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DERIVATIVE WARRANT LIABILITY FROM FINANCING AND CONVERTIBLE NOTE (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]  
Schedule of key assumptions used in binomial tree model to estimate fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

December 31,

 

Valuation Date

    

2020

    

2019

    

2018

 

Price of Common Shares

 

$

1.46

 

$

5.41

 

$

6.03

 

Dividend Yield

 

 

 0

%  

 

 0

%  

 

 0

%

Historical volatility of Common Shares

 

 

100.84

%  

 

129.54

%  

 

141.96

%

Historical volatility of index

 

 

36.07

%  

 

11.65

%  

 

15.37

%

Volatility input

 

 

75.16

%  

 

70.59

%  

 

78.67

%

Risk-free rate

 

 

1.11

%  

 

1.79

%  

 

2.52

%

Credit spread

 

 

29.58

%  

 

23.00

%  

 

24.51

%

 


 

 

 

 

 

 

 

 

 

 

 

 

Valuation Date

    

December 31,
2020

    

    

December 31,
2019

    

May 16,
2019

 

Price of Common Shares

 

$

0.95

 

 

$

5.41

 

$

49.46

 

Dividend Yield

 

 

 0

%

 

 

 0

%

 

 0

%

Historical volatility of Common Shares

 

 

103.42

%

 

 

124.77

%

 

142.38

%

Historical volatility of index

 

 

23.11

%

 

 

13.76

%

 

15.66

%

Volatility input

 

 

63.26

%

 

 

69.26

%

 

79.02

%

Risk-free rate

 

 

0.19

%

 

 

1.65

%

 

2.13

%

Credit spread

 

 

18.18

%

 

 

27.15

%

 

19.64

%

 


 

 

 

 

 

 

 

 

 

 

December 31,

 

May 28,

 

Valuation Date

    

 2020

    

 2020

 

Price of Common Shares

 

$

0.95

 

$

2.86

 

Dividend Yield

 

 

 —

%  

 

 —

%

Historical volatility of Common Shares

 

 

116.72

%  

 

127.50

%

Historical volatility of index

 

 

20.74

%  

 

18.91

%

Volatility input

 

 

68.73

%  

 

73.21

%

Risk-free rate

 

 

0.26

%  

 

0.32

%

Credit spread

 

 

14.42

%  

 

19.35

%

 

Convertible Notes  
Disclosure of detailed information about financial instruments [line items]  
Schedule of carrying amounts of derivative financial liabilities and convertible notes

The carrying amounts for the 2017 Notes, 2019 Notes, and 2020 Notes are as follows:

 

 

 

 

 

 

    

 

2017 Convertible Notes

Balance, convertible notes December 31, 2018

 

 

14,617,336

Less: Exercise of 11,197,000 convertible notes

 

 

(13,095,938)

Fair value adjustment

 

 

3,878,791

Balance, convertible notes December 31, 2019

 

$

5,400,189

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

(17,122)

Fair value adjustment, March 31, 2020 unrealized gain

 

 

(1,599,573)

Balance, convertible notes March 31, 2020

 

$

3,783,494

Less: Exercise of 1,016,000 convertible notes

 

 

(1,293,093)

Fair value adjustment Settlement Warrants

 

 

(807,977)

Fair value adjustment at maturity realized loss

 

 

1,214,576

Re-payment of convertible note

 

 

(2,897,000)

Balance, convertible notes December 31, 2020

 

$

 —

2017 Convertible Notes, current

 

$

 —

2017 Convertible Notes, non-current

 

$

 —

 

 

 

 

 

 

    

2019 Convertible Notes

Fair value, May 16, 2019

 

 

9,775,000

Fair value adjustment,

 

 

(509,520)

Balance, convertible notes December 31, 2019

 

$

9,265,480

Fair value adjustment, March 31, 2020 unrealized gain

 

 

(1,533,410)

Fair value adjustment, March 31, 2020 realized loss

 

 

143,750

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

(1,421,063)

Balance, convertible notes March 31, 2020

 

$

6,454,757

Fair value adjustment, June 30, 2020 unrealized loss

 

 

1,370,016

Fair value adjustment, June 30, 2020 realized gain

 

 

(413,681)

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

2,303,406

Balance, convertible notes June 30, 2020

 

$

9,714,498

Re-payment of convertible note July 23 conversion

 

 

(3,613,341)

Re-payment of convertible note August 17 conversion

 

 

(1,263,884)

Fair value adjustment, Repayment warrants

 

