tax rate changes is recognized in profit or loss or equity, as applicable, in the period of substantive enactment. Current taxes receivable or payable are estimated on taxable income for the current year at the statutory tax rates enacted or substantively enacted. Deferred tax assets are recognized only to the extent that it is probable that future taxable profits of the relevant entity or group of entities, in a particular jurisdiction, will be available against which the assets can be utilized. As an exception, deferred tax assets and liabilities are not recognized if the temporary differences arise from the initial recognition of goodwill or an asset or liability in a transaction (other than in a business combination) that affects neither accounting profit nor taxable profit. Leases At inception of a contract, the Company assesses whether the 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. Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company’s incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset’s useful life or the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset’s useful life. Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. The Company's common shares are classified as equity instruments. Proceeds from unit placements are allocated between common shares and warrants issued based on the residual value method, with the common shares being valued first. Share issuance costs Costs directly identifiable with the raising of share capital financing are charged against share capital. Share issuance costs incurred in advance of share subscriptions are recorded as deferred assets. Share issuance costs related to uncompleted share subscriptions are charged to operations. Share-based payments Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. All equity-settled share-based payments are reflected in contributed surplus, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in contributed surplus is credited to share capital, adjusted for any consideration paid. Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company immediately accounts for the cancellation as an acceleration of vesting and recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. Earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Dilutive earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. In periods where a net loss is incurred, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive and basic and diluted loss per common share is the same. In a profit year, under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average price during the year. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Adoption of New Accounting Standards | 4. ADOPTION OF NEW ACCOUNTING STANDARDS The Company has adopted the following new standards, along with any consequential amendments, effective May 1, 2019. These changes were made in accordance with the applicable transitional provisions. The Company adopted all of the requirements of IFRS 16, Leases Leases The Company analyzed its contracts to identify whether they contain a lease arrangement for the application of IFRS 16. The following is the Company’s new accounting policy for leases under IFRS 16: At inception of a contract, the Company assesses whether the 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. Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company’s incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures a right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset’s useful life and the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset’s useful life. On the date of transition, the Company recorded a right-of-use asset of $1.7 million related to the office rent in property and equipment, and the lease obligation of $1.7 million was recorded as at May 1, 2019, discounted using the Company’s incremental borrowing rate of 8%, and measured at an amount equal to the lease obligation as if IFRS 16 had been applied since the commencement date. The net difference between right-of-use assets and lease liabilities on the date of transition was recognized as a deficit adjustment of $54,744 on May 1, 2019. Standards not yet adopted Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments to IAS 37 specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. Costs that relate directly to a contract can either be incremental costs of fulfilling contracts (an example would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). These amendments are effective for reporting periods beginning on or after January 1, 2022. Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023. |
Critical Accounting Estimates A
Critical Accounting Estimates And Judgements | 12 Months Ended |
Apr. 30, 2021 | |
Critical Accounting Estimates And Judgments [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the consolidated financial statements in conformity with IFRS required estimates and judgments that affect the amounts reported in the financial statements. Actual results could differ from these estimates and judgments. Estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised. Significant areas requiring the use of estimates and judgments are as follows: Functional currency The Company has used judgment in determining the currency of the primary economic environment in which the entity operates. Amounts receivable The Company monitors the financial stability of its customers and the environment in which they operate to make estimates regarding the likelihood that the individual trade receivable balances will be paid. Credit risks for outstanding customer receivables are regularly assessed and allowances are recorded for estimated losses, if required. Property and equipment The Company has used estimates in the determination of the expected useful lives of property and equipment. Revenue recognition The percentage-of-completion method requires the use of estimates to determine the stage of completion which is used to determine the recorded amount of revenue, unbilled revenue and deferred revenue on uncompleted contracts. The determination of anticipated revenues includes the contractually agreed revenue and may also involve estimates of future revenues if such additional revenues can be reliably estimated and it is considered probable that they will be recovered. The determination of anticipated costs for completing a contract is based on estimates that can be affected by a variety of factors, including the cost of materials, labour, and sub-contractors. The determination of estimates is based on the Company’s business practices as well as its historical experience. Impairments For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (“CGU”s). Each asset or CGU is evaluated every reporting period to determine whether there are any indicators of impairment. If any such indicators exist, which is often judgment-based, a formal estimate of recoverable amount is performed and an impairment charge is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or CGU of assets is measured at the higher of fair value less costs of disposal or value in use. These determinations and their individual assumptions require that management make a decision based on the best available information at each reporting period. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reversed with the impact recorded in profit or loss. The Company performs a goodwill impairment test annually and when circumstances indicate that the carrying value may not be recoverable. For the purposes of impairment testing, goodwill acquired through business combinations has been allocated to two different CGUs. The recoverable amount of each CGU was based on value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The cash flows were projected over a five-year period based on past experience and actual operating results. The Company performed its annual goodwill impairment test in April 2021 and no impairment was indicated Determination of segments An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. All operating segments’ results are reviewed by the Company’s The Company provides antibody production and related services in one distinct segment. Life of intangible assets Intangible assets are amortized based on estimated useful life less their estimated residual value. Significant assumptions are involved in the determination of useful life and residual values and no assurance can be given that actual useful lives and residual values will not differ significantly from current assumptions. Actual useful life and residual values may vary depending on a number of factors including internal technical evaluation, attributes of the assets and experience with similar assets. Changes to these estimates may affect the carrying value of assets, net income (loss) and comprehensive income (loss) in future periods. |
Acquisition of U-Protein_IPA Eu
Acquisition of U-Protein/IPA Europe and Immulease | 12 Months Ended |
Apr. 30, 2021 | |
U-Protein | |
Disclosure Of Business Combinations [Line Items] | |
ACQUISITION OF U-PROTEIN/ IPA EUROPE AND IMMULEASE | 6. ACQUISITION OF On August 22, 2017, the Company completed the acquisition of U-Protein whereby the Company acquired all of the issued and outstanding shares of U-Protein for €6.83 million on terms as follows: • €2.7 million (CAD$4.1 million) was paid in cash on closing; • 606,101 • €2.0 million in deferred payments over a three-year period. The deferred payments can be made in cash or common shares of the Company at the election of U-Protein shareholders. The transaction was accounted for as a business combination, as the operations of U-Protein meet the definition of a business. As the transaction was accounted for as a business combination, transaction costs of $17,717 were expensed. The goodwill resulting from the allocation of the purchase price to the total fair value of net assets represented the sales and growth potential of U-Protein. Goodwill recorded is allocated in its entirety to U-Protein. The fair value of the 606,101 common shares issued ($3.0 million) was determined based on the Canadian dollar equivalent of the consideration required of €2.0 million pursuant to the share purchase agreement. The Company has allocated the purchase price as follows: (in thousands) $ Cash 4,063 606,101 common shares of the Company 3,022 Fair value of deferred payments 2,134 Fair value of consideration 9,219 Cash 797 Amounts receivable 371 Unbilled revenue 113 Inventory 37 Investment 90 Equipment, net of accumulated amortization 216 Intellectual property (not deductible for tax purposes) 4,064 Goodwill (not deductible for tax purposes) 4,656 Accounts payable and accrued liabilities (270 ) Income taxes payable (44 ) Deferred income tax liability (811 ) 9,219 The deferred payments of €2.0 million over a three-year period was fair valued on the date of acquisition using a discounted cash flow model. A discount rate of 16.2% was used. The final deferred acquisition payment was made in December 2020 and the U-Protein shareholders elected to receive common shares of the Company, totaling 203,178. The changes in the value of the deferred payments during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 1,563 Accretion expense 350 Payment (1,007 ) Foreign exchange 26 Balance, April 30, 2020 932 Accretion expense 89 Payment made in common shares (1,047 ) Foreign exchange 26 Balance, April 30, 2021 — |
IPA Europe and Immulease | |
Disclosure Of Business Combinations [Line Items] | |
ACQUISITION OF U-PROTEIN/ IPA EUROPE AND IMMULEASE | 7. ACQUISITION OF On April 5, 2018, the Company acquired all of the issued and outstanding shares of IPA Europe and its sister entity, Immulease, for an aggregate purchase price of €7.0 million on terms as follows: • €2.5 million (CAD$4.0 million) was paid in cash on closing; • 1,320,080 • €2.0 million in deferred payments over a three-year period. The deferred payments are made in three equal installments of cash and equity totaling €666,666 and prorated if the EBITDA of IPA Europe for the fiscal year preceding the date of payment is less than its average EBITDA over the previous two fiscal years. During the year ended April 30, 2019, the Company and the seller entered into an Amendment, Termination and Settlement Agreement whereby the deferred payments shall no longer be subject to an adjustment and will be paid in equal installments of cash and equity totaling €666,666. The transaction was accounted for as a business combination, as the operations of IPA Europe and Immulease meet the definition of a business. As the transaction was accounted for as a business combination, transaction costs of $36,821 were expensed. The goodwill resulting from the allocation of the purchase price to the total fair value of net assets represented the sales and growth potential of IPA Europe. Goodwill recorded is allocated in its entirety to IPA Europe. The fair value of the 1,320,080 common shares issued ($4.9 million) was determined to be $3.70 per share based on the fair value of the Company’s shares immediately prior to the completion of the acquisition. The Company has allocated the purchase price as follows: (in thousands) $ Cash 3,988 1,320,080 common shares of the Company 4,884 Fair value of deferred payments 2,354 Fair value of consideration 11,226 Cash 270 Amounts receivable 572 Unbilled revenue 90 Inventory 2,287 Equipment, net of accumulated amortization 568 Software 31 Intangible assets (not deductible for tax purposes) 6,305 Goodwill (not deductible for tax purposes) 3,641 Accounts payable and accrued liabilities (580 ) Deferred revenue (23 ) Loans (299 ) Deferred income tax liability (1,636 ) 11,226 The deferred payments of €2.0 million over a three-year period was fair valued on the date of acquisition using a discounted cash flow model. A discount rate of 14% was used. The changes in the value of the deferred payments during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 1,501 Accretion expense 383 Foreign exchange 10 Balance, April 30, 2020 1,894 Accretion expense 133 Repayment (1,540 ) Foreign exchange 11 Balance, April 30, 2021 498 |
Investment
Investment | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Investment [Abstract] | |
INVESTMENT | 8. INVESTMENT Investment consists of a 29% (2020 – 29%) interest in QVQ Holding B.V. (“QVQ”), which is recorded using the equity method, being the best approximation of the investment’s fair value. Judgment is required as to the extent of influence that the Company has over QVQ. The Company considered the extent of voting power over the entity, the power to participate in financial and operating policy decisions of the entity, representation on the board of directors, material transactions between the entities, interchange of management personnel, and provision of essential technical information. The Company has determined that the Company is not considered to have significant influence over QVQ, as the Company does not have the power to participate in financial and operating policy decisions, does not have representation on the Board of Directors of QVQ, and the majority of the common shares are held by QVQ management. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 9. PROPERTY AND EQUIPMENT (in thousands) Computer Hardware Furniture & Equipment Computer Software Building Automobile Leasehold Improvements Lab Equipment Total $ $ $ $ $ $ $ $ Cost: Balance, April 30, 2019 111 111 130 — — 393 3,369 4,114 IFRS 16 transition adjustment — — — 1,669 — — — 1,669 Additions 17 — — 905 49 6 350 1,327 Disposals (74 ) (75 ) (80 ) (196 ) — (49 ) (633 ) (1,107 ) Foreign exchange — — — 6 1 1 12 20 Balance, April 30, 2020 54 36 50 2,384 50 351 3,098 6,023 Additions 42 — — 582 45 2 2,001 2,672 Disposals — — — — — — (18 ) (18 ) Lease modification — — — (188 ) — — — (188 ) Foreign exchange — — (1 ) (48 ) (1 ) — (33 ) (83 ) Balance, April 30, 2021 96 36 49 2,730 94 353 5,048 8,406 Accumulated Depreciation: Balance, April 30, 2019 88 86 49 — — 206 2,048 2,477 Depreciation 23 7 66 697 7 69 497 1,366 Disposals (74 ) (75 ) (80 ) — — (49 ) (633 ) (911 ) Foreign exchange — — — 3 — — 10 13 Balance, April 30, 2020 37 18 35 700 7 226 1,922 2,945 Depreciation 24 10 8 711 21 70 800 1,644 Disposals — — — — — — (18 ) (18 ) Lease modification — — — (42 ) — — — (42 ) Foreign exchange — — (1 ) (35 ) (1 ) — (110 ) (147 ) Balance, April 30, 2021 61 28 42 1,334 27 296 2,594 4,382 Net Book Value: April 30, 2020 17 18 15 1,684 43 125 1,176 3,078 April 30, 2021 35 8 7 1,396 67 57 2,454 4,024 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | 10. INTANGIBLE ASSETS The intangible assets were acquired as a result of the acquisitions of U-Protein and IPA Europe and are amortized using the straight-line method over their useful lives. The intellectual property has a useful life of 10 years, and the proprietary processes have a useful life of 5 years. The internally generated development costs commence amortization once the development process is ready to be used. The changes in the value of the intangible assets during the years ended April 30, 2021 and 2020 are as follows: (in thousands) Internally Generated Development Costs Intellectual Property Proprietary Processes Certifications Total $ $ $ $ $ Cost: Balance, April 30, 2019 — 4,145 7,740 140 12,025 Additions 114 — — — 114 Foreign exchange 1 14 25 — 40 Balance, April 30, 2020 115 4,159 7,765 140 12,179 Costs expensed (80 ) — — — (80 ) Foreign exchange (2 ) (70 ) (130 ) (2 ) (204 ) Balance, April 30, 2021 33 4,089 7,635 138 11,895 Accumulated Amortization: Balance, April 30, 2019 — 636 1,163 — 1,799 Amortization — 406 1,635 — 2,041 Foreign exchange — 12 42 — 54 Balance, April 30, 2020 — 1,054 2,840 — 3,894 Amortization 1 421 1,647 — 2,069 Foreign exchange — (30 ) (96 ) — (126 ) Balance, April 30, 2021 1 1,445 4,391 — 5,837 Net Book Value: April 30, 2020 115 3,105 4,925 140 8,285 April 30, 2021 32 2,644 3,244 138 6,058 |
Debentures
Debentures | 12 Months Ended |
Apr. 30, 2021 | |
Borrowings [Abstract] | |
