20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F/A

(Amendment No. 2)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended                            November 30, 2020

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                                    to

OR

☐	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	Date of event requiring this shell company report

Commission File Number 0-19884

LIQUID MEDIA GROUP LTD.

(Exact Name of Registrant as Specified in Its Charter)

British Columbia, Canada

(Jurisdiction of Incorporation or Organization)

67 East 5th Avenue

Vancouver, BC V5T 1G7

(Address of Principal Executive Offices)

Andy Wilson, Chief Financial Officer

67 East 5th Avenue

Vancouver, BC V5T 1G7

Telephone: 1.416.350.5002

Email: awilson@liquidmediagroup.co

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Common Shares, without Par Value	YVR	NASDAQ Capital Market
(Title of Class)	Trading Symbol	Name of Each Exchange on Which Registered

Securities registered or to be registered pursuant to Section 12(g) of the Act: NONE

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: NONE

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 10,875,568 common shares (as of March 1, 2021).

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes      ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.     ☐ Yes      ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes     ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 2.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or emerging growth company. See definition of “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒
		Emerging Growth Company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the Company has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes      ☒ No

EXPLANATORY NOTE

This Amendment No. 2 (this “Amendment No. 2”) to the Annual Report on Form 20-F for the fiscal year ended November 30, 2020, initially filed on March 3, 2021 (the “Original Filing”), and restated by Amendment No. 1 on April 15, 2021 (the “Restated Filing”) is being filed solely to (i) file Exhibit 2(d), a description of the rights of the holders of the Company’s securities that are registered under Section 12 of the Securities Exchange act of 1934, and to amend the exhibit index accordingly, (ii) file Exhibit 23.1, Consent of Davidson & Company LLP, and to amend the exhibit index accordingly, (iii) furnish the Interactive Data File disclosure with respect to the Company's restated audited consolidated financial statements for the years ended November 30, 2020, 2019 and 2018 as Exhibit 101 in accordance with Rule 405 of Regulation S-T, which was not included with the Restated Filing, (iv) include hyperlinks to each listed exhibit as required by Form 20-F, in accordance with Rule 105 of Regulation S-T; and (v) update the certifications of the Company's executive officers as of the date of this Amendment No. 2 in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended.

Other than as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate any other items or disclosures contained in the Restated Filing and does not reflect events occurring after the date of the Restated Filing. This Amendment consists solely of the cover page, this explanatory note, the exhibit index and the exhibits filed herewith.

Pursuant to Rule 405 of Regulation S-T,the Interactive Data Files filed herewith are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 19. – Exhibits

Exhibit No.	Description
1.1	Certificate of Incorporation and Articles and amendments to the Articles and Memorandum of the Company, incorporated by reference from prior filing as Exhibit 3.1 to the Form F-3, filed with the SEC on September 24, 2007.
1.2	Notice of Articles, incorporated by reference from prior filing as Exhibits 99.1 and 99.2 to the Form 6-K filed with the SEC on February 3, 2010.
2(d)*	Description of Securities
4.1	Further Amended and Restated Shareholder Rights Plan Agreement, incorporated by reference from prior filing on Form 6-K filed with the SEC on July 7, 2015.
4.2	Share Purchase Agreement dated September 15, 2017 between the Company and 1133438 B.C. Ltd. relating to the disposition of the Company’s subsidiaries, incorporated by reference from prior filing as Exhibit 4.2 to the Annual Report on Form 20-F filed with the SEC on June 1, 2018.
4.3	Amended and Restated Arrangement Agreement dated January 14, 2018 between the Company and Liquid Canada (fka Liquid Media Group Ltd.), incorporated by reference from prior filing as Exhibit 4.3 to the Annual Report on Form 20-F filed with the SEC on June 1, 2018.
4.4	Employment Agreement dated November 1, 2020 between the Company and Daniel Cruz, incorporated by reference from prior filing as Exhibit 4.4 to the Annual Report on Form 20-F filed with the SEC on March 3, 2021
4.5	Employment Agreement dated November 1, 2020 between the Company and Charlie Brezer, incorporated by reference from prior filing as Exhibit 4.5 to the Annual Report on Form 20-F filed with the SEC on March 3, 2021
8.1	Subsidiaries of the Registrant, incorporated by reference from prior filing as Exhibit 8.1 to the Annual Report on Form 20-F filed with the SEC on March 3, 2021
11.1	Code of Ethics, incorporated by reference from the prior filing as Exhibit 11.1 to the Annual Report on Form 20-F, filed with the SEC on June 1, 2005
12.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, incorporated by reference from prior filing as Exhibit 12.1 to the Annual Report on Form 20-F/A filed with the SEC on April 15, 2021
12.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, incorporated by reference from prior filing as Exhibit 12.2 to the Annual Report on Form 20-F/A filed with the SEC on April 15, 2021
12.3*	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.4*	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, incorporated by reference from prior filings as Exhibit 13.1 to the Annual Report on Form 20-F/A filed with the SEC on April 15, 2021
23.1*	Consent of Davidson & Company LLP

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*Filed herewith.

SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on this Amendment to Form 20-F/A and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

Date   August 23, 2021

LIQUID MEDIA GROUP LTD.
By:	“B. Andrus Wilson”
	B. Andrus Wilson,
	Chief Financial Officer

