Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document period end date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TITAN MEDICAL INC |
Entity Central Index Key | 0000840551 |
Current Fiscal Year End Date | --12-31 |
Current reporting status | Yes |
Entity Emerging Growth Company | true |
Entity Transition Period | false |
Entity Common Stock, Shares Outstanding | 83,184,843 |
Entity Interactive Data Current | Yes |
Auditor Attestation Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 25,468,805 | $ 814,492 |
Amounts receivable | 71,566 | 84,097 |
Deposits | 765,599 | 481,400 |
Prepaid expense | 642,214 | 369,453 |
Total Current Assets | 26,948,184 | 1,749,442 |
Property, plant, and equipment | 245,372 | |
Right of use assets - leases | 866,601 | 30,394 |
Patent rights | 1,777,978 | 1,601,745 |
Total Assets | 29,838,135 | 3,381,581 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 4,528,890 | 11,412,896 |
Current portion of lease liability | 165,768 | 21,071 |
Note payable | 1,885,497 | |
Warrant liability | 36,316,681 | 3,621,444 |
Total Current Liabilities | 42,896,836 | 15,055,411 |
Long-term lease liability | 750,791 | 8,001 |
Total Liabilities | 43,647,627 | 15,063,412 |
Shareholders' Deficiency | ||
Share capital | 215,819,053 | 194,859,415 |
Contributed surplus | 9,400,885 | 8,303,527 |
Deficit | (239,029,430) | (214,844,773) |
Shareholders' Deficiency | (13,809,492) | (11,681,831) |
Total Liabilities and Deficiency | $ 29,838,135 | $ 3,381,581 |
Consolidated Statements of Net
Consolidated Statements of Net and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | ||
Revenue | $ 20,000,000 | |
Expenses | ||
Amortization | 236,842 | 32,555 |
Consulting fees | 536,968 | 1,136,146 |
Foreign exchange loss (gain) | 113,972 | 37,972 |
Impairment of patent rights | 45,981 | |
Insurance | 698,961 | 480,362 |
Interest charges | 1,091,216 | 422,989 |
Management salaries and fees | 2,549,924 | 2,547,484 |
Marketing and investor relations | 140,976 | 289,350 |
Office and general | 385,163 | 436,051 |
Professional fees | 2,150,958 | 943,535 |
Rent | 41,320 | 58,064 |
Research and development | 7,937,171 | 51,418,056 |
Stock based compensation | 1,097,358 | 1,651,119 |
Travel | 27,622 | 272,594 |
Total expenses | 17,054,432 | 59,726,277 |
Net Earnings (Loss) from Operations | 2,945,568 | (59,726,277) |
Finance Income (Cost) | ||
Interest received from investments | 29,143 | 115,584 |
Gain on settlements | 2,512,626 | |
Gain (loss) on change in fair value of warrants | (27,855,678) | 19,800,645 |
Warrant liability issue cost | (1,816,316) | (2,097,031) |
Finance Income (cost) | (27,130,225) | 17,819,198 |
Net and Comprehensive Loss | $ 24,184,657 | $ 41,907,079 |
Basic and Diluted Loss per Share | $ 0.36 | $ 1.37 |
Weighted Average Number of Common Shares Basic and Diluted | 67,008,897 | 30,689,545 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - USD ($) | Share Capital [member] | Contributed Surplus [member] | Deficit [member] | Total | |
Beginning balance at Dec. 31, 2018 | $ 170,502,394 | $ 6,652,409 | $ (172,937,694) | $ 4,217,109 | |
Beginning balance, share at Dec. 31, 2018 | 21,675,849 | ||||
Statement Line Items [Line Items] | |||||
Issued pursuant to agency agreement | $ 13,717,131 | 13,717,131 | |||
Issued pursuant to agency agreement, shares | 8,455,882 | ||||
Issued pursuant to private placements | $ 5,727,971 | 5,727,971 | |||
Issued pursuant to private placements, shares | 8,757,444 | ||||
Share issue expense | $ (2,090,124) | (2,090,124) | |||
Warrants exercised during the year | $ 7,002,043 | 7,002,043 | |||
Warrants exercised during the year, shares | 1,018,506 | ||||
Stock based compensation | 1,651,118 | 1,651,118 | |||
Net and Comprehensive loss | (41,907,079) | (41,907,079) | |||
Ending balance at Dec. 31, 2019 | $ 194,859,415 | 8,303,527 | (214,844,773) | $ (11,681,831) | |
Ending balance, shares at Dec. 31, 2019 | 39,907,681 | 39,907,681 | |||
Statement Line Items [Line Items] | |||||
Issued pursuant to agency agreement | [1] | $ 12,818,657 | $ 12,818,657 | ||
Issued pursuant to agency agreement, shares | [1] | 23,923,700 | |||
Share issue expense | $ (487,788) | (487,788) | |||
Common stock equivalents converted | $ 1,150 | 1,150 | |||
Common stock equivalents converted, shares | 11,500,000 | ||||
Warrants exercised during the year | $ 8,627,619 | 8,627,619 | |||
Warrants exercised during the year, shares | 7,853,462 | ||||
Stock based compensation | 1,097,358 | 1,097,358 | |||
Net and Comprehensive loss | (24,184,657) | (24,184,657) | |||
Ending balance at Dec. 31, 2020 | $ 215,819,053 | $ 9,400,885 | $ (239,029,430) | $ (13,809,492) | |
Ending balance, shares at Dec. 31, 2020 | 83,184,843 | 83,184,843 | |||
[1] | Includes net proceeds from the issuance of common share equivalents (see note 9 a) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities: | |||
Net and comprehensive loss | $ (24,184,657) | $ (41,907,079) | |
Items not involving cash: | |||
Amortization | 236,842 | 32,555 | |
Impairment of patent rights | 45,981 | ||
Non-cash interest on lease | 36,274 | ||
Stock based compensation | 1,097,358 | 1,651,119 | |
Warrant liability-fair value adjustment | 27,855,678 | (19,800,645) | |
Warrant liability-foreign exchange adjustment | 95,631 | 17,687 | |
Non-cash issue costs | 764,132 | 744,501 | |
Non-cash settlements | (2,262,052) | ||
Non-cash note payable expenses and accrued interest | 385,496 | ||
Changes in non-cash working capital items: | |||
Amounts receivable, prepaid expenses and deposits | (544,429) | 8,336,486 | |
Accounts payable and accrued liabilities | (4,371,371) | 4,965,008 | |
Cash used in operating activities | (845,117) | (45,960,368) | |
Financing activities: | |||
Net proceeds from issuance of common shares and warrants | [1] | 24,688,851 | 35,766,754 |
Note payable | 1,500,000 | ||
Repayment of lease liabilities | (90,053) | (5,100) | |
Cash provided by financing activities | 26,098,798 | 35,761,654 | |
Investing Activities: | |||
Purchase of property, plant and equipment | (280,410) | ||
Cost of patents | (318,958) | (458,037) | |
Cash used in investing activities | (599,368) | (458,037) | |
Increase (decrease) in cash and cash equivalents | 24,654,313 | (10,656,751) | |
Cash and cash equivalents, beginning of the period | 814,492 | 11,471,243 | |
Cash and cash equivalents, end of the period | 25,468,805 | 814,492 | |
Cash and cash equivalents comprise: | |||
Cash | 1,302,037 | 141,768 | |
Cash equivalents | 24,166,768 | 672,724 | |
Cash and cash equivalents, end of the period | $ 25,468,805 | $ 814,492 | |
[1] | Includes net proceeds from the issuance of common share equivalents (see note 9 a) |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2020 | |
Description Of Business [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Nature of Operations: Titan Medical Inc.’s (“Titan” or the “Company”) business is in the research and development stage and is focused on the continued design and development of robotic assisted surgical technologies for application in minimally invasive surgery including the development of the Enos TM The Company is incorporated in Ontario, Canada in accordance with the Business Corporations Act. The address of the Company’s corporate office and its principal place of business is Toronto, Canada. On May 29, 2020, the Company established a wholly owned subsidiary, Titan Medical USA Inc. (“Titan USA” or “Subsidiary”), a corporation that is duly organized and existing under the laws of Delaware. Basis of Presentation (a) Statement of Compliance These consolidated financial statements for the year ended December 31, 2020, and December 31, 2019, have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and interpretations (collectively “IFRS”). The consolidated financial statements were authorized for issue by the Board of Directors on February 20, 2021. (b) Basis of Measurement These consolidated financial statements have been prepared on the historical cost basis except for the revaluation of the warrant liability, which is measured at fair value. (c) Basis of Consolidation These consolidated financial statements incorporate the financial statements of the Company and its wholly owned subsidiary. The accounts of the Subsidiary were prepared for the same reporting year as the Company, using consistent accounting policies. Intercompany transactions, balances and unrealized gains or losses on transactions have been eliminated. (d) Functional and Presentation Currency These consolidated financial statements are presented in United States dollars (“U.S.”), which is the Company’s functional and presentation currency. (e) Use of Estimates and Judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of provisions at the date of the consolidated financial statements and the reported amount of expenses during the year. Financial statement items subject to significant judgement include: • incremental borrowing rate used to measure lease liabilities • fair value estimate of the measurement of leases and warrant liabilities assessment of the Company’s ability to meet its obligations as they come due as described in Note 13, the company is subject to liquidity risk. The Company expects to be able to continue its operations for the foreseeable future. While management believes that the estimates and assumptions are reasonable, actual results may differ. The Black-Scholes model used by the Company to determine fair values of stock options and warrants was developed for use in estimating the fair value of the stock options and warrants. (f) COVID-19 Since December 31, 2019, the outbreak of a novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, along with the uncertainty around the disease itself, have caused material disruption to business globally resulting in an economic slowdown. Global equity markets have experienced significant volatility. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods. Due to the uncertainty caused by the COVID-19 outbreak, the Company is experiencing a longer recruitment cycle for recruiting technical personnel, and travel restrictions have slowed its ability to select and qualify suppliers for certain of its products. Furthermore, contractors and suppliers engaged by the Company may also be impacted by COVID-19 and there is a risk they could fail to meet their obligations to the Company. The effects of these impediments on the Company’s ability to achieve its milestones, including the timeline for completion, is unknown at this time. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Cash and Cash Equivalents Cash and cash equivalents include cash balances and amounts on deposit in interest saving accounts with interest rates of less than 1%. (b) Property, plant, and equipment Property, plant, and equipment is recorded at cost less accumulated depreciation and accumulated impairment losses, if any. The Company records depreciation using the straight-line method over the estimated useful lives of the capital assets, as follows: Computer equipment 3 years Furniture and fixtures 3 years Machinery 3 years Leasehold improvements Remaining term of the lease (c) Leases The Company assesses whether a contract is or contains a lease, at inception of a contract in accordance with IFRS 16 Leases. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by an incremental borrowing rate (“IBR”). The IBR is defined as the interest rate that the lessee would incur to borrow under a secured loan with terms similar to those of the lease. For the year ended December 31, 2020, the Company used an IBR of 6% (2019: 6%). Lease payments included in the measurement of the lease liability comprise fixed lease payments less any lease incentives (e.g., free rent period). Non-lease components outlined in the lease are accounted as operating expenses in the period charged. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease. For short-term leases (leases with a term of 12 months or less) and leases of low value assets (accounted for as personal computers and office furniture), the Company has opted to recognize a lease expense on a straight-line basis as permitted by IFRS 16. This expense, if any, is presented within general expenses in the consolidated statement of comprehensive net income and loss. (d) Patent Rights Patent rights are recorded at cost less accumulated amortization and accumulated impairment loss. Straight-line amortization is provided over the estimated useful lives of the patents, as prescribed by the granting body, which range up to twenty (20) years. (e) Impairment of Long-Lived Assets The Company reviews computer equipment, furniture and equipment, machinery, leasehold improvements, right-of-use assets, and patent rights for objective evidence of impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to the asset’s recoverable amount, which is the greater of fair value less cost to sell and value in use. Value in use is measured as the expected future discounted cash flows expected to be derived from the asset. If the carrying value exceeds the recoverable amount, the asset is written down to the recoverable amount. (f) Deferred Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, unused tax losses and income tax reductions, and are measured using the substantively enacted tax rates and laws that will be in effect when the differences are expected to reverse. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management has determined not to recognize its net deferred tax assets, as it is not considered probable that future tax benefits will be realized. (g) Foreign Currency Transactions in currencies other than U.S. dollars are translated at exchange rates in effect at the date of the transactions. Foreign exchange differences arising on settlement are recognized separately in net and comprehensive loss. Monetary year end balances are converted to U.S. dollars at the rate in effect at that time. Non-monetary items in a currency other than U.S. dollars that are measured in terms of historical cost are translated using the exchange rate at the date of transaction or date of adoption of U.S. functional currency, whichever is later. Foreign exchange gains and losses are included in net and comprehensive loss. (h) Warrant Liability Certain of the Company’s warrants have exercise prices that are not fixed and as such in accordance with IAS 32, they must be recorded as a derivative financial liability. This applies both in the case where the Company’s warrants are denominated in a currency (Canadian dollars) other than the Company’s functional currency (U.S. dollars), and when a warrant is issued with a cashless exercise option or a ratchet down feature. In each case, these warrants are initially measured at fair value and subsequent changes in fair value are recorded through Net and Comprehensive Loss for the year. A proportional amount of costs associated with the issue of shares and warrants is allocated to the warrants and recorded through Net and Comprehensive Loss for the year. At each balance sheet date, the Company reviews the classification of each Warrant Liability to determine whether the appropriate classification remains with Liabilities or requires reclassification to Equity. At each balance sheet date, the Warrant Liability of listed warrants is adjusted to fair value measured at the market price of the listed warrants and the Warrant Liability of unlisted warrants is adjusted to fair value using the Black-Scholes model. Prior to March 31, 2019, the Black-Sholes model for the unlisted warrants was determined using a comparable warrant quoted in an active market, adjusted for differences in the terms of the warrant. Since March 31, 2019, it was determined that the comparable warrant was no longer an effective benchmark and the Company began to use the market price and volatility of the Company’s common shares listed on the Toronto Stock Exchange (“TSX”) adjusted for differences in the terms of the warrant. (i) Fair Value Measurement The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are directly or indirectly observable. Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The fair value of the warrant liability relating to listed and unlisted warrants is initially based on Level 2 significant observable inputs and at subsequent dates is adjusted using Level 1 inputs for listed warrants and Level 2 inputs for unlisted warrants. (j) Stock-Based Compensation IFRS 2 requires options granted to employees and others providing similar services to be measured at the fair value of goods or services received unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option pricing model. The fair value of the options granted is determined as at the grant date. Stock options granted to non-employees are valued at the fair value of the goods or service received, measured at the date on which the goods are received, or the services rendered. