Note 8 - Assets Held for Sale (Tables)

12 Months Ended

Mar. 31, 2022

Assets Held-for-sale, Not Part of Disposal Group [Abstract]

Disposal Groups, Including Discontinued Operations

During the period the Corporation committed to a plan and is actively marketing for sale Other assets and Equipment and has met the criteria for classification of assets held for sale:

	March 31, 2022		March 31, 2021
	$		$
Other assets (a)		195		387
Equipment (b)		407		381
		602		768

a. Other assets

Other assets represent krill oil (RKO) held by the Corporation that was expected to be used in the conduct of R&D activities and commercial inventory scale up related to the development and commercialization of the CaPre drug. Given that the development of CaPre will no longer be pursued, the Corporation is expected to sell this reserve. The other asset is being recorded at the fair value less costs to sell, which has resulted in an impairment loss of $249 (2021 - $413). Management’s estimate of the fair value of the RKO less cost -to sell, is based primarily on estimated market prices obtained from an appraiser specialized in the krill oil market. These projections are based on Level 3 inputs of the fair value hierarchy and reflect management’s best estimate of market participants’ pricing of the assets as well as the general condition of the asset. The total impairment loss recognized, includes amounts paid for krill oil in advance, but not yet received and was recorded as a prepaid.

b. Equipment

March 31, 2022	Cost, net of impairment		Accumulated depreciation			Net book value
	$		$			$
Furniture and office equipment		17		(5	)		12
Computer equipment		94		(6	)		88
Laboratory equipment		585		(435	)		150
Production equipment		1,179		(1,022	)		157
		1,875		(1,468	)		407

March 31, 2021	Cost		Accumulated depreciation			Impairment loss			Net book value
	$		$			$			$
Furniture and office equipment		17		(5	)		—			12
Computer equipment		148		(30	)		(54	)		64
Laboratory equipment		756		(436	)		(171	)		149
Production equipment		2,538		(1,023	)		(1,359	)		156
		3,459		(1,494	)		(1,584	)		381