INDEX TO EXHIBITS

Exhibit No.	Description
1.1	Certificate of Incorporation and Articles and amendments to the Articles and Memorandum of the Company, incorporated by reference from prior filing as Exhibit 3.1 to the Form F-3, filed with the SEC on September 24, 2007.
1.2	Notice of Articles, incorporated by reference from prior filing as Exhibits 99.1 and 99.2 to the Form 6-K filed with the SEC on February 3, 2010.
2(d)*	Description of Securities
4.1	Further Amended and Restated Shareholder Rights Plan Agreement, incorporated by reference from prior filing on Form 6-K filed with the SEC on July 7, 2015.
4.2	Share Purchase Agreement dated September 15, 2017 between the Company and 1133438 B.C. Ltd. Relating to the disposition of the Company’s subsidiaries, incorporated by reference from prior filing as Exhibit 4.2 to the Annual Report on Form 20-F filed with the SEC on June 1, 2018.
4.3	Amended and Restated Arrangement Agreement dated January 14, 2018 between the Company and Liquid Canada (fka Liquid Media Group Ltd.), incorporated by reference from prior filing as Exhibit 4.3 to the Annual Report on Form 20-F filed with the SEC on June 1, 2018.
4.4	Employment Agreement dated November 1, 2020 between the Company and Daniel Cruz, incorporated by reference from the prior filing as Exhibit 4.4 to the Annual Report on Form 20-F, filed with the SEC on March 1, 2021
4.5	Employment Agreement dated November 1, 2020 between the Company and Charlie Brezer, incorporated by reference from the prior filing as Exhibit 4.5 to the Annual Report on Form 20-F, filed with the SEC on March 1, 2021
8.1	Subsidiaries of the Registrant, incorporated by reference from the prior filing as Exhibit 8.1 to the Annual Report on Form 20-F, filed with the SEC on March 3, 2021
11.1	Code of Ethics, incorporated by reference from the prior filing as Exhibit 11.1 to the Annual Report on Form 20-F, filed with the SEC on June 1, 2005, incorporated by reference from prior filing as Exhibit 13.1 to the Annual Report on Form 20-F/A filed with the SEC on April 15, 2021
12.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, incorporated by reference from the prior filing as Exhibit 12.1 to the Annual Report on Form 20-F/A, filed with the SEC on April 15, 2021
12.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, incorporated by reference from the prior filing as Exhibit 12.1 to the Annual Report on Form 20-F/A, filed with the SEC on April 15, 2021
12.3*	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.4*	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
23.1*	Consent of Davidson & Company LLP

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*Filed herewith

EX-2

Exhibit 2(d)

Description of Securities

Liquid Media Group Ltd. (the “Company”) is authorized to issue 100,000,000 common shares without par value and 20,000,000 preferred shares without par value of which 1,000,000 shares are designated as Series A Preferred Shares, 100 shares are designated as Series B Preferred Shares, 1,000,000 shares are designated as Series C Preferred Shares, 4,000,000 shares are designated as Series D Preferred Shares and 4,000,000 shares are designated as Series E Preferred Shares.

Holders of common shares are entitled to receive notice of, to attend and to vote at any meetings of the shareholders of the Company, other than any meeting of holders of another class of shares of the Company who are entitled to vote separately as a class at such meeting. Holders of common shares are not entitled under the Company’s articles to cumulative voting rights with respect to the election of the Company’s directors.

Subject to the rights of the holders of preferred shares, the holders of common shares are entitled to receive dividends when declared by the directors out of funds or assets properly available for the payment of dividends, in such amounts and in such forms as the directors may from time to time determine; provided however that such dividends shall not be paid if to do so would reduce the value of the net assets of the Company to less than the total redemption amount of all issued preferred shares.

In the event of the Company’s dissolution, liquidation or winding-up and subject to the prior rights of the holders of the preferred shares, holders of common shares will be entitled to share equally in the Company’s remaining property and assets, subject to the right of the holders of preferred shares, as a class, to receive, before any distribution of any part of the assets of the Company among the holders of common shares, the redemption amount in respect of such preferred shares, being that amount as determined by the directors of the Company at the time of the issuance of such preferred shares.

The Company’s board of directors is divided into three classes, designated as Class I, Class II and Class III, to provide for a rotation of three-year terms of office. Any director whose term has expired is eligible for re-election.

Amendment of Rights

The Company may, by Special Resolution (which means a resolution passed by three-fourths (3/4) of the votes cast on the resolution by the Company’s shareholders who, being entitled to do so, vote in person or by proxy at the Company’s general meeting, or a resolution consented to in writing by every shareholder who would have been entitled to vote in person or by proxy at a general meeting), alter its notice of articles or articles to create or vary the special rights or restrictions attached to any shares, but no right or special right attached to any issued shares may be prejudiced or interfered with unless all shareholders holding shares of each class or series whose right or special right is prejudiced or interfered with consent thereto in writing, or unless a resolution consenting is passed at a separate class meeting of the holders of the shares of each class by a majority of three-fourths of the issued shares of the class.

Limitations in Right to own Securities

The Company’s articles do not provide for any limitations on the rights to own securities.

Change of Control

The Company’s articles do not contain any change in control limitations with respect to a merger, acquisition or corporate restructuring involving the Company.

Shareholder Ownership Disclosure

The Company’s articles do not contain any provision governing the ownership threshold above which shareholder ownership must be disclosed.

Changes in the Capital

The Company may, by either Special Resolution or ordinary resolution, amend its notice of articles to increase the share capital of the Company by:

(a) creating shares with par value or shares without par value, or both;

(b) increasing the number of shares with par value or shares without par value, or both; or

(c) increasing the par value of a class of shares with par value, if no shares of that class are issued.

The Company may by Special Resolution alter its notice of articles to subdivide, consolidate, change from shares with par value to shares without par value, or from shares without par value to shares with par value, or change the designation of, all or any of its shares but only to the extent, in the manner and with the consent of shareholders holding a class of shares which is the subject of or affected by the alteration, as the Business Corporations Act (British Columbia) (the “BCBCA”), or its predecessor, Company Act (British Columbia), provides.

In addition, the Company may alter its notice of articles and articles:

(a) by Special Resolution, to create, define and attach special rights or restrictions to any shares; and

(b) by Special Resolution and by otherwise complying with any applicable provision of its notice of articles and articles, to vary or abrogate any special rights and restrictions attached to any shares but no right or special right attached to any issued shares shall be prejudiced or interfered with unless all shareholders holding shares of each class whose right or special right is prejudiced or interfered with consent thereto in writing, or unless a resolution consenting is passed at a separate class meeting of the holders of the shares of each class by a majority of three-fourths of the issued shares of the class.

Notwithstanding any consent in writing or resolution, no alteration shall be valid as to any part of the issued shares of any class unless the holders of all of the issued shares of such class either all consent in writing or consent by a resolution passed by the votes of shareholders holding three-fourths of the issued shares of the class.