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option pricing model. The fair value of the options granted is determined as at the grant date. Stock options are issued to vest immediately or when used as a long-term incentive, are commonly issued over a vesting period of up to seven years. The expense related to options with a vesting period are recorded over the vesting period in accordance with the terms of the options. (k) Research and Development Costs Research and development activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. The costs of developing new products are capitalized as deferred development costs if they meet the development capitalization criteria under IFRS. These criteria include the ability to measure development costs reliably, the product is technically, and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. To date, all the research and development costs have been expensed as the criteria for capitalization have not yet been met. (l) Investment Tax Credits As a result of incurring scientific research and development expenditures, management has estimated that there will be non-refundable federal and refundable and non-refundable provincial investment tax credits receivable following the completion of an audit process by tax authorities. Investment tax credits are recorded when received or when there is reasonable assurance that the credits will be realized. Upon recognition, amounts will be recorded as a reduction of research and development expenditures. (m) Financial Instruments Financial assets include cash and cash equivalents and amounts receivable which are measured at amortized cost. Amounts receivable include HST recoverable and other receivables. Financial liabilities include accounts payable and accrued liabilities which are measured at amortized cost. (n) Revenue Recognition The Company currently recognizes revenue when it has persuasive evidence of a contract, performance obligations have been identified and satisfied, payment terms have been identified, and it is probable that the Company will collect the consideration it is entitled to. On June 3, 2020, the Company entered into a license agreement (the “License Agreement”) with Medtronic, whereby the Company is providing exclusive access to certain IP rights relating to robotic assisted surgical technologies (see Note 7). The Company is accounting for the license fee at the point in time when the rights were transferred. Revenue from the License Agreement for intellectual property rights and know-how (“Royalty Payment”) is recognized when rights are granted, and customer acceptance is established. Compensation received for the performance of technology transfer services relating to the License Agreement is accounted for separately from the Royalty Payment and will be recognized at the time the service is performed. (see Note 14) On June 3, 2020, the Company also entered into a development and license agreement with Medtronic (the “Development Agreement”) that provides for the development of robotic assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. The Company’s entitlement to receive up to $31 million pursuant to the Development Agreement is conditional upon the completion of certain technology development milestones set forth in the Development Agreement. Due to the uncertainty of milestone achievements and entitlement of payments, the Company recognizes revenue only upon acceptance by the customer of work performed and the milestone achieved (see Note 14). Revenue from the Development Agreement and the allocation of ownership and license rights developed under each milestone is recognized when the rights are granted, and customer acceptance is established. (o) Short-term Employee Benefits Short-term employee benefit obligations including Company paid medical, dental and life insurance plans, are measured on an undiscounted basis and are expensed as the related service is provided. (p) Provisions A provision is recognized, if as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. (q) Earnings (Loss) per Share Basic earnings (loss) per share are calculated using the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share considers the dilutive impact of the exercise of outstanding stock options and warrants, as if the events had occurred at the beginning of the period or at a time of issuance, if later. Diluted loss per share has not been presented in the accompanying consolidated financial statements, as the effect would be anti-dilutive. (r) Adoption of New Accounting Standard There were a number of amendments effective for annual reporting periods beginning on or after January 1, 2020 which were adopted during the year. None were deemed to have a material impact. The amendments were: • IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors • Revisions to the Conceptual Framework for Financing Reporting; • Definition of a Business (Amendments to IFRS 3); • Interest Rate Benchmark Reform – IBOR ‘phase 2’ (Amendments to IFRS 9 and IAS 39) and • COVID-19 – Related Rent Concessions (Amendments to IFRS 16). (s) Standards, Amendments, and Interpretations not yet Effective IAS 16 "Property, Plant and Equipment" outlines the accounting treatment for most types of property, plant, and equipment. Property, plant, and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. In May 2020 the IASB issued Property, Plant and Equipment – Proceeds before Intended Use which made amendments to IAS 16. The amendments prohibit an entity from deducting from the cost of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. Instead, an entity shall recognize such sales proceeds and related cost in net income. This amendment is effective for the Company beginning January 1, 2022. The Company is assessing the impact of the amendment on its financial statements. The Company does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the group. |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | 3. PROPERTY, PLANT, AND EQUIPMENT For the year ended December 31, 2020 Cost Accumulated depreciation Net Book Value Computer equipment Balance at December 31, 2019 $ - $ - $ - Additions 49,721 - 49,721 Depreciation in the year - (12,827 ) (12,827 ) Furniture and fixtures Balance at December 31, 2019 - - - Additions 53,689 - 53,689 Depreciation in the year - (20,352 ) (20,352 ) Leasehold improvements Balance at December 31, 2019 - - - Additions 23,619 - 23,619 Depreciation in the year - (1,858 ) (1,858 ) Machinery Balance at December 31, 2019 - - - Additions 153,380 - 153,380 Depreciation in the year - - - Balance at December 31, 2020 $ 280,409 $ (35,037 ) $ 245,372 For the year ended December 31, 2019 Cost Accumulated depreciation Net Book Value Computer equipment Balance at December 31, 2018 $ - $ - $ - Furniture and fixtures Balance at December 31, 2018 - - - Leasehold improvements Depreciation in the year - - - Machinery Balance at December 31, 2019 - - - Balance at December 31, 2019 $ - $ - $ - |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
LEASES | 4. LEASES At inception of a lease, the Company recognizes a right-of-use asset and a lease liability in the statement of financial position, initially measured at the present value of future lease payments (net of non-lease general expenses which are expensed as incurred). Toronto, Ontario Lease The Company entered into an 18-month lease for its corporate head office in Toronto, Ontario on November 1, 2019. The monthly base rent is $2,806. The Company recognized a right-of-use asset offset by a prepayment and a lease liability of $34,172 relating to this lease. For the year ended December 31, 2020, the Company recognized $22,670 of amortization and $12,743 in interest expense relating to this lease and repaid $33,666 of the lease liability. The lease liability at December 31, 2020, was $8,145. Chapel Hill, North Carolina Lease The Company entered into a 62-month lease for its R&D office in Chapel Hill, North Carolina on April 1, 2020. The monthly base rent is $8,320. The Company recognized a right-of-use asset and a lease liability of $442,684 relating to this lease. Titan USA entered into a lease amending agreement to lease additional office space in Chapel Hill, North Carolina on November 1, 2020. The term of the lease amendment is 55 months, and the base monthly rent is $10,628. The Company recognized a right of use asset and a lease liability of $498,584 relating to this lease. For the year ended December 31, 2020, the Company recognized $82,391 of amortization and $23,531 in interest expense relating to the leases at Chapel Hill, repaid $56,387 of the lease liability. The lease liability at December 31, 2020, was $908,414. Right of use assets For the year ended December 31, 2020 Cost Accumulated amortization Net Book Value Head Office Balance at December 31, 2019 $ 34,172 $ (3,778 ) $ 30,394 Amortization in the year - (22,670 ) (22,670 ) Chapel Hill Balance at December 31, 2019 $ - $ - $ - Additions 941,268 - 941,268 Amortization in the year - (82,391 ) (82,391 ) Balance at December 31, 2020 $ 975,440 $ (108,839 ) $ 866,601 For the year ended December 31, 2019 Cost Accumulated amortization Net Book Value Head Office Balance at December 31, 2018 $ - $ - $ - Additions 34,172 - 34,172 Amortization in the year - (3,778 ) (3,778 ) - Balance at December 31, 2019 $ 34,172 $ (3,778 ) $ 30,394 Lease liabilities – maturity analysis 2020 2019 Less than one year $ 165,768 $ 21,071 One to three years 646,481 8,001 Four to five years 104,310 - Total lease liabilities at December 31, 2020 $ 916,559 $ 29,072 |
PATENT RIGHTS
PATENT RIGHTS | 12 Months Ended |
Dec. 31, 2020 | |
Patent Rights [Abstract] | |
PATENT RIGHTS | 5. PATENT RIGHTS For the year ended December 31, 2020 Cost Accumulated Amortization Net Book Value Balance at December 31, 2019 $ 1,856,750 $ (255,005 ) $ 1,601,745 Impairment losses (45,981 ) - (45,981 ) Additions during the year 318,958 - 318,958 Amortization in the year - (96,744 ) (96,744 ) Balance at December 31, 2020 $ 2,129,727 $ (351,749 ) $ 1,777,978 For the year ended December 31, 2019 Cost Accumulated Amortization Net Book Value Balance at December 31, 2018 $ 1,398,713 $ (226,228 ) $ 1,172,485 Impairment losses - - - Additions during the year 458,037 - 458,037 Amortization in the year - (28,777 ) (28,777 ) Balance at December 31, 2019 $ 1,856,750 $ (255,005 ) $ 1,601,745 For the year ended December 31, 2020, the Company recorded impairment charges of $45,981 on certain older patent applications which have been abandoned. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The balance of accounts payable and accrued liabilities at December 31, 2020, is $4,528,890 (December 31, 2019 – $11,412,896). The majority of the payables and accrued liabilities of $3,732,616 relate to amounts owed to the Company’s product development suppliers, an amount of $445,815 relates to legal and audit and the balance relates to regular business operations (December 31, 2019 - $10,049,622, $560,904 respectively). Product Development Supplier Agreement On April 30, 2020, the Company reached an agreement with a supplier engaged by the Company for the payment of outstanding payables to be settled in full by the end of 2020. On October 13, 2020, the Company entered into a second agreement with the supplier, pursuant to which the supplier has extended the time for payment of the outstanding amounts owed by the Company to the end of the first quarter of 2021. Pursuant to the second agreement, the Company paid a monthly amount of $250,000 from October through December 2020, a lump sum payment of $2,299,682 in December 2020, $750,000 in January 2021 and will pay a monthly amount of $750,000 in each of February and March 2021. These payments will be applied toward settling the outstanding amounts owed. Assuming successful completion of conditions under the second agreement, the Company is not expected to incur interest on the outstanding amounts after December 2020, and $673,000 of accrued interest is to be forgiven. A gain on settlement related to the accrued interest has been recognized in the quarter ended December 31, 2020. Naglreiter Consulting Litigation In late 2019, the Company became involved in litigation with Naglreiter Consulting, LLC. On June 8, 2020, the Company entered into a settlement agreement pursuant to which (i) a sum of $1,050,000 was paid to Naglreiter, (ii) Naglreiter returned certain personal property and related electronic data in its possession, (iii) and the pending litigation was dismissed. The Company recognized a gain on settlement of $1,839,626 in the year. |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Note payable Abstract | |
NOTE PAYABLE | 7. NOTE PAYABLE During the year, the Company entered into an agreement with Medtronic for a note payable (the “Note”). In connection with the Note, the Company executed and delivered a security agreement in favour of Medtronic (the “Security Agreement”). Under the Note agreement, the Company received $1.5 million in cash and owes an additional $296,046 related to certain legal, transaction and intellectual property related expenses incurred by Medtronic pursuant to the Medtronic agreements and will bear interest at the rate of 8% per annum. The unpaid principal balance owing under the Note, together with any accrued and unpaid interest and all other unpaid obligations under the Note, shall be due and payable in full on the earliest to occur of: (i) June 3, 2023, (ii) a Change of Control (as defined in the Note), or (iii) the completion of the last milestone under the Development Agreement (see Note 2). For the year ended December 31, 2020, the Note has accrued interest of $89,451. The Security Agreement grants a security interest in all of the Company’s present and future property including all personal property, inventory, equipment, and intellectual property to the Corporate Lender. In addition, Medtronic’s rights and powers include without limitation (a) exercising and enforcing all rights and remedies of a holder of collateral as if Medtronic were the absolute owner of the collateral, (b) collection of any proceeds arising in respect of all of the Company’s property pledged as security for the loan, (c) license or sublicense, whether on an exclusive or non-exclusive basis, of any of the Company’s intellectual property for such term and on such conditions and in such manner as Medtronic in its sole judgement determines (taking into account such provisions as may be necessary to protect and preserve such intellectual property), and (d) the right to enforce its security in the event of a default which may include the appointment of a receiver by instrument or order of the court. |
WARRANT LIABILITY
WARRANT LIABILITY | 12 Months Ended |
Dec. 31, 2020 | |
Warrant Liability [Abstract] | |
WARRANT LIABILITY | 8. WARRANT LIABILITY For the year ended December 31, 2020 Number of Warrants Amount Opening Balance 21,203,411 $ 3,621,444 Issue of warrants expiring, March 27, 2025 3,500,000 475,300 Issue of warrants expiring, November 6, 2025 2,757,252 508,200 Issue of warrants expiring, June 10, 2024 9,000,000 9,709,200 Warrants exercised during the year (7,257,252 ) (5,948,771 ) Warrants expired during the year (233,740 ) (26,198 ) Foreign exchange adjustment during the year - 95,631 Fair value adjustment during the year - 27,881,875 Balance at December 31, 2020 28,969,671 $ 36,316,681 For the year ended December 31, 2019 Number of Warrants Amount Opening Balance 13,901,859 $ 11,250,167 Issue of warrants expiring, March 21, 2024 8,455,882 15,897,059 Warrants exercised during the year (1,018,506 ) (3,742,824 ) Warrants expired during the year (135,824 ) - Foreign exchange adjustment during the year - 17,687 Fair value adjustment during the year - (19,800,645 ) Balance at December 31, 2019 21,203,411 $ 3,621,444 For the year ended December 31, 2020, the warrants outstanding by series are: Listed Warrants Expiry date Exercise Price CDN$ Number issued Number outstanding TMD.W.T.G 12-Feb-21 $ 30.00 447,253 444,920 TMD.W.T.H 31-Mar-21 $ 36.00 577,106 577,106 TMD.W.T.I 20-Sep-21 $ 22.50 637,111 637,111 Balance at December 31, 2020 1,661,470 1,659,137 Unlisted Warrants (in CDN$) Expiry date Exercise Price CDN$ Number issued Number outstanding March 2017 16-Mar-21 $ 15.00 357,787 355,253 June 2017 29-Jun-22 $ 6.00 1,983,522 446,377 August 2017 24-Aug-22 $ 6.00 563,067 563,067 December 2017 5-Dec-22 $ 18.00 1,533,333 1,533,333 April 2018 10-Apr-18 $ 10.50 1,295,554 1,295,554 Balance at December 31, 2020 5,733,263 4,193,584 Unlisted Warrants (in USD$) Expiry date Exercise Price USD$ Number issued Number outstanding August 2018 1 10-Aug-23 $ 2.9200 7,679,574 6,661,068 March 2019 2 21-Mar-24 $ 3.9500 8,455,882 8,455,882 March 2020 27-Mar-25 $ 0.1900 3,500,000 - May 2020 6-Nov-25 $ 0.3002 2,757,252 - June 2020 10-Jun-24 $ 1.0000 9,000,000 8,000,000 Balance at December 31, 2020 31,392,708 23,116,950 Total Warrants Outstanding 38,787,441 28,969,671 Note 1 – includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $3.20 to $2.92. Note 2 – includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $4.00 to $3.95. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital [Abstract] | |