DEBENTURES | 11. DEBENTURES On April 5, 2018, the Company completed a nonconvertible debenture (the "Debentures") financing in the principal amount of $4.3 million (the “Offering”). The Debentures were unsecured, bore interest at a rate of 10% per annum, payable semi-annually, and were due eighteen months from the date of issue. Under the Offering, a holder of a Debenture received 7,500 detachable share purchase warrants (the "Warrants") for every $25,000 of Debentures subscribed for by the holder. The Warrants are exercisable at $3.50 per share for a period of four years from the date of issue. The fair value of the Debentures at the time of issue was calculated as the discounted cash flows assuming a 15% effective interest rate. The fair value of the Warrants was determined at the time of issue as the difference between the face value and the fair value of the Debentures. On initial recognition, the Company bifurcated $4.0 million to the carrying value of the Debentures and $248,875 to the Warrants. Under the Offering, the Company paid the following finder's fees: $10,300 in cash, 116,064 shares of the Company with a fair value of $383,010, and 83,188 finder’s warrants On October 25, 2018, the Company settled $1.4 million of the Debentures by issuing 275,400 units at a price of $5.00 per unit. Each unit consisted of one common share of the Company and one share purchase warrant, with each warrant entitling the holder to purchase an additional share at $6.25 for two years. The fair value of the 275,400 common shares issued was determined to be $1.1 million. The fair value of the warrants issued was determined to be $283,000 and estimated on the date of issue using the Black-Scholes option valuation model with the following weighted average assumptions: dividend yield of $nil, risk free interest rate of 1.58%, expected life of 2 years and expected volatility based on the historical volatility of similar companies of 68.7%. The settlement resulted in a loss of $189,715. On September 26, 2019, the Company modified the terms of $2.8 million Debentures to extend the due date by 6 months to March 26, 2020, with the ability to pay earlier with no penalty, and increased the interest rate to 12.5%. The remaining debentures of $125,000 were paid on maturity. On March 26, 2020, the Company settled $700,000 of the Debentures plus accrued interest of $46,875 by issuing 248,959 common shares. The fair value of the 248,959 common shares issued was determined to be $858,906. The settlement resulted in a loss of $112,031. $50,000 of the Debentures were paid on maturity. The maturity date of the remaining Debentures of $2,000,000 was extended to September 26, 2020. The Company repaid the remaining balance of $2.0 million plus interest of $61,644 during the year ended April 30, 2021. The changes in the value of the Debentures during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 2,708 Accretion expense 167 Repayment (175 ) Settlement of debentures (700 ) Balance, April 30, 2020 2,000 Repayment (2,000 ) Balance, April 30, 2021 — |
Loans Payable
Loans Payable | 12 Months Ended |
Apr. 30, 2021 | |
Borrowings [Abstract] | |
LOANS PAYABLE | 12. LOANS PAYABLE On April 5, 2018, the Company assumed loans payable of €60,750 (CAD$94,995) as a result of the acquisition of IPA Europe. On July 7, 2015, IPA Europe entered into a loan agreement in the principal amount of €165,000, maturing on July 31, 2020. The loan was secured by certain equipment, bore an interest rate of 4% per annum and was repayable in monthly installments of €2,250. The interest was owed per month in arrears. The principal outstanding at April 30, 2021 is €nil (CAD$nil) (April 30, 2020 – €4,500 (CAD$6,797)). On April 5, 2018, the Company assumed loans payable of €56,450 (CAD$88,271) as a result of the acquisition of IPA Europe. On February 1, 2016, IPA Europe entered into a loan agreement in the principal amount of €100,000, maturing on February 28, 2021. The loan is secured by certain equipment, bears an interest rate of 3% per annum and is repayable in monthly installments of €1,675. The interest is owed per month in arrears. The principal outstanding at April 30, 2021 On April 15, 2020, the Company was approved for a US$209,000 loan under the Paycheck Protection Program ("PPP") administered by the U.S. Small Business Administration. The loan accrues interest at 1% per annum and is repayable in monthly installments of US$11,761 starting in November 2020 until April 2022. The PPP is a US$349 billion loan program that originated from the U.S. Coronavirus Aid, Relief and Economic Security (CARES) Act. The PPP loan has a term of two years, is unsecured, and is guaranteed by the U.S. Small Business Administration. The loan will be forgiven if the proceeds are used by the Company to cover payroll costs (including benefits), with up to 25% allowed for rent and utilities, during the eight-week period following the loan origination date. The Company met the requirements for full loan forgiveness. (in thousands) $ Balance, April 30, 2019 112 Loan proceeds 283 Loan repayments and foreign exchange (83 ) Balance, April 30, 2020 312 Loan repayments and foreign exchange (32 ) Loan forgiven (280 ) Balance, April 30, 2021 — |
Convertible Debentures
Convertible Debentures | 12 Months Ended |
Apr. 30, 2021 | |
Convertible Debentures [Abstract] | |
CONVERTIBLE DEBENTURES | 13. CONVERTIBLE DEBENTURES On May 15, 2020, the Company closed a non-brokered private placement financing by issuing 10% convertible debentures (“New Debentures”) for total proceeds of $2.59 million. On May 27, 2020, the Company issued an additional $35,000 of the 10% New Debentures. In total, the Company issued $2.6 million of the New Debentures. The New Debentures are unsecured, bear interest at a rate of 10% per year and payable at maturity. The maturity date is May 15, 2022 for $2.59 million of the New Debentures and May 22, 2022 for $35,000 of the New Debentures. The principal amount of the New Debentures may be convertible, at the option of the holder, into units of the Company at a conversion price of $4.25 per share. The Company may force convert the principal amount of the New Debentures at $4.25 per share if the average closing price is equal to or greater than $7.50 for 20 trading days. In advance of the closing of the New Debentures, the Company had received $313,268 of the proceeds as at April 30, 2020. The fair value of the New Debentures at the time of issue was calculated as the discounted cash flows assuming a 15% effective interest rate. The fair value of the equity component was determined at the time of issue as the difference between the face value and the fair value of the New Debentures. On initial recognition, the Company bifurcated $2.4 million to the carrying value of the New Debentures and $213,623 to the equity component. Under the financing, the Company paid finder’s cash commissions totaling $82,580 and incurred legal and filing fees of $29,331. The transaction costs were allocated pro-rata based on the carrying values of the New Debentures and the equity component, with $102,811 allocated to the New Debentures and $9,100 allocated to the equity component. During the year ended April 30, 2021, the Company recorded accretion expense of $124,381 (2020 – $nil). The changes in the value of the New Debentures during the year ended April 30, 2020 are as follows: (in thousands) Liability Component $ Equity Component $ Balance, April 30, 2020 — — Proceeds 2,413 213 Transaction costs (102 ) (9 ) Accretion expense 124 — Conversion to shares (904 ) (77 ) Balance, April 30, 2021 1,531 127 |
Leases
Leases | 12 Months Ended |
Apr. 30, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
LEASES | 14. LEASES The Company entered into certain equipment and automobile leases expiring between 2021 and 2024 with interest rates of between 8% and 17% per annum. The Company’s obligations under these finance leases are secured by the lessor’s title to the leased assets. The Company also entered into office leases in January 2018, May 2018, May 2019, June 2019, December 2019, and August 2020. With the adoption of IFRS 16, Leases (in thousands) April 30, 2021 $ April 30, 2020 $ Equipment under lease in monthly instalments of $1,228 with interests of between 13% and 17% per annum. Due dates are between May 2021 and March 2023. — 71 Equipment under lease in monthly instalments of $19,437 with interest rate of 8% per annum and an end date of May 2023. 396 — Automobile under lease in monthly instalments of $1,186 with an interest rate of 8% per annum and an end date of September 2023. 31 44 Automobile under lease in monthly instalments of $1,055 with an interest rate of 8% per annum and an end date of August 2024. 37 — Right-of-use asset from office lease repayable in monthly instalments of $6,440 and an interest rate of 8% per annum and an end date of May 2024. 223 135 Right-of-use asset from office lease repayable in monthly instalments of $16,223 and an interest rate of 8% per annum and an end date of December 2022. 303 476 Right-of-use asset from office lease repayable in monthly instalments of $32,997 and an interest rate of 8% per annum and an end date of December 2022. The monthly instalment is adjusted annually based on the consumer price index. 616 673 Right-of-use asset from office lease repayable in monthly instalments of $14,480 and an interest rate of 8% per annum and an end date of April 2023. 320 485 Current portion (986 ) (752 ) Non-current portion 940 1,132 (1) This equipment lease was repaid in full during the year ended April 30, 2021. As at April 30, 2021, the Company’s lab equipment and automobile include a net carrying amount of $402,883 (April 30, 2020 – $77,285) for the leased equipment and $66,881 (April 30, 2020 – $42,682) for the leased automobile. The net carrying amount of the right-of-use assets from office lease obligation is $1.4 million (April 30, 2020 – $1.7 million). The following is a schedule of the Company’s future minimum lease payments related to the equipment under finance lease and (in thousands) $ 2022 1,105 2023 871 2024 102 2025 11 Total minimum lease payments 2,089 Less: imputed interest (163 ) Total present value of minimum lease payments 1,926 Less: Current portion (986 ) Non-current portion 940 |
Share Capital
Share Capital | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
SHARE CAPITAL | 15. SHARE CAPITAL a ) Authorized: Unlimited common shares without par value. b ) Consolidation: On November 23, 2020, the Company consolidated its issued and outstanding common shares on the basis of 5 pre-Consolidation shares for one post-Consolidation share. All references to share and per share amounts in these consolidated financial statements have been retroactively restated to reflect the Consolidation. c ) Share capital transactions: 2020 Transactions On March 26, 2020, the Company settled $700,000 of the Debentures plus accrued interest of $46,875 by issuing 248,959 common shares (Note 11). The fair value of the 248,959 common shares issued was determined to be $858,906. The settlement resulted in a loss of $112,031. During the year ended April 30, 2020, the Company issued 11,000 common shares pursuant to exercise of stock options for total gross proceeds of $16,500. A value of $12,490 was transferred from contributed surplus to share capital as a result. The weighted average share price at dates the stock options were exercised was $3.45. During the year ended April 30, 2020, the Company issued 136,194 common shares pursuant to exercise of warrants and finder’s warrants for total gross proceeds of $476,679. A value of $22,942 was transferred from contributed surplus to share capital as a result. 2021 Transactions On May 1, 2020, the Company issued 132,833 common shares pursuant to the second deferred payment for the acquisition of IPA Europe (Note 7). The common shares were valued at $511,405. On December 18 and December 31, 2020, the Company issued an aggregate of 203,178 common shares pursuant to the final deferred payment for the acquisition of U-Protein (Note 6). The common shares were valued at $1.0 million. During the year ended April 30, 2021, the Company issued 189,100 common shares pursuant to exercise of stock options for total gross proceeds of $683,755. A value of $363,175 was transferred from contributed surplus to share capital as a result. The weighted average share price at dates the stock options were exercised was $11.70. During the year ended April 30, 2021, the Company issued 2,568,417 common shares pursuant to exercise of warrants and finder’s warrants for total gross proceeds of $15.0 million. A value of $409,106 was transferred from contributed surplus to share capital as a result. During the year ended April 30, 2021, the Company issued 232,934 common shares pursuant to conversion of $990,000 principal balance of convertible debentures. On February 8, 2021, the Company closed a public offering of 1,616,293 common shares of the Company at a price of U.S. $13.45 per common share for gross proceeds of U.S. $21.7 million (CAD $27.7 million), net proceeds less underwriting discounts and commissions of U.S. $19.6 million (CAD $24.7 million). On February 10, 2021, Company also issued an additional 242,443 common shares at the public offering price of U.S. $13.45 per common share for gross proceeds of U.S. $3.3 million (CAD $4.1 million), net proceeds less underwriting discounts and commissions of U.S. $3.0 million (CAD $3.8 million). d ) Options The Company has an incentive Stock Option Plan ("the Plan") under which non-transferable options to purchase common shares of the Company may be granted to directors, officers, employees or service providers of the Company. The terms of the plan provide that the Directors have the right to grant options to acquire common shares of the Company at not less than the closing market price of the shares on the day preceding the grant at terms of up to five years. The maximum number of options outstanding under the Plan shall not result, at any time, in more than 10% of the issued and outstanding common shares. On October 3, 2019, the Company granted 50,000 stock options, exercisable at $2.375 per option, to an officer of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $86,395 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $2.40, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 1.46%, and an expected life of 5 years. On October 3, 2019, the Company granted 40,000 stock options, exercisable at $5.00 per option, to a consultant of the Company. The options vested immediately upon grant. The fair value of these options was estimated to be $32,096 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $2.40, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 1.56%, and an expected life of 2 years. On October 3, 2019, the Company granted 30,000 stock options, exercisable at $2.50 per option, to a director of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $53,326 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $2.40, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 1.46%, and an expected life of 5 years. On October 3, 2019, the Company granted 13,000 stock options, exercisable at $5.05 per option, to employees of the Company. The options vested immediately upon grant. The fair value of these options was estimated to be $14,627 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $2.40, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 1.54%, and an expected life of 2.96 years. On April 3, 2020, the Company granted 11,000 stock options, exercisable at $5.05 per option, to employees of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $20,582 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $3.45, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 0.75%, and an expected life of 3 years. On April 29, 2020, the Company granted 50,000 stock options, exercisable at $3.80 per option, to an officer of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $129,340 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $3.80, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 0.38%, and an expected life of 3.93 years. On August 13, 2020, the Company granted 50,000 stock options, exercisable at $7.50 per option, to a consultant of the Company. The options are subject to vesting conditions as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date, one-quarter 9 months after grant date and one-quarter 12 months after grant date. The fair value of these options was estimated to be $204,749 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $6.85, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 0.33%, and an expected life of 3 years. On September 1, 2020, the Company granted 270,000 stock options, exercisable at $8.50 per option, to officers and an employee of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $1,613,117 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $8.15, dividend yield of 0%, expected volatility of 100%, a risk-free interest rate of 0.31%, and an expected life of 5 years. On January 6, 2021, the Company granted 25,000 stock options, exercisable at $20.30 per option, to directors of the Company. The options are subject to vesting conditions as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date and one-quarter 12 months after grant date. The fair value of these options was estimated to be $292,572 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $20.30, dividend yield of 0%, expected volatility of 71%, a risk-free rate of 0.34%, and an expected life of 5 years. On January 6, 2021, the Company granted 238,000 stock options, exercisable at $20.30 per option, to employees of the Company. The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. The fair value of these options was estimated to be $2,785,284 using the Black-Scholes option pricing model and the following assumptions: share price on grant date of $20.30, dividend yield of 0%, expected volatility of 71%, a risk-free rate of 0.34%, and an expected life of 5 years. Expected volatility of all options granted up to September 1, 2020 was based on the historical volatility of similar companies. Expected volatility of options granted subsequent to that date is based on the historical volatility of the company over the prior 2 years. During the year ended April 30, 2021 the Company has recorded $2,748,479 (2020 - $739,011) of share-based payments expense. The changes in the stock options for the years ended April 30, 2021 and 2020 are as follows: Number of options # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 (outstanding) 1,060,667 3.90 3.87 Granted 194,000 3.65 — Exercised (11,000 ) 1.50 — Forfeited (180,667 ) 3.65 — Balance, April 30, 2020 (outstanding) 1,063,000 3.84 3.03 Granted 583,000 13.73 — Exercised (189,100 ) 3.62 — Forfeited (6,000 ) 7.60 — Balance, April 30, 2021 (outstanding) 1,450,900 