 

(161,720)

Fair value adjustment, September 30, 2020 unrealized loss

 

 

136,921

Fair value adjustment, September 30, 2020 realized loss

 

 

1,034,861

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

110,229

Balance, convertible notes September 30, 2020

 

$

5,957,564

Fair value adjustment, December 31, 2020 unrealized loss

 

 

66,203

Fair value adjustment, December 31, 2020 realized gain

 

 

(128,776)

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

300,366

Balance, convertible notes December 31, 2020

 

$

6,195,357

2019 Convertible Notes, current

 

$

38,633

2019 Convertible Notes, non-current

 

$

6,156,724

 

 

 

 

 

 

 

    

 

2020 Convertible Notes

Fair value, May 26, 2020

 

 

6,449,634

Add: Deferred loss

 

 

(3,511,670)

Amortization of deferred loss

 

 

79,373

Fair value adjustment, June 30, 2020 unrealized gain

 

 

(438,810)

Fair value adjustment, June 30, 2020 realized loss

 

 

34,985

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

5,736

Balance, convertible notes June 30, 2020

 

$

2,619,248

Add: Amortization of deferred loss

 

 

216,282

Fair value adjustment, September 30, 2020 unrealized gain

 

 

(186,531)

Fair value adjustment, September 30, 2020 realized loss

 

 

99,712

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

48,015

Balance, convertible note September 30, 2020

 

$

2,796,726

Add: Amortization of deferred loss

 

 

221,283

Fair value adjustment, December 31, 2020 unrealized gain

 

 

(450,279)

Fair value adjustment, December 31, 2020 realized gain

 

 

(97,172)

Fair value adjustment, (unrealized) loss due to changes in credit spread

 

 

145,644

Balance, convertible note December 31, 2020

 

$

2,616,202

2020 Convertible Notes, current

 

$

37,525

2020 Convertible Notes, non-current

 

$

2,578,677

 

 

 

 

Derivative liability – January 2020 warrants

 

 

11,347

Derivative liability – May 2020 warrants

 

 

(256,639)

Derivative liability – June 2020 warrants

 

 

(49,176)

Derivative liability – August 2020 warrants

 

 

(2,195,092)

Derivative liability – December 2020 warrants

 

 

1,184,291

Derivative liability – Repayment warrants

 

 

9,448

Derivative liability – Settlement warrants

 

 

201,673

Balance, 2020 Convertible notes and warrants and derivative liabilities

 

$

1,522,054

2020 Convertible notes and warrants and derivative liabilities, current

 

$

37,525

2020 Convertible notes and warrants and derivative liabilities , non-current

 

$

1,484,529

 

Derivative warrant liability  
Disclosure of detailed information about financial instruments [line items]  
Schedule of carrying amounts of derivative financial liabilities and convertible notes

The carrying amounts for the 2017 derivative warrant liability from financing are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 Series A Units

    

 Series B Units

    

Series E
Warrants

    

Total

Fair value adjustment, December 31, 2018

 

 

1,190,630

 

 

(8,411,543)

 

 

(4,512,848)

 

 

(11,733,761)

Balance, Derivative financial liability December 31, 2018

 

$

35,693

 

$

82,523

 

$

72,087

 

$

190,303

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of 822,192 Series C Warrants

 

 

(5,638)

 

 

 —

 

 

 —

 

 

(5,638)

Fair value adjustment, March 31, 2019

 

 

(5,575)

 

 

(5,253)

 

 

(6,677)

 

 

(17,505)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of 35,950,340 Series A Warrants

 

 

(24,480)

 

 

(77,270)

 

 

 —

 

 

(101,750)

Cancellation of 22,431,506 Series E Warrants

 

 

 —

 

 

 —

 

 

(65,410)

 

 

(65,410)

Balance, derivative warrant liability from financing as at December 31, 2019 and 2020

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

The carrying amounts for the 2020 derivative warrant liability from financing are as follows:

 

 

 

 

 

 

 

2020 January Warrants

Inception of the January 2020 Warrants (see Note 18(e))

 

 

6,145,620

Add: Deferred loss

 

 

(223,791)

Less: January 31 exercise 1,241,490 pre-funded warrants

 

 

(3,885,746)

Fair value adjustment, January 31 realized gain

 

 

(422,102)

Derecognition of deferred loss

 

 

93,813

Amortization of deferred loss

 

 

30,240

Less: Fair value adjustment, March 31, 2020 unrealized gain

 

 

(1,715,390)