SHARE CAPITAL | 9. SHARE CAPITAL (a) Authorized: unlimited number of common shares, no par value Issued: 83,184,843 (December 31, 2019: 39,907,681) Exercise prices of units, certain warrants and options are presented in U.S. currency when they are exercisable in U.S. dollars unless otherwise noted. June 2020 Offering On June 10, 2020, the Company completed an offering of securities made pursuant to an agency agreement dated March 17, 2020 between the Company and H.C. Wainwright & Co., LLC (“Wainwright”) for the purchase and sale of 6,500,000 common shares (the “Common Shares”), 11,500,000 common share equivalents (each, a “June 2020 Common Share Equivalent”) and 9,000,000 common share purchase warrants (each a “June 2020 Common Warrant”) for total gross proceeds of approximately $18,000,000 ($16,500,000 net of closing cash costs including cash commissions described below). The Common Shares, June 2020 Common Share Equivalent and June 2020 Common Warrants were sold in fixed combinations at an offering price of $1.00, consisting of one Common Share and one-half June 2020 Common Warrant or one June 2020 Common Share Equivalent and one-half June 2020 Common Warrant. Each June 2020 Common Warrant is convertible into one Common Share at a conversion price of $1.00 per Common Share for a period of four (4) years following the date of the closing of the offering. Each June 2020 Common Share Equivalent is convertible into one Common Share at a conversion price of $0.0001 and will expire when converted in full. Pursuant to the placement agent agreement, in addition to the cash commission paid to Wainwright of $1,260,000, broker warrants were issued to Wainwright which entitle the holder to purchase 1,260,000 Common Shares at an exercise price of U.S. $1.25 per share prior to expiry on June 10, 2024. The 11,500,000 June 2020 Common Stock Equivalents were converted during the year for total proceeds of $1,150. May 2020 Financing On May 6, 2020, the Company completed a registered direct offering of securities made pursuant to an agency agreement dated March 17, 2020 between the Company and Wainwright that provide for the purchase and sale of 5,514,504 Common Shares of the Company at a per share purchase price of U.S. $0.36268 per Common Share and 2,757,252 unregistered Common Share purchase warrants (each, a “May 2020 Warrant”), resulting in total gross proceeds of $2,000,000 ($1,575,000 net of estimated closing cash costs including cash commission described below). Each May 2020 Warrant is exercisable to purchase one Common Share at an exercise price of U.S. $0.3002 per Common Share for a period of five and one-half (5.5) years following the date of closing of the offering. All of the May 2020 Warrants were exercised during the year. Pursuant to the placement agency agreement, in addition to the cash commission paid to Wainwright of $140,000, broker warrants were issued to Wainwright which entitle the holder to purchase 386,015 Common Shares at a price of U.S. $0.45335 per share prior to expiry on November 6, 2025. During the year, 260,560 broker warrants were exercised. March 2020 Offering On March 27, 2020, the Company completed an offering of securities made pursuant to an agency agreement dated March 17, 2020, between the Company and Wainwright for the purchase and sale of 7,000,000 Common Shares at a per share purchase price of U.S. $0.17 per Common Share and 3,500,000 common share purchase warrants (each, a “March 2020 Warrant”), resulting in total gross proceeds of $1,190,000 ($862,294 net of closing cash costs including cash commission described below). Each March 2020 Warrant is exercisable to purchase one Common Share at an exercise price of U.S. $0.19 per Common Share prior to expiry on March 27, 2025. The March 2020 Warrants were valued at $475,300 based on the value determined by the Black-Scholes model and the balance of $714,700 was allocated to common shares. Pursuant to the placement agency agreement, in addition to the cash commission paid to Wainwright of $83,300, broker warrants were issued to Wainwright which entitle the holder to purchase 490,000 Common Shares at a price of U.S. $0.2125 per share prior to expiry on March 27, 2025. During the year, 335,650 broker warrants were exercised. Second Aspire Agreement On December 23, 2019, the Company entered into a common share purchase agreement (the “Second Aspire Agreement”) with Aspire Capital Fund, LLC (“Aspire”) whereby Aspire committed to purchase up to $35 million of Common Shares, to a maximum of 9,729,777 Common Shares, at Titan’s request from time to time, until June 23, 2022. On commencement of the Second Aspire Agreement, Titan issued to Aspire 973,000 Common Shares as consideration for entering into the Second Aspire Agreement. The value of the Common Shares issued of $423,440 was included in capital and offset by a fee of the same amount plus $35,122 for additional costs incurred. Between January 3, 2020, and February 13, 2020, the Company issued 4,408,048 Common Shares pursuant to the Second Aspire Agreement as outlined in the following table: Grant Date Common shares issued Value January 3, 2020 500,000 $ 219,600 January 6, 2020 500,000 229,300 January 8, 2020 400,000 195,160 January 10, 2020 500,000 247,550 January 17, 2020 600,000 303,000 January 23, 2020 600,000 295,320 February 6, 2020 600,000 282,000 February 13, 2020 708,048 300,000 4,408,048 $ 2,071,930 Under the Second Aspire Agreement, the balance remaining on Aspire’s commitment is 4,348,729 Common Shares (with maximum value of $32.9 million), at Titan’s request from time to time, until June 23, 2022. January 2020 Equity Transaction On January 3, 2020, the Company announced that Cambridge Design Partnership Ltd. (“Cambridge”) had subscribed for Common Shares. The Company issued 501,148 Common Shares at a unit price of $0.50 for satisfaction of the trade payable with Cambridge of $250,574. First Aspire Agreement On August 29, 2019, the Company entered into a common share purchase agreement (the “First Aspire Agreement”) with Aspire whereby Aspire committed to purchase up to $35 million of Common Shares at Titan’s request from time to time, until February 28, 2022. On commencement of the First Aspire Agreement, Titan immediately sold to Aspire 1,777,325 Common Shares, representing 5.3% of the Common Shares then issued and outstanding, at a price of U.S. $1.6879 per Common Share for gross proceeds of $3.0 million and issued to Aspire 639,837 Common Shares, representing 1.9% of the Common Shares then issued and outstanding, as consideration for entering into the First Aspire Agreement. Northland Securities, Inc. acted as the Company’s agent and financial advisor in connection with the offering and pursuant to an agency agreement, was paid a cash fee of $160,000. Gross proceeds of $3.0 million, net of costs and fees of $417,113, was included in capital. Subsequent to August 29, 2019 and subject to the First Aspire Agreement, the Company issued Common Shares to Aspire as outlined in the following table: Grant Date Common shares issued Value August 30, 2019 2,417,162 $ 3,000,000 November 8, 2019 100,000 42,560 November 8, 2019 100,000 42,560 November 12, 2019 100,000 42,970 November 12, 2019 100,000 42,000 November 13, 2019 100,000 42,970 November 14, 2019 300,000 128,910 November 15, 2019 2,500,000 1,074,250 November 19, 2019 2,067,282 888,311 7,784,444 $ 5,304,531 March 2019 Equity Offering On March 21, 2019, Titan completed an offering of securities made pursuant to an agency agreement dated March 18, 2019 between the Company and Bloom Burton Securities Inc. (“Bloom Burton”). The Company sold 8,455,882 units under the offering at a price of U.S. $3.40 per unit for gross proceeds of approximately $28,750,000 ($25,426,744 net of closing cost including cash commission of $2,012,500). Each unit consisted of one Common Share of the Company and one Common Share purchase warrant, each warrant entitles the holder thereof to acquire one Common Share of the Company at an exercise price of U.S. $4.00 and expiring March 21, 2024. The warrants were valued at $15,897,059 based on the value determined by the Black-Scholes model and the balance of $12,852,941 was allocated to common shares. Pursuant to the agency agreement, in addition to the cash commission paid to Bloom Burton, broker warrants were issued to Bloom Burton which entitle the holder to purchase 591,911 Common Shares at a price of U.S. $3.40 per share prior to expiry on March 21, 2021. The broker warrants were valued using the Black-Scholes model and the value of $864,190 was accounted for as an increase in the closing costs and allocated between the shares and the warrants. (b) Stock Options and Compensation Options Titan has reserved and set aside up to 15% of the issued and outstanding Common Shares for granting of options to employees, officers, consultants, and advisors. At December 31, 2020, 9,553,956 Common Shares (December 31, 2019: 5,986,152) were available for issue in accordance with the Company’s stock option plan. The terms of these options are determined by the Board of Directors. For the year ended December 31, 2020, $1,097,358 of stock-compensation expense was recorded (December 31, 2019 – $1,651,119). Options are granted to directors, officers, employees, and consultants at various times. Options are to be settled by physical delivery of shares. Options and the terms of each issue over the year ended December 31, 2020, are outlined below: Grant date / recipient Number of options Exercise price Vesting conditions Contractual life of options January 28, 2020, options granted to a director 25,765 CDN $0.657 Options vest immediately 7 years July 30, 2020, options granted to a director 22,425 CDN $1.266 Options vest immediately 7 years July 30, 2020, options granted to employees 1,350,000 USD $0.962 Options vest as to ¼ of the total number of options granted, every year from grant date 7 years September 29, 2020, options granted to board members 27,304 19,568 CDN $0.960 USD $0.730 Options vest immediately 7 years September 30, 2020, options granted to a consultant 4,723 USD $0.745 Options vest immediately 3 years December 10, 2020, options granted to employees 4,000 623,000 CDN $1.700 USD $1.310 Options vest as to ¼ of the total number of options granted, every year from grant date 7 years A summary of the status of the Company’s outstanding stock options as of December 31, 2020 and December 31, 2019 and changes during the years ended on those dates is presented in the following table: STOCK OPTIONS OUTSTANDING CANADIAN DOLLAR UNITED STATES DOLLAR Number stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Balance at December 31, 2019 860,379 $ 5.89 854,042 $ 2.65 Granted 79,494 0.99 1,997,291 0.96 Expired / forfeited (105,908 ) 8.39 (761,528 ) 2.66 Balance at December 31, 2020 833,965 $ 5.10 2,089,805 $ 1.13 CANADIAN DOLLAR UNITED STATES DOLLAR Number stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Balance at December 31, 2018 875,433 $ 18.20 50,349 $ 1.55 Granted 35,719 4.54 843,693 2.72 Expired / forfeited (50,773 ) 31.79 (40,000 ) 3.72 Balance at December 31, 2019 860,379 $ 5.89 854,042 $ 2.65 The weighted-average remaining contractual life and weighted-average exercise price of options outstanding and of options exercisable as at December 31, 2020, are as follows: Canadian Dollar Denominated Options Exercise Price (CDN) Number Outstanding Weighted-average remaining contractual life (years) Options Exercisable $0.66 25,765 6.08 25,765 $0.96 27,304 6.75 27,304 $1.27 22,425 6.58 22,425 $1.70 4,000 6.95 - $3.28 31,498 4.66 31,498 $4.54 682,422 3.09 360,237 $9.00 11,481 4.52 11,481 $30.00 28,260 0.65 28,260 $32.40 810 0.07 810 833,965 3.61 507,780 United States Dollar Denominated Options Exercise Price (USD) Number Outstanding Weighted-average remaining contractual life (years) Options Exercisable $0.73 19,568 6.75 19,568 $0.75 4,723 2.75 4,723 $0.96 1,350,000 6.58 - $1.31 623,000 6.95 - $1.55 50,349 0.96 50,349 $2.20 2,165 5.55 2,165 $3.72 40,000 1.69 - 2,089,805 6.45 76,805 Total 2,923,770 5.64 584,585 The weighted average exercise price of Canadian dollar denominated options outstanding is CDN $5.10 and CDN $4.86 for options that are exercisable. The weighted average exercise price of U.S. dollar denominated options outstanding is U.S. $1.13 and U.S. $1.31 for options that are exercisable. Inputs for Measurement of Grant Date Fair Values The grant date fair value of all share-based payment plans was measured based on the Black-Scholes option pricing model. Expected volatility was estimated by considering historic average share price volatility. The weighted average inputs in the original currency of the grants (CDN$ or U.S.$) used in the measurement of fair values at grant date of the share-based option grants for the year end December 31, 2020 and 2019 are as follows: CANADIAN DOLLARS UNITED STATES DOLLARS 2020 2019 2020 2019 Fair value at grant $ 0.82 1.61 0.89 1.48 Share price at grant 1.01 2.90 1.04 2.36 Exercise price 1.04 4.54 1.07 2.72 Expected option life 4 years 3.4 years 4.0 years 3.5 years Risk free interest rate 0.67% 1.43% 0.29% 1.50% Expected volatility 145.61% 98.10% 149.77 97.90% Expected dividends Nil Nil Nil Nil (c) Warrants In addition to the warrants accounted for as a liability at December 31, 2020 (see Note 8), the Company has 2,131,716 broker warrants that are issued, outstanding and exercisable in U.S. dollars (December 31, 2019: 1,219,276). These broker warrants expire between March 21, 2021 and November 6, 2025 (December 31, 2019: broker warrants had expiry dates between April 10, 2020 and March 21,2021). Expiry date Exercise Price Outstanding at December 31, 2019 1 Issued Exercised Expired Outstanding at December 31, 2020 1 April 12, 2020 $ 9.00000 89,795 - - (89,795 ) - August 10, 2020 $ 2.50000 537,570 - - (537,570 ) - March 21, 2021 $ 3.40000 591,911 - - - 591,911 June 10, 2024 $ 1.25000 - 1,260,000 - - 1,260,000 March 27, 2025 $ 0.21250 - 490,000 (335,650 ) - 154,350 November 6, 2025 $ 0.45335 - 386,015 (260,560 ) - 125,455 Ending balance 1,219,276 2,136,015 (596,210 ) (627,365 ) 2,131,716 Note 1 All broker warrants issued and outstanding are fully exercisable. All broker warrants issued, outstanding and exercisable are in U.S. dollars. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
INCOME TAXES | 10. INCOME TAXES (a) Current income taxes Below is a reconciliation of combined federal and provincial corporate income taxes at the company’s effective rate of 26.5% (2019: 26.5%). December 31, 2020 December 31, 2019 Net loss before income taxes $ (24,184,657 ) $ (41,907,079 ) Income taxes at statutory rates (6,408,934 ) (11,105,376 ) Tax effect of expenses not deductible for income tax purposes: Permanent differences 7,648,554 (4,800,780 ) Unrecognized share issue costs (129,264 ) (625,220 ) Tax / foreign rate changes and other adjustments (49,409 ) 93,724 Total tax recovery 1,060,947 (16,437,652 ) Tax recovery not recognized (1,060,947 ) 16,437,652 $ - $ - (b) Deferred income taxes Deferred income tax assets and liabilities result primarily from differences in recognition of certain timing differences that give rise to the Company’s future tax assets (liabilities) and are as follows: December 31, 2020 December 31, 2019 Non-capital losses $ 62,773,915 $ 63,740,497 Qualifying research and development expenditure 1,493,309 1,493,309 Share issue costs and other 1,868,633 1,999,584 Total tax assets 66,135,857 67,233,390 Tax assets not recognized (66,135,857 ) (67,233,390 ) Net deferred tax assets $ - $ - In assessing the realizability of deferred tax assets, management considers whether it is probable that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management, based on IFRS criteria, has determined, at this time, not to recognize its deferred tax assets. (c) Losses carried forward The Company has non-capital losses of approximately $236,882,697 available to reduce future income taxes. The non-capital losses expire approximately as follows: Expiry year Non-capital losses 2031 $ 9,674,326 2032 10,454,774 2033 10,210,370 2034 13,784,437 2035 43,934,918 2036 28,260,911 2037 19,604,159 2038 40,239,997 2039 60,718,805 $ 236,882,697 The Company has accumulated Qualifying Research and Development expenses of $5,635,128 from prior years research and development. These expenditures may be carried forward indefinitely and used to reduce taxable income in future years. As a result of a Canada Revenue Agency (CRA) audit completed in 2017 and 2016, regarding Titan’s 2012 and 2011 SR&ED claim, the 2012 loss of $6,517,436 has been adjusted to $7,260,729 and the 2011 loss of $9,423,694 has been adjusted to $12,735,836. The qualifying SR&ED expenditures has also been adjusted from $9,439,430 to $5,635,128. CRA concluded that the claimed work did not satisfy the SR&ED criteria. Titan is appealing this decision by CRA. (d) Investment tax credits At December 31, 2020, the Company has $1,167,560 (2019 - $1,167,560) of unclaimed investment tax credits available to reduce federal income taxes payable in future years. If not utilized, these investment tax credits will start expiring in 2028. The amounts have been adjusted to reflect changes due to the CRA audit. At December 31, 2020, the Company has $237,997 (2019 - $237,997) of unclaimed Ontario Research and Development Tax Credit available to reduce Ontario income taxes payable in future years. If not utilized, this credit will start expiring in 2029. The amounts have been adjusted to reflect changes due to the CRA audit. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Commitments [abstract] | |