7.88 3.06 Unvested (481,084 ) 14.53 4.35 Exercisable, April 30, 2021 969,816 4.58 2.42 Details of the options outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Options outstanding Unvested Vested December 20, 2021 1.50 0.64 46,000 — 46,000 September 18, 2022 5.05 1.39 142,900 — 142,900 January 3, 2023 3.25 1.68 50,000 — 50,000 February 7, 2023 2.35 1.78 140,000 — 140,000 April 3, 2023 5.05 1.93 8,000 3,667 4,333 August 13, 2023 7.50 2.29 50,000 25,000 25,000 September 24, 2023 4.75 2.40 19,000 — 19,000 November 7, 2023 4.10 2.52 20,000 — 20,000 December 31, 2023 5.00 2.67 250,000 — 250,000 January 11, 2024 5.00 2.70 63,000 — 63,000 April 1, 2024 3.85 2.92 50,000 16,667 33,333 October 1, 2024 2.38 3.42 50,000 — 50,000 October 3, 2024 2.50 3.43 30,000 — 30,000 September 1, 2025 8.50 4.34 270,000 180,000 90,000 January 6, 2026 20.30 4.69 262,000 255,750 6,250 7.88 3.06 1,450,900 481,084 969,816 e ) Warrants The changes in the warrants for the years ended April 30, 2021 and 2020 are as follows: Number of warrants # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 3,546,500 5.20 1.90 Exercised (135,000 ) 3.50 — Balance, April 30, 2020 3,411,500 5.25 0.91 Exercised (2,533,200 ) 5.88 — Balance, April 30, 2021 878,300 3.50 0.90 Details of the warrants outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Warrants outstanding March 26, 2022 3.50 0.90 878,300 f ) Finder’s Warrants On February 8, 2021, the Company issued 113,139 finder’s warrants, exercisable at US $16.81 per warrant, in connection with the public offering of 1,616,293 common shares. The fair value of these warrants was estimated to be US $994,646 (CAD $1.3 million) using the Black-Scholes option pricing model and the following assumptions: share price on grant date of US $16.81, dividend yield of 0%, expected volatility of 72%, a risk-free rate of 0.39%, and an expected life of 5 years. On February 10, 2021, the Company issued 16,972 finder’s warrants, exercisable at US $16.81 per warrant, in connection with the public offering over-allotment of 242,443 common shares. The fair value of these warrants was estimated to be US $141,766 (CAD $180,029) using the Black-Scholes option pricing model and the following assumptions: share price on grant date of US $16.81, dividend yield of 0%, expected volatility of 72%, a risk-free rate of 0.39%, and an expected life of 5 years. The changes in the finder’s warrants for the years ended April 30, 2021 and 2020 are as follows: Number of warrants # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 83,188 3.50 2.91 Exercised (1,194 ) 3.50 — Balance, April 30, 2020 81,994 3.50 1.90 Issued 130,111 20.65 (1) 4.77 Exercised (35,217 ) 3.50 — Balance, April 30, 2021 176,888 16.12 3.75 (1) US $16.81 Details of the finder’s warrants outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Warrants outstanding March 26, 2022 3.50 0.90 46,777 February 3, 2026 20.65 (1) 4.77 130,111 16.12 3.75 176,888 (1) US $16.81 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS Key 2021 2020 (in thousands) $ $ Management fees 64 179 Salaries and other short-term benefits 1,949 2,052 Severance (included in salaries) 266 — Share-based payments 1,466 632 Director compensation (included in salaries) 147 — 3,892 2,863 At April 30, 2021, included in accounts payable and accrued liabilities is $1,194,600 (April 30, 2020 - $412,188) due to related parties. The amounts payable are non-interest bearing and unsecured. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties, unless otherwise noted. |
Capital Management
Capital Management | 12 Months Ended |
Apr. 30, 2021 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | 17. CAPITAL MANAGEMENT The Company’s objectives when managing capital are to ensure sufficient liquidity for operations and adequate funding for growth and capital expenditures while maintaining an efficient balance between debt and equity. The capital structure of the Company consists of credit facilities and shareholders’ equity. The Company makes adjustments to its capital structure upon approval from its Board of Directors, in light of economic conditions and the Company’s working capital requirements. There were no changes in the Company’s approach to capital management during the year. The Company is not subject to any externally imposed capital requirements. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 18. FINANCIAL INSTRUMENTS The Company’s financial instruments include cash, amounts receivable, restricted cash, investment, accounts payable and accrued liabilities, debentures, loans payable, leases and deferred acquisition payments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values. Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value of investment is determined based on “Level 2” inputs as its value under the equity method was the best approximation of its fair value. As at April 30, 2021, the Company believes the carrying values of cash, amounts receivable, restricted cash, accounts payable and accrued liabilities, debentures, loans payable, leases and deferred acquisition payments approximate their fair values because of their nature and relatively short maturity dates or durations. Concentration of risk: Industry The Company operates in the contract research organization sector and is affected by general economic trends. A decline in economic conditions, research spending or other adverse conditions could lead to reduced revenue. Concentrations of credit risk Credit risk relates to cash, restricted cash and amounts receivable and arises from the possibility that counterparty to an instrument may fail to perform. At April 30, 2021, all of the Company’s cash was held with tier one banks. The Company has evaluated amounts receivable and determined that there were no material allowances for doubtful accounts at April 30, 2021 and 2020. During the year ended April 30, 2021 the Company incurred bad debt expense of $3,601 (2020 - $48,433). Currency risk The Company operates in the US and Europe which gives rise to exposure to market risks from changes in foreign currency values. Most significantly, the Company is exposed to potential currency fluctuations between US and Canadian dollars, which was translated at 1.2279 at April 30, 2021, and the Euro and Canadian dollar, which was translated at 1.4852 at April 30, 2021. Fluctuations in the exchange rate could impact profitability. At April 30, 2021, the Company is exposed to currency risk through the following assets and liabilities denominated in US dollars and Euros: Euros US Dollars (in thousands) ( € (US $) Cash 2,014 23,733 Amounts receivable 1,039 1,027 Investment 80 — 3,133 24,760 Accounts payable and accrued liabilities (867 ) (414 ) Deferred acquisition payments (336 ) — Leases (664 ) (504 ) (1,867 ) (918 ) Net 1,266 23,842 Liquidity risk: The Company’s approach to managing its obligations is to maintain sufficient resources to meet its obligations when due without undue risk to the Company. The Company monitors its cash requirements on an ongoing basis to ensure that there are sufficient resources for operations as well as to fund anticipated leasing, capital and development expenditures. In addition, the Company manages its cash to meet its debt obligations and to fund general and administrative costs. Contractual cash flow requirements as at April 30, 2021 were as follows: < 1 year 1 - 2 years 2 - 5 years >5 years Total (in thousands) $ $ $ $ $ Accounts payable and accrued liabilities 3,011 — — — 3,011 Leases 1,105 871 113 — 2,089 Convertible debentures — 1,637 — — 1,637 Total ( 1) 4,116 2,508 113 — 6,737 (1) $498,361 final deferred acquisition payment not included in this table is to be settled by issuance of shares. |
Commitments
Commitments | 12 Months Ended |
Apr. 30, 2021 | |
Commitments [Abstract] | |
COMMITMENTS | 18. COMMITMENTS The Company entered into a lease agreement for a new facility for its Utrecht, the Netherlands location on December 31, 2019. The building is under construction. The lease has two five year-terms and is estimated to commence on April 5, 2022 at an estimated annual cost of €681,835 indexed for inflation. |
Grant and Subsidy Income
Grant and Subsidy Income | 12 Months Ended |
Apr. 30, 2021 | |
Grant And Subsidy Income [Abstract] | |
GRANT AND SUBSIDY INCOME | 19. GRANT AND SUBSIDY INCOME In July 2020, IPA USA and Talem (the “Subgrantee”) were awarded a grant of US$1.5 million by the North Dakota Department of Agriculture through the CARES Act ND Bioscience Group Program for the development of antibody therapeutics against SARS-CoV-2. The total grant project cost is US$2.0 million, for which the Subgrantee must contribute an amount not less than 25% of the grant project cost, or US$500,000. In addition, the Company has been awarded a US$75,000 grant from the state of North Dakota to fund its PolyTope mAb Therapy platform, which the Company is using to developing treatments for the coronavirus (COVID-19) and other pathogens. The Company has recorded a total of $1.9 million and $220,000 during the year ended April 30, 2021 and 2020, respectively, related to these grants. The Canadian Emergency Wage and Rent Subsidy programs (CEWS and CERS) were put in place by government of Canada to provide a wage and rent subsidy to eligible employers. This initiative was to help get Canadians hired back quickly as provincial and territorial economies began to reopen, and provide financial relief to companies impacted by COVID-19. The Company recognized $583,347 of CEWS and CERS during the year ended April 30, 2021 as subsidy. The PPP was implemented in the United States to help businesses impacted by COVID-19 keep their workforce employed. Borrowers were eligible for full forgiveness if certain conditions were met. The Company applied for a loan of US$209,000 and the loan was fully forgiven during the year ended April 30, 2021. The Company recognized $261,000 during the year ended April 30, 2021 as subsidy. |
Segmented Information and Econo
Segmented Information and Economic Dependence | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE | 20. SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE At April 30, 2021 and April 30, 2020, the Company has one reportable segment, being antibody production and related services. During the year ended April 30, 2021, the Company had sales to nil (2020 - nil) customer who in aggregate accounted for more than 10% of revenue. The Company’s revenues are allocated to geographic segments for the years ended April 30, 2021 and 2020 as follows: 2021 2020 (in thousands) $ $ United States of America 7,932 5,949 Canada 1,089 715 Europe 7,436 6,115 Other 1,455 1,279 17,912 14,058 The Company’s revenues are allocated according to revenue types for the years ended April 30 2021 and 2020 as follows: 2021 2020 (in thousands) $ $ Project revenue 15,910 13,195 Product sales revenue 1,897 739 Cryo storage revenue 105 124 17,912 14,058 The Company’s non-current assets are allocated to geographic segments as of April 30, 2021 and 2020 as follows: April 30, 2021 April 30, 2020 (in thousands) $ $ North America 2,153 1,429 Netherlands 15,948 18,135 18,101 19,564 Geographic segmentation of the Company’s net income (loss) for the years ended April 30, 2021 and 2020 is as follows: 2021 2020 (in thousands) $ $ North America - Corporate (8,632 ) (4,226 ) North America (1,203 ) (683 ) Netherlands 2,495 (38 ) (7,340 ) (4,947 ) Geographic segmentation of the interest and accretion, and amortization and depreciation for the years ended April 30, 2021 and 2020 is as follows: (in thousands) 2021 2020 Interest and accretion $ $ North America - Corporate 523 857 North America 96 86 Netherlands 244 493 863 1,436 (in thousands) 2021 2020 Amortization and depreciation $ $ North America - Corporate 74 125 North America 687 499 Netherlands 2,952 2,784 3,713 3,408 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Apr. 30, 2021 | |
Statement Of Cash Flows [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 21. SUPPLEMENTAL CASH FLOW INFORMATION Non-cash investing and financing transactions (in thousands) April 30, 2021 $ April 30, 2020 $ Debt settlement by issuance of shares and warrants 981 859 Acquisition of building and equipment by capital lease 1,209 2,623 Fair value of shares issued pursuant to deferred acquisition payment to IPA Europe 511 — Fair value of shares issued pursuant to deferred acquisition payment to UPE 1,047 — The following changes in liabilities arose from financing activities: Non-cash changes (in thousands) April 30, 2020 $ Cash Flows $ Acquisition $ Debt forgiven / Settlement / Disposal $ Accretion $ Equity portion $ Foreign exchange movements and change in estimates $ April 30, 2021 $ Deferred acquisition payments 2,826 (1,029 ) — (1,558 ) 222 — 37 498 Debentures 2,000 (2,000 ) — — — — — — Convertible debentures 313 2,202 — (904 ) 124 (204 ) — 1,531 Loans payable 312 (29 ) — (280 ) — — (3 ) — Leases 1,884 (945 ) 1,209 (147 ) — — (75 ) 1,926 Total 7,335 (1,801 ) 1,209 (2,889 ) 346 (204 ) (41 ) 3,955 Non-cash changes (in thousands) April 30, 2019 $ Cash Flows $ Acquisition $ Settlement / Disposal Accretion $ Foreign exchange movements and change in estimates $ April 30, 2020 $ Deferred acquisition payments 3,064 (1,007 ) — — 733 36 2,826 Debentures 2,708 (175 ) — (700 ) 167 — 2,000 Debenture subscriptions received — 313 — — — — 313 Loans payable 112 200 — — — — 312 Leases 106 (657 ) 2,678 (196 ) — (47 ) 1,884 Total 5,990 (1,326 ) 2,678 (896 ) 900 (11 ) 7,335 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Income Taxes [Abstract] | |
INCOME TAXES | 22. INCOME TAXES Income tax expense differs from the amount that would be computed by applying the federal and provincial statutory tax rates of 27% (2020 – 27%) to the earnings before income taxes. The reasons for the differences and related tax effects are as follows: 2021 2020 $ $ Earnings (loss) before income taxes (5,995 ) (5,293 ) Income taxes (recovery) on earnings before income taxes, at above basic rate (1,619 ) (1,429 ) Increase (decrease) in taxes resulting from: Nondeductible expenses 558 383 Effects of tax rate change and foreign exchange 440 (64 ) Tax rate difference by jurisdiction (103 ) 55 Tax benefits not recognized 2,069 709 Income taxes (recovery) 1,345 (346 ) 2021 2020 $ $ Current income taxes 1,428 109 Deferred income taxes (recovery) (83 ) (455 ) Income taxes (recovery) 1,345 (346 ) Temporary differences give rise to the following deferred income tax assets and liabilities: 2021 2020 $ $ Non-capital losses carried forward (expire from 2026 to 2039) 5,820 3,721 Other tax pools 1,790 1,468 Capital losses carried forward 148 148 Equipment and leasehold improvements 57 66 Inventory and intangible assets (1,502 ) (1,608 ) Financing costs 804 152 Less: unrecognized deferred income tax asset (8,609 ) (5,549 ) Deferred income tax liabilities (1,492 ) (1,602 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 23. SUBSEQUENT EVENTS Subsequent to the year ended April 30, 2021, the Company issued 41,488 common shares pursuant to the final deferred payment for the acquisition of IPA Europe (Note 7). The common shares were valued at $503,243. Subsequent to the year ended April 30, 2021, the Company issued 3,500 common shares pursuant to the exercise of stock options for total gross proceeds of $17,525. A value of $10,156 was transferred from contributed surplus to share capital as a result. Subsequent to the year ended April 30, 2021, the Company issued 1,194 common shares pursuant to the exercise of warrants for total gross proceeds of $4,179. A value of $2,693 was transferred from contributed surplus to share capital as a result. Subsequent to the year ended April 30, 2021, the Company issued 17,646 common shares pursuant to the conversion of convertible debentures at a value of $76,391. Subsequent to the year ended April 30, 2021, the Company granted 10,000 stock options at a price of US $7.72 per share for a period of 5 years. The options are subject to the following vesting period: one-third 1 year after grant date; one-third 2 years after grant date; and one-third 3 years after grant date. Subsequent to the year ended April 30, 2021, the Company granted 43,750 stock options at a price of US $7.14 per share for a period of 3 years. The options vested immediately. On June 21, 2021, the Company entered into a rental offer agreement to lease a new facility for its Oss, the Netherlands location. The Company anticipates entering into a lease agreement for the new construction facility by December 31, 2022. The lease will have a five-year term with an optional 5 year extension, is estimated to commence May 1, 2023 at an estimated annual cost of €488,948 indexed for inflation. On June 24, 2021, the Company ordered a piece of equipment for IPA Europe for €75,055. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Business combinations | Business combinations Acquisitions of businesses are accounted for using the acquisition model. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39, Financial Instruments: Recognition and Measurement Provisions, Contingent Liabilities and Contingent Assets |
Revenue recognition | The Company recognizes revenue from sale of antibodies and service agreements. Sale of antibodies: Revenue from sale of antibodies is recognized when the terms of a contract with a customer have been satisfied. This occurs when: • The control over the product has been transferred to the customer; and • The product is received by the customer or transfer of title to the customer occurs upon shipment. Following delivery, the customer bears the risks of obsolescence and loss in relation to the goods. Revenue is recognized based on the price specified in the contract, net of estimated sales discounts and returns. Contract revenue: Revenues from contracted services are generally recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Contract revenue is recognized on a percentage of completion basis when the key milestones contained within the contract are satisfied and there is an enforceable right to payment for performance completed to date. For contracts with no enforceable right to payment when the contract is incomplete, contract revenue is recognized on a completed contract basis when the customers are satisfied with the service at the end of the contract. Unbilled revenue and deferred revenue: Amounts recognized as revenue in excess of billings are classified as unbilled revenue. Amounts received in advance of the performance of services are classified as deferred revenue. Cost of sales: Cost of sales includes materials, direct labour, and allocation of overhead including depreciation of lab equipment. |