An ordinary resolution means a resolution passed at a general meeting by a simple majority of the votes cast by shareholders voting shares that carry the right to vote at general meetings, or a resolution passed, after being submitted to all of the shareholders holding shares that carry the right to vote at general meetings, by being consented to in writing by shareholders holding shares that carry the right to vote at general meetings who, in the aggregate, hold shares carrying at least a special majority of the votes entitled to be cast on the resolution. A special majority means three-fourths of the votes cast on the resolution.

Absence of Other Rights

Holders of common shares have no preemptive rights to purchase or subscribe for any stock or other securities of the Company. In addition, there are no conversion rights or redemption or sinking fund provisions applicable to the common shares.

Comparison of British Columbia and Delaware Corporate Law

The Company is a corporation governed by the BCBCA. The BCBCA differs in some material respects from the laws generally applicable to Delaware corporations under the Delaware General Corporation Law (the “DGCL”). Below is a summary of certain of those material differences. This summary is qualified in its entirety by reference to the DGCL, the BCBCA, and the Company’s articles.

	Delaware	British Columbia
Stockholder/ Shareholder Approval of Business Combinations; Fundamental Changes	Under the DGCL, certain fundamental changes, such as amendments to the certificate of incorporation, a merger, consolidation, sale, lease, exchange or other disposition of all or substantially all of the property of a corporation not in the usual and regular course of the corporation's business, or a dissolution of the corporation, are generally required to be approved by the affirmative vote of the holders of a majority of the outstanding stock present in person or represented by proxy and entitled to vote on the matter, unless a corporation's certificate of incorporation or the bylaws require a higher percentage. However, generally under the DGCL, stockholder approval is not required if the number of shares of common stock, including securities convertible into common stock, of a corporation issued in a merger does not exceed 20% of its stock outstanding immediately prior to the effective date of the merger. In certain situations, the approval of a business combination may require approval by a certain number of the holders of a class or series of shares. In addition, Section 251(h) of the DGCL provides that stockholders of a constituent corporation need not vote to approve a merger if: (i) the merger agreement permits or requires the merger to be effected under Section 251(h) and provides that the merger shall be effected as soon as practicable following the tender offer or exchange offer, (ii) a corporation consummates a tender or exchange offer for any and all	Under the BCBCA and the Company's articles, certain company alterations, such as changes to authorized share structure, continuances, into or out of province, certain amalgamations, sales, leases or other dispositions of all or substantially all of the undertaking of a company (other than in the ordinary course of business) liquidations, dissolutions, and certain arrangements are required to be approved by ordinary or special resolution as applicable. An ordinary resolution is a resolution (i) passed at a shareholders' meeting by a simple majority of the votes cast by shareholders voting shares that carry the right to vote at general meetings, or (ii) passed, after being submitted to all of the shareholders holding shares that carry the right to vote at general meetings, by being consented to in writing by such shareholders who, in the aggregate, hold shares carrying at least three-quarters of the votes entitled to be cast on the resolution. A special resolution is a resolution (i) passed by not less than three-quarters of the votes cast by the shareholders voting shares that carry the right to vote at general meetings who voted in respect of the resolution at a meeting duly called and held for that purpose or (ii) passed by being consented to in writing by all shareholders entitled to vote on the resolution. Holders of multiple voting shares and subordinate voting shares vote

Delaware

British Columbia

of the outstanding stock of such constituent corporation that would otherwise be entitled to vote to approve the merger, (iii) immediately following the consummation of the offer, the stock accepted for purchase or exchanges plus the stock owned by the consummating corporation equals at least the percentage of stock that would be required to adopt the agreement of merger under the DGCL, (iv) the corporation consummating the offer merges with or into such constituent corporation and (v) each outstanding share of each class or series of stock of the constituent corporation that was the subject of and not irrevocably accepted for purchase or exchange in the offer is to be converted in the merger into, or the right to receive, the same consideration to be paid for the shares of such class or series of stock of the constituent corporation irrevocably purchased or exchanged in such offer.   The DGCL does not contain a procedure comparable to a plan of arrangement under BCBCA.

together at all meetings of shareholders except meetings at which only holders of a particular class are entitled to vote. Under the BCBCA, an action that prejudices or interferes with a right or special right attached to issued shares of a class or series of shares must be approved by a special separate resolution of the holders of the class or series of shares being affected. Under the BCBCA, arrangements are permitted and a company may make any proposal it considers appropriate "despite any other provision" of the BCBCA. In general, a plan of arrangement is approved by a company's board of directors and then is submitted to a court for approval. It is customary for a company in such circumstances to apply to a court initially for an interim order governing various procedural matters prior to calling any security holder meeting to consider the proposed arrangement. Plans of arrangement involving shareholders must be approved by a special resolution of shareholders, including holders of shares not normally entitled to vote. The court may, in respect of an arrangement proposed with persons other than shareholders and creditors, require that those persons approve the arrangement in the manner and to the extent required by the court. The court determines, among other things, to whom notice shall be given and whether, and in what manner, approval of any person is to be obtained and also determines whether any shareholders may dissent from the proposed arrangement and receive payment of the fair value of their shares. Following compliance with the procedural steps contemplated in any such interim order (including as to obtaining security holder approval), the court would conduct a final hearing, which would, among other things, assess the fairness of the arrangement and approve or reject the proposed arrangement.

Delaware British Columbia

		The BCBCA does not contain a provision comparable to Section 251(h) of the DGCL.
Special Vote Required for Combinations with Interested Stockholders/ Shareholders	Unless a Delaware corporation's certificate of incorporation provides that it elects not to be governed by Section 203 of the DGCL, a Delaware corporation may not engage in a business combination with an interested stockholder for a period of three years after the time of the transaction in which the person became an interested stockholder, unless (i) the board of directors of the corporation, prior to the time of the transaction in which the person became an interested stockholder, approves either the business combination or the transaction in which the stockholder becomes an interested stockholder; (ii) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding shares owned by directors and officers of the corporation and shares held in certain types of employee stock plans); or (iii) the board of directors and the holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder approve the business combination on or after the time of the transaction in which the person became an interested stockholder. For purposes of Section 203, the DGCL, subject to specified exceptions, generally defines an interested stockholder to include any person who, together with that person's affiliates or associates, (i) owns 15% or more of the outstanding voting stock of the corporation (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights, and stock with respect to which the person has voting rights only), or (ii) is an affiliate or associate of the corporation and owned 15% or more of the outstanding voting stock of the corporation at any time within the previous three years.	The BCBCA does not contain a provision comparable to Section 203 of the DGCL with respect to business combinations.