COMMITMENTS | 11. COMMITMENTS As part of its program of research and development of the Enos system, the Company has outsourced certain aspects of the design and development to third party technology and development companies. At December 31, 2020, $10,693,752 in purchase orders remain outstanding (December 31, 2019 - $1,327,294). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 12. RELATED PARTY TRANSACTIONS During the year ended December 31, 2020, transactions between the Company’s directors, officers and other related parties were related to compensation matters in the normal course of operations and are measured at fair value, which is the amount of consideration established and agreed to by the related parties. Compensation paid to executive officers for the year ended December 31, 2020 amounted to $1,124,976 compared to $1,495,611 for the year ended December 31, 2019. December 31, 2020 December 31, 2019 Common Shares Held by Directors and Officers Number of shares % Number of shares % David McNally 4,167 0.01 4,167 0.01 Monique Delorme 1 32,333 0.04 - - Perry Genova 514 0.00 - - Stephen Randall 2 22,993 0.03 22,993 0.06 John Barker 3 NA NA 32,714 0.08 John Schellhorn 4 NA NA 294 - Total 60,007 0.08 60,168 0.15 Common Shares Outstanding 83,184,843 100.00 39,907,681 100.00 1. Monique Delorme was appointed Chief Financial Officer on October 1, 2020. 2. Stephen Randall retired as Chief Financial Officer on September 30, 2020. He remains on the board of directors. 3. John Barker retired as directors effective September 30, 2020. 4. John Schellhorn retired as a director effective June 4, 2020. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments | |
FINANCIAL INSTRUMENTS | 13. FINANCIAL INSTRUMENTS The Company's financial instruments consist of cash and cash equivalents, amounts receivable and accounts payable and accrued liabilities. The fair value of these financial instruments approximates their carrying values, unless otherwise noted, due to the short maturities of these instruments or the discount rate applied. Warrant liabilities are valued at fair value as described in note 2(h). The Company's risk exposures and their impact on the Company's financial instruments are summarized below: (a) Credit risk The Company's credit risk is primarily attributable to cash and cash equivalents and amounts receivable. The Company has no significant concentration of credit risk arising from operations. Cash and cash equivalents are held with reputable financial institutions, from which management believes the risk of loss to be remote. Financial instruments included in amounts receivable consists of HST tax due from the Federal Government of Canada and interest receivable from interest saving account and short-term promissory notes. Management believes that the credit risk concentration with respect to financial instruments included in amounts receivable is remote. (b) Liquidity risk The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due and when appropriate will scale back its operations. As at December 31, 2020, the Company had cash and cash equivalents of $25,468,805 (December 31, 2019: $814,492) to settle liabilities of $7,330,946 (December 31, 2019: $11,441,968) excluding warrant liabilities of $36,316,681 (December 31, 2019: $3,621,444). The Company currently does not generate any sales revenue. It generates interest income on its cash balances and revenue from its license and development agreements as described in note 2(n). The Company believes that with its current financial resources and expected revenues from license and development agreements, the Company expects to be able to continue operations for the foreseeable future. As at December 31, 2020, the Company is primarily dependent upon financing to fund its research and design relating to its Enos system and operating expenses. The ability of the Company to arrange financing in the future will depend in part upon prevailing capital market conditions and the business success of the Company. There can be no assurance that the Company will be successful in its efforts to arrange additional financing on terms satisfactory to the Company. If additional financing is raised by the issuance of shares or convertible securities from treasury, control of the Company may change, and shareholders may suffer additional dilution. If adequate funds are not available, or are not available on acceptable terms, the Company may not be able to take advantage of opportunities, or otherwise continue its technology development program and may be required to operate under a reduced development program. (c) Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates. i. Interest rate risk The Company has cash balances and no interest-bearing debt. The Company’s current policy is to invest excess cash in interest savings accounts and short-term promissory notes. The Company periodically monitors the investments it makes and is satisfied with the credit risk of its bank. ii. Foreign currency risk The Company’s functional currency is the U.S. dollar. Expenditures transacted in foreign currency are converted to U.S. dollars at the rate in effect when the transaction is initially booked. The gain or loss on exchange, when the transaction is settled, is booked to the Statement of Net and Comprehensive Loss. Management acknowledges that there is a foreign exchange risk derived from currency conversion and believes this risk to be low as the Company now maintains a minimum balance of Canadian dollars. (d) Sensitivity analysis Cash equivalents include cash balances and amounts on deposit in interest savings account and short-term promissory notes. Sensitivity to a plus or minus 1% change in interest rates could affect annual net loss by $161,549 (December 31,2019: $62,071) based on the current level of cash invested in cash equivalents. A strengthening of the U.S. dollar at December 31, 2020, as indicated below, against current assets and accounts payable and accrued liabilities denominated in Canadian currency of CDN $366,767 (December 31, 2019: $556,276) and warrant liability of CDN $5,497,342 (December 31, 2019: $868,855) would result in increased equity and an increased profit for the year of $219,010 (December 31, 2019: $32,541) as shown on the chart below. This analysis is based on foreign currency exchange rate variances that the Company considers to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular, interest rates, remain constant. The sensitivity analysis is performed on the same basis for December 31, 2019. 5% strengthening December 31, 2020 December 31, 2019 Canadian dollar current assets $ (7,659 ) $ (19, 687 ) Canadian dollar accounts payable and accrued liabilities 226,669 52,228 Change in profit (loss) $ 219,010 $ 32,541 A weakening of the U.S. dollar against the Canadian dollar at December 31, 2020, and December 31, 2019, would have had the equal but opposite effect on the above currencies to the amount shown above, on the basis that all other variables remain constant. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
REVENUES | 14. REVENUES On June 3, 2020, the Company entered into a License Agreement with Medtronic, whereby the Company is providing exclusive access to certain IP rights relating to robotic assisted surgical technologies. The Company is accounting for the license fee at the point in time when the rights were transferred. The Company recognized revenue of $10 million under this agreement. Technical Milestone under Medtronic Development and License Agreement In 2020, the Company completed the first and second technical milestones under the Development Agreement with Medtronic (see note 7) and on October 28, 2020, received payment of $10 million. Revenue from the Development Agreement and the allocation of ownership and license rights developed under each milestone is recognized when the rights are granted, and customer acceptance is established. The Company is entitled to receive up to an additional $21 million under the Development Agreement with completion of milestones 3 and 4 in May and September 2020, respectively. |
SEGMENTED REPORTING
SEGMENTED REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
SEGMENTED REPORTING | 15. SEGMENTED REPORTING The Company operates in a single reportable operating segment – the research and development of the Company’s single access robotic surgical system, the next generation of surgical robotic platform. The Company's long-term assets are domiciled in Toronto, Canada. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
CAPITAL MANAGEMENT | 16. CAPITAL MANAGEMENT The Company’s capital is composed of shareholders’ equity. The Company manages its capital structure and adjusts it, based on the funds available to the Company, to support the development of its single access robotic surgical system. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of its single access robotic surgical system. The Company has further progress to make in the development of the single access robotic surgical system and anticipates that the cost of completion will exceed its current resources. Accordingly, the Company will be dependent on external financing to fund its future activities. To carry out the completion of the single access robotic surgical system and pay for administrative costs, the Company will continue to raise additional amounts as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management during the year ended December 31, 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS (a) Warrants exercised Subsequent to December 31, 2020, and as of February 20, 2021, 8,583,250 Common Shares were issued upon the exercise of warrants for gross proceeds of $9,166,500, and 732,375 Common Shares were issued upon the exercise of broker warrants for gross proceeds of $812,057. No material transactions relating to the exercise of warrants have occurred from the date of February 20, 2021, to the date of filing these consolidated financial statements. (b) Options exercised Subsequent to December 31, 2020, and as of February 20, 2021, 19,568 Common Shares were issued upon the exercise of options for gross proceeds of $14,285. (c) Equity offerings January 2021 Equity Offering On January 26, 2021, the Company closed an offering of 6,451,613 units of the Company (“January 2021 Units”) sold on a “bought deal” basis, at price of U.S. $1.55 per January 2021 Unit for aggregate gross proceeds of U.S. $10,000,000. (“January 2021 Offering”). The underwriter also exercised its over-allotment option for an additional 967,741 January 2021 Units and additional gross proceeds of U.S. $1,500,000. Each January 2021 Unit consists of one common share in the capital of the Company (each a “Common Share” and one half (1/2) of one Common Share purchase warrant (each whole warrant, a “January 2021 Warrant”). Each January 2021 Warrant is exercisable to acquire one Common Share at an exercise price of U.S. $2.00 per share until January 26, 2026. Pursuant to the underwriting agreement, the underwriter will receive: (i) a cash fee equal to 7% of the gross proceeds of the offering, (including January 2021 Units sold pursuant to the exercise of the overallotment option), each entitling the holder to acquire one Common Share at U.S. $1.9375 for a period of 24 months after the closing date. The net proceeds from the January 2021 Offering will be used to fund the development of the Company’s robotic surgical technologies and for general working capital. An aggregate of 39,500 January 2021 Units was purchased by directors, officers and employees of the Company and its subsidiary under the offering for gross proceeds of $61,225. Each insider subscription constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions February 2021 Equity Offering On February 3, 2021, the Company entered into an underwriting agreement (“February 2021 Underwriting Agreement”) in respect of a “bought deal” offering of 8,335,000 units of the Company (“February 2021 Units”) at price of U.S. $2.40 per February 2021 Unit (the "Offering Price") for aggregate gross proceeds of U.S. $20,004,000 (“February 2021 Offering”). Each February 2021 Unit consists of one common share in the capital of the Company (each a “Common Share”) and one half (1/2) of one Common Share purchase warrant (each whole warrant, a “February 2021 Warrant”). Each February 2021 Warrant will be exercisable to acquire one Common Share at an exercise price of U.S. $3.00 per share for a period of 24 months after the closing date. Pursuant to the underwriting agreement, the underwriter will receive: (i) a cash fee equal to 7% of the gross proceeds of the offering, (including February 2021 Units sold pursuant to the exercise of the overallotment option), and (ii) a number of broker warrants equal to 7% of the total number of February 2021 Units sold in the offering (including units sold pursuant to the exercise of the over-allotment option), each entitling the holder to acquire one Common Share at U.S. $3.00 for a period of 24 months after the closing date. The Company has granted the underwriter an option, exercisable in whole or in part and from time to time at any time until 30 days after the closing of the offering, to purchase up to an additional number of units equal to 15% of the number of February 2021 Units sold pursuant to the offering at the February 2021 Offering Price. The Offering is expected to close on or about February 23, 2021.A condition of the February 2021 Underwriting Agreement restricts the Company from issuing, without prior agreement from the underwriter, any Common Shares, or any securities convertible into or exchangeable for or exercisable to acquire Common Shares for a period commencing on the date of the February 2021 Underwriting Agreement and ending ninety (90) days following the closing date, except under pre-existing rights or obligations. This would include restricting the issuance of shares under the Second Aspire Agreement (see note 9). The net proceeds from the February 2021 Offering will be used to fund the development of the Company’s robotic surgical technologies and for general working capital. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents | (a) Cash and Cash Equivalents Cash and cash equivalents include cash balances and amounts on deposit in interest saving accounts with interest rates of less than 1%. |
Property, plant, and equipment | (b) Property, plant, and equipment Property, plant, and equipment is recorded at cost less accumulated depreciation and accumulated impairment losses, if any. The Company records depreciation using the straight-line method over the estimated useful lives of the capital assets, as follows: Computer equipment 3 years Furniture and fixtures 3 years Machinery 3 years Leasehold improvements Remaining term of the lease |
Leases | (c) Leases The Company assesses whether a contract is or contains a lease, at inception of a contract in accordance with IFRS 16 Leases. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by an incremental borrowing rate (“IBR”). The IBR is defined as the interest rate that the lessee would incur to borrow under a secured loan with terms similar to those of the lease. For the year ended December 31, 2020, the Company used an IBR of 6% (2019: 6%). Lease payments included in the measurement of the lease liability comprise fixed lease payments less any lease incentives (e.g., free rent period). Non-lease components outlined in the lease are accounted as operating expenses in the period charged. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease. For short-term leases (leases with a term of 12 months or less) and leases of low value assets (accounted for as personal computers and office furniture), the Company has opted to recognize a lease expense on a straight-line basis as permitted by IFRS 16. This expense, if any, is presented within general expenses in the consolidated statement of comprehensive net income and loss. |
Patent Rights | (d) Patent Rights Patent rights are recorded at cost less accumulated amortization and accumulated impairment loss. Straight-line amortization is provided over the estimated useful lives of the patents, as prescribed by the granting body, which range up to twenty (20) years. |
Impairment of Long-Lived Assets | (e) Impairment of Long-Lived Assets The Company reviews computer equipment, furniture and equipment, machinery, leasehold improvements, right-of-use assets, and patent rights for objective evidence of impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to the asset’s recoverable amount, which is the greater of fair value less cost to sell and value in use. Value in use is measured as the expected future discounted cash flows expected to be derived from the asset. If the carrying value exceeds the recoverable amount, the asset is written down to the recoverable amount. |
Deferred Income Taxes | (f) Deferred Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, unused tax losses and income tax reductions, and are measured using the substantively enacted tax rates and laws that will be in effect when the differences are expected to reverse. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Management has determined not to recognize its net deferred tax assets, as it is not considered probable that future tax benefits will be realized. |