Financial instruments | Financial instruments Recognition and Classification The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes party to the contractual provisions of the financial instrument. The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Classification and measurement IFRS 9 Cash Amortized cost Amounts receivable Amortized cost Investment FVTPL Accounts payable and accrued liabilities Amortized cost Convertible debentures Amortized cost Deferred acquisition payments Amortized cost Measurement Financial assets and liabilities at FVTPL: Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income (loss). Financial assets at FVTOCI: Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses recognized in other comprehensive income (loss). Financial assets and liabilities at amortized cost: Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Impairment of financial assets at amortized cost: The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition Financial assets: The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss). Financial liabilities: The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets, is recognized in profit or loss. |
Government assistance | Government assistance The Company periodically applies for financial assistance under available government incentive programs. Government assistance relating to capital expenditures is reflected as a reduction of the cost of such assets. Government assistance relating to research and development expenditures is recorded as a reduction of current year's expenses when the related expenditures are incurred. |
Government grant | Government grant The Company periodically applies for financial assistance under available government incentive programs. The grant is recognized when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants will be received. All funds received as part of the grant or subsidies are reflected in grant and subsidy income as awarded. |
Inventory | Inventory Inventory consists of supplies, parts and antibodies and is valued at the lower of average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. |
Equipment and leasehold improvements | Equipment and leasehold improvements Equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the following terms: Asset Basis Term Lab equipment Straight line 5 years Furniture Straight line 5 years Computer Straight line 2 years Computer software Straight line 1 year Building Straight line Remaining term of the property lease Automobile Straight line 4 years Leasehold improvements Straight line Remaining term of the lease plus the first renewal option |
Intangible assets | Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss when the asset is derecognised. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (“CGU”s). To test for impairment, goodwill is allocated to each of the Company’s CGUs, groups of CGUs, or an operating segment expected to benefit from the acquisition. Goodwill is tested by combining the carrying amounts of equipment and leasehold improvements, intangible assets and goodwill and comparing this to the recoverable amount. Fair value less costs of disposal is price to be received in an orderly transaction between market participants. Value in use is assessed using the present value of the expected future cash flows. Any excess of the carrying amount over the recoverable amount is recorded as impairment. Impairment charges, which are not tax affected, are recognized in profit or loss and are not reversed. |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of their carrying amount to the recoverable amount. The recoverable amount is the higher of the fair value less selling costs or the value in use. Value in use is determined by the present value of the future cash flows from the asset. If the recoverable amount is less than the carrying amount, then there is impairment. Where an impairment loss exists, the portion of the carrying amount exceeding the recoverable amount is recorded as an expense immediately. Assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstance indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior periods. The reversal is recognized in profit or loss immediately. |
Income taxes | Income taxes I ncome taxes are recognized in the statement of comprehensive income (loss), except where they relate to items recognized directly in equity, in which case the related taxes are recognized in equity. Deferred tax assets and liabilities are recognized based on the difference between the tax and accounting values of assets and liabilities and are calculated using enacted or substantively enacted tax rates for the periods in which the differences are expected to reverse. The effect of tax rate changes is recognized in profit or loss or equity, as applicable, in the period of substantive enactment. Current taxes receivable or payable are estimated on taxable income for the current year at the statutory tax rates enacted or substantively enacted. Deferred tax assets are recognized only to the extent that it is probable that future taxable profits of the relevant entity or group of entities, in a particular jurisdiction, will be available against which the assets can be utilized. As an exception, deferred tax assets and liabilities are not recognized if the temporary differences arise from the initial recognition of goodwill or an asset or liability in a transaction (other than in a business combination) that affects neither accounting profit nor taxable profit. |
Leases | Leases At inception of a contract, the Company assesses whether the 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. Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company’s incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset’s useful life or the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset’s useful life. |
Share capital | Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. The Company's common shares are classified as equity instruments. Proceeds from unit placements are allocated between common shares and warrants issued based on the residual value method, with the common shares being valued first. |
Share issuance costs | Share issuance costs Costs directly identifiable with the raising of share capital financing are charged against share capital. Share issuance costs incurred in advance of share subscriptions are recorded as deferred assets. Share issuance costs related to uncompleted share subscriptions are charged to operations. |
Share-based payments | Share-based payments Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. All equity-settled share-based payments are reflected in contributed surplus, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in contributed surplus is credited to share capital, adjusted for any consideration paid. Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company immediately accounts for the cancellation as an acceleration of vesting and recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Dilutive earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. In periods where a net loss is incurred, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive and basic and diluted loss per common share is the same. In a profit year, under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average price during the year. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Investments Accounted For Using Equity Method [Abstract] | |
Summary of Subsidiaries which are Wholly Owned and Subject to Control | These consolidated financial statements include the financial statements of the Company and the following subsidiaries which are wholly owned and subject to control by the Company: Name of Subsidiary % Equity Interest - 2021 % Equity Interest - 2020 Country of Incorporation Functional Currency ImmunoPrecise Antibodies (Canada) Ltd. 100% 100% Canada Canadian dollar ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") 100% 100% USA US dollar ImmunoPrecise Antibodies (N.D.) Ltd. 100% 100% USA US dollar ImmunoPrecise Antibodies (MA) LLC 100% 100% USA US dollar Talem Therapeutics LLC ("Talem") 100% 100% USA US dollar U-Protein Express B.V. (“U-Protein”) 0% 100% Netherlands Euro ImmunoPrecise Netherlands B.V. 100% 100% Netherlands Euro ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe", formerly ModiQuest Research B.V.) 100% 100% Netherlands Euro Immulease B.V. ("Immulease") 0% 100% Netherlands Euro ImmunoPrecise Antibodies (Quebec), Ltd. 100% 0% Canada Canadian dollar 9438-9244 Quebec, Inc 100% 0% Canada Canadian dollar |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Classification and Measurement of Financial Assets and Liabilities | Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Classification and measurement IFRS 9 Cash Amortized cost Amounts receivable Amortized cost Investment FVTPL Accounts payable and accrued liabilities Amortized cost Convertible debentures Amortized cost Deferred acquisition payments Amortized cost At April 30, 2021, the Company is exposed to currency risk through the following assets and liabilities denominated in US dollars and Euros: Euros US Dollars (in thousands) ( € (US $) Cash 2,014 23,733 Amounts receivable 1,039 1,027 Investment 80 — 3,133 24,760 Accounts payable and accrued liabilities (867 ) (414 ) Deferred acquisition payments (336 ) — Leases (664 ) (504 ) (1,867 ) (918 ) Net 1,266 23,842 |
Schedule of Estimated Term of Asset | Equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the following terms: Asset Basis Term Lab equipment Straight line 5 years Furniture Straight line 5 years Computer Straight line 2 years Computer software Straight line 1 year Building Straight line Remaining term of the property lease Automobile Straight line 4 years Leasehold improvements Straight line Remaining term of the lease plus the first renewal option |
Acquisition of U-Protein (Table
Acquisition of U-Protein (Tables) - U-Protein | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Allocated Purchase Price | The Company has allocated the purchase price as follows: (in thousands) $ Cash 4,063 606,101 common shares of the Company 3,022 Fair value of deferred payments 2,134 Fair value of consideration 9,219 Cash 797 Amounts receivable 371 Unbilled revenue 113 Inventory 37 Investment 90 Equipment, net of accumulated amortization 216 Intellectual property (not deductible for tax purposes) 4,064 Goodwill (not deductible for tax purposes) 4,656 Accounts payable and accrued liabilities (270 ) Income taxes payable (44 ) Deferred income tax liability (811 ) 9,219 |
Summary of Changes in Value of Deferred Payments | The changes in the value of the deferred payments during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 1,563 Accretion expense 350 Payment (1,007 ) Foreign exchange 26 Balance, April 30, 2020 932 Accretion expense 89 Payment made in common shares (1,047 ) Foreign exchange 26 Balance, April 30, 2021 — |
Acquisition of IPA Europe and I
Acquisition of IPA Europe and Immulease (Tables) - IPA Europe and Immulease | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Allocated Purchase Price | The Company has allocated the purchase price as follows: (in thousands) $ Cash 3,988 1,320,080 common shares of the Company 4,884 Fair value of deferred payments 2,354 Fair value of consideration 11,226 Cash 270 Amounts receivable 572 Unbilled revenue 90 Inventory 2,287 Equipment, net of accumulated amortization 568 Software 31 Intangible assets (not deductible for tax purposes) 6,305 Goodwill (not deductible for tax purposes) 3,641 Accounts payable and accrued liabilities (580 ) Deferred revenue (23 ) Loans (299 ) Deferred income tax liability (1,636 ) 11,226 |
Summary of Changes in Value of Deferred Payments | The changes in the value of the deferred payments during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 1,501 Accretion expense 383 Foreign exchange 10 Balance, April 30, 2020 1,894 Accretion expense 133 Repayment (1,540 ) Foreign exchange 11 Balance, April 30, 2021 498 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Changes in the Value of Property and Equipment | (in thousands) Computer Hardware Furniture & Equipment Computer Software Building Automobile Leasehold Improvements Lab Equipment Total $ $ $ $ $ $ $ $ Cost: Balance, April 30, 2019 111 111 130 — — 393 3,369 4,114 IFRS 16 transition adjustment — — — 1,669 — — — 1,669 Additions 17 — — 905 49 6 350 1,327 Disposals (74 ) (75 ) (80 ) (196 ) — (49 ) (633 ) (1,107 ) Foreign exchange — — — 6 1 1 12 20 Balance, April 30, 2020 54 36 50 2,384 50 351 3,098 6,023 Additions 42 — — 582 45 2 2,001 2,672 Disposals — — — — — — (18 ) (18 ) Lease modification — — — (188 ) — — — (188 ) Foreign exchange — — (1 ) (48 ) (1 ) — (33 ) (83 ) Balance, April 30, 2021 96 36 49 2,730 94 353 5,048 8,406 Accumulated Depreciation: Balance, April 30, 2019 88 86 49 — — 206 2,048 2,477 Depreciation 23 7 66 697 7 69 497 1,366 Disposals (74 ) (75 ) (80 ) — — (49 ) (633 ) (911 ) Foreign exchange — — — 3 — — 10 13 Balance, April 30, 2020 37 18 35 700 7 226 1,922 2,945 Depreciation 24 10 8 711 21 70 800 1,644 Disposals — — — — — — (18 ) (18 ) Lease modification — — — (42 ) — — — (42 ) Foreign exchange — — (1 ) (35 ) (1 ) — (110 ) (147 ) Balance, April 30, 2021 61 28 42 1,334 27 296 2,594 4,382 Net Book Value: April 30, 2020 17 18 15 1,684 43 125 1,176 3,078 April 30, 2021 35 8 7 1,396 67 57 2,454 4,024 |
Intangibles assets (Tables)
Intangibles assets (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Changes in the Value of the Intangible Assets | The changes in the value of the intangible assets during the years ended April 30, 2021 and 2020 are as follows: (in thousands) Internally Generated Development Costs Intellectual Property Proprietary Processes Certifications Total $ $ $ $ $ Cost: Balance, April 30, 2019 — 4,145 7,740 140 12,025 Additions 114 — — — 114 Foreign exchange 1 14 25 — 40 Balance, April 30, 2020 115 4,159 7,765 140 12,179 Costs expensed (80 ) — — — (80 ) Foreign exchange (2 ) (70 ) (130 ) (2 ) (204 ) Balance, April 30, 2021 33 4,089 7,635 138 11,895 Accumulated Amortization: Balance, April 30, 2019 — 636 1,163 — 1,799 Amortization — 406 1,635 — 2,041 Foreign exchange — 12 42 — 54 Balance, April 30, 2020 — 1,054 2,840 — 3,894 Amortization 1 421 1,647 — 2,069 Foreign exchange — (30 ) (96 ) — (126 ) Balance, April 30, 2021 1 1,445 4,391 — 5,837 Net Book Value: April 30, 2020 115 3,105 4,925 140 8,285 April 30, 2021 32 2,644 3,244 138 6,058 |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Borrowings [Abstract] | |
Summary of Changes in Value of Debentures | The changes in the value of the Debentures during the years ended April 30, 2021 and 2020 are as follows: (in thousands) $ Balance, April 30, 2019 2,708 Accretion expense 167 Repayment (175 ) Settlement of debentures (700 ) Balance, April 30, 2020 2,000 Repayment (2,000 ) Balance, April 30, 2021 — |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Borrowings [Abstract] | |
Summary of Loan Payable | (in thousands) $ Balance, April 30, 2019 112 Loan proceeds 283 Loan repayments and foreign exchange (83 ) Balance, April 30, 2020 312 Loan repayments and foreign exchange (32 ) Loan forgiven (280 ) Balance, April 30, 2021 — |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Convertible Debentures [Abstract] | |
Summary of Changes in Value of New Debentures | During the year ended April 30, 2021, the Company recorded accretion expense of $124,381 (2020 – $nil). The changes in the value of the New Debentures during the year ended April 30, 2020 are as follows: (in thousands) Liability Component $ Equity Component $ Balance, April 30, 2020 — — Proceeds 2,413 213 Transaction costs (102 ) (9 ) Accretion expense 124 — Conversion to shares (904 ) (77 ) Balance, April 30, 2021 1,531 127 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Schedule of Terms and Outstanding Balances of Equipment, Automobile and Office Leases | The terms and the outstanding balances as at April 30, 2021 and 2020 are as follows: (in thousands) April 30, 2021 $ April 30, 2020 $ Equipment under lease in monthly instalments of $1,228 with interests of between 13% and 17% per annum. Due dates are between May 2021 and March 2023. — 71 Equipment under lease in monthly instalments of $19,437 with interest rate of 8% per annum and an end date of May 2023. 396 — Automobile under lease in monthly instalments of $1,186 with an interest rate of 8% per annum and an end date of September 2023. 31 44 Automobile under lease in monthly instalments of $1,055 with an interest rate of 8% per annum and an end date of August 2024. 37 — Right-of-use asset from office lease repayable in monthly instalments of $6,440 and an interest rate of 8% per annum and an end date of May 2024. 223 135 Right-of-use asset from office lease repayable in monthly instalments of $16,223 and an interest rate of 8% per annum and an end date of December 2022. 303 476 Right-of-use asset from office lease repayable in monthly instalments of $32,997 and an interest rate of 8% per annum and an end date of December 2022. The monthly instalment is adjusted annually based on the consumer price index. 616 673 Right-of-use asset from office lease repayable in monthly instalments of $14,480 and an interest rate of 8% per annum and an end date of April 2023. 320 485 Current portion (986 ) (752 ) Non-current portion 940 1,132 (1) This equipment lease was repaid in full during the year ended April 30, 2021. |
Schedule of Future Minimum Lease Payments Related to Equipment under Finance Lease and Office Lease Obligation | The following is a schedule of the Company’s future minimum lease payments related to the equipment under finance lease and (in thousands) $ 2022 1,105 2023 871 2024 102 2025 11 Total minimum lease payments 2,089 Less: imputed interest (163 ) Total present value of minimum lease payments 1,926 Less: Current portion (986 ) Non-current portion 940 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Changes in Stock Option | The changes in the stock options for the years ended April 30, 2021 and 2020 are as follows: Number of options # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 (outstanding) 1,060,667 3.90 3.87 Granted 194,000 3.65 — Exercised (11,000 ) 1.50 — Forfeited (180,667 ) 3.65 — Balance, April 30, 2020 (outstanding) 1,063,000 3.84 3.03 Granted 583,000 13.73 — Exercised (189,100 ) 3.62 — Forfeited (6,000 ) 7.60 — Balance, April 30, 2021 (outstanding) 1,450,900 7.88 3.06 Unvested (481,084 ) 14.53 4.35 Exercisable, April 30, 2021 969,816 4.58 2.42 |