Delaware British Columbia

Appraisal Rights; Rights to Dissent	Under the DGCL, a stockholder of a corporation participating in some types of major corporate transactions may, under varying circumstances, be entitled to appraisal rights pursuant to which the stockholder may receive cash in the amount of the fair market value of his or her shares in lieu of the consideration he or she would otherwise receive in the transaction. For example, a stockholder is entitled to appraisal rights in the case of a merger or consolidation if the shareholder is required to accept in exchange for the shares anything other than: (i) shares of stock of the corporation surviving or resulting from the merger or consolidation, or depository receipts in respect thereof; (ii) shares of any other corporation, or depository receipts in respect thereof, that on the effective date of the merger or consolidation will be either listed on a national securities exchange or held of record by more than 2,000 shareholders; (iii) cash instead of fractional shares of the corporation or fractional depository receipts of the corporation; or (iv) any combination of the foregoing.	The BCBCA provides that shareholders of a company are entitled to exercise dissent rights in respect of certain matters and to be paid the fair value of their shares in connection therewith. The dissent right is applicable where the company resolves to (i) alter its articles to alter the restrictions on the powers of the company or on the business it is permitted to carry on; (ii) approve certain amalgamations; (iii) approve an arrangement, where the terms of the arrangement or court orders relating thereto permit dissent; (iv) sell, lease or otherwise dispose of all or substantially all of its undertaking; or (v) continue the company into another jurisdiction. Dissent may also be permitted if authorized by resolution. A court may also make an order permitting a shareholder to dissent in certain circumstances.
Compulsory Acquisition	Under the DGCL, a merger in which one corporation owns, prior to the merger, 90% or more of each class of stock of a second corporation may be completed without the vote of the second corporation's board of directors or shareholders.	The BCBCA provides that if, within 4 months after the making of an offer to acquire shares, or any class of shares, of a company, the offer is accepted by the holders of not less than 90% of the shares (other than the shares held by the offeror or an affiliate of the offeror) of any class of shares to which the offer relates, the offeror is entitled, upon giving proper notice within 5 months after the date of the offer, to acquire (on the same terms on which the offeror acquired shares from those holders of shares who accepted the offer) the shares held by those holders of shares of that class who did not accept the offer. Offerees may apply to the court, within 2 months of receiving notice, and the court may set a different price or terms of payment and may make any consequential orders or directions as it considers appropriate.

Delaware British Columbia

Stockholder/ Shareholder Consent to Action Without Meeting	Under the DGCL, unless otherwise provided in a corporation's certificate of incorporation, any action that can be taken at a meeting of the stockholders may be taken without a meeting if written consent to the action is signed by the holders of outstanding stock having not less than the minimum number of votes necessary to authorize or take the action at a meeting of the stockholders.	Although it is not customary for public companies to do so, under the BCBCA, shareholder action without a meeting may be taken by a consent resolution of shareholders provided that it satisfies the thresholds for approval in a company's articles, the BCBCA and the regulations thereunder. A consent resolution is as valid and effective as if it was a resolution passed at a meeting of shareholders.
Special Meetings of Stockholders/ Shareholders	Under the DGCL, a special meeting of shareholders may be called by the board of directors or by such persons authorized in the certificate of incorporation or the bylaws.	Under the BCBCA, the holders of not less than 5% of the issued shares of a company that carry the right to vote at a general meeting may requisition that the directors call a meeting of shareholders for the purpose of transacting any business that may be transacted at a general meeting. Upon receiving a requisition that complies with the technical requirements set out in the BCBCA, the directors must, subject to certain limited exceptions, call a meeting of shareholders to be held not more than 4 months after receiving the requisition. If the directors do not call such a meeting within 21 days after receiving the requisition, the requisitioning shareholders or any of them holding in aggregate not less than 2.5% of the issued shares of the company that carry the right to vote at general meetings may call the meeting.
Distributions and Dividends; Repurchases and Redemptions	Under the DGCL, subject to any restrictions contained in the certificate of incorporation, a corporation may pay dividends out of its capital surplus or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared or the preceding fiscal year, as long as the amount of capital of the corporation following the declaration and payment of the dividend is not less than the aggregate amount of the capital represented by issued and outstanding shares having a preference upon the distribution of assets. Surplus is defined in the DGCL as the excess of the net assets over capital, as such capital may be adjusted by the board.	Under the BCBCA, unless its charter or an enactment provides otherwise, a company may pay a dividend in money or other property (including by issuing shares or warrants by way of dividend) unless there are reasonable grounds for believing that the company is insolvent, or the payment of the dividend would render the company insolvent. The BCBCA provides that no special rights or restrictions attached to a series of any class of shares confer on the series a priority in respect of dividends or return of capital over any other series of shares of the same class.