Foreign Currency | (g) Foreign Currency Transactions in currencies other than U.S. dollars are translated at exchange rates in effect at the date of the transactions. Foreign exchange differences arising on settlement are recognized separately in net and comprehensive loss. Monetary year end balances are converted to U.S. dollars at the rate in effect at that time. Non-monetary items in a currency other than U.S. dollars that are measured in terms of historical cost are translated using the exchange rate at the date of transaction or date of adoption of U.S. functional currency, whichever is later. Foreign exchange gains and losses are included in net and comprehensive loss. |
Warrant Liability | (h) Warrant Liability Certain of the Company’s warrants have exercise prices that are not fixed and as such in accordance with IAS 32, they must be recorded as a derivative financial liability. This applies both in the case where the Company’s warrants are denominated in a currency (Canadian dollars) other than the Company’s functional currency (U.S. dollars), and when a warrant is issued with a cashless exercise option or a ratchet down feature. In each case, these warrants are initially measured at fair value and subsequent changes in fair value are recorded through Net and Comprehensive Loss for the year. A proportional amount of costs associated with the issue of shares and warrants is allocated to the warrants and recorded through Net and Comprehensive Loss for the year. At each balance sheet date, the Company reviews the classification of each Warrant Liability to determine whether the appropriate classification remains with Liabilities or requires reclassification to Equity. At each balance sheet date, the Warrant Liability of listed warrants is adjusted to fair value measured at the market price of the listed warrants and the Warrant Liability of unlisted warrants is adjusted to fair value using the Black-Scholes model. Prior to March 31, 2019, the Black-Sholes model for the unlisted warrants was determined using a comparable warrant quoted in an active market, adjusted for differences in the terms of the warrant. Since March 31, 2019, it was determined that the comparable warrant was no longer an effective benchmark and the Company began to use the market price and volatility of the Company’s common shares listed on the Toronto Stock Exchange (“TSX”) adjusted for differences in the terms of the warrant. |
Fair Value Measurement | (i) Fair Value Measurement The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are directly or indirectly observable. Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The fair value of the warrant liability relating to listed and unlisted warrants is initially based on Level 2 significant observable inputs and at subsequent dates is adjusted using Level 1 inputs for listed warrants and Level 2 inputs for unlisted warrants. |
Stock-Based Compensation | (j) Stock-Based Compensation IFRS 2 requires options granted to employees and others providing similar services to be measured at the fair value of goods or services received unless that fair value cannot be estimated reliably. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option pricing model. The fair value of the options granted is determined as at the grant date. Stock options granted to non-employees are valued at the fair value of the goods or service received, measured at the date on which the goods are received, or the services rendered. If the entity cannot estimate reliably the fair value of the goods or services received, the entity shall measure the value and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted, which the Company does using the Black-Scholes option pricing model. The fair value of the options granted is determined as at the grant date. Stock options are issued to vest immediately or when used as a long-term incentive, are commonly issued over a vesting period of up to seven years. The expense related to options with a vesting period are recorded over the vesting period in accordance with the terms of the options. |
Research and Development Costs | (k) Research and Development Costs Research and development activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. The costs of developing new products are capitalized as deferred development costs if they meet the development capitalization criteria under IFRS. These criteria include the ability to measure development costs reliably, the product is technically, and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. To date, all the research and development costs have been expensed as the criteria for capitalization have not yet been met. |
Investment Tax Credits | (l) Investment Tax Credits As a result of incurring scientific research and development expenditures, management has estimated that there will be non-refundable federal and refundable and non-refundable provincial investment tax credits receivable following the completion of an audit process by tax authorities. Investment tax credits are recorded when received or when there is reasonable assurance that the credits will be realized. Upon recognition, amounts will be recorded as a reduction of research and development expenditures. |
Financial Instruments | (m) Financial Instruments Financial assets include cash and cash equivalents and amounts receivable which are measured at amortized cost. Amounts receivable include HST recoverable and other receivables. Financial liabilities include accounts payable and accrued liabilities which are measured at amortized cost. |
Revenue Recognition | (n) Revenue Recognition The Company currently recognizes revenue when it has persuasive evidence of a contract, performance obligations have been identified and satisfied, payment terms have been identified, and it is probable that the Company will collect the consideration it is entitled to. On June 3, 2020, the Company entered into a license agreement (the “License Agreement”) with Medtronic, whereby the Company is providing exclusive access to certain IP rights relating to robotic assisted surgical technologies (see Note 7). The Company is accounting for the license fee at the point in time when the rights were transferred. Revenue from the License Agreement for intellectual property rights and know-how (“Royalty Payment”) is recognized when rights are granted, and customer acceptance is established. Compensation received for the performance of technology transfer services relating to the License Agreement is accounted for separately from the Royalty Payment and will be recognized at the time the service is performed. (see Note 14) On June 3, 2020, the Company also entered into a development and license agreement with Medtronic (the “Development Agreement”) that provides for the development of robotic assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. The Company’s entitlement to receive up to $31 million pursuant to the Development Agreement is conditional upon the completion of certain technology development milestones set forth in the Development Agreement. Due to the uncertainty of milestone achievements and entitlement of payments, the Company recognizes revenue only upon acceptance by the customer of work performed and the milestone achieved (see Note 14). Revenue from the Development Agreement and the allocation of ownership and license rights developed under each milestone is recognized when the rights are granted, and customer acceptance is established. |
Short-term Employee Benefits | (o) Short-term Employee Benefits Short-term employee benefit obligations including Company paid medical, dental and life insurance plans, are measured on an undiscounted basis and are expensed as the related service is provided. |
Provisions | (p) Provisions A provision is recognized, if as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. |
Earnings (Loss) per Share | (q) Earnings (Loss) per Share Basic earnings (loss) per share are calculated using the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share considers the dilutive impact of the exercise of outstanding stock options and warrants, as if the events had occurred at the beginning of the period or at a time of issuance, if later. Diluted loss per share has not been presented in the accompanying consolidated financial statements, as the effect would be anti-dilutive. |
Adoption of New Accounting Standard | (r) Adoption of New Accounting Standard There were a number of amendments effective for annual reporting periods beginning on or after January 1, 2020 which were adopted during the year. None were deemed to have a material impact. The amendments were: • IAS 1 Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors • Revisions to the Conceptual Framework for Financing Reporting; • Definition of a Business (Amendments to IFRS 3); • Interest Rate Benchmark Reform – IBOR ‘phase 2’ (Amendments to IFRS 9 and IAS 39) and • COVID-19 – Related Rent Concessions (Amendments to IFRS 16). |
Standards, Amendments, and Interpretations not yet Effective | (s) Standards, Amendments, and Interpretations not yet Effective IAS 16 "Property, Plant and Equipment" outlines the accounting treatment for most types of property, plant, and equipment. Property, plant, and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. In May 2020 the IASB issued Property, Plant and Equipment – Proceeds before Intended Use which made amendments to IAS 16. The amendments prohibit an entity from deducting from the cost of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. Instead, an entity shall recognize such sales proceeds and related cost in net income. This amendment is effective for the Company beginning January 1, 2022. The Company is assessing the impact of the amendment on its financial statements. The Company does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the group. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Estimated Useful Life of Assets | Computer equipment 3 years Furniture and fixtures 3 years Machinery 3 years Leasehold improvements Remaining term of the lease |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant, And Equipment | For the year ended December 31, 2020 Cost Accumulated depreciation Net Book Value Computer equipment Balance at December 31, 2019 $ - $ - $ - Additions 49,721 - 49,721 Depreciation in the year - (12,827 ) (12,827 ) Furniture and fixtures Balance at December 31, 2019 - - - Additions 53,689 - 53,689 Depreciation in the year - (20,352 ) (20,352 ) Leasehold improvements Balance at December 31, 2019 - - - Additions 23,619 - 23,619 Depreciation in the year - (1,858 ) (1,858 ) Machinery Balance at December 31, 2019 - - - Additions 153,380 - 153,380 Depreciation in the year - - - Balance at December 31, 2020 $ 280,409 $ (35,037 ) $ 245,372 For the year ended December 31, 2019 Cost Accumulated depreciation Net Book Value Computer equipment Balance at December 31, 2018 $ - $ - $ - Furniture and fixtures Balance at December 31, 2018 - - - Leasehold improvements Depreciation in the year - - - Machinery Balance at December 31, 2019 - - - Balance at December 31, 2019 $ - $ - $ - |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Summary of Right of Use Asset | Right of use assets For the year ended December 31, 2020 Cost Accumulated amortization Net Book Value Head Office Balance at December 31, 2019 $ 34,172 $ (3,778 ) $ 30,394 Amortization in the year - (22,670 ) (22,670 ) Chapel Hill Balance at December 31, 2019 $ - $ - $ - Additions 941,268 - 941,268 Amortization in the year - (82,391 ) (82,391 ) Balance at December 31, 2020 $ 975,440 $ (108,839 ) $ 866,601 For the year ended December 31, 2019 Cost Accumulated amortization Net Book Value Head Office Balance at December 31, 2018 $ - $ - $ - Additions 34,172 - 34,172 Amortization in the year - (3,778 ) (3,778 ) - Balance at December 31, 2019 $ 34,172 $ (3,778 ) $ 30,394 |
Summary of Maturity Analysis | Lease liabilities – maturity analysis 2020 2019 Less than one year $ 165,768 $ 21,071 One to three years 646,481 8,001 Four to five years 104,310 - Total lease liabilities at December 31, 2020 $ 916,559 $ 29,072 |
PATENT RIGHTS (Tables)
PATENT RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Patent Rights [Abstract] | |
Summary of Patent Rights | For the year ended December 31, 2020 Cost Accumulated Amortization Net Book Value Balance at December 31, 2019 $ 1,856,750 $ (255,005 ) $ 1,601,745 Impairment losses (45,981 ) - (45,981 ) Additions during the year 318,958 - 318,958 Amortization in the year - (96,744 ) (96,744 ) Balance at December 31, 2020 $ 2,129,727 $ (351,749 ) $ 1,777,978 For the year ended December 31, 2019 Cost Accumulated Amortization Net Book Value Balance at December 31, 2018 $ 1,398,713 $ (226,228 ) $ 1,172,485 Impairment losses - - - Additions during the year 458,037 - 458,037 Amortization in the year - (28,777 ) (28,777 ) Balance at December 31, 2019 $ 1,856,750 $ (255,005 ) $ 1,601,745 |
WARRANT LIABILITY (Tables)
WARRANT LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Warrant Liability [Abstract] | |
Summary of Warrant Liability | For the year ended December 31, 2020 Number of Warrants Amount Opening Balance 21,203,411 $ 3,621,444 Issue of warrants expiring, March 27, 2025 3,500,000 475,300 Issue of warrants expiring, November 6, 2025 2,757,252 508,200 Issue of warrants expiring, June 10, 2024 9,000,000 9,709,200 Warrants exercised during the year (7,257,252 ) (5,948,771 ) Warrants expired during the year (233,740 ) (26,198 ) Foreign exchange adjustment during the year - 95,631 Fair value adjustment during the year - 27,881,875 Balance at December 31, 2020 28,969,671 $ 36,316,681 For the year ended December 31, 2019 Number of Warrants Amount Opening Balance 13,901,859 $ 11,250,167 Issue of warrants expiring, March 21, 2024 8,455,882 15,897,059 Warrants exercised during the year (1,018,506 ) (3,742,824 ) Warrants expired during the year (135,824 ) - Foreign exchange adjustment during the year - 17,687 Fair value adjustment during the year - (19,800,645 ) Balance at December 31, 2019 21,203,411 $ 3,621,444 |
Summary of Warrants Outstanding | Listed Warrants Expiry date Exercise Price CDN$ Number issued Number outstanding TMD.W.T.G 12-Feb-21 $ 30.00 447,253 444,920 TMD.W.T.H 31-Mar-21 $ 36.00 577,106 577,106 TMD.W.T.I 20-Sep-21 $ 22.50 637,111 637,111 Balance at December 31, 2020 1,661,470 1,659,137 Unlisted Warrants (in CDN$) Expiry date Exercise Price CDN$ Number issued Number outstanding March 2017 16-Mar-21 $ 15.00 357,787 355,253 June 2017 29-Jun-22 $ 6.00 1,983,522 446,377 August 2017 24-Aug-22 $ 6.00 563,067 563,067 December 2017 5-Dec-22 $ 18.00 1,533,333 1,533,333 April 2018 10-Apr-18 $ 10.50 1,295,554 1,295,554 Balance at December 31, 2020 5,733,263 4,193,584 Unlisted Warrants (in USD$) Expiry date Exercise Price USD$ Number issued Number outstanding August 2018 1 10-Aug-23 $ 2.9200 7,679,574 6,661,068 March 2019 2 21-Mar-24 $ 3.9500 8,455,882 8,455,882 March 2020 27-Mar-25 $ 0.1900 3,500,000 - May 2020 6-Nov-25 $ 0.3002 2,757,252 - June 2020 10-Jun-24 $ 1.0000 9,000,000 8,000,000 Balance at December 31, 2020 31,392,708 23,116,950 Total Warrants Outstanding 38,787,441 28,969,671 Note 1 – includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $3.20 to $2.92. Note 2 – includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $4.00 to $3.95. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital [Abstract] | |
Summary of shares sold under share purchase agreement | Between January 3, 2020, and February 13, 2020, the Company issued 4,408,048 Common Shares pursuant to the Second Aspire Agreement as outlined in the following table: Grant Date Common shares issued Value January 3, 2020 500,000 $ 219,600 January 6, 2020 500,000 229,300 January 8, 2020 400,000 195,160 January 10, 2020 500,000 247,550 January 17, 2020 600,000 303,000 January 23, 2020 600,000 295,320 February 6, 2020 600,000 282,000 February 13, 2020 708,048 300,000 4,408,048 $ 2,071,930 Subsequent to August 29, 2019 and subject to the First Aspire Agreement, the Company issued Common Shares to Aspire as outlined in the following table: Grant Date Common shares issued Value August 30, 2019 2,417,162 $ 3,000,000 November 8, 2019 100,000 42,560 November 8, 2019 100,000 42,560 November 12, 2019 100,000 42,970 November 12, 2019 100,000 42,000 November 13, 2019 100,000 42,970 November 14, 2019 300,000 128,910 November 15, 2019 2,500,000 1,074,250 November 19, 2019 2,067,282 888,311 7,784,444 $ 5,304,531 |
Summary of Options are Granted to Directors, Officers, Employees and Consultants | Grant date / recipient Number of options Exercise price Vesting conditions Contractual life of options January 28, 2020, options granted to a director 25,765 CDN $0.657 Options vest immediately 7 years July 30, 2020, options granted to a director 22,425 CDN $1.266 Options vest immediately 7 years July 30, 2020, options granted to employees 1,350,000 USD $0.962 Options vest as to ¼ of the total number of options granted, every year from grant date 7 years September 29, 2020, options granted to board members 27,304 19,568 CDN $0.960 USD $0.730 Options vest immediately 7 years September 30, 2020, options granted to a consultant 4,723 USD $0.745 Options vest immediately 3 years December 10, 2020, options granted to employees 4,000 623,000 CDN $1.700 USD $1.310 Options vest as to ¼ of the total number of options granted, every year from grant date 7 years |