Summary of Options Outstanding | Details of the options outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Options outstanding Unvested Vested December 20, 2021 1.50 0.64 46,000 — 46,000 September 18, 2022 5.05 1.39 142,900 — 142,900 January 3, 2023 3.25 1.68 50,000 — 50,000 February 7, 2023 2.35 1.78 140,000 — 140,000 April 3, 2023 5.05 1.93 8,000 3,667 4,333 August 13, 2023 7.50 2.29 50,000 25,000 25,000 September 24, 2023 4.75 2.40 19,000 — 19,000 November 7, 2023 4.10 2.52 20,000 — 20,000 December 31, 2023 5.00 2.67 250,000 — 250,000 January 11, 2024 5.00 2.70 63,000 — 63,000 April 1, 2024 3.85 2.92 50,000 16,667 33,333 October 1, 2024 2.38 3.42 50,000 — 50,000 October 3, 2024 2.50 3.43 30,000 — 30,000 September 1, 2025 8.50 4.34 270,000 180,000 90,000 January 6, 2026 20.30 4.69 262,000 255,750 6,250 7.88 3.06 1,450,900 481,084 969,816 |
Summary of Changes in Warrants | The changes in the warrants for the years ended April 30, 2021 and 2020 are as follows: Number of warrants # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 3,546,500 5.20 1.90 Exercised (135,000 ) 3.50 — Balance, April 30, 2020 3,411,500 5.25 0.91 Exercised (2,533,200 ) 5.88 — Balance, April 30, 2021 878,300 3.50 0.90 |
Details of Warrants Outstanding | Details of the warrants outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Warrants outstanding March 26, 2022 3.50 0.90 878,300 |
Summary of Changes in Finder's Warrants | The changes in the finder’s warrants for the years ended April 30, 2021 and 2020 are as follows: Number of warrants # Weighted average exercise price $ Weighted average life remaining (years) Balance, April 30, 2019 83,188 3.50 2.91 Exercised (1,194 ) 3.50 — Balance, April 30, 2020 81,994 3.50 1.90 Issued 130,111 20.65 (1) 4.77 Exercised (35,217 ) 3.50 — Balance, April 30, 2021 176,888 16.12 3.75 (1) US $16.81 |
Details of Finder's Warrants Outstanding | Details of the finder’s warrants outstanding as at April 30, 2021 are as follows: Expiry Date Exercise price $ Remaining life (year) Warrants outstanding March 26, 2022 3.50 0.90 46,777 February 3, 2026 20.65 (1) 4.77 130,111 16.12 3.75 176,888 (1) US $16.81 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Schedule of Compensation For Key Management | 2021 2020 (in thousands) $ $ Management fees 64 179 Salaries and other short-term benefits 1,949 2,052 Severance (included in salaries) 266 — Share-based payments 1,466 632 Director compensation (included in salaries) 147 — 3,892 2,863 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Classification and Measurement of Financial Assets and Liabilities | Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Classification and measurement IFRS 9 Cash Amortized cost Amounts receivable Amortized cost Investment FVTPL Accounts payable and accrued liabilities Amortized cost Convertible debentures Amortized cost Deferred acquisition payments Amortized cost At April 30, 2021, the Company is exposed to currency risk through the following assets and liabilities denominated in US dollars and Euros: Euros US Dollars (in thousands) ( € (US $) Cash 2,014 23,733 Amounts receivable 1,039 1,027 Investment 80 — 3,133 24,760 Accounts payable and accrued liabilities (867 ) (414 ) Deferred acquisition payments (336 ) — Leases (664 ) (504 ) (1,867 ) (918 ) Net 1,266 23,842 |
Schedule of Contractual Cash Flow Requirements | Contractual cash flow requirements as at April 30, 2021 were as follows: < 1 year 1 - 2 years 2 - 5 years >5 years Total (in thousands) $ $ $ $ $ Accounts payable and accrued liabilities 3,011 — — — 3,011 Leases 1,105 871 113 — 2,089 Convertible debentures — 1,637 — — 1,637 Total ( 1) 4,116 2,508 113 — 6,737 (1) $498,361 final deferred acquisition payment not included in this table is to be settled by issuance of shares. |
Segmented Information and Eco_2
Segmented Information and Economic Dependence (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Geographical Segments | The Company’s revenues are allocated to geographic segments for the years ended April 30, 2021 and 2020 as follows: 2021 2020 (in thousands) $ $ United States of America 7,932 5,949 Canada 1,089 715 Europe 7,436 6,115 Other 1,455 1,279 17,912 14,058 The Company’s non-current assets are allocated to geographic segments as of April 30, 2021 and 2020 as follows: April 30, 2021 April 30, 2020 (in thousands) $ $ North America 2,153 1,429 Netherlands 15,948 18,135 18,101 19,564 Geographic segmentation of the Company’s net income (loss) for the years ended April 30, 2021 and 2020 is as follows: 2021 2020 (in thousands) $ $ North America - Corporate (8,632 ) (4,226 ) North America (1,203 ) (683 ) Netherlands 2,495 (38 ) (7,340 ) (4,947 ) Geographic segmentation of the interest and accretion, and amortization and depreciation for the years ended April 30, 2021 and 2020 is as follows: (in thousands) 2021 2020 Interest and accretion $ $ North America - Corporate 523 857 North America 96 86 Netherlands 244 493 863 1,436 (in thousands) 2021 2020 Amortization and depreciation $ $ North America - Corporate 74 125 North America 687 499 Netherlands 2,952 2,784 3,713 3,408 |
Summary of Revenues Allocated According to Revenue Types | The Company’s revenues are allocated according to revenue types for the years ended April 30 2021 and 2020 as follows: 2021 2020 (in thousands) $ $ Project revenue 15,910 13,195 Product sales revenue 1,897 739 Cryo storage revenue 105 124 17,912 14,058 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Statement Of Cash Flows [Abstract] | |
Summary of Non-cash Investing and Financing Transactions | Non-cash investing and financing transactions (in thousands) April 30, 2021 $ April 30, 2020 $ Debt settlement by issuance of shares and warrants 981 859 Acquisition of building and equipment by capital lease 1,209 2,623 Fair value of shares issued pursuant to deferred acquisition payment to IPA Europe 511 — Fair value of shares issued pursuant to deferred acquisition payment to UPE 1,047 — |
Summary of Changes in Liabilities Arose From Financing Activities | The following changes in liabilities arose from financing activities: Non-cash changes (in thousands) April 30, 2020 $ Cash Flows $ Acquisition $ Debt forgiven / Settlement / Disposal $ Accretion $ Equity portion $ Foreign exchange movements and change in estimates $ April 30, 2021 $ Deferred acquisition payments 2,826 (1,029 ) — (1,558 ) 222 — 37 498 Debentures 2,000 (2,000 ) — — — — — — Convertible debentures 313 2,202 — (904 ) 124 (204 ) — 1,531 Loans payable 312 (29 ) — (280 ) — — (3 ) — Leases 1,884 (945 ) 1,209 (147 ) — — (75 ) 1,926 Total 7,335 (1,801 ) 1,209 (2,889 ) 346 (204 ) (41 ) 3,955 Non-cash changes (in thousands) April 30, 2019 $ Cash Flows $ Acquisition $ Settlement / Disposal Accretion $ Foreign exchange movements and change in estimates $ April 30, 2020 $ Deferred acquisition payments 3,064 (1,007 ) — — 733 36 2,826 Debentures 2,708 (175 ) — (700 ) 167 — 2,000 Debenture subscriptions received — 313 — — — — 313 Loans payable 112 200 — — — — 312 Leases 106 (657 ) 2,678 (196 ) — (47 ) 1,884 Total 5,990 (1,326 ) 2,678 (896 ) 900 (11 ) 7,335 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Income Taxes [Abstract] | |
Summary of Differences and Related Tax Effects | The reasons for the differences and related tax effects are as follows: 2021 2020 $ $ Earnings (loss) before income taxes (5,995 ) (5,293 ) Income taxes (recovery) on earnings before income taxes, at above basic rate (1,619 ) (1,429 ) Increase (decrease) in taxes resulting from: Nondeductible expenses 558 383 Effects of tax rate change and foreign exchange 440 (64 ) Tax rate difference by jurisdiction (103 ) 55 Tax benefits not recognized 2,069 709 Income taxes (recovery) 1,345 (346 ) 2021 2020 $ $ Current income taxes 1,428 109 Deferred income taxes (recovery) (83 ) (455 ) Income taxes (recovery) 1,345 (346 ) |
Summary of Temporary Differences to Deferred Income Tax Assets and Liabilities | Temporary differences give rise to the following deferred income tax assets and liabilities: 2021 2020 $ $ Non-capital losses carried forward (expire from 2026 to 2039) 5,820 3,721 Other tax pools 1,790 1,468 Capital losses carried forward 148 148 Equipment and leasehold improvements 57 66 Inventory and intangible assets (1,502 ) (1,608 ) Financing costs 804 152 Less: unrecognized deferred income tax asset (8,609 ) (5,549 ) Deferred income tax liabilities (1,492 ) (1,602 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Nature Of Operations [Abstract] | ||
Operating losses | $ 7,340 | $ 4,947 |
Accumulated deficit | 29,819 | $ 22,479 |
Cash on hand | $ 41,800 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Subsidiaries which are Wholly Owned and Subject to Control (Details) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
ImmunoPrecise Antibodies (Canada) Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Canada) Ltd. | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar | |
ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
ImmunoPrecise Antibodies (N.D.) Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (N.D.) Ltd. | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
ImmunoPrecise Antibodies (MA) LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (MA) LLC | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
Talem Therapeutics LLC ("Talem") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | Talem Therapeutics LLC ("Talem") | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
U-Protein Express B.V. (“U-Protein”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | U-Protein Express B.V. (“U-Protein”) | |
Equity Interest percentage | 0.00% | 100.00% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
ImmunoPrecise Netherlands B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Netherlands B.V. | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe", formerly ModiQuest Research B.V.) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe", formerly ModiQuest Research B.V.) | |
Equity Interest percentage | 100.00% | 100.00% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
Immulease B.V. ("Immulease") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | Immulease B.V. ("Immulease") | |
Equity Interest percentage | 0.00% | 100.00% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
ImmunoPrecise Antibodies (Quebec), Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Quebec), Ltd. | |
Equity Interest percentage | 100.00% | 0.00% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar | |
9438-9244 Quebec, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | 9438-9244 Quebec, Inc | |
Equity Interest percentage | 100.00% | 0.00% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Classification and Measurement of Financial Assets and Liabilities (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Cash | |
Disclosure Of Financial Instruments [Line Items] | |
Financial assets, Classification and measurement IFRS 9 | Amortized cost |
Amounts Receivable | |
Disclosure Of Financial Instruments [Line Items] | |
Financial assets, Classification and measurement IFRS 9 | Amortized cost |
Investment | |
Disclosure Of Financial Instruments [Line Items] | |
Financial assets, Classification and measurement IFRS 9 | FVTPL |
Accounts Payable and Accrued Liabilities | |
Disclosure Of Financial Instruments [Line Items] | |
Financial liabilities, Classification and measurement IFRS 9 | Amortized cost |
Convertible Debentures | |
Disclosure Of Financial Instruments [Line Items] | |
Financial liabilities, Classification and measurement IFRS 9 | Amortized cost |
Deferred Acquisition Payments | |
Disclosure Of Financial Instruments [Line Items] | |
Financial liabilities, Classification and measurement IFRS 9 | Amortized cost |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Estimated Term of Asset (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Lab Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | 5 years |
Furniture and Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | 5 years |
Computer Hardware | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | 2 years |
Building | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | Remaining term of the property lease |
Automobile | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | 4 years |
Leasehold Improvements | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | Remaining term of the lease plus the first renewal option |
Computer Software | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Basis | Straight line |
Term | 1 year |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Impairment of long-lived assets, description | The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of their carrying amount to the recoverable amount. The recoverable amount is the higher of the fair value less selling costs or the value in use. Value in use is determined by the present value of the future cash flows from the asset. If the recoverable amount is less than the carrying amount, then there is impairment. Where an impairment loss exists, the portion of the carrying amount exceeding the recoverable amount is recorded as an expense immediately. Assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstance indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior periods. The reversal is recognized in profit or loss immediately |
Adoption of New Accounting St_2
Adoption of New Accounting Standards - Additional Information (Details) - CAD ($) | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Right-of-use asset | $ 1,700,000 | ||
Lease obligation | $ 1,926,000 | $ 1,700,000 | |
Incremental borrowing rate | 8.00% | ||
Accumulated deficit | $ 29,819,000 | $ 22,479,000 | |
Increase (Decrease) Due to Changes in Accounting Policy Required by IFRSs, Cumulative Effect at Date of Initial Application | IFRS 16 | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Accumulated deficit | $ 54,744 |
Critical Accounting Estimates_2
Critical Accounting Estimates And Judgments - Additional Information (Details) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2021USD ($) | Apr. 30, 2021segment | |
Disclosure Of Critical Accounting Estimates And Judgments [Line Items] | ||
Goodwill impairment | $ | $ 0 | |
Number of distinct segment | segment | 1 | |
Weighted Average Costs of Capital | CGUs One | ||
Disclosure Of Critical Accounting Estimates And Judgments [Line Items] | ||
Key assumptions input | 17.02 | 17.02 |
Weighted Average Costs of Capital | CGUs Two | ||
Disclosure Of Critical Accounting Estimates And Judgments [Line Items] | ||
Key assumptions input | 13.10 | 13.10 |
Acquisition of U-Protein - Addi
Acquisition of U-Protein - Additional Information (Details) - U-Protein € in Thousands | Aug. 22, 2017CAD ($)shares | Dec. 31, 2020shares | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) | Aug. 22, 2017EUR (€)shares |
Disclosure Of Business Combinations [Line Items] | |||||
Business acquisition, purchase consideration | $ 9,219,000 | € 6,830 | |||
Cash | 4,063,000 | 2,700 | |||
Deferred acquisition payments | $ 2,134,000 | $ 932,000 | $ 1,563,000 | 2,000 | |
Period of deferred acquisition payments | 3 years | ||||
Transaction costs | $ | $ 17,717 | ||||
Fair value of common shares issued | $ 3,022,000 | € 2,000 | |||
Deferred acquisition payments discount rate | 16.20% | ||||
Number of common shares issued in business acquisition | 203,178 | ||||
Common Shares | |||||
Disclosure Of Business Combinations [Line Items] | |||||
Number of common shares issued | 606,101 | 606,101 |
Acquisition of U-Protein - Summ
Acquisition of U-Protein - Summary of Allocated Purchase Price (Details) - U-Protein € in Thousands, $ in Thousands | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) | Aug. 22, 2017CAD ($) | Aug. 22, 2017EUR (€) |
Disclosure Of Business Combinations [Line Items] | ||||
Cash | $ 4,063 | € 2,700 | ||
606,101 common shares of the Company | 3,022 | 2,000 | ||
Fair value of deferred payments | $ 932 | $ 1,563 | 2,134 | 2,000 |
Fair value of consideration | 9,219 | |||
Cash | 797 | |||
Amounts receivable | 371 | |||
Unbilled revenue | 113 | |||
Inventory | 37 | |||
Investment | 90 | |||
Equipment, net of accumulated amortization | 216 | |||
Intellectual property (not deductible for tax purposes) | 4,064 | |||
Goodwill (not deductible for tax purposes) | 4,656 | |||
Accounts payable and accrued liabilities | (270) | |||
Income taxes payable | (44) | |||
Deferred income tax liability | (811) | |||
Allocated purchase price | $ 9,219 | € 6,830 |
Acquisition of U-Protein - Su_2
Acquisition of U-Protein - Summary of Allocated Purchase Price (Parenthetical) (Details) | Aug. 22, 2017shares |
U-Protein | Common Shares | |
Disclosure Of Business Combinations [Line Items] | |
Number of common shares issued | 606,101 |
Acquisition of U-Protein - Su_3
Acquisition of U-Protein - Summary of Changes in Value of Deferred Payments (Details) - U-Protein - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Business Combinations [Line Items] | ||
Beginning balance | $ 932 | $ 1,563 |
Accretion expense | 89 | 350 |
Payment | (1,007) | |
Payment made in common shares | (1,047) | |
Foreign exchange | $ 26 | 26 |
Ending balance | $ 932 |
Acquisition of IPA Europe and_2
Acquisition of IPA Europe and Immulease - Additional Information (Details) - IPA Europe and Immulease | Apr. 05, 2018CAD ($)shares$ / shares | Apr. 30, 2021CAD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) | Apr. 30, 2019EUR (€) | Apr. 05, 2018EUR (€)shares |
Disclosure Of Business Combinations [Line Items] | ||||||
Business acquisition, purchase consideration | $ 11,226,000 | € 7,000,000 | ||||
Cash | 3,988,000 | 2,500,000 | ||||
Deferred acquisition payments | $ 2,354,000 | $ 498,000 | $ 1,894,000 | $ 1,501,000 | 2,000,000 | |
Period of deferred acquisition payments | 3 years | |||||
Business acquisition, purchase consideration | € | € 666,666 | € 666,666 | ||||
Transaction costs | $ 36,821 | |||||
Fair value of common shares issued | $ 4,884,000 | |||||
Fair value of common shares issued per share | $ / shares | $ 3.70 | |||||
Deferred acquisition payments discount rate | 14.00% | |||||
Common Shares | ||||||