Delaware British Columbia

	A Delaware corporation may purchase or redeem shares of any class for cash or other property except when its capital is impaired or would be impaired by the purchase or redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled, upon any distribution of its assets, to a preference over another class or series of its shares or, if no shares entitled to a preference are outstanding, any of its shares if such shares will be retired and the capital reduced.	Under the BCBCA, the purchase or other acquisition by a company of its shares is generally subject to solvency tests similar to those applicable to the payment of dividends (as set out above). The Company is permitted, under its articles, to acquire any of its shares, subject to the special rights and restrictions attached to such class or series of shares and the approval of its board of directors. Under the BCBCA, subject to solvency tests similar to those applicable to the payment of dividends (as set out above), a company may redeem, on the terms and in the manner provided in its articles, any of its shares that has a right of redemption attached to it.
Vacancies on Board of Director	Under the DGCL, a vacancy or a newly created directorship may be filled by a majority of the directors then in office, although less than a quorum, or by the sole remaining director, unless otherwise provided in the certificate of incorporation or bylaws. Any newly elected director usually holds office for the remainder of the full term expiring at the annual meeting of stockholders at which the term of the class of directors to which the newly elected director has been elected expires.	Under the BCBCA and the Company's articles, a vacancy among the directors created by the removal of a director may be filled by the shareholders at the meeting at which the director is removed or, if not filled by the shareholders at such meeting, by the shareholders or by the remaining directors. In the case of a casual vacancy, the remaining directors may fill the vacancy. Under the BCBCA, directors may increase the size of the board of directors by one third of the number of current directors. Under the BCBCA and the Company's articles, if as a result of one or more vacancies, the number of directors in office falls below the number required for a quorum, the remaining directors may appoint as directors the number of individuals that, when added to the number of remaining directors, will constitute a quorum and/or call a shareholders' meeting to fill any or all vacancies among directors and to conduct such other business that may be dealt with at that meeting, but must not take any other action until a quorum is obtained.

Delaware British Columbia

Removal of Directors; Terms of Directors	Under the DGCL, except in the case of a corporation with a classified board or with cumulative voting, any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares entitled to vote at an election of directors.  If a Delaware corporation has a classified board, unless its certificate of incorporation provides otherwise, any director or the entire board may only be removed by stockholders for cause.	The Company's articles allow for the removal of a director by special resolution of the shareholders. According to the Company's articles, the board of directors is divided into three classes designated as Class I, Class II and Class III, to provide for a rotation of three year terms of office, which expire at the third succeeding general meeting. All directors are eligible for re-election or re-appointment.
Inspection of Books and Records	Under the DGCL, any holder of record of stock or a person who is the beneficial owner of shares of such stock held either in a voting trust or by a nominee on behalf of such person has the right during usual business hours to inspect the corporation's books and records for a proper purpose.	Under the BCBCA, directors and shareholders may, without charge, inspect certain of the records of a company. Former shareholders and directors may also inspect certain of the records, free of charge, but only those records pertaining to the times that they were shareholders or directors. Public companies must allow all persons to inspect certain records of the company free of charge.
Amendment of Governing Documents	Under the DGCL, a certificate of incorporation may be amended if: (i) the board of directors adopts a resolution setting forth the proposed amendment, declares the advisability of the amendment and directs that it be submitted to a vote at a meeting of shareholders; provided that, unless required by the certificate of incorporation, no meeting or vote is required to adopt an amendment for certain specified changes; and (ii) the holders of a majority of the outstanding shares of stock entitled to vote on the matter approve the amendment, unless the certificate of incorporation requires the vote of a greater number of shares. If a class vote on the amendment is required by the DGCL, a majority of the outstanding stock of the class is required, unless a greater proportion is specified in the certificate of incorporation or by other provisions of the DGCL. Under the DGCL, the board of directors may amend a corporation's bylaws if so authorized in the certificate of incorporation. The shareholders of a Delaware corporation also have the power to amend bylaws.	Under the BCBCA, a company may amend its articles or notice of articles by (i) the type of resolution specified in the BCBCA, (ii) if the BCBCA does not specify a type of resolution, then by the type specified in the company's articles, or (iii) if the company's articles do not specify a type of resolution, then by special resolution. The BCBCA permits many substantive changes to a company's articles (such as a change in the company's authorized share structure or a change in the special rights or restrictions that may be attached to a certain class or series of shares) to be changed by the resolution specified in that company's articles. Our articles provide that certain changes to the Company's share structure and any creation or alteration of special rights and restrictions attached to a series or class of shares be done by way of ordinary resolution. However, if a right or special right attached to a class or series of shares would be prejudiced or interfered with by such an alteration, the BCBCA requires that holders of such class or series of shares must approve the alteration by a special separate resolution of those shareholders.

Delaware British Columbia

Indemnification of
Directors and Officers Under the DGCL, subject to specified limitations in the case of derivative suits brought by a corporation's stockholders in its name, a corporation may indemnify any person who is made a party to any action, suit or proceeding on account of being a director, officer, employee or agent of the corporation (or was serving at the request of the corporation in such capacity for another corporation, partnership, joint venture, trust or other enterprise) against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with the action, suit or proceeding, provided that there is a determination that: (i) the individual acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation; and (ii) in a criminal action or proceeding, the individual had no reasonable cause to believe his or her conduct was unlawful.   Without court approval, however, no indemnification may be made in respect of any derivative action in which an individual is adjudged liable to the corporation, except to the extent the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity.   The DGCL requires indemnification of directors and officers for expenses (including attorneys' fees) actually and reasonably relating to a successful defense on the merits or otherwise of a derivative or third-party action.   Under the DGCL, a corporation may advance expenses to any director or officer relating to the defense of any proceeding upon the receipt of an   Under the BCBCA, a company may indemnify: (i) a current or former director or officer of that company; or (ii) a current or former director or officer of another corporation if, at the time such individual held such office, the corporation was an affiliate of the company, or if such individual held such office at the company's request against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil, criminal, administrative or other legal proceeding or investigative action (whether current, threatened, pending or completed) in which he or she is involved because of that person's position as an indemnifiable person, unless: (i) the individual did not act honestly and in good faith with a view to the best interests of such company or the other entity, as the case may be; or (ii) in the case of a proceeding other than a civil proceeding, the individual did not have reasonable grounds for believing that the individual's conduct was lawful. A company cannot indemnify an indemnifiable person if it is prohibited from doing so under its articles. In addition, a company must not indemnify an indemnifiable person in proceedings brought against the indemnifiable person by or on behalf of the company or an associated company. A company may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an indemnifiable person in respect of that proceeding only if the indemnifiable person has provided an undertaking that, if it is ultimately determined that the payment of expenses was prohibited, the indemnifiable person will repay any amounts advanced. Subject to the aforementioned    