Summary of Options Outstanding | STOCK OPTIONS OUTSTANDING CANADIAN DOLLAR UNITED STATES DOLLAR Number stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Balance at December 31, 2019 860,379 $ 5.89 854,042 $ 2.65 Granted 79,494 0.99 1,997,291 0.96 Expired / forfeited (105,908 ) 8.39 (761,528 ) 2.66 Balance at December 31, 2020 833,965 $ 5.10 2,089,805 $ 1.13 CANADIAN DOLLAR UNITED STATES DOLLAR Number stock options Weighted Average Exercise Price Number of stock options Weighted Average Exercise Price Balance at December 31, 2018 875,433 $ 18.20 50,349 $ 1.55 Granted 35,719 4.54 843,693 2.72 Expired / forfeited (50,773 ) 31.79 (40,000 ) 3.72 Balance at December 31, 2019 860,379 $ 5.89 854,042 $ 2.65 |
Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price Options Outstanding and Options Exercisable on Exercise Prices | Canadian Dollar Denominated Options Exercise Price (CDN) Number Outstanding Weighted-average remaining contractual life (years) Options Exercisable $0.66 25,765 6.08 25,765 $0.96 27,304 6.75 27,304 $1.27 22,425 6.58 22,425 $1.70 4,000 6.95 - $3.28 31,498 4.66 31,498 $4.54 682,422 3.09 360,237 $9.00 11,481 4.52 11,481 $30.00 28,260 0.65 28,260 $32.40 810 0.07 810 833,965 3.61 507,780 United States Dollar Denominated Options Exercise Price (USD) Number Outstanding Weighted-average remaining contractual life (years) Options Exercisable $0.73 19,568 6.75 19,568 $0.75 4,723 2.75 4,723 $0.96 1,350,000 6.58 - $1.31 623,000 6.95 - $1.55 50,349 0.96 50,349 $2.20 2,165 5.55 2,165 $3.72 40,000 1.69 - 2,089,805 6.45 76,805 Total 2,923,770 5.64 584,585 |
Summary of Inputs Used in Measurement of Fair Values at Grant Date of Share Based Option Plan | CANADIAN DOLLARS UNITED STATES DOLLARS 2020 2019 2020 2019 Fair value at grant $ 0.82 1.61 0.89 1.48 Share price at grant 1.01 2.90 1.04 2.36 Exercise price 1.04 4.54 1.07 2.72 Expected option life 4 years 3.4 years 4.0 years 3.5 years Risk free interest rate 0.67% 1.43% 0.29% 1.50% Expected volatility 145.61% 98.10% 149.77 97.90% Expected dividends Nil Nil Nil Nil |
Schedule of Warrants Issued and Outstanding | Expiry date Exercise Price Outstanding at December 31, 2019 1 Issued Exercised Expired Outstanding at December 31, 2020 1 April 12, 2020 $ 9.00000 89,795 - - (89,795 ) - August 10, 2020 $ 2.50000 537,570 - - (537,570 ) - March 21, 2021 $ 3.40000 591,911 - - - 591,911 June 10, 2024 $ 1.25000 - 1,260,000 - - 1,260,000 March 27, 2025 $ 0.21250 - 490,000 (335,650 ) - 154,350 November 6, 2025 $ 0.45335 - 386,015 (260,560 ) - 125,455 Ending balance 1,219,276 2,136,015 (596,210 ) (627,365 ) 2,131,716 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of Reconciliation of Combined Federal and Provincial Corporate Income Taxes | December 31, 2020 December 31, 2019 Net loss before income taxes $ (24,184,657 ) $ (41,907,079 ) Income taxes at statutory rates (6,408,934 ) (11,105,376 ) Tax effect of expenses not deductible for income tax purposes: Permanent differences 7,648,554 (4,800,780 ) Unrecognized share issue costs (129,264 ) (625,220 ) Tax / foreign rate changes and other adjustments (49,409 ) 93,724 Total tax recovery 1,060,947 (16,437,652 ) Tax recovery not recognized (1,060,947 ) 16,437,652 $ - $ - |
Schedule of Deferred Income Tax Assets and Liabilities | December 31, 2020 December 31, 2019 Non-capital losses $ 62,773,915 $ 63,740,497 Qualifying research and development expenditure 1,493,309 1,493,309 Share issue costs and other 1,868,633 1,999,584 Total tax assets 66,135,857 67,233,390 Tax assets not recognized (66,135,857 ) (67,233,390 ) Net deferred tax assets $ - $ - |
Schedule of Non-Capital Losses | Expiry year Non-capital losses 2031 $ 9,674,326 2032 10,454,774 2033 10,210,370 2034 13,784,437 2035 43,934,918 2036 28,260,911 2037 19,604,159 2038 40,239,997 2039 60,718,805 $ 236,882,697 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Common Shares Outstanding and Percentage Control of the Company | December 31, 2020 December 31, 2019 Common Shares Held by Directors and Officers Number of shares % Number of shares % David McNally 4,167 0.01 4,167 0.01 Monique Delorme 1 32,333 0.04 - - Perry Genova 514 0.00 - - Stephen Randall 2 22,993 0.03 22,993 0.06 John Barker 3 NA NA 32,714 0.08 John Schellhorn 4 NA NA 294 - Total 60,007 0.08 60,168 0.15 Common Shares Outstanding 83,184,843 100.00 39,907,681 100.00 1. Monique Delorme was appointed Chief Financial Officer on October 1, 2020. 2. Stephen Randall retired as Chief Financial Officer on September 30, 2020. He remains on the board of directors. 3. John Barker retired as directors effective September 30, 2020. 4. John Schellhorn retired as a director effective June 4, 2020. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Impact on Profit and Equity 5% strengthening | 5% strengthening December 31, 2020 December 31, 2019 Canadian dollar current assets $ (7,659 ) $ (19, 687 ) Canadian dollar accounts payable and accrued liabilities 226,669 52,228 Change in profit (loss) $ 219,010 $ 32,541 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | Jun. 03, 2020 | Oct. 28, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Summary Of Significant Accounting Policies [line items] | ||||
Interest rates | 1.00% | |||
Discount rate | 6.00% | 6.00% | ||
Stock options vesting period | 7 years | |||
Medtronic [Member] | ||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | ||||
Amount received for license | $ 31,000,000 | $ 21,000,000 | ||
Patents Rights [Member] | ||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | ||||
Useful lives | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Computer equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Furniture and fixtures [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 3 years |
Leasehold Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Remaining term of the lease |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | ||
Balance at December 31, 2020 | 245,372 | |
Computer equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 49,721 | |
Depreciation for the period | (12,827) | |
Balance at December 31, 2020 | ||
Furniture and fixtures [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 53,689 | |
Depreciation for the period | (20,352) | |
Balance at December 31, 2020 | ||
Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 23,619 | |
Depreciation for the period | (1,858) | |
Balance at December 31, 2020 | ||
Machinery [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 153,380 | |
Depreciation for the period | ||
Balance at December 31, 2020 | ||
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Balance at December 31, 2020 | 280,409 | |
Cost [Member] | Computer equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 49,721 | |
Depreciation for the period | ||
Balance at December 31, 2020 | ||
Cost [Member] | Furniture and fixtures [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 53,689 | |
Depreciation for the period | ||
Balance at December 31, 2020 | ||
Cost [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 23,619 | |
Depreciation for the period | ||
Balance at December 31, 2020 | ||
Cost [Member] | Machinery [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | 153,380 | |
Depreciation for the period | ||
Balance at December 31, 2020 | ||
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Balance at December 31, 2020 | (35,037) | |
Accumulated depreciation [Member] | Computer equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Depreciation for the period | (12,827) | |
Balance at December 31, 2020 | ||
Accumulated depreciation [Member] | Furniture and fixtures [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Depreciation for the period | (20,352) | |
Balance at December 31, 2020 | ||
Accumulated depreciation [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Depreciation for the period | (1,858) | |
Balance at December 31, 2020 | ||
Accumulated depreciation [Member] | Machinery [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at December 31, 2019 | ||
Additions during the period | ||
Depreciation for the period | ||
Balance at December 31, 2020 |
LEASES - Additional Information
LEASES - Additional Information (Detail) - USD ($) | Nov. 02, 2020 | Apr. 02, 2020 | Nov. 02, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Interest expenses on lease | $ 36,274 | ||||
Repayment of lease liabilities | 90,053 | 5,100 | |||
Lease liability | 916,559 | 29,072 | |||
Long-term lease liability | 750,791 | $ 8,001 | |||
Toronto Office [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Operating lease term | 18 months | ||||
Right of use asset amortization | 22,670 | ||||
Interest expenses on lease | 12,743 | ||||
Lease rent | $ 2,806 | ||||
Repayment of lease liabilities | 33,666 | ||||
Lease liability | $ 34,172 | 8,145 | |||
Chapel Hill Office [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Right of use asset amortization | 82,391 | ||||
Interest expenses on lease | 23,531 | ||||
Lease term | 62 months | ||||
Lease rent | $ 8,320 | ||||
Repayment of lease liabilities | 56,387 | ||||
Right-of-use asset | 442,684 | ||||
Lease liability | $ 442,684 | ||||
Long-term lease liability | $ 908,414 | ||||
Chapel Hill, North Carolina [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Lease term | 55 months | ||||
Lease rent | $ 10,628 | ||||
Right-of-use asset | 498,584 | ||||
Lease liability | $ 498,584 |
LEASES - Summary of Right of Us
LEASES - Summary of Right of Use Asset (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | $ 30,394 | |
Amortization in the year | 96,744 | $ 28,777 |
Balance at December 31, 2020 | 866,601 | 30,394 |
Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Amortization in the year | ||
Accumulated amortization [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Amortization in the year | 96,744 | 28,777 |
Head Office [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | 30,394 | |
Additions during the year | 34,172 | |
Amortization in the year | (22,670) | (3,778) |
Balance at December 31, 2020 | 30,394 | |
Head Office [member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | 34,172 | |
Additions during the year | 34,172 | |
Amortization in the year | ||
Balance at December 31, 2020 | 34,172 | |
Head Office [member] | Accumulated amortization [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | (3,778) | |
Additions during the year | ||
Amortization in the year | (22,670) | (3,778) |
Balance at December 31, 2020 | (3,778) | |
Chapel Hill [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | ||
Additions during the year | 941,268 | |
Amortization in the year | (82,391) | |
Balance at December 31, 2020 | 866,601 | |
Chapel Hill [Member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | ||
Additions during the year | 941,268 | |
Balance at December 31, 2020 | 975,440 | |
Chapel Hill [Member] | Accumulated amortization [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at December 31, 2019 | ||
Additions during the year | ||
Amortization in the year | (82,391) | |
Balance at December 31, 2020 | $ (108,839) |
LEASES - Lease Liabilities - Su
LEASES - Lease Liabilities - Summary of Maturity Analysis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | $ 916,559 | $ 29,072 |
Less than one year [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | 165,768 | 21,071 |
One to three years [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | 646,481 | 8,001 |
Four to five years [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease liabilities | $ 104,310 |
PATENT RIGHTS - Summary of Pate
PATENT RIGHTS - Summary of Patent Rights (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 1,601,745 | $ 1,172,485 |
Impairment losses | (45,981) | |
Additions during the year | 318,958 | 458,037 |
Amortization in the year | (96,744) | (28,777) |
Ending balance | 1,777,978 | 1,601,745 |
Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,856,750 | 1,398,713 |
Impairment losses | (45,981) | |
Additions during the year | 318,958 | 458,037 |
Amortization in the year | ||
Ending balance | 2,129,727 | 1,856,750 |
Accumulated amortization [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (255,005) | (226,228) |
Impairment losses | ||
Additions during the year | ||
Amortization in the year | (96,744) | (28,777) |
Ending balance | $ (351,749) | $ (255,005) |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Additional Information (Detail) - USD ($) | Jun. 08, 2020 | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses And Other Liabilities [Line Items] | |||||||
Accounts payable and accrued liabilities | $ 4,528,890 | $ 4,528,890 | $ 11,412,896 | ||||
Gain on settlement | 2,512,626 | ||||||
Research And Development Suppliers [Member] | |||||||
Accrued Expenses And Other Liabilities [Line Items] | |||||||
Accounts payable and accrued liabilities | 3,732,616 | 3,732,616 | 10,049,622 | ||||
Legal And Insurance Service Provider [Member] | |||||||
Accrued Expenses And Other Liabilities [Line Items] | |||||||
Accounts payable and accrued liabilities | 445,815 | 445,815 | $ 560,904 | ||||
Product Development Supplier Agreement [Member] | |||||||
Accrued Expenses And Other Liabilities [Line Items] | |||||||
Monthly payment amount | $ 250,000 | ||||||
Lump sum payment amount | $ 750,000 | $ 750,000 | $ 750,000 | 2,299,682 | |||
Accrued interest forgiven amount | 673,000 | ||||||
Naglreiter Consulting, LLC [Member] | |||||||
Accrued Expenses And Other Liabilities [Line Items] | |||||||
Gain on settlement | $ 1,839,626 | ||||||
Payment under litigation settlement | $ 1,050,000 |
NOTE PAYABLE - Additional Infor
NOTE PAYABLE - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Proceeds from loan | $ 1,500,000 | |
Medtronic [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Proceeds from loan | 1,500,000 | |
Legal, transaction and intellectual property related expense incurred | $ 296,046 | |
Interest rate on notes | 8.00% | |
Accrued interest | $ 89,451 |
WARRANT LIABILITY - Summary of
WARRANT LIABILITY - Summary of Warrant Liability (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Number of Warrants, Opening Balance | 21,203,411 | 13,901,859 |
Number of Warrants, exercised | (7,257,252) | (1,018,506) |
Number of Warrants, expired | (233,740) | (135,824) |
Number of Warrants, Ending Balance | 38,787,441 | 21,203,411 |
Warrant liability, Opening Balance | $ 3,621,444 | $ 11,250,167 |
Warrant liability, exercised | (5,948,771) | (3,742,824) |
Warrant liability, expired | (26,198) | |
Warrant liability, Foreign exchange adjustment during the period | 95,631 | 17,687 |
Warrant liability, Fair value adjustment during the period | 27,855,678 | (19,800,645) |
Warrant liability, Ending Balance | $ 36,316,681 | $ 3,621,444 |
Issue of warrants expiring, March 21, 2024 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expired | 8,455,882 | |
Warrant liability, issued | $ 15,897,059 | |
Issue of warrants expiring, March 27, 2025 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expired | 3,500,000 | |
Warrant liability, issued | $ 475,300 | |
Issue of warrants expiring, November 6, 2025 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expired | 2,757,252 | |
Warrant liability, issued | $ 508,200 | |
Issue of warrants expiring, June 10, 2024 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Warrants, expired | 9,000,000 | |
Warrant liability, issued | $ 9,709,200 |
WARRANT LIABILITY - Summary o_2
WARRANT LIABILITY - Summary of Warrants Outstanding (Detail) | 12 Months Ended | ||||
Dec. 31, 2020$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares | Dec. 31, 2018shares | ||
Disclosure of classes of share capital [line items] | |||||
Number issued | 38,787,441 | 38,787,441 | 21,203,411 | 13,901,859 | |
Number outstanding | 28,969,671 | 28,969,671 | |||
TMD.W.T.G [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 12-Feb-21 | ||||
Exercise Price | $ / shares | $ 30 | ||||
Number issued | 447,253 | 447,253 | |||
Number outstanding | 444,920 | 444,920 | |||
TMD.W.T.H [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 31-Mar-21 | ||||
Exercise Price | $ / shares | $ 36 | ||||
Number issued | 577,106 | 577,106 | |||
Number outstanding | 577,106 | 577,106 | |||
TMD.W.T.I [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 20-Sep-21 | ||||
Exercise Price | $ / shares | $ 22.50 | ||||
Number issued | 637,111 | 637,111 | |||
Number outstanding | 637,111 | 637,111 | |||
Listed Warrants [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number issued | 1,661,470 | 1,661,470 | |||
Number outstanding | 1,659,137 | 1,659,137 | |||
March 2017 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 16-Mar-21 | ||||
Exercise Price | $ / shares | $ 15 | ||||
Number issued | 357,787 | 357,787 | |||
Number outstanding | 355,253 | 355,253 | |||
June 2017 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 29-Jun-22 | ||||
Exercise Price | $ / shares | $ 6 | ||||
Number issued | 1,983,522 | 1,983,522 | |||
Number outstanding | 446,377 | 446,377 | |||
August 2017 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 24-Aug-22 | ||||
Exercise Price | $ / shares | $ 6 | ||||
Number issued | 563,067 | 563,067 | |||
Number outstanding | 563,067 | 563,067 | |||
December 2017 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 5-Dec-22 | ||||
Exercise Price | $ / shares | $ 18 | ||||