Disclosure Of Business Combinations [Line Items] | ||||||
Number of common shares issued | shares | 1,320,080 | 1,320,080 |
Acquisition of IPA Europe and_3
Acquisition of IPA Europe and Immulease - Summary of Allocated Purchase Price (Details) - IPA Europe and Immulease $ in Thousands, € in Millions | Apr. 30, 2021CAD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) | Apr. 05, 2018CAD ($) | Apr. 05, 2018EUR (€) |
Disclosure Of Business Combinations [Line Items] | |||||
Cash | $ 3,988 | € 2.5 | |||
1,320,080 common shares of the Company | 4,884 | ||||
Fair value of deferred payments | $ 498 | $ 1,894 | $ 1,501 | 2,354 | 2 |
Fair value of consideration | 11,226 | € 7 | |||
Cash | 270 | ||||
Amounts receivable | 572 | ||||
Unbilled revenue | 90 | ||||
Inventory | 2,287 | ||||
Equipment, net of accumulated amortization | 568 | ||||
Software | 31 | ||||
Intangible assets (not deductible for tax purposes) | 6,305 | ||||
Goodwill (not deductible for tax purposes) | 3,641 | ||||
Accounts payable and accrued liabilities | (580) | ||||
Deferred revenue | (23) | ||||
Loans | (299) | ||||
Deferred income tax liability | (1,636) | ||||
Allocated purchase price | $ 11,226 |
Acquisition of IPA Europe and_4
Acquisition of IPA Europe and Immulease - Summary of Allocated Purchase Price (Parenthetical) (Details) | Apr. 05, 2018shares |
IPA Europe and Immulease | Common Shares | |
Disclosure Of Business Combinations [Line Items] | |
Number of common shares issued | 1,320,080 |
Acquisition of IPA Europe and_5
Acquisition of IPA Europe and Immulease - Summary of Changes in Value of Deferred Payments (Details) - IPA Europe and Immulease - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Business Combinations [Line Items] | ||
Beginning balance | $ 1,894 | $ 1,501 |
Accretion expense | 133 | 383 |
Repayment | (1,540) | |
Foreign exchange | 11 | 10 |
Ending balance | $ 498 | $ 1,894 |
Investment - Additional Informa
Investment - Additional Information (Details) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Investment [Abstract] | ||
Percentage of interest in investment | 29.00% | 29.00% |
Property and Equipment - Summar
Property and Equipment - Summary of Changes in the Value of Property and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | $ 3,078 | |
Ending balance | 4,024 | $ 3,078 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 6,023 | 4,114 |
Additions | 2,672 | 1,327 |
Disposals | (18) | (1,107) |
Lease modification | (188) | |
Foreign exchange | (83) | 20 |
Ending balance | 8,406 | 6,023 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (2,945) | (2,477) |
Depreciation | 1,644 | 1,366 |
Disposals | 18 | 911 |
Lease modification | (42) | |
Foreign exchange | (147) | 13 |
Ending balance | (4,382) | (2,945) |
Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 3,078 | |
Ending balance | 4,024 | 3,078 |
Effect Of Transition To IFRS | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1,669 | |
Computer Hardware | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 54 | 111 |
Additions | 42 | 17 |
Disposals | (74) | |
Ending balance | 96 | 54 |
Computer Hardware | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (37) | (88) |
Depreciation | 24 | 23 |
Disposals | 74 | |
Ending balance | (61) | (37) |
Computer Hardware | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 17 | |
Ending balance | 35 | 17 |
Furniture and Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 36 | 111 |
Disposals | (75) | |
Ending balance | 36 | 36 |
Furniture and Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (18) | (86) |
Depreciation | 10 | 7 |
Disposals | 75 | |
Ending balance | (28) | (18) |
Furniture and Equipment | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 18 | |
Ending balance | 8 | 18 |
Computer Software | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 50 | 130 |
Disposals | (80) | |
Foreign exchange | (1) | |
Ending balance | 49 | 50 |
Computer Software | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (35) | (49) |
Depreciation | 8 | 66 |
Disposals | 80 | |
Foreign exchange | (1) | |
Ending balance | (42) | (35) |
Computer Software | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 15 | |
Ending balance | 7 | 15 |
Building | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 2,384 | |
Additions | 582 | 905 |
Disposals | (196) | |
Lease modification | (188) | |
Foreign exchange | (48) | 6 |
Ending balance | 2,730 | 2,384 |
Building | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (700) | |
Depreciation | 711 | 697 |
Lease modification | (42) | |
Foreign exchange | (35) | 3 |
Ending balance | (1,334) | (700) |
Building | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1,684 | |
Ending balance | 1,396 | 1,684 |
Building | Effect Of Transition To IFRS | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1,669 | |
Automobile | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 50 | |
Additions | 45 | 49 |
Foreign exchange | (1) | 1 |
Ending balance | 94 | 50 |
Automobile | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (7) | |
Depreciation | 21 | 7 |
Foreign exchange | (1) | |
Ending balance | (27) | (7) |
Automobile | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 43 | |
Ending balance | 67 | 43 |
Leasehold Improvements | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 351 | 393 |
Additions | 2 | 6 |
Disposals | (49) | |
Foreign exchange | 1 | |
Ending balance | 353 | 351 |
Leasehold Improvements | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (226) | (206) |
Depreciation | 70 | 69 |
Disposals | 49 | |
Ending balance | (296) | (226) |
Leasehold Improvements | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 125 | |
Ending balance | 57 | 125 |
Lab Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 3,098 | 3,369 |
Additions | 2,001 | 350 |
Disposals | (18) | (633) |
Foreign exchange | (33) | 12 |
Ending balance | 5,048 | 3,098 |
Lab Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (1,922) | (2,048) |
Depreciation | 800 | 497 |
Disposals | 18 | 633 |
Foreign exchange | (110) | 10 |
Ending balance | (2,594) | (1,922) |
Lab Equipment | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 1,176 | |
Ending balance | $ 2,454 | $ 1,176 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intellectual property useful life | 10 years |
Proprietary processes useful life | 5 years |
Intangibles Assets - Summary of
Intangibles Assets - Summary of Changes in the Value of the Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 8,285 | |
Ending balance | 6,058 | $ 8,285 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 12,179 | 12,025 |
Additions | 114 | |
Costs expensed | (80) | |
Foreign exchange | (204) | 40 |
Ending balance | 11,895 | 12,179 |
Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 3,894 | 1,799 |
Amortization | 2,069 | 2,041 |
Foreign exchange | (126) | 54 |
Ending balance | 5,837 | 3,894 |
Net Book Value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 8,285 | |
Ending balance | 6,058 | 8,285 |
Internally Generated Development Costs | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 115 | |
Additions | 114 | |
Costs expensed | (80) | |
Foreign exchange | (2) | 1 |
Ending balance | 33 | 115 |
Internally Generated Development Costs | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | 1 | |
Ending balance | 1 | |
Internally Generated Development Costs | Net Book Value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 115 | |
Ending balance | 32 | 115 |
Intellectual Properties | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,159 | 4,145 |
Foreign exchange | (70) | 14 |
Ending balance | 4,089 | 4,159 |
Intellectual Properties | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,054 | 636 |
Amortization | 421 | 406 |
Foreign exchange | (30) | 12 |
Ending balance | 1,445 | 1,054 |
Intellectual Properties | Net Book Value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 3,105 | |
Ending balance | 2,644 | 3,105 |
Proprietary Processes | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 7,765 | 7,740 |
Foreign exchange | (130) | 25 |
Ending balance | 7,635 | 7,765 |
Proprietary Processes | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,840 | 1,163 |
Amortization | 1,647 | 1,635 |
Foreign exchange | (96) | 42 |
Ending balance | 4,391 | 2,840 |
Proprietary Processes | Net Book Value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,925 | |
Ending balance | 3,244 | 4,925 |
Certifications | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 140 | 140 |
Foreign exchange | (2) | |
Ending balance | 138 | 140 |
Certifications | Net Book Value | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 140 | |
Ending balance | $ 138 | $ 140 |
Debentures - Additional Informa
Debentures - Additional Information (Details) - CAD ($) | Mar. 26, 2020 | Sep. 26, 2019 | Oct. 25, 2018 | Apr. 05, 2018 | Apr. 30, 2021 | Apr. 30, 2020 |
Debentures [Line Items] | ||||||
Non convertible debenture amount | $ 858,906 | $ 2,800,000 | $ 1,100,000 | $ 383,010 | ||
Warrants exercise price | $ 3.50 | |||||
Number of shares issued and fully paid | 116,064 | |||||
Risk free interest rate | 12.50% | 1.58% | ||||
Expected life | 6 months | 2 years | ||||
Expected volatility | 68.70% | |||||
Settlement of debentures | $ 700,000 | $ 1,400,000 | ||||
Number of shares issued | 248,959 | 275,400 | ||||
Share price per unit | $ 5 | |||||
Description of conversion of debt and equity | Each unit consisted of one common share of the Company and one share purchase warrant, with each warrant entitling the holder to purchase an additional share at $6.25 for two years. | |||||
Purchase of additional share per price | $ 6.25 | |||||
Maturity period | 2 years | |||||
Fair value of warrants issued | $ 283,000 | |||||
Loss on settlement of debentures | $ 112,031 | $ 189,715 | ||||
Maturity | September 26, 2020 | March 26, 2020 | ||||
Debentures paid | $ 50,000 | $ 125,000 | ||||
Accrued interest | 46,875 | |||||
Remaining debentures paid on maturity date | $ 2,000,000 | |||||
Repayments of debentures | $ 2,000,000 | $ 175,000 | ||||
Repayment of interest | 61,644 | |||||
Debentures | ||||||
Debentures [Line Items] | ||||||
Non convertible debenture amount | $ 4,300,000 | |||||
Debt instrument fixed rate | 10.00% | |||||
Term of debentures | 18 months | |||||
Effective interest rate percentage | 15.00% | |||||
Carrying value of debentures | $ 546,934 | |||||
Settlement of debentures | 700,000 | |||||
Repayments of debentures | $ 2,000,000 | $ 175,000 | ||||
Debentures | Liability Component | ||||||
Debentures [Line Items] | ||||||
Non convertible debenture amount | 4,000,000 | |||||
Debentures | Warrant Component | ||||||
Debentures [Line Items] | ||||||
Non convertible debenture amount | $ 248,875 | |||||
Warrants | ||||||
Debentures [Line Items] | ||||||
Warrants attached to $25,000 debentures | 7,500 | |||||
Monetary value of debentures to assign warrants | $ 25,000 | |||||
Warrants exercise price | $ 3.50 | |||||
Term of warrants | 4 years | |||||
Carrying value of debentures | $ 34,003 | |||||
Finder’s Warrants | ||||||
Debentures [Line Items] | ||||||
Non convertible debenture amount | 187,627 | |||||
Finder's fees paid in cash | $ 10,300 | |||||
Number of finder's warrant shares | 83,188 | |||||
Risk free interest rate | 1.60% | |||||
Expected life | 4 years | |||||
Expected volatility | 100.00% |
Debentures - Summary of Changes
Debentures - Summary of Changes in Value of Debentures (Details) - CAD ($) | Mar. 26, 2020 | Oct. 25, 2018 | Apr. 30, 2021 | Apr. 30, 2020 |
Debentures [Line Items] | ||||
Beginning balance | $ 15,086,000 | $ 18,068,000 | ||
Repayment of debentures | (2,000,000) | (175,000) | ||
Settlement of debentures | $ (700,000) | $ (1,400,000) | ||
Ending balance | 56,924,000 | 15,086,000 | ||
Debentures | ||||
Debentures [Line Items] | ||||
Beginning balance | 2,000,000 | 2,708,000 | ||
Accretion expense | 167,000 | |||
Repayment of debentures | $ (2,000,000) | (175,000) | ||
Settlement of debentures | (700,000) | |||
Ending balance | $ 2,000,000 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Details) | Apr. 15, 2020USD ($) | Mar. 26, 2020CAD ($) | Sep. 26, 2019CAD ($) | Feb. 01, 2016EUR (€) | Jul. 07, 2015EUR (€) | Apr. 30, 2021CAD ($) | Apr. 30, 2021EUR (€) | Apr. 30, 2020CAD ($) | Apr. 30, 2020EUR (€) | Apr. 30, 2019CAD ($) | Oct. 25, 2018CAD ($) | Apr. 05, 2018CAD ($) | Apr. 05, 2018EUR (€) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||
Loans payable/principal outstanding | $ 312,000 | $ 112,000 | |||||||||||
Non convertible debenture amount | $ 858,906 | $ 2,800,000 | $ 1,100,000 | $ 383,010 | |||||||||
Maturity | September 26, 2020 | March 26, 2020 | |||||||||||
PPP loan under CARES Act | $ 349,000,000,000 | ||||||||||||
Term of PPP loan | 2 years | ||||||||||||
Description of forgiveness under PPP loan | The loan will be forgiven if the proceeds are used by the Company to cover payroll costs (including benefits), with up to 25% allowed for rent and utilities, during the eight-week period following the loan origination date. | ||||||||||||
Percentage of maximum forgiveness allowed to rent and utilities under PPP loan | 25.00% | ||||||||||||
Paycheck Protection Program | |||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||
Debt instrument fixed rate | 1.00% | ||||||||||||
Monthly installments | $ 11,761 | ||||||||||||
Loan | $ 209,000 | ||||||||||||
Monthly installment, start date | 2020-11 | ||||||||||||
Monthly installment, end date | 2022-04 | ||||||||||||
IPA Europe | Loan Payable Maturing on July 31, 2020 | |||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||
Loans payable/principal outstanding | 6,797 | € 4,500 | 94,995 | € 60,750 | |||||||||
Loan agreement date | Jul. 7, 2015 | ||||||||||||
Non convertible debenture amount | € | € 165,000 | ||||||||||||
Maturity | July 31, 2020 | ||||||||||||
Debt instrument fixed rate | 4.00% | ||||||||||||
Monthly installments | € | € 2,250 | ||||||||||||
IPA Europe | Loan Payable Maturing on February 28, 2021 | |||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||||
Loans payable/principal outstanding | $ 22,014 | € 14,575 | $ 88,271 | € 56,450 | |||||||||
Loan agreement date | Feb. 1, 2016 | ||||||||||||
Non convertible debenture amount | € | € 100,000 | ||||||||||||
Maturity | February 28, 2021 | ||||||||||||
Debt instrument fixed rate | 3.00% | ||||||||||||
Monthly installments | € | € 1,675 |
Loans Payable - Summary of Loan
Loans Payable - Summary of Loan Payable (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | ||
Beginning balance | $ 312 | $ 112 |
Loan proceeds | 283 | |
Loan repayments and foreign exchange | (32) | (83) |
Loan forgiven | $ (280) | |
Ending balance | $ 312 |
Convertible Debentures - Additi
Convertible Debentures - Additional Information (Details) - CAD ($) | May 27, 2020 | May 15, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Convertible Debentures [Line Items] | ||||
Proceeds from issue of convertible debentures | $ 2,202,000 | $ 313,000 | ||
Consulting fees | $ 348,000 | 227,000 | ||
New Debentures | ||||
Convertible Debentures [Line Items] | ||||
Convertible debentures interest rate | 10.00% | 10.00% | 10.00% | |
Proceeds from issue of convertible debentures | $ 35,000 | $ 2,590,000 | $ 2,600,000 | |
Convertible debentures maturity date | May 22, 2022 | May 15, 2022 | ||
Convertible debentures conversion price | 4.25 | |||
Description of conversion of debt to equity | The Company may force convert the principal amount of the New Debentures at $4.25 per share if the average closing price is equal to or greater than $7.50 for 20 trading days. | |||
Consulting fees | $ 82,580 | |||
Legal and filing fees | 29,331 | |||
Transaction costs | 102,811 | |||
Accretion expense | 124,381 | |||
New Debentures | 10% Convertible Debentures | ||||
Convertible Debentures [Line Items] | ||||
Proceeds from issue of convertible debentures | $ 313,268 | |||
Carrying value of new debentures | 2,400,000 | |||
Carrying value of equity | $ 213,623 | |||
New Debentures | 10% Convertible Debentures | Discounted Cash Flow | ||||
Convertible Debentures [Line Items] | ||||
Effective interest rate | 15.00% | |||
New Debentures | Equity Component | ||||
Convertible Debentures [Line Items] | ||||
Proceeds from issue of convertible debentures | $ 213,000 | |||
Transaction costs | $ 9,100 |
Convertible Debentures - Summar
Convertible Debentures - Summary of Changes in Value of New Debentures (Details) - CAD ($) | May 27, 2020 | May 15, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Convertible Debentures [Line Items] | ||||
Proceeds | $ 2,202,000 | $ 313,000 | ||
Conversion to shares | (904,000) | |||
New Debentures | ||||
Convertible Debentures [Line Items] | ||||
Proceeds | $ 35,000 | $ 2,590,000 | 2,600,000 | |
Transaction costs | (102,811) | |||
Accretion expense | 124,381 | |||
New Debentures | Liability Component | ||||
Convertible Debentures [Line Items] | ||||
Proceeds | 2,413,000 | |||
Transaction costs | (102,000) | |||
Accretion expense | 124,000 | |||
Conversion to shares | (904,000) | |||
Ending balance | 1,531,000 | |||
New Debentures | Equity Component | ||||
Convertible Debentures [Line Items] | ||||
Proceeds | 213,000 | |||
Transaction costs | (9,100) | |||
Conversion to shares | (77,000) | |||
Ending balance | $ 127,000 |
Leases - Additional Information
Leases - Additional Information (Details) - CAD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 | |
Leases Obligation [Line Items] | |||
Net carrying amount of leased equipment | $ 402,883 | $ 77,285 | |
Net carrying amount of leased automobile | $ 66,881 | 42,682 | |
Right-of-use asset | $ 1,700,000 | ||
Equipment and Automobile Leases | Bottom of Range | |||
Leases Obligation [Line Items] | |||
Lease obligation, expiration year | 2021 | ||
Lease obligation, interest rate | 8.00% | ||
Equipment and Automobile Leases | Top of Range | |||
Leases Obligation [Line Items] | |||
Lease obligation, expiration year | 2024 | ||
Lease obligation, interest rate | 17.00% | ||
Office Lease | |||
Leases Obligation [Line Items] | |||
Lease obligation commencement period description | The Company also entered into office leases in January 2018, May 2018, May 2019, June 2019, December 2019, and August 2020. | ||
Right-of-use asset | $ 1,400,000 | $ 1,700,000 |
Leases - Schedule of Terms and
Leases - Schedule of Terms and Outstanding Balances of Equipment, Automobile and Office Leases (Details) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | $ 1,926 | $ 1,700 | |