Delaware British Columbia

	undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified.	prohibitions on indemnification, a company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an indemnifiable person in respect of such eligible proceeding if such indemnifiable person has not been reimbursed for such expenses, and was wholly successful, on the merits or otherwise, in the outcome of such eligible proceeding or was substantially successful on the merits in the outcome of such eligible proceeding. On application from an indemnifiable person, a court may make any order the court considers appropriate in respect of an eligible proceeding, including the indemnification of penalties imposed or expenses incurred in any such proceedings and the enforcement of an indemnification agreement. As permitted by the BCBCA, the Company's articles require it to indemnify its directors, officers, former directors or officers (and such individual's respective heirs and legal representatives) and permit the Company to indemnify any person to the extent permitted by the BCBCA.
Limited Liability of Directors	The DGCL permits the adoption of a provision in a corporation's certificate of incorporation limiting or eliminating the monetary liability of a director to a corporation or its shareholders by reason of a director's breach of the director's fiduciary duties, except for (i) any breach the duty of loyalty to the corporation or its shareholders; (ii) any act or omission not in good faith or involving intentional misconduct or a known violation of law; (iii) any breach in which the director obtains an improper personal benefit from the corporation; or (iv) the unlawful payment of a dividend or the unlawful approval a stock repurchase.	Under the BCBCA, a director or officer of a company must (i) act honestly and in good faith with a view to the best interests of the company; (ii) exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances; (iii) act in accordance with the BCBCA and the regulations thereunder; and (iv) subject to (i) to (iii), act in accordance with the articles of the company. These statutory duties are in addition to duties under common law and equity. No provision in a contract or the articles of a company may relieve a director or officer of a company from the above duties.

Delaware British Columbia

		Under the BCBCA, a director is not liable for certain acts if the director has otherwise complied with his or her duties and relied, in good faith, on (i) financial statements of the company represented to the director by an officer of the company or in a written report of the auditor of the company to fairly reflect the financial position of the company, (ii) a written report of a lawyer, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by that person, (iii) a statement of fact represented to the director by an officer of the company to be correct, or (iv) any record, information or representation that the court considers provides reasonable grounds for the actions of the director, whether or not that record was forged, fraudulently made or inaccurate or that information or representation was fraudulently made or inaccurate. Further, a director is not liable if the director did not know and could not reasonably have known that the act done by the director or authorized by the resolution voted for or consented to by the director was contrary to the BCBCA.
Stockholder/ Shareholder Lawsuits	Under the DGCL, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation; provided, however, that under Delaware case law, the plaintiff generally must be a stockholder not only at the time of the transaction that is the subject of the suit, but also throughout the duration of the derivative suit. Delaware law also requires that the derivative plaintiff make a demand on the directors of the corporation to assert the derivative claim before the suit may be prosecuted by the derivative plaintiff, unless such demand would be futile. An individual also may commence a class action suit on behalf of himself or herself and other similarly situated stockholders where the requirements for maintaining a class action have been met.	Under the BCBCA, a shareholder (including a beneficial shareholder) or director of a company and any person who, in the discretion of the court, is an appropriate person to make an application to court to prosecute or defend an action on behalf of a company (a derivative action) may, with judicial leave: (i) bring an action in the name and on behalf of the company to enforce a right, duty or obligation owed to the company that could be enforced by the company itself or to obtain damages for any breach of such right, duty or obligation or (ii) defend, in the name and on behalf of the company, a legal proceeding brought against the company. Under the BCBCA, the court may grant leave if: (i) the complainant has made reasonable efforts to cause the directors of the company to prosecute or defend the action; (ii) notice of the application for leave has been given to the company and any other person that the court may order; (iii) the complainant is acting in good faith; and (iv) it appears to the court to be in the interests of the company for the action to be prosecuted or defended.

Delaware British Columbia

		Under the BCBCA, upon the final disposition of a derivative action, the court may make any order it determines to be appropriate. In addition, under the BCBCA, a court may order a company to pay the complainant's interim costs, including legal fees and disbursements. However, the complainant may be held accountable for the costs on final disposition of the action.
Oppression Remedy	Although the DGCL imposes upon directors and officers fiduciary duties of loyalty (i.e., a duty to act in a manner believed to be in the best interest of the corporation and its stockholders) and care, the DGCL does not provide for a remedy for a breach of fiduciary duties that is comparable to the BCBCA's oppression remedy.	The BCBCA's oppression remedy enables a court to make an order (interim or final) to rectify the matters complained of if the court is satisfied upon application by a shareholder (as defined below) that the affairs of the company are being conducted or that the powers of the directors have been exercised in a manner that is oppressive, or that some action of the company or shareholders has been or is threatened to be taken which is unfairly prejudicial, in each case to one or more shareholders. The applicant must be one of the persons being oppressed or prejudiced and the application must be brought in a timely manner. A "shareholder" for the purposes of the oppression remedy includes legal and beneficial owners of shares as well as any other person whom the court considers appropriate. The oppression remedy provides the court with extremely broad and flexible jurisdiction to intervene in corporate affairs to protect shareholders.
Blank Check Preferred Stock/Shares	Under the DGCL, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred shares with voting, conversion, dividend distribution, and other rights to be determined by the board at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares.	Under the Company's articles, the preferred shares may be issued in one or more series. Accordingly, the Company's board of directors is authorized, without shareholder approval, but subject to the provisions of the BCBCA, to determine the

Delaware British Columbia

	In addition, the DGCL does not prohibit a corporation from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.	maximum number of shares of each series, create an identifying name for each series and attach such special rights or restrictions, including dividend, liquidation and voting rights, as the Company's board of directors may determine, and such special rights or restrictions, including dividend, liquidation and voting rights, may be superior to those of the subordinate voting shares and multiple voting shares. The issuance of preferred shares, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change of control of the Company and might adversely affect the market price of the Company's subordinate voting shares and the voting and other rights of the holders of subordinate voting shares. Under the BCBCA, each share of a series of shares must have the same special rights or restrictions as are attached to every other share of that series of shares. In addition, the special rights or restrictions attached to shares of a series of shares must be consistent with the special rights or restrictions attached to the class of shares of which the series of shares is part. In addition, the BCBCA does not prohibit a corporation from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.
Advance Notification Requirements for Proposals of Stockholders/Shareholders	Delaware corporations typically have provisions in their bylaws, often referred to as "advance notice bylaws," that require a stockholder proposing a nominee for election to the board of directors or other proposals at an annual or special meeting of the stockholders to provide notice of any such proposals to the corporation in advance of the meeting for any such proposal to be brought before the meeting of the stockholders. In addition, advance notice	Under the BCBCA, qualified shareholders holding at least one percent (1%) of the Company's issued voting shares or whose shares have a fair market value in excess of $2,000 in the aggregate may make proposals for matters to be considered at the annual general meeting of shareholders. Such proposals must be sent to the Company in advance of any proposed meeting by delivering a timely written notice in proper form to