Number issued | 1,533,333 | 1,533,333 | |||
Number outstanding | 1,533,333 | 1,533,333 | |||
April 2018 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 10-Apr-18 | ||||
Exercise Price | $ / shares | $ 10.50 | ||||
Number issued | 1,295,554 | 1,295,554 | |||
Number outstanding | 1,295,554 | 1,295,554 | |||
August 2018 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | [1] | 10-Aug-23 | |||
Exercise Price | $ / shares | [1] | $ 2.9200 | |||
Number issued | [1] | 7,679,574 | 7,679,574 | ||
Number outstanding | [1] | 6,661,068 | 6,661,068 | ||
August 2018 [Member] | Bottom of range [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise Price | $ / shares | $ 2.92 | ||||
August 2018 [Member] | Top of range [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise Price | $ / shares | 3.20 | ||||
March 2019 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | [2] | 21-Mar-24 | |||
Exercise Price | $ / shares | [2] | $ 3.9500 | |||
Number issued | [2] | 8,455,882 | 8,455,882 | ||
Number outstanding | [2] | 8,455,882 | 8,455,882 | ||
March 2019 [Member] | Bottom of range [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise Price | $ / shares | $ 4 | ||||
March 2019 [Member] | Top of range [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise Price | $ / shares | 3.95 | ||||
March 2020 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 27-Mar-25 | ||||
Exercise Price | $ / shares | $ 0.1900 | ||||
Number issued | 3,500,000 | 3,500,000 | |||
Number outstanding | |||||
May 2020 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 6-Nov-25 | ||||
Exercise Price | $ / shares | $ 0.3002 | ||||
Number issued | 2,757,252 | 2,757,252 | |||
Number outstanding | |||||
June 2020 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Expiry date | 10-Jun-24 | ||||
Exercise Price | $ / shares | $ 1 | ||||
Number issued | 9,000,000 | 9,000,000 | |||
Number outstanding | 8,000,000 | 8,000,000 | |||
Unlisted Warrants [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number issued | 5,733,263 | 5,733,263 | |||
Number outstanding | 4,193,584 | 4,193,584 | |||
Unlisted Warrants [Member] | US Dollar [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number issued | 31,392,708 | 31,392,708 | |||
Number outstanding | 23,116,950 | 23,116,950 | |||
[1] | Note 1 - includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $3.20 to $2.92. | ||||
[2] | Note 2 - includes a ratchet clause triggered August 29, 2019, lowering the exercise price from $4.00 to $3.95. |
SHARE CAPITAL - Additional Info
SHARE CAPITAL - Additional Information (Detail) | Jun. 10, 2020shares | May 06, 2020USD ($)$ / sharesshares | Feb. 13, 2020USD ($)shares | Jan. 03, 2020USD ($)$ / sharesshares | Dec. 23, 2019USD ($)shares | Mar. 21, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($)shares | Mar. 27, 2020USD ($)$ / sharesshares | Aug. 29, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / shares | Dec. 31, 2018$ / shares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued | shares | 39,907,681 | 39,907,681 | 83,184,843 | 83,184,843 | ||||||||||||||
Offering price per share | $ / shares | $ 3.40 | |||||||||||||||||
Cash commission | $ 536,968 | $ 1,136,146 | ||||||||||||||||
Amount allocated to common shares | $ 8,627,619 | $ 7,002,043 | ||||||||||||||||
Warrant exercised | shares | 7,257,252 | 7,257,252 | 1,018,506 | 1,018,506 | ||||||||||||||
Number of common shares available for issue under stock option plan | shares | 9,553,956 | 5,986,152 | ||||||||||||||||
Stock based compensation | $ 1,097,358 | $ 1,651,119 | ||||||||||||||||
Options issued | shares | 2,136,015 | |||||||||||||||||
Contractual Life | 5 years 7 months 21 days | 5 years 5 months 9 days | ||||||||||||||||
Stock issuance costs | $ 487,788 | $ 2,090,124 | ||||||||||||||||
Warrants expiring between April 10, 2020 and March 27, 2025 [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Broker Warrants issued and outstanding | shares | 2,131,716 | 2,131,716 | 1,219,276 | 1,219,276 | ||||||||||||||
Canadian Dollar [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Weighted average exercise price of options outstanding | $ / shares | $ 5.10 | $ 5.89 | $ 18.20 | |||||||||||||||
Weighted average exercise price of options exercisable | $ / shares | 4.86 | |||||||||||||||||
Options issued | shares | 79,494 | 35,719 | ||||||||||||||||
Contractual Life | 3 years 7 months 10 days | |||||||||||||||||
US Dollar [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Weighted average exercise price of options outstanding | $ / shares | $ 1.13 | $ 2.65 | $ 1.55 | |||||||||||||||
Weighted average exercise price of options exercisable | $ / shares | $ 1.31 | |||||||||||||||||
Options issued | shares | 1,997,291 | 843,693 | ||||||||||||||||
Contractual Life | 6 years 5 months 12 days | |||||||||||||||||
After Amendment [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Percentage of common shares reserved for issuance | 15.00% | |||||||||||||||||
Aspire Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Gross proceeds from offerings | $ 3,000,000 | |||||||||||||||||
Cash commission | 417,113 | |||||||||||||||||
Stock Options and Compensation Options [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock based compensation | 1,097,358 | $ 1,651,119 | ||||||||||||||||
H.C.Wainwright and Co. LLC [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Sale of offering units | shares | 6,500,000 | 5,514,504 | 7,000,000 | 11,500,000 | ||||||||||||||
Offering price per share | $ / shares | $ 0.36268 | $ 0.17 | $ 1 | |||||||||||||||
Gross proceeds from offerings | $ 2,000,000 | $ 1,190,000 | $ 18,000,000 | |||||||||||||||
Cash commission | $ 862,294 | |||||||||||||||||
Net proceeds from offering | $ 1,575,000 | $ 16,500,000 | ||||||||||||||||
Number of Common Stock Equivalents converted during period | shares | 11,500,000 | |||||||||||||||||
Total proceeds from conversion of Common Stock Equivalents | $ 1,150 | |||||||||||||||||
Exercise price per share | $ / shares | $ 0.3002 | $ 0.19 | ||||||||||||||||
Amount allocated to common shares | $ 714,700 | |||||||||||||||||
Warrants to purchase of common stock | shares | 2,757,252 | 3,500,000 | 9,000,000 | |||||||||||||||
Warrant exercised | shares | 260,560 | 335,650 | 335,650 | |||||||||||||||
Contractual Life | 5 years 6 months | 4 years | ||||||||||||||||
Conversion price of warrant | $ / shares | $ 1 | |||||||||||||||||
Conversion price of common share | $ / shares | $ 0.0001 | |||||||||||||||||
H.C.Wainwright and Co. LLC [Member] | Over Allotment Option 1 [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Cash commission | $ 140,000 | $ 83,300 | $ 1,260,000 | |||||||||||||||
Warrants expiration period | Nov. 6, 2025 | Mar. 27, 2025 | Jun. 10, 2024 | |||||||||||||||
Broker warrants to purchase common stock | shares | 386,015 | 490,000 | 1,260,000 | |||||||||||||||
Common stock price per share | $ / shares | $ 0.45335 | $ 0.2125 | $ 1.25 | |||||||||||||||
Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued | shares | 4,408,048 | 973,000 | 1,777,325 | 7,784,444 | 7,784,444 | |||||||||||||
Sale of offering units | shares | 4,348,729 | 9,729,777 | ||||||||||||||||
Offering price per share | $ / shares | $ 1.6879 | |||||||||||||||||
Gross proceeds from offerings | $ 32,900,000 | $ 3,000,000 | ||||||||||||||||
Capital Issued Commitments | $ 35,000,000 | $ 35,000,000 | ||||||||||||||||
Percentage Of Shares Outstanding | 5.30% | |||||||||||||||||
Common stock shares issued value | 423,440 | $ 5,304,531 | ||||||||||||||||
Stock issuance costs | $ 35,122 | |||||||||||||||||
Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | Additional Commitment [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued | shares | 639,837 | |||||||||||||||||
Percentage Of Shares Outstanding | 1.90% | |||||||||||||||||
Cambridge Design Partnership Ltd [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Shares issued | shares | 501,148 | |||||||||||||||||
Offering price per share | $ / shares | $ 0.50 | |||||||||||||||||
Common stock shares issued value | $ 250,574 | |||||||||||||||||
Northland Securities Inc [Member] | Aspire Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Cash commission | $ 160,000 | |||||||||||||||||
Bloom Burton Securities Inc [member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Sale of offering units | shares | 8,455,882 | |||||||||||||||||
Offering price per share | $ / shares | $ 3.40 | |||||||||||||||||
Gross proceeds from offerings | $ 28,750,000 | |||||||||||||||||
Cash commission | 2,012,500 | |||||||||||||||||
Net proceeds from offering | $ 25,426,744 | |||||||||||||||||
Exercise price per share | $ / shares | $ 4 | |||||||||||||||||
Fair value of warrants | $ 15,897,059 | |||||||||||||||||
Amount allocated to common shares | $ 12,852,941 | |||||||||||||||||
Warrants expiration period | Mar. 21, 2024 | |||||||||||||||||
Bloom Burton Securities Inc [member] | Over Allotment Option 1 [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Fair value of warrants | $ 864,190 | |||||||||||||||||
Warrants expiration period | Mar. 21, 2021 | |||||||||||||||||
Broker warrants to purchase common stock | shares | 591,911 | |||||||||||||||||
Common stock price per share | $ / shares | $ 3.40 |
SHARE CAPITAL - Summary of Shar
SHARE CAPITAL - Summary of Shares Sold Pursuant To Share Purchase Agreement (Details) - USD ($) | Dec. 23, 2019 | Dec. 31, 2020 | Feb. 13, 2020 | Dec. 31, 2019 | Aug. 29, 2019 |
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 39,907,681 | 83,184,843 | |||
Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 4,408,048 | ||||
Value | $ 2,071,930 | ||||
Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 973,000 | 7,784,444 | 4,408,048 | 1,777,325 | |
Value | $ 423,440 | $ 5,304,531 | |||
January 3, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 500,000 | ||||
Value | $ 219,600 | ||||
January 6, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 500,000 | ||||
Value | $ 229,300 | ||||
January 8, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 400,000 | ||||
Value | $ 195,160 | ||||
January 10, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 500,000 | ||||
Value | $ 247,550 | ||||
January 17, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 600,000 | ||||
Value | $ 303,000 | ||||
January 23, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 600,000 | ||||
Value | $ 295,320 | ||||
February 6, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 600,000 | ||||
Value | $ 282,000 | ||||
February 13, 2020 [Member] | Aspire Capital Fund LLC [Member] | Second Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 708,048 | ||||
Value | $ 300,000 | ||||
August 30, 2019 [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 2,417,162 | ||||
Value | $ 3,000,000 | ||||
November 8, 2019, One [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 100,000 | ||||
Value | $ 42,560 | ||||
November 8, 2019,Two [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 100,000 | ||||
Value | $ 42,560 | ||||
November 12, 2019, One [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 100,000 | ||||
Value | $ 42,970 | ||||
November 12, 2019,Two [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 100,000 | ||||
Value | $ 42,000 | ||||
November 13, 2019 [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 100,000 | ||||
Value | $ 42,970 | ||||
November 14, 2019 [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 300,000 | ||||
Value | $ 128,910 | ||||
November 15, 2019 [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 2,500,000 | ||||
Value | $ 1,074,250 | ||||
November 19, 2019 [Member] | Aspire Capital Fund LLC [Member] | Aspire Agreement [Member] | |||||
Disclosure Of Shares Sold Pursuant To Share Purchase Agreement [Line Items] | |||||
Common shares issued | 2,067,282 | ||||
Value | $ 888,311 |
SHARE CAPITAL - Summary of Opti
SHARE CAPITAL - Summary of Options are Granted to Directors, Officers, Employees and Consultants (Detail) | 12 Months Ended |
Dec. 31, 2020shares$ / shares | |
January 28, 2020, options granted to a director [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | January 28, 2020 |
Number of Options | shares | 25,765 |
Exercise price | $ / shares | $ 0.657 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
July 30, 2020, options granted to a director [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 30, 2020 |
Number of Options | shares | 22,425 |
Exercise price | $ / shares | $ 1.266 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
July 30, 2020, options granted to employees [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | July 30, 2020 |
Number of Options | shares | 1,350,000 |
Exercise price | $ / shares | $ 0.962 |
Vesting Conditions | Options vest as to ¼ of the total number of options granted, every year from grant date |
Contractual life of Options | 7 years |
September 29, 2020, options granted to board members [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 29, 2020 |
Number of Options | shares | 27,304 |
Exercise price | $ / shares | $ 0.960 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
September 29, 2020, options granted to board members [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 29, 2020 |
Number of Options | shares | 19,568 |
Exercise price | $ / shares | $ 0.730 |
Vesting Conditions | Options vest immediately |
Contractual life of Options | 7 years |
September 30, 2020, options granted to a consultant [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | September 30, 2020 |
Number of Options | shares | 4,723 |
Exercise price | $ / shares | $ 0.745 |
Vesting Conditions | Options vest as to 1/3 of the total number of Options granted, every year from Grant Date |
Contractual life of Options | 3 years |
December 10, 2020, options granted to employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | December 10, 2020 |
Number of Options | shares | 4,000 |
Exercise price | $ / shares | $ 1.700 |
Vesting Conditions | Options vest as to ¼ of the total number of options granted, every year from grant date |
Contractual life of Options | 7 years |
December 10, 2020, options granted to employees [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date/Person entitled | December 10, 2020 |
Number of Options | shares | 623,000 |
Exercise price | $ / shares | $ 1.310 |
Vesting Conditions | Options vest as to ¼ of the total number of options granted, every year from grant date |
Contractual life of Options | 7 years |
SHARE CAPITAL - Summary of Op_2
SHARE CAPITAL - Summary of Options Outstanding (Detail) | 12 Months Ended | |||
Dec. 31, 2020shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Stock Options, Balance Beginning | 1,219,276 | 1,219,276 | ||
Number of Stock Options, Granted | 2,136,015 | 2,136,015 | ||
Number of Stock Options, Balance Ending | 2,131,716 | 2,131,716 | 1,219,276 | 1,219,276 |
US Dollar [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Stock Options, Balance Beginning | 854,042 | 854,042 | 50,349 | 50,349 |
Number of Stock Options, Granted | 1,997,291 | 1,997,291 | 843,693 | 843,693 |
Number of Stock Options, Expired/Forfeited | (761,528) | (761,528) | (40,000) | (40,000) |
Number of Stock Options, Balance Ending | 2,089,805 | 2,089,805 | 854,042 | 854,042 |
Weighted-average Exercise Price, Balance Beginning | $ / shares | $ 2.65 | $ 1.55 | ||
Weighted-average Exercise Price, Granted | $ / shares | 0.96 | 2.72 | ||
Weighted-average Exercise Price, Expired/Forfeited | $ / shares | 2.66 | 3.72 | ||
Weighted-average Exercise Price, Balance Ending | $ / shares | $ 1.13 | $ 2.65 | ||
Canadian Dollar [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Stock Options, Balance Beginning | 860,379 | 860,379 | 875,433 | 875,433 |
Number of Stock Options, Granted | 79,494 | 79,494 | 35,719 | 35,719 |
Number of Stock Options, Expired/Forfeited | (105,908) | (105,908) | (50,773) | (50,773) |
Number of Stock Options, Balance Ending | 833,965 | 833,965 | 860,379 | 860,379 |
Weighted-average Exercise Price, Balance Beginning | $ / shares | $ 5.89 | $ 18.20 | ||
Weighted-average Exercise Price, Granted | $ / shares | 0.99 | 4.54 | ||
Weighted-average Exercise Price, Expired/Forfeited | $ / shares | 8.39 | 31.79 | ||
Weighted-average Exercise Price, Balance Ending | $ / shares | $ 5.10 | $ 5.89 |
SHARE CAPITAL - Summary of Weig
SHARE CAPITAL - Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price (Detail) | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Options Outstanding, Number Outstanding | 2,131,716 | 1,219,276 | |
Weighted average remaining contractual life of outstanding share options | 5 years 7 months 21 days | 5 years 5 months 9 days | |
Options Outstanding, Options Exercisable | 584,585 | ||
Canadian Dollar [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Options Outstanding, Number Outstanding | 833,965 | 860,379 | 875,433 |
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 10 days | ||
Options Outstanding, Options Exercisable | 507,780 | ||
Canadian Dollar [Member] | $0.73 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 0.66 | ||
Options Outstanding, Number Outstanding | 25,765 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 29 days | ||
Options Outstanding, Options Exercisable | 25,765 | ||
Canadian Dollar [Member] | $4.50 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 0.96 | ||