Current portion | (986) | $ (752) | |
Non-current portion | 940 | 1,132 | |
Equipment under Lease, One | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 71 | ||
Equipment under Lease, Two | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 396 | ||
Automobile under Lease, One | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 31 | 44 | |
Automobile under Lease, Two | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 37 | ||
Right-of-use Asset from Office Lease, One | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 223 | 135 | |
Right-of-use Asset from Office Lease, Two | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 303 | 476 | |
Right-of-use Asset from Office Lease, Three | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | 616 | 673 | |
Right-of-use Asset from Office Lease, Four | |||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | |||
Lease obligation | $ 320 | $ 485 |
Leases - Schedule of Terms an_2
Leases - Schedule of Terms and Outstanding Balances of Equipment, Automobile and Office Leases (Parenthetical) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 863 | $ 1,436 |
Equipment under Lease, One | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 1,228 | |
Equipment under Lease, One | Bottom of Range | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, interest rate | 13.00% | |
Lease obligation, due date | 2021-05 | |
Equipment under Lease, One | Top of Range | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, interest rate | 17.00% | |
Lease obligation, due date | 2023-03 | |
Equipment under Lease, Two | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 19,437 | |
Lease obligation, interest rate | 8.00% | |
Lease obligation, due date | 2023-05 | |
Automobile under Lease, One | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 1,186 | $ 1,186 |
Lease obligation, interest rate | 8.00% | 8.00% |
Lease obligation, due date | 2023-09 | 2023-09 |
Automobile under Lease, Two | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 1,055 | |
Lease obligation, interest rate | 8.00% | |
Lease obligation, due date | 2024-08 | |
Right-of-use Asset from Office Lease, One | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 6,440 | $ 6,440 |
Lease obligation, interest rate | 8.00% | 8.00% |
Lease obligation, due date | 2024-05 | 2024-05 |
Right-of-use Asset from Office Lease, Two | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 16,223 | $ 16,223 |
Lease obligation, interest rate | 8.00% | 8.00% |
Lease obligation, due date | 2022-12 | 2022-12 |
Right-of-use Asset from Office Lease, Three | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 32,997 | $ 32,997 |
Lease obligation, interest rate | 8.00% | 8.00% |
Lease obligation, due date | 2022-12 | 2022-12 |
Right-of-use Asset from Office Lease, Four | ||
Disclosure of Terms and Outstanding Balances of Equipment Automobile and Office Leases [Line Items] | ||
Lease obligation, monthly repayment amount | $ 14,480 | $ 14,480 |
Lease obligation, interest rate | 8.00% | 8.00% |
Lease obligation, due date | 2023-04 | 2023-04 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Related to Equipment under Finance Lease and Office Lease Obligation (Details) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |||
Total minimum lease payments | $ 2,089 | ||
Less: imputed interest | (163) | ||
Total present value of minimum lease payments | 1,926 | $ 1,700 | |
Less: Current portion | (986) | $ (752) | |
Non-current portion | 940 | $ 1,132 | |
2022 | |||
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |||
Total minimum lease payments | 1,105 | ||
2023 | |||
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |||
Total minimum lease payments | 871 | ||
2024 | |||
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |||
Total minimum lease payments | 102 | ||
2025 | |||
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |||
Total minimum lease payments | $ 11 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) | Sep. 01, 2021CAD ($)shares$ / shares | Feb. 10, 2021CAD ($)shares | Feb. 10, 2021USD ($)$ / sharesshares | Feb. 08, 2021CAD ($)shares | Feb. 08, 2021USD ($)$ / sharesshares | Jan. 06, 2021CAD ($)shares$ / shares | Dec. 31, 2020CAD ($)shares | Dec. 18, 2020CAD ($)shares | Aug. 13, 2020CAD ($)shares$ / shares | May 01, 2020CAD ($)shares | Apr. 29, 2020CAD ($)shares$ / shares | Apr. 03, 2020CAD ($)shares$ / shares | Mar. 26, 2020CAD ($)shares | Oct. 03, 2019CAD ($)shares$ / shares | Sep. 26, 2019 | Oct. 25, 2018CAD ($)$ / sharesshares | Apr. 30, 2021CAD ($)shares$ / shares | Apr. 30, 2021$ / shares | Apr. 30, 2020CAD ($)shares$ / shares |
Common shares issued and outstanding basis | |||||||||||||||||||
Settlement of debentures | $ 700,000 | $ 1,400,000 | |||||||||||||||||
Accrued interest | 46,875 | ||||||||||||||||||
Shares issued pursuant to settlement of Debentures and accrued interest | $ 859,000 | ||||||||||||||||||
Loss on settlement | $ 112,031 | ||||||||||||||||||
Shares issued pursuant to option exercise | $ (684,000) | (17,000) | |||||||||||||||||
Shares issued pursuant to warrant exercise | (15,016,000) | (477,000) | |||||||||||||||||
Shares issued pursuant to option exercise | 684,000 | $ 17,000 | |||||||||||||||||
Convertible debentures | $ 204,000 | ||||||||||||||||||
Number of shares issued | shares | 248,959 | 275,400 | |||||||||||||||||
Share price per unit | $ / shares | $ 5 | ||||||||||||||||||
Stock options granted | shares | 583,000 | 194,000 | |||||||||||||||||
Expected volatility | 68.70% | ||||||||||||||||||
Risk free interest rate | 12.50% | 1.58% | |||||||||||||||||
Share-based payments | $ 2,748,479 | $ 739,011 | |||||||||||||||||
Officer | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Stock options granted | shares | 50,000 | 50,000 | |||||||||||||||||
Exercisable price per option | $ / shares | $ 3.80 | $ 2.375 | |||||||||||||||||
Vesting period | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date | |||||||||||||||||
Estimated fair value of options | $ 129,340 | $ 86,395 | |||||||||||||||||
Share price on grant date | $ / shares | $ 3.80 | $ 2.40 | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||
Expected volatility | 100.00% | 100.00% | |||||||||||||||||
Risk free interest rate | 0.38% | 1.46% | |||||||||||||||||
Expected life (years) | 3.93 | 5 | |||||||||||||||||
Consultant | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Stock options granted | shares | 50,000 | 40,000 | |||||||||||||||||
Exercisable price per option | $ / shares | $ 7.50 | $ 5 | |||||||||||||||||
Vesting period | The options are subject to vesting conditions as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date, one-quarter 9 months after grant date and one-quarter 12 months after grant date. | ||||||||||||||||||
Estimated fair value of options | $ 204,749 | $ 32,096 | |||||||||||||||||
Share price on grant date | $ / shares | $ 6.85 | $ 2.40 | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||
Expected volatility | 100.00% | 100.00% | |||||||||||||||||
Risk free interest rate | 0.33% | 1.56% | |||||||||||||||||
Expected life (years) | 3 | 2 | |||||||||||||||||
Director | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Stock options granted | shares | 25,000 | 30,000 | |||||||||||||||||
Exercisable price per option | $ / shares | $ 20.30 | $ 2.50 | |||||||||||||||||
Vesting period | The options are subject to vesting conditions as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date and one-quarter 12 months after grant date. | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. | |||||||||||||||||
Estimated fair value of options | $ 292,572 | $ 53,326 | |||||||||||||||||
Share price on grant date | $ / shares | $ 20.30 | $ 2.40 | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||
Expected volatility | 71.00% | 100.00% | |||||||||||||||||
Risk free interest rate | 0.34% | 1.46% | |||||||||||||||||
Expected life (years) | 5 | 5 | |||||||||||||||||
Employees | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Stock options granted | shares | 270,000 | 238,000 | 11,000 | 13,000 | |||||||||||||||
Exercisable price per option | $ / shares | $ 8.50 | $ 20.30 | $ 5.05 | $ 5.05 | |||||||||||||||
Vesting period | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. | The options are subject to vesting conditions as follows: one-third 6 months after grant date; one-third 12 months after grant date and one-third 18 months after grant date. | ||||||||||||||||
Estimated fair value of options | $ 1,613,117 | $ 2,785,284 | $ 20,582 | $ 14,627 | |||||||||||||||
Share price on grant date | $ / shares | $ 8.15 | $ 3.45 | $ 2.40 | ||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||
Expected volatility | 100.00% | 71.00% | 100.00% | 100.00% | |||||||||||||||
Risk free interest rate | 0.31% | 0.34% | 0.75% | 1.54% | |||||||||||||||
Expected life (years) | 5 | 5 | 3 | 2.96 | |||||||||||||||
Plan | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Maximum term of options granted description | The terms of the plan provide that the Directors have the right to grant options to acquire common shares of the Company at not less than the closing market price of the shares on the day preceding the grant at terms of up to five years | ||||||||||||||||||
Maximum term of options granted for share-based payment arrangement | five years | ||||||||||||||||||
Maximum percentage of issued and outstanding common shares | 10.00% | ||||||||||||||||||
IPA Europe | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 511,000 | ||||||||||||||||||
UPE | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 1,047,000 | ||||||||||||||||||
Finder’s Warrants | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Number of warrants, issued | shares | 16,972 | 16,972 | 113,139 | 113,139 | |||||||||||||||
Warrant exercisable price | $ / shares | $ 16.81 | $ 16.81 | $ 16.81 | ||||||||||||||||
Fair value of warrants | $ 180,029 | $ 141,766 | $ 1,300,000 | $ 994,646 | |||||||||||||||
Finder’s Warrants | Black-Scholes Option Pricing Model | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||
Expected volatility | 72.00% | 72.00% | 72.00% | 72.00% | |||||||||||||||
Risk free interest rate | 0.39% | 0.39% | 0.39% | 0.39% | |||||||||||||||
Share price on grant date | $ / shares | $ 16.81 | $ 16.81 | |||||||||||||||||
Expected life | 5 years | 5 years | 5 years | 5 years | |||||||||||||||
Finder’s Warrants | Public Offering | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Number of shares issued | shares | 242,443 | 1,616,293 | |||||||||||||||||
Share Capital | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to settlement of debentures and accrued interest, shares | shares | 248,959 | ||||||||||||||||||
Shares issued pursuant to settlement of Debentures and accrued interest | $ 859,000 | ||||||||||||||||||
Shares issued pursuant to option exercise, shares | shares | 189,100 | 11,000 | |||||||||||||||||
Shares issued pursuant to option exercise | $ (1,047,000) | $ (29,000) | |||||||||||||||||
Shares issued pursuant to warrant exercise, shares | shares | 2,568,417 | 136,194 | |||||||||||||||||
Shares issued pursuant to warrant exercise | $ (15,425,000) | $ (500,000) | |||||||||||||||||
Shares issued pursuant to option exercise | $ 1,047,000 | $ 29,000 | |||||||||||||||||
Share Capital | IPA Europe | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition, Number of Shares | shares | 132,833 | ||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 511,000 | ||||||||||||||||||
Share Capital | UPE | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition, Number of Shares | shares | 203,178 | ||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 1,047,000 | ||||||||||||||||||
Share Capital | Common Shares | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to settlement of debentures and accrued interest, shares | shares | 248,959 | ||||||||||||||||||
Shares issued pursuant to settlement of Debentures and accrued interest | $ 858,906 | ||||||||||||||||||
Shares issued pursuant to option exercise, shares | shares | 189,100 | 11,000 | |||||||||||||||||
Total gross proceeds from exercise of stock options | $ 683,755 | $ 16,500 | |||||||||||||||||
Weighted average share price | $ / shares | $ 11.70 | $ 3.45 | |||||||||||||||||
Shares issued pursuant to warrant exercise, shares | shares | 2,568,417 | 136,194 | |||||||||||||||||
Total gross proceeds from exercise of warrants | $ 15,000,000 | $ 476,679 | |||||||||||||||||
Shares issued pursuant to conversion of convertible debentures, Number of Shares | shares | 232,934 | ||||||||||||||||||
Convertible debentures | $ 990,000 | ||||||||||||||||||
Share Capital | Common Shares | Public Offering | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Number of shares issued | shares | 242,443 | 1,616,293 | |||||||||||||||||
Share price per unit | $ / shares | $ 13.45 | $ 13.45 | |||||||||||||||||
Gross proceeds from common shares | $ 4,100,000 | $ 3,300,000 | $ 27,700,000 | $ 21,700,000 | |||||||||||||||
Underwriting discounts and commissions | $ 3,800,000 | $ 3,000,000 | $ 24,700,000 | $ 19,600,000 | |||||||||||||||
Share Capital | Common Shares | IPA Europe | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition, Number of Shares | shares | 132,833 | ||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 511,405 | ||||||||||||||||||
Share Capital | Common Shares | UPE | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to deferred payment for acquisition, Number of Shares | shares | 203,178 | 203,178 | |||||||||||||||||
Shares issued pursuant to deferred payment for acquisition | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||
Contributed Surplus | |||||||||||||||||||
Common shares issued and outstanding basis | |||||||||||||||||||
Shares issued pursuant to option exercise | 363,175 | 12,490 | |||||||||||||||||
Shares issued pursuant to warrant exercise | 409,106 | 22,942 | |||||||||||||||||
Shares issued pursuant to option exercise | $ (363,175) | $ (12,490) |
Share Capital - Summary of Chan
Share Capital - Summary of Changes in Stock Option (Details) | 12 Months Ended | ||
Apr. 30, 2021shares$ / shares | Apr. 30, 2020shares$ / shares | Apr. 30, 2019shares$ / shares | |
Disclosure Of Classes Of Share Capital [Abstract] | |||
Number of options, Outstanding, Beginning balance | shares | 1,063,000 | 1,060,667 | |
Number of options, Granted | shares | 583,000 | 194,000 | |
Number of options, Exercised | shares | (189,100) | (11,000) | |
Number of options, Forfeited | shares | (6,000) | (180,667) | |
Number of options, Outstanding | shares | 1,450,900 | 1,063,000 | 1,060,667 |
Number of options, Unvested | shares | (481,084) | ||
Number of options, Exercisable | shares | 969,816 | ||
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 3.84 | $ 3.90 | |
Weighted average exercise price, Granted | $ / shares | 13.73 | 3.65 | |
Weighted average exercise price, Exercised | $ / shares | 3.62 | 1.50 | |
Weighted average exercise price, Forfeited | $ / shares | 7.60 | 3.65 | |
Weighted average exercise price outstanding, Ending balance | $ / shares | 7.88 | $ 3.84 | $ 3.90 |
Weighted average exercise price, Unvested | $ / shares | 14.53 | ||
Weighted average exercise price, Exercisable | $ / shares | $ 4.58 | ||
Weighted average life remaining (years) | 3 years 29 days | 3 years 12 days | 3 years 10 months 12 days |
Weighted average life remaining (years), Unvested | 4 years 4 months 6 days | ||
Weighted average life remaining (years), Exercisable | 2 years 5 months 1 day |
Share Capital - Summary of Opti
Share Capital - Summary of Options Outstanding (Details) | 12 Months Ended | ||
Apr. 30, 2021shares$ / shares | Apr. 30, 2020shares | Apr. 30, 2019shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Exercise price | $ / shares | $ 7.88 | ||
Remaining life (year) | 3 years 21 days | ||
Options outstanding | 1,450,900 | 1,063,000 | 1,060,667 |
Unvested | 481,084 | ||
Vested | 969,816 | ||
Option Expiry Date December 20, 2021 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | December 20, 2021 | ||
Exercise price | $ / shares | $ 1.50 | ||
Remaining life (year) | 7 months 20 days | ||
Options outstanding | 46,000 | ||
Vested | 46,000 | ||
Option Expiry Date September 18, 2022 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | September 18, 2022 | ||
Exercise price | $ / shares | $ 5.05 | ||
Remaining life (year) | 1 year 4 months 20 days | ||
Options outstanding | 142,900 | ||
Vested | 142,900 | ||
Option Expiry Date January 3, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | January 3, 2023 | ||
Exercise price | $ / shares | $ 3.25 | ||
Remaining life (year) | 1 year 8 months 4 days | ||
Options outstanding | 50,000 | ||
Vested | 50,000 | ||
Option Expiry Date February 7, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | February 7, 2023 | ||
Exercise price | $ / shares | $ 2.35 | ||
Remaining life (year) | 1 year 9 months 10 days | ||
Options outstanding | 140,000 | ||
Vested | 140,000 | ||
Option Expiry Date April 3, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | April 3, 2023 | ||
Exercise price | $ / shares | $ 5.05 | ||
Remaining life (year) | 1 year 11 months 4 days | ||
Options outstanding | 8,000 | ||
Unvested | 3,667 | ||
Vested | 4,333 | ||
Option Expiry Date August 13, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | August 13, 2023 | ||
Exercise price | $ / shares | $ 7.50 | ||
Remaining life (year) | 2 years 3 months 14 days | ||
Options outstanding | 50,000 | ||
Unvested | 25,000 | ||
Vested | 25,000 | ||
Option Expiry Date September 24, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | September 24, 2023 | ||
Exercise price | $ / shares | $ 4.75 | ||
Remaining life (year) | 2 years 4 months 24 days | ||
Options outstanding | 19,000 | ||
Vested | 19,000 | ||
Option Expiry Date November 7, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | November 7, 2023 | ||
Exercise price | $ / shares | $ 4.10 | ||
Remaining life (year) | 2 years 6 months 7 days | ||
Options outstanding | 20,000 | ||
Vested | 20,000 | ||
Option Expiry Date December 31, 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | December 31, 2023 | ||
Exercise price | $ / shares | $ 5 | ||
Remaining life (year) | 2 years 8 months 1 day | ||
Options outstanding | 250,000 | ||
Vested | 250,000 | ||
Option Expiry Date January 11, 2024 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | January 11, 2024 | ||
Exercise price | $ / shares | $ 5 | ||
Remaining life (year) | 2 years 8 months 12 days | ||