Delaware British Columbia

bylaws frequently require the stockholder nominating a person for election to the board of directors to provide information about the nominee, such as his or her age, address, employment and beneficial ownership of shares of the corporation's capital stock. The stockholder may also be required to disclose information about the stockholder, including, among other things, his or her name, share ownership and agreement, arrangement or understanding with respect to such nomination.   For other proposals, the proposing stockholder is often required by the bylaws to provide a description of the proposal and any other information relating to such stockholder or beneficial owner, if any, on whose behalf that proposal is being made, required to be disclosed in a proxy statement or other filings required to be made in connection with the solicitation of proxies for the proposal and pursuant to and in accordance with the Exchange Act and the rules and regulations promulgated thereunder. the Company's registered office in accordance with the requirements of the BCBCA. The notice must include information on the business the shareholder intends to bring before the meeting. To be a qualified shareholder, a shareholder must currently be and have been a registered or beneficial owner of at least one share of the company for at least 2 years before the date of signing the proposal.   If the proposal and a written statement in support of the proposal (if any) are submitted at least three months before the anniversary date of the previous annual meeting and the proposal and written statement (if any) meet other specified requirements, then the company must either set out the proposal, including the names and mailing addresses of the submitting person and supporters and the written statement (if any), in the proxy circular of the company or attach the proposal and written statement thereto.   In certain circumstances, the company may refuse to process a proposal.

EX-12.3

Exhibit 12.3

CERTIFICATION

I, Ronald Thomson, certify that:

1. I have reviewed this Amendment No. 2 to the annual report on Form 20-F of Liquid Media Group Ltd.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: August 23, 2021

/s/ Ronald Thomson

Ronald Thomson

Chief Executive Officer

(Principal Executive Officer)

EX-12.4

Exhibit 12.4

CERTIFICATION

I, Andy Wilson, certify that:

1.I have reviewed this Amendment No. 2 to the annual report on Form 20-F of Liquid Media Group Ltd.; and

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Date: August 23, 2021

/s/ B. Andrus Wilson

B. Andrus Wilson

Chief Financial Officer

(Principal Financial Officer)

EX-23.1

Exhibit 23.1

CONSENT OF Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement on Form F-3 (File No. 333-237982) of Liquid Media Group Ltd. of our report dated April 14, 2021, relating to the consolidated financial statements, appearing in Liquid Media Group Ltd.’s Annual Report on Form 20-F, which forms part of the Registration Statement.

We also consent to the reference to us under the heading, “Experts” in the Prospectus.

/s/ DAVIDSON & COMPANY LLP

Vancouver, Canada	Chartered Professional Accountants
August 23, 2021

 

XML

Document And Entity Information - shares	12 Months Ended
	Nov. 30, 2020	Mar. 01, 2021
Document And Entity Information [Abstract]
Entity Registrant Name	Liquid Media Group Ltd.
Entity Central Index Key	0000884247
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		10,875,568
Document Type	20-F/A
Document Period End Date	Nov. 30, 2020
Amendment Flag	true
Document Fiscal Year Focus	2020
Amendment description	This Amendment No. 2 (this “Amendment No. 2”) to the Annual Report on Form 20-F for the fiscal year ended November 30, 2020, initially filed on March 3, 2021 (the “Original Filing”), and restated by Amendment No. 1 on April 15, 2021 (the “Restated Filing”) is being filed solely to (i) file Exhibit 2(d), a description of the rights of the holders of the Company’s securities that are registered under Section 12 of the Securities Exchange act of 1934, and to amend the exhibit index accordingly, (ii) file Exhibit 23.1, Consent of Davidson & Company LLP, and to amend the exhibit index accordingly, (iii) furnish the Interactive Data File disclosure with respect to the Company's restated audited consolidated financial statements for the years ended November 30, 2020, 2019 and 2018 as Exhibit 101 in accordance with Rule 405 of Regulation S-T, which was not included with the Restated Filing, (iv) include hyperlinks to each listed exhibit as required by Form 20-F, in accordance with Rule 105 of Regulation S-T; and (v) update the certifications of the Company's executive officers as of the date of this Amendment No. 2 in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended. Other than as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate any other items or disclosures contained in the Restated Filing and does not reflect events occurring after the date of the Restated Filing. This Amendment consists solely of the cover page, this explanatory note, the exhibit index and the exhibits filed herewith. Pursuant to Rule 405 of Regulation S-T,the Interactive Data Files filed herewith are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	A1
Document Annual Report	true
Trading Symbol	YVR
Title of a 12(b) registered security.	Common Shares, without Par Value
Security Exchange Name	NASDAQ
Document Transition Report	false
Document Shell Company Report	false