Options Outstanding, Number Outstanding | 27,304 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 9 months | ||
Options Outstanding, Options Exercisable | 27,304 | ||
Canadian Dollar [Member] | $4.54 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 1.27 | ||
Options Outstanding, Number Outstanding | 22,425 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 6 months 29 days | ||
Options Outstanding, Options Exercisable | 22,425 | ||
Canadian Dollar [Member] | $4.80 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 1.70 | ||
Options Outstanding, Number Outstanding | 4,000 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 11 months 12 days | ||
Options Outstanding, Options Exercisable | |||
Canadian Dollar [Member] | $7.49 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 3.28 | ||
Options Outstanding, Number Outstanding | 31,498 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 7 months 28 days | ||
Options Outstanding, Options Exercisable | 31,498 | ||
Canadian Dollar [Member] | $9.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 4.54 | ||
Options Outstanding, Number Outstanding | 682,422 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 1 month 2 days | ||
Options Outstanding, Options Exercisable | 360,237 | ||
Canadian Dollar [Member] | $9.60 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 9 | ||
Options Outstanding, Number Outstanding | 11,481 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months 7 days | ||
Options Outstanding, Options Exercisable | 11,481 | ||
Canadian Dollar [Member] | $11.70 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 30 | ||
Options Outstanding, Number Outstanding | 28,260 | ||
Weighted average remaining contractual life of outstanding share options | 7 months 24 days | ||
Options Outstanding, Options Exercisable | 28,260 | ||
Canadian Dollar [Member] | $12.00 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 32.40 | ||
Options Outstanding, Number Outstanding | 810 | ||
Weighted average remaining contractual life of outstanding share options | 26 days | ||
Options Outstanding, Options Exercisable | 810 | ||
US Dollar [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Options Outstanding, Number Outstanding | 2,089,805 | 854,042 | 50,349 |
Weighted average remaining contractual life of outstanding share options | 6 years 5 months 12 days | ||
Options Outstanding, Options Exercisable | 76,805 | ||
US Dollar [Member] | $0.73 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 0.73 | ||
Options Outstanding, Number Outstanding | 19,568 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 9 months | ||
Options Outstanding, Options Exercisable | 19,568 | ||
US Dollar [Member] | $0.75 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 0.75 | ||
Options Outstanding, Number Outstanding | 4,723 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months | ||
Options Outstanding, Options Exercisable | 4,723 | ||
US Dollar [Member] | $0.96 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 0.96 | ||
Options Outstanding, Number Outstanding | 1,350,000 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 6 months 29 days | ||
Options Outstanding, Options Exercisable | |||
US Dollar [Member] | $1.31 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 1.31 | ||
Options Outstanding, Number Outstanding | 623,000 | ||
Weighted average remaining contractual life of outstanding share options | 6 years 11 months 12 days | ||
Options Outstanding, Options Exercisable | |||
US Dollar [Member] | $1.55 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 1.55 | ||
Options Outstanding, Number Outstanding | 50,349 | ||
Weighted average remaining contractual life of outstanding share options | 11 months 15 days | ||
Options Outstanding, Options Exercisable | 50,349 | ||
US Dollar [Member] | $2.20 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 2.20 | ||
Options Outstanding, Number Outstanding | 2,165 | ||
Weighted average remaining contractual life of outstanding share options | 5 years 6 months 18 days | ||
Options Outstanding, Options Exercisable | 2,165 | ||
US Dollar [Member] | $3.72 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise prices/option | $ / shares | $ 3.75 | ||
Options Outstanding, Number Outstanding | 40,000 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 9 days | ||
Options Outstanding, Options Exercisable |
SHARE CAPITAL - Summary of Fair
SHARE CAPITAL - Summary of Fair Values at the Amendment Date of the Share-Based Option Plan (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2020CAD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2019CAD ($)yr$ / shares | |
Canadian Dollar [Member] | ||||
Disclosure of fair value measurement of equity [line items] | ||||
Fair value at grant | $ 0.82 | $ 1.61 | ||
Share price at grant | 1.01 | 2.90 | ||
Exercise price | $ 1.04 | $ 4.54 | ||
Expected option life | yr | 4 | 4 | 3.4 | 3.4 |
Risk free interest rate | 0.67% | 0.67% | 1.43% | 1.43% |
Expected volatility | 145.61% | 145.61% | 98.10% | 98.10% |
Expected dividends | $ | ||||
US Dollar [Member] | ||||
Disclosure of fair value measurement of equity [line items] | ||||
Fair value at grant | $ 0.89 | $ 1.48 | ||
Share price at grant | 1.04 | 2.36 | ||
Exercise price | $ 1.07 | $ 2.72 | ||
Expected option life | yr | 4 | 4 | 3.5 | 3.5 |
Risk free interest rate | 0.29% | 0.29% | 1.50% | 1.50% |
Expected volatility | 149.77% | 149.77% | 97.90% | 97.90% |
Expected dividends | $ |
SHARE CAPITAL - Schedule of War
SHARE CAPITAL - Schedule of Warrants Issued and Outstanding (Details) | 12 Months Ended |
Dec. 31, 2020shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | 1,219,276 |
Issued | 2,136,015 |
Exercised | (596,210) |
Expired | (627,365) |
Number of Stock Options, Balance Ending | 2,131,716 |
$9.00000 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | 89,795 |
Number of Stock Options, Balance Ending | |
$9.00000 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | April 12, 2020 |
Exercise price | $ / shares | $ 9 |
Issued | |
Exercised | |
Expired | (89,795) |
Number of Stock Options, Balance Ending | |
$2.50000 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | 537,570 |
Number of Stock Options, Balance Ending | |
$2.50000 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | August 10, 2020 |
Exercise price | $ / shares | $ 2.50000 |
Issued | |
Exercised | |
Expired | (537,570) |
Number of Stock Options, Balance Ending | |
$3.40000 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | 591,911 |
Number of Stock Options, Balance Ending | |
$3.40000 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | March 21, 2021 |
Exercise price | $ / shares | $ 3.40000 |
Issued | |
Exercised | |
Expired | |
Number of Stock Options, Balance Ending | 591,911 |
$1.25000 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | |
Number of Stock Options, Balance Ending | |
$1.25000 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | June 10, 2024 |
Exercise price | $ / shares | $ 1.25000 |
Issued | 1,260,000 |
Exercised | |
Expired | |
Number of Stock Options, Balance Ending | 1,260,000 |
$0.21250 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | |
Number of Stock Options, Balance Ending | |
$0.21250 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | March 27, 2025 |
Exercise price | $ / shares | $ 0.21250 |
Issued | 490,000 |
Exercised | (335,650) |
Expired | |
Number of Stock Options, Balance Ending | 154,350 |
$0.45335 [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock Options, Balance Beginning | |
Number of Stock Options, Balance Ending | |
$0.45335 [Member] | Warrants [Member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Expiry date | November 6, 2025 |
Exercise price | $ / shares | $ 0.45335 |
Issued | 386,015 |
Exercised | (260,560) |
Expired | |
Number of Stock Options, Balance Ending | 125,455 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense Benefits [line items] | ||
Company's effective tax rate | 26.50% | 26.50% |
Non-capital losses | $ 236,882,697 | |
Accumulated Qualifying Research and Development expenses | 5,635,128 | |
Unclaimed investment tax credits | 1,167,560 | $ 1,167,560 |
2012 and 2011 SR and ED claims [member] | 2012 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 6,517,436 | |
2012 and 2011 SR and ED claims [member] | 2032 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 7,260,729 | |
2012 and 2011 SR and ED claims [member] | 2011 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 9,423,694 | |
2012 and 2011 SR and ED claims [member] | 2031 [member] | ||
Income Tax Expense Benefits [line items] | ||
Non-capital losses | 12,735,836 | |
Unclaimed Ontario Research and Development Tax Credit [member] | ||
Income Tax Expense Benefits [line items] | ||
Unclaimed investment tax credits | 237,997 | $ 237,997 |
Bottom of range [member] | ||
Income Tax Expense Benefits [line items] | ||
Accumulated Qualifying Research and Development expenses | 5,635,128 | |
Top of range [member] | ||
Income Tax Expense Benefits [line items] | ||
Accumulated Qualifying Research and Development expenses | $ 9,439,430 |
INCOME TAXES - Schedule of Reco
INCOME TAXES - Schedule of Reconciliation of Combined Federal and Provincial Corporate Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | ||
Net Loss before income taxes | $ (24,184,657) | $ (41,907,079) |
Income taxes at statutory rates | (6,408,934) | (11,105,376) |
Tax effect of expenses not deductible for income tax purposes: | ||
Permanent differences | 7,648,554 | (4,800,780) |
Unrecognized share issue costs | (129,264) | (625,220) |
Tax / foreign rate changes and other adjustments | (49,409) | 93,724 |
Total tax recovery | 1,060,947 | (16,437,652) |
Tax recovery not recognized | (1,060,947) | 16,437,652 |
Tax expense (income), net |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets and liabilities [abstract] | ||
Non-capital losses | $ 62,773,915 | $ 63,740,497 |
Qualifying research and development expenditure | 1,493,309 | 1,493,309 |
Share issue costs and other | 1,868,633 | 1,999,584 |
Total tax assets | 66,135,857 | 67,233,390 |
Tax assets not recognized | (66,135,857) | (67,233,390) |
Net deferred tax assets |
INCOME TAXES - Schedule of Non-
INCOME TAXES - Schedule of Non-Capital Losses (Detail) | Dec. 31, 2020USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | $ 236,882,697 |
2031 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 9,674,326 |
2032 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 10,454,774 |
2033 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 10,210,370 |
2034 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 13,784,437 |
2035 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 43,934,918 |
2036 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 28,260,911 |
2037 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 19,604,159 |
2038 [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | 40,239,997 |
2039 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital losses | $ 60,718,805 |
COMMITMENTS - Additional Inform
COMMITMENTS - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments [abstract] | ||
Purchase orders remain outstanding | $ 10,693,752 | $ 1,327,294 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Key management personnel of entity or parent [member] | ||
Disclosure of transactions between related parties [line items] | ||
Compensation to the Executive Officers | $ 1,124,976 | $ 1,495,611 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of Common Shares Outstanding and Percentage Control of the Company (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 83,184,843 | 39,907,681 | |
Percentage of ownership | 100.00% | 100.00% | |
Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 60,007 | 60,168 | |
Percentage of ownership | 0.08% | 0.15% | |
Key management personnel of entity or parent [member] | David McNally [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 4,167 | 4,167 | |
Percentage of ownership | 0.01% | 0.01% | |
Key management personnel of entity or parent [member] | Monique Delorme [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | [1] | 32,333 | |
Percentage of ownership | [1] | 0.04% | |
Key management personnel of entity or parent [member] | Perry Genova [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | 514 | ||
Percentage of ownership | 0.00% | ||
Key management personnel of entity or parent [member] | Stephen Randall [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | [2] | 22,993 | 22,993 |
Percentage of ownership | [2] | 0.03% | 0.06% |
Key management personnel of entity or parent [member] | John Barker [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | [3] | 32,714 | |
Percentage of ownership | [3] | 0.08% | |
Key management personnel of entity or parent [member] | John Schellhorn [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of Shares | [4] | 294 | |
Percentage of ownership | [4] | ||
[1] | Monique Delorme was appointed Chief Financial Officer on October 1, 2020. | ||
[2] | Stephen Randall retired as Chief Financial Officer on September 30, 2020. He remains on the board of directors. | ||
[3] | John Barker retired as directors effective September 30, 2020. | ||
[4] | John Schellhorn retired as a director effective June 4, 2020. |
FINANCIAL INSTRUMENTS - Additio
FINANCIAL INSTRUMENTS - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Cash and cash equivalents | $ 25,468,805 | $ 814,492 | $ 11,471,243 | ||
Accounts payable and accrued liabilities | 7,330,946 | 11,441,968 | |||
Warrant liability | $ 36,316,681 | 3,621,444 | $ 11,250,167 | ||
Changes in sensitivity interest rate | 1.00% | 1.00% | |||
Annual net loss changes due to interest rate effect | $ 161,549 | 62,071 | |||
5% strengthening of US Dollar against Canadian Dollar [member] | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Profit of (Loss) | $ 219,010 | $ 32,541 | |||
5% strengthening of US Dollar against Canadian Dollar [member] | Warrant Liability [Member] | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Strengthening of currency against accounts payable and accrued liabilities | $ 5,497,342 | $ 868,855 | |||
5% strengthening of US Dollar against Canadian Dollar [member] | C D N Current Assets And Accounts Payable And Accrued Liabilities [Member] | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Strengthening of currency against current assets | $ 366,767 | $ 556,276 |
FINANCIAL INSTRUMENTS - Summary
FINANCIAL INSTRUMENTS - Summary of Impact on Profit and Equity 5% strengthening (Detail) - 5% strengthening of US Dollar against Canadian Dollar [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in profit (loss) | $ 219,010 | $ 32,541 |
Canadian dollar current assets [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in profit (loss) | (7,659) | (19,687) |
Canadian dollar accounts payable and accrued liabilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in profit (loss) | $ 226,669 | $ 52,228 |
REVENUES - Additional Informati
REVENUES - Additional Information (Details) - Medtronic [Member] - USD ($) | Jun. 03, 2020 | Oct. 28, 2020 |
Statement Line Items [Line Items] | ||
License Agreement revenue with Medtronic | $ 10,000,000 | |
Amount received in development agreement | $ 10,000,000 | |
Amount received for license | $ 31,000,000 | $ 21,000,000 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) | Feb. 03, 2021 | Feb. 20, 2021 | Jan. 31, 2021 | Jan. 26, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Warrant exercised | 7,257,252 | 1,018,506 | ||||
Events After Reporting Period [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Warrant exercised | 732,375 | 8,583,250 | ||||
Proceeds from warrant exercised | $ 812,057 | $ 9,166,500 | ||||
Common Shares issued upon exercise of options | 19,568 | 19,568 | ||||
Gross proceeds from exercise of options | $ 14,285 | $ 14,285 | ||||
Events After Reporting Period [Member] | January 2021 Equity Offering [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Sale of offering units | 6,451,613 | |||||
Price per share | $ 1.55 | |||||
Gross proceeds from offerings | $ 10,000,000 | |||||
Exercise price per share | $ 2 | |||||
Warrants expiration date | Jan. 26, 2026 | |||||
Cash fee rate of gross proceeds offering | 7.00% | |||||
Common stock price per share | $ 1.9375 | |||||
Common Stock holding period | 2 years | |||||
Events After Reporting Period [Member] | January 2021 Equity Offering [Member] | Underwriter [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Sale of offering units | 967,741 | |||||
Gross proceeds from offerings | $ 1,500,000 | |||||
Events After Reporting Period [Member] | January 2021 Equity Offering [Member] | Directors Officers And Employees [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Sale of offering units | 39,500 | |||||
Gross proceeds from offerings | $ 61,225 | |||||
Events After Reporting Period [Member] | February 2021 Equity Offering [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Sale of offering units | 8,335,000 | |||||
Price per share | $ 2.40 | |||||
Gross proceeds from offerings | $ 20,004,000 | |||||
Exercise price per share | $ 3 | |||||
Warrants expiration period | 2 years | |||||
Cash fee rate of gross proceeds offering | 7.00% | |||||
Number of broker warrants rate | 7.00% | |||||
Percentage of offering units | 15.00% |