Options outstanding | 63,000 | ||
Vested | 63,000 | ||
Option Expiry Date April 1, 2024 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | April 1, 2024 | ||
Exercise price | $ / shares | $ 3.85 | ||
Remaining life (year) | 2 years 11 months 1 day | ||
Options outstanding | 50,000 | ||
Unvested | 16,667 | ||
Vested | 33,333 | ||
Option Expiry Date October 1, 2024 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | October 1, 2024 | ||
Exercise price | $ / shares | $ 2.38 | ||
Remaining life (year) | 3 years 5 months 1 day | ||
Options outstanding | 50,000 | ||
Vested | 50,000 | ||
Option Expiry Date October 3, 2024 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | October 3, 2024 | ||
Exercise price | $ / shares | $ 2.50 | ||
Remaining life (year) | 3 years 5 months 4 days | ||
Options outstanding | 30,000 | ||
Vested | 30,000 | ||
Option Expiry Date September 1, 2025 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | September 1, 2025 | ||
Exercise price | $ / shares | $ 8.50 | ||
Remaining life (year) | 4 years 4 months 2 days | ||
Options outstanding | 270,000 | ||
Unvested | 180,000 | ||
Vested | 90,000 | ||
Option Expiry Date January 6, 2026 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Expiry Date | January 6, 2026 | ||
Exercise price | $ / shares | $ 20.30 | ||
Remaining life (year) | 4 years 8 months 8 days | ||
Options outstanding | 262,000 | ||
Unvested | 255,750 | ||
Vested | 6,250 |
Share Capital - Summary of Ch_2
Share Capital - Summary of Changes in Warrants and Finder's Warrants (Details) | 12 Months Ended | |||
Apr. 30, 2021shares$ / shares | Apr. 30, 2020shares$ / shares | Apr. 30, 2019shares$ / shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Balance, Number of warrants | shares | 3,411,500 | 3,546,500 | ||
Exercised, Number of warrants | shares | (2,533,200) | (135,000) | ||
Balance, Number of warrants | shares | 878,300 | 3,411,500 | 3,546,500 | |
Balance, Weighted average exercise price | $ / shares | $ 5.25 | $ 5.20 | ||
Exercised, Weighted average exercise price | $ / shares | 5.88 | 3.50 | ||
Balance, Weighted average exercise price | $ / shares | $ 3.50 | $ 5.25 | $ 5.20 | |
Weighted average life remaining (years) | 10 months 24 days | 10 months 28 days | 1 year 10 months 24 days | |
Finder’s Warrants | ||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Balance, Number of warrants | shares | 81,994 | 83,188 | ||
Issued, Number of warrants | shares | 130,111 | |||
Exercised, Number of warrants | shares | (35,217) | (1,194) | ||
Balance, Number of warrants | shares | 176,888 | 81,994 | 83,188 | |
Balance, Weighted average exercise price | $ / shares | $ 3.50 | $ 3.50 | ||
Issued, Weighted average exercise price | $ / shares | [1] | 20.65 | ||
Exercised, Weighted average exercise price | $ / shares | 3.50 | 3.50 | ||
Balance, Weighted average exercise price | $ / shares | $ 16.12 | $ 3.50 | $ 3.50 | |
Weighted average life remaining (years) | 3 years 9 months | 1 year 10 months 24 days | 2 years 10 months 28 days | |
Weighted average life remaining (years), Issued | 4 years 9 months 7 days | |||
[1] | US $16.81 |
Share Capital - Summary of Ch_3
Share Capital - Summary of Changes in Warrants and Finder's Warrants (Parenthetical) (Details) - $ / shares | Feb. 10, 2021 | Feb. 08, 2021 | Apr. 30, 2021 |
Finder’s Warrants | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Warrant exercisable price | $ 16.81 | $ 16.81 | $ 16.81 |
Share Capital - Details of Warr
Share Capital - Details of Warrants and Finder's Warrants Outstanding (Details) | 12 Months Ended | |||
Apr. 30, 2021shares$ / shares | Apr. 30, 2020shares | Apr. 30, 2019shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Expiry Date | Mar. 26, 2022 | |||
Exercise price $ | $ / shares | $ 3.50 | |||
Remaining life (year) | 10 months 24 days | |||
Warrants outstanding | shares | 878,300 | 3,411,500 | 3,546,500 | |
Finder’s Warrants | ||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Exercise price $ | $ / shares | $ 16.12 | |||
Remaining life (year) | 3 years 9 months | |||
Warrants outstanding | shares | 176,888 | 81,994 | 83,188 | |
Range One | Finder’s Warrants | ||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Expiry Date | Mar. 26, 2022 | |||
Exercise price $ | $ / shares | $ 3.50 | |||
Remaining life (year) | 10 months 24 days | |||
Warrants outstanding | shares | 46,777 | |||
Range Two | Finder’s Warrants | ||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Expiry Date | Feb. 3, 2026 | |||
Exercise price $ | $ / shares | [1] | $ 20.65 | ||
Remaining life (year) | 4 years 9 months 7 days | |||
Warrants outstanding | shares | 130,111 | |||
[1] | US $16.81 |
Share Capital - Details of Wa_2
Share Capital - Details of Warrants and Finder's Warrants Outstanding (Parenthetical) (Details) - $ / shares | Feb. 10, 2021 | Feb. 08, 2021 | Apr. 30, 2021 |
Finder’s Warrants | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Warrant exercisable price | $ 16.81 | $ 16.81 | $ 16.81 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Compensation For Key Management (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Transactions Between Related Parties [Abstract] | ||
Management fees | $ 64 | $ 179 |
Salaries and other short-term benefits | 1,949 | 2,052 |
Severance (included in salaries) | 266 | |
Share-based payments | 1,466 | 632 |
Director compensation (included in salaries) | 147 | |
Related party transaction, due from (to) related party | $ 3,892 | $ 2,863 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Apr. 30, 2021 | Apr. 30, 2020 |
Related Party Transactions [Abstract] | ||
Accounts payable due to related parties | $ 1,194,600 | |
Accrued liabilities related parties current | $ 412,188 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) | 12 Months Ended | |
Apr. 30, 2021CAD ($) | Apr. 30, 2020CAD ($) | |
USD | ||
Disclosure Of Financial Instruments [Line Items] | ||
Foreign currency exchange rate | 1.2279 | |
Euro | ||
Disclosure Of Financial Instruments [Line Items] | ||
Foreign currency exchange rate | 1.4852 | |
Amounts Receivable | ||
Disclosure Of Financial Instruments [Line Items] | ||
Bad debt expense | $ 3,601 | $ 48,433 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Assets and Liabilities (Details) € in Thousands, $ in Thousands, $ in Thousands | Apr. 30, 2021CAD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2021EUR (€) | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) |
Disclosure Of Financial Instruments [Line Items] | |||||
Cash | $ 41,838 | $ 2,691 | $ 5,539 | ||
Investment | 111 | 119 | |||
Total assets | 66,959 | 27,263 | |||
Liabilities | $ (10,035) | $ (12,177) | |||
Currency Risk | |||||
Disclosure Of Financial Instruments [Line Items] | |||||
Cash | $ 23,733 | € 2,014 | |||
Amounts receivable | 1,027 | 1,039 | |||
Investment | € | 80 | ||||
Total assets | 24,760 | 3,133 | |||
Accounts payable and accrued liabilities | (414) | (867) | |||
Deferred acquisition payments | € | (336) | ||||
Leases | (504) | (664) | |||
Liabilities | (918) | (1,867) | |||
Net | $ 23,842 | € 1,266 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Contractual Cash Flow Requirements (Details) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure Of Financial Instruments [Line Items] | ||
Liabilities | $ 10,035 | $ 12,177 |
Liquidity Risk | ||
Disclosure Of Financial Instruments [Line Items] | ||
Accounts payable and accrued liabilities | 3,011 | |
Leases | 2,089 | |
Convertible debentures | 1,637 | |
Liabilities | 6,737 | |
Liquidity Risk | Not Later Than One Year | ||
Disclosure Of Financial Instruments [Line Items] | ||
Accounts payable and accrued liabilities | 3,011 | |
Leases | 1,105 | |
Liabilities | 4,116 | |
Liquidity Risk | Later Than One Year and Not Later Than Two Years | ||
Disclosure Of Financial Instruments [Line Items] | ||
Leases | 871 | |
Convertible debentures | 1,637 | |
Liabilities | 2,508 | |
Liquidity Risk | Later Than Two Years and Not Later Than Five Years | ||
Disclosure Of Financial Instruments [Line Items] | ||
Leases | 113 | |
Liabilities | $ 113 |
Financial Instruments - Sched_3
Financial Instruments - Schedule of Contractual Cash Flow Requirements (Parenthetical) (Details) | Apr. 30, 2021CAD ($) |
Liquidity Risk | |
Disclosure Of Financial Instruments [Line Items] | |
Deferred acquisition payments | $ 498,361 |
Commitments - Additional Inform
Commitments - Additional Information (Details) | 12 Months Ended |
Apr. 30, 2021EUR (€) | |
Commitments [Abstract] | |
Lease term | two five year-terms |
Lease term years | 5 years |
Lease commencement date | Apr. 5, 2022 |
Estimated annual cost of indexed for inflation | € 681,835 |
Grant and Subsidy Income - Addi
Grant and Subsidy Income - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2020USD ($) | Apr. 30, 2021CAD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2021USD ($) | |
Grant And Subsidy Income [Abstract] | ||||
Grant awarded | $ 1,500,000 | |||
Total grant project cost | $ 2,000,000 | |||
Minimum contribution of subgrantee on grant project cost percentage | 25.00% | |||
Minimum contribution of subgrantee on grant project cost | $ 500,000 | |||
Grant awarded for Covid 19 | $ 75,000 | |||
Grant income | $ 1,895,000 | $ 220,000 | ||
Wage and rent subsidy | 583,347 | |||
Paycheck protection program loan applied amount | $ 209,000 | |||
Income from government subsidy | $ 261,000 |
Segmented Information and Eco_3
Segmented Information and Economic Dependence - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021CAD ($)segment | Apr. 30, 2020CAD ($)segment | |
Disclosure Of Geographical Areas [Line Items] | ||
Number of reportable segment | segment | 1 | 1 |
Sales | $ | $ 17,912 | $ 14,058 |
Bottom of Range | ||
Disclosure Of Geographical Areas [Line Items] | ||
Percentage of revenue | 10.00% | 10.00% |
Segmented Information and Eco_4
Segmented Information and Economic Dependence - Summary of Geographical Segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | $ 17,912 | $ 14,058 |
Non-current assets | 18,101 | 19,564 |
Net income (loss) | (7,340) | (4,947) |
Interest and accretion | 863 | 1,436 |
Amortization and depreciation | 3,713 | 3,407 |
United States of America | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 7,932 | 5,949 |
Canada | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 1,089 | 715 |
Europe | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 7,436 | 6,115 |
Other | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 1,455 | 1,279 |
North America | ||
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets | 2,153 | 1,429 |
Net income (loss) | (1,203) | (683) |
Interest and accretion | 96 | 86 |
Amortization and depreciation | 687 | 499 |
North America | Corporate | ||
Disclosure Of Geographical Areas [Line Items] | ||
Net income (loss) | (8,632) | (4,226) |
Interest and accretion | 523 | 857 |
Amortization and depreciation | 74 | 125 |
Netherlands | ||
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets | 15,948 | 18,135 |
Net income (loss) | 2,495 | (38) |
Interest and accretion | 244 | 493 |
Amortization and depreciation | $ 2,952 | $ 2,784 |
Segmented Information and Eco_5
Segmented Information and Economic Dependence - Summary of Revenues Allocated According to Revenue Types (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | $ 17,912 | $ 14,058 |
Project Revenue | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 15,910 | 13,195 |
Product Sales Revenue | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | 1,897 | 739 |
Cryo Storage Revenue | ||
Disclosure Of Geographical Areas [Line Items] | ||
Revenues | $ 105 | $ 124 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Non-cash Investing and Financing Transactions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Debt settlement by issuance of shares and warrants | $ 981 | $ 859 |
Acquisition of building and equipment by capital lease | 1,209 | $ 2,623 |
IPA Europe | ||
Fair value of shares issued pursuant to deferred acquisition payment | 511 | |
UPE | ||
Fair value of shares issued pursuant to deferred acquisition payment | $ 1,047 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of Changes in Liabilities Arose From Financing Activities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | $ 7,335 | $ 5,990 |
Cash Flows | (1,801) | (1,326) |
Non-cash changes, Acquisition | 1,209 | 2,678 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (2,889) | (896) |
Non-cash changes, Accretion | 346 | 900 |
Non-cash changes, Equity portion | (204) | |
Non-cash changes, Foreign exchange movements and change in estimates | (41) | (11) |
Ending balance | 3,955 | 7,335 |
Deferred Acquisition Payments | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 2,826 | 3,064 |
Cash Flows | (1,029) | (1,007) |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (1,558) | |
Non-cash changes, Accretion | 222 | 733 |
Non-cash changes, Foreign exchange movements and change in estimates | 37 | 36 |
Ending balance | 498 | 2,826 |
Debentures | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 2,000 | 2,708 |
Cash Flows | (2,000) | (175) |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (700) | |
Non-cash changes, Accretion | 167 | |
Ending balance | 2,000 | |
Convertible Debentures | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 313 | |
Cash Flows | 2,202 | |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (904) | |
Non-cash changes, Accretion | 124 | |
Non-cash changes, Equity portion | (204) | |
Ending balance | 1,531 | 313 |
Debenture Subscriptions Received | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 313 | |
Cash Flows | 313 | |
Ending balance | 313 | |
Loans Payable | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 312 | 112 |
Cash Flows | (29) | 200 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (280) | |
Non-cash changes, Foreign exchange movements and change in estimates | (3) | |
Ending balance | 312 | |
Leases | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 1,884 | 106 |
Cash Flows | (945) | (657) |
Non-cash changes, Acquisition | 1,209 | 2,678 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (147) | (196) |
Non-cash changes, Foreign exchange movements and change in estimates | (75) | (47) |
Ending balance | $ 1,926 | $ 1,884 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Income Taxes [Abstract] | ||
Applicable tax rate | 27.00% | 27.00% |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences and Related Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Income Taxes [Abstract] | ||
Earnings (loss) before income taxes | $ (5,995) | $ (5,293) |
Income taxes (recovery) on earnings before income taxes, at above basic rate | (1,619) | (1,429) |
Nondeductible expenses | 558 | 383 |
Effects of tax rate change and foreign exchange | 440 | (64) |
Tax rate difference by jurisdiction | (103) | 55 |
Tax benefits not recognized | 2,069 | 709 |
Income taxes (recovery) | 1,345 | (346) |
Current income taxes | 1,428 | 109 |
Deferred income taxes (recovery) | $ (83) | $ (455) |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences to Deferred Income Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Income Taxes [Abstract] | ||
Non-capital losses carried forward (expire from 2026 to 2039) | $ 5,820 | $ 3,721 |
Other tax pools | 1,790 | 1,468 |
Capital losses carried forward | 148 | 148 |
Equipment and leasehold improvements | 57 | 66 |
Inventory and intangible assets | (1,502) | (1,608) |
Financing costs | 804 | 152 |
Less: unrecognized deferred income tax asset | (8,609) | (5,549) |
Deferred income tax liabilities | $ (1,492) | $ (1,602) |
Income Taxes - Summary of Tem_2
Income Taxes - Summary of Temporary Differences to Deferred Income Tax Assets and Liabilities (Parenthetical) (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Bottom of Range | |
Disclosure Of Income Taxes [Line Items] | |
Non capital loss carried forward expiration period | 2026 |
Top of Range | |
Disclosure Of Income Taxes [Line Items] | |
Non capital loss carried forward expiration period | 2039 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Jun. 24, 2021EUR (€) | Jun. 21, 2021EUR (€) | May 01, 2021CAD ($)shares | May 01, 2021$ / shares | Apr. 30, 2021shares$ / shares | Apr. 30, 2020shares$ / shares |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Stock options granted | 583,000 | 194,000 | ||||
Weighted average exercise price, Granted | $ / shares | $ 13.73 | $ 3.65 | ||||
Common Shares | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of common shares issued for exercise of options | 3,500 | |||||
Gross proceeds from options exercise | $ | $ 17,525 | |||||
Transfer to share capital from contributed surplus relating to exercise of options | $ | $ 10,156 | |||||
Number of common shares issued for exercise of warrants | 1,194 | |||||
Gross proceeds from warrants exercise | $ | $ 4,179 | |||||
Transfer to share capital from contributed surplus relating to exercise of warrants | $ | $ 2,693 | |||||
Number of common shares issued for conversion of debt | 17,646 | |||||
Value of common shares issued for conversion of debt | $ | $ 76,391 | |||||
Common Shares | Options with 5 Years Period | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Stock options granted | 10,000 | |||||
Weighted average exercise price, Granted | $ / shares | $ 7.72 | |||||
Vesting period of options granted | 5 years | |||||
Vesting period | The options are subject to the following vesting period: one-third 1 year after grant date; one-third 2 years after grant date; and one-third 3 years after grant date | |||||
Common Shares | Options with 3 Years Period | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Stock options granted | 43,750 | |||||
Weighted average exercise price, Granted | $ / shares | $ 7.14 | |||||
Vesting period of options granted | 3 years | |||||
Major Lease Transactions After Reporting Period | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Operating lease, remaining lease term | 5 years | |||||
Operating lease, option to extend | 5 year | |||||
Lease estimated annual cost | € | € 488,948 | |||||
IPA Europe | Common Shares | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Number of common shares issued pursuant to acquisition | 41,488 | |||||
Value of common shares issued pursuant to acquisition | $ | $ 503,243 | |||||
IPA Europe | Major Lease Transactions After Reporting Period | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Instrument for pre-accession assistance cost | € | € 75,055 |