Balance, March 31, 2020

 

$

22,644

Less: May 28 exercise 1,185,000 Series A; 991,940 Series B

 

 

(969,133)

FV revaluation at May 28 realized loss

 

 

957,847

Derecognition of deferred loss

 

 

76,473

Amortization of deferred loss

 

 

22,488

Less: Fair value adjustment, June 30, 2020 unrealized gain

 

 

(45,897)

Balance, June 30, 2020

 

$

64,422

Amortization of deferred loss

 

 

5,168

Less: Fair value adjustment, September 31, 2020 unrealized gain

 

 

(21,734)

Balance, September 30, 2020

 

$

47,856

Amortization of deferred loss

 

 

5,168

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(41,677)

Balance, December 31, 2020

 

$

11,347

Number of warrants outstanding as of December 31, 2020

 

 

250,000

 

 

 

2020 May Warrants

Inception of the May 2020 Warrants (see Note 18(e))

 

 

4,526,732

Add: Deferred loss

 

 

(2,464,696)

Amortization of deferred loss

 

 

55,709

Less: Fair value adjustment, June 30, 2020 unrealized gain

 

 

(1,069,013)

Balance, June 30, 2020

 

$

1,048,732

Less: July 23 exercise 1,424,049 warrants

 

 

(2,082,598)

August 17 exercise of 501,000 warrants

 

 

(565,221)

Derecognition of deferred loss

 

 

1,843,332

Amortization of deferred loss

 

 

35,644

Less: Fair value adjustment, September 30, 2020 unrealized gain

 

 

(106,350)

Balance, September 30, 2020

 

$

173,539

Amortization of deferred loss

 

 

35,644

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(465,822)

Balance, December 31, 2020

 

$

(256,639)

Number of warrants outstanding as of December 31, 2020

 

 

648,910

 

 

 

2020 June Warrants

Inception of the June 2020 Warrants (see Note 18(e))

 

 

2,404,957

Add: Deferred loss

 

 

(448,877)

Amortization of deferred loss

 

 

8,609

Less: Fair value adjustment, June 30, 2020 unrealized gain

 

 

(164,711)

Balance, June 30, 2020

 

$

1,799,978

Amortization of deferred loss

 

 

56,571

Less: Fair value adjustment, September 30, 2020 unrealized gain

 

 

(489,496)

Balance, September 30, 2020

 

$

1,367,053

Amortization of deferred loss

 

 

56,571

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(1,472,800)

Balance, December 31, 2020

 

$

(49,176)

Number of warrants outstanding as of December 31, 2020

 

 

2,912,277

 

 

 

2020 August Warrants

Inception of the August 2020 Warrants (see Note 18(e))

 

 

3,511,115

Add: Deferred loss

 

 

(3,167,758)

Amortization of deferred loss

 

 

212,630

Less: Fair value adjustment, September 30, 2020 unrealized gain

 

 

(1,315,978)

Balance, September 30, 2020

 

$

(759,991)

Amortization of deferred loss

 

 

399,224

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(1,834,325)

Balance, December 31, 2020

 

$

(2,195,092)

Number of warrants outstanding as of December 31, 2020

 

 

3,399,579

 

 

 

2020 December Warrants

Inception of the December 2020 Warrants (see Note 18(e))

 

 

2,051,657

Add: Deferred loss

 

 

(1,278,414)

Amortization of deferred loss

 

 

40,279

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

370,769

Balance, December 31, 2020

 

$

1,184,291

Number of warrants outstanding as of December 31, 2020

 

 

6,230,803

 

 

2020 Repayment Warrants

Inception of the 2020 Repayment Warrants (see Note 18(e))

 

 
161,720

Balance, September 30, 2020

 

$

161,720

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(152,272)

Balance, December 31, 2020

 

$

9,448

Number of warrants outstanding as of December 31, 2020

 

 

650,296

 

 

 

2020 Settlement Warrants

Inception of the 2020 Settlement Warrants (see Note 18(e))

 

 

807,977

Less: Fair value adjustment, June 30, 2020 unrealized gain

 

 

(232,042)

Balance, June 30, 2020

 

$

575,935

Less: Fair value adjustment, September 30, 2020 unrealized gain

 

 

(58,645)

Balance, September 30, 2020

 

$

517,290

Less: Fair value adjustment, December 31, 2020 unrealized gain

 

 

(315,617)

Balance, December 31, 2020

 

$

201,673

Number of warrants outstanding as of December 31, 2020

 

 
500,000