XML

Consolidated Statements of Financial Position - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Current assets
Cash	$ 704,977	$ 4,587,405
Restricted cash		672,663
Receivables	238,059	698,361
Prepaids	527,594	296,352
Loans receivable		94,882
Total current assets	1,470,630	6,349,663
Loans receivable	110,102	233,837
Licenses	914,760	1,840,836
Investment in equity instruments	3,845,598	1,551,324
Equipment	140,353	123,305
Intangible assets	5,564,426	1,707,959
Goodwill		3,582,548
Total assets	12,045,869	15,389,472
Current liabilities
Accounts payable and accrued liabilities	1,490,753	4,367,381
Loans payable	639,293	1,437,933
Convertible debentures	531,519
Current portion of long-term debt	8,991
Current liabilities	2,670,556	5,805,314
Convertible debentures		1,388,402
Long-term debt	42,945
Deferred income taxes		23,163
Derivative liability	341,163	1,102,277
Liabilities	3,054,664	8,319,156
SHAREHOLDERS' EQUITY (DEFICIENCY)
Share capital	29,632,284	21,118,940
Commitment to issue shares	574,457	137,197
Reserves	3,633,057	2,166,098
Accumulated other comprehensive income	10,690	303,465
Accumulated deficit	(24,859,283)	(18,441,785)
Equity (deficit) attributable to shareholders of the company	8,991,205	5,283,915
Non-controlling interest		1,786,401
Total Equity	8,991,205	7,070,316
Total equity and liabilities	$ 12,045,869	$ 15,389,472

XML

Consolidated Statements of Loss - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Profit or loss [abstract]
Sales	$ 47,317	$ 27,109
Cost of sales	763,184	1,837,555	603,718
Gross profit (loss)	(715,867)	(1,810,446)	(603,718)
Operating expenses
Accretion expense	67,175	211,155
Amortization	101,350	100,202	17,722
Bad debts			10,020
Consulting fees	1,205,902	775,916	344,003
Depreciation	37,417	1,553
Foreign exchange loss	40,691	16,833	65,612
Insurance	80,900	58,452	17,568
Interest expense	157,367	178,767	133,915
Investor relations, filing, and compliance fees	284,225	268,679	126,344
Management and directors salaries and fees	635,583	578,650	407,526
Marketing	2,102,152	1,166,286
Other general and administrative expenses	78,416	49,808	11,327
Professional fees	691,463	891,673	519,076
Research and development	430,632
Share-based compensation	1,917,172	1,173,512	111,135
Travel	30,288	30,036	12,558
Total operating expenses	7,860,733	5,501,522	1,776,806
Loss before other income (expenses)	(8,576,600)	(7,311,968)	(2,380,524)
Other income (expenses)
Interest income	67,922	68,867	53,548
Share of profit (loss) of equity investment		195,726	(119,654)
Write-off of associate			(310,484)
Write-off of investment in films			(12,447)
Write-off of licenses	(330,276)	(717,125)
Listing expense			(4,130,557)
Project investigation		(192,601)	(359,590)
Derivative liability - warrants			(1,557,086)
Gain (loss) on derivative liability	1,231,899	(449,519)	1,030,328
Gain (loss) on settlement of debt	39,032	(98,487)	209,670
Unrealized gains on equity instruments	2,383,004	953,961
Allowance for credit loss	(184,881)	(145,431)
Total other income (expenses)	3,206,700	(384,609)	(5,196,272)
Loss before income tax	(5,369,900)	(7,696,577)	(7,576,796)
Deferred income tax expense (recovery)		(160,917)
Loss attributable to Liquid Media Group	(5,369,900)	(7,535,660)	(7,576,796)
Profit (loss) from discontinued operations	(2,813,889)	(89,656)	76,563
Loss for the year	(8,183,789)	(7,625,316)	(7,500,233)
Loss attributable to:
Shareholders of the Company	(6,417,498)	(7,581,384)	(7,537,749)
Non-controlling interest	(1,766,291)	(43,932)	37,516
Loss for the year	$ (8,183,789)	$ (7,625,316)	$ (7,500,233)

XML

Consolidated Statements of Comprehensive Loss - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Statement of comprehensive income [abstract]
Loss for the year	$ (8,183,789)	$ (7,625,316)	$ (7,500,233)
Other comprehensive income (loss)
Foreign currency translation adjustment	(312,885)	12,775	398,892
Comprehensive loss for the year	(8,496,674)	(7,612,541)	(7,101,341)
Comprehensive loss attributable to:
Shareholders of the company	(6,710,273)	(7,560,001)	(7,255,667)
Non-controlling interest	(1,786,401)	(52,540)	154,326
Comprehensive loss for the year	$ (8,496,674)	$ (7,612,541)	$ (7,101,341)

XML

Consolidated Statements of Changes in Shareholders' Equity - CAD ($)	Issued Capital	Commitment To Issue Shares [Member]	Rreserves [member]	Accumulated Other Comprehensive Income	Deficit	Non-controlling Interests	Total
Beginning Balance at Nov. 30, 2017	$ 2,364,400	$ 168,550	$ 542,397		$ (3,322,652)		$ (247,305)
Beginning Balance, Shares at Nov. 30, 2017	2,177,715
Statement Line Items [Line Items]
Shares issued pursuant to acquisition agreement	$ 415,000						415,000
Shares issued pursuant to acquisition agreement, Shares	66,667
Non-controlling interest acquired						1,684,615	1,684,615
Eliminate capital stock of Liquid Media Group (Canada) Ltd., Shares	(2,244,381)
Opening balance of Liquid Media Group Ltd., Shares	560,410
Issuance of shares to former shareholders of Liquid Canada	$ 4,277,319		96,303				4,373,622
Issuance of shares to former shareholders of Liquid Canada, Shares	1,288,497
Shares issued for cash	$ 4,157,760						4,157,760
Shares issued for cash, Shares	800,000
Shares issued for license fees	$ 4,880,639						$ 4,880,639
Shares issued for license fees, Shares	888,000						888,000
Shares issued to settle debt	$ 623,771						$ 623,771
Shares issued to settle debt, Shares	113,764
Shares issued for intangible assets	$ 1,469,456						1,469,456
Shares issued for intangible assets, Shares	268,000
Shares issued for commitment	$ 156,000	(156,000)
Shares issued for commitment, Shares	28,451
Shares issued for share issuance costs	$ (448,145)		24,774				(423,371)
Shares issued for share issuance costs, Shares	10,000
Share issue costs	$ (23,200)						(23,200)
Warrants exercised for cash	$ 159,601	(4,000)	(2,986)				152,615
Warrants exercised for cash, Shares	52,985
Warrants issued for share issue costs		4,000					4,000
Share-based compensation			111,135				111,135
Foreign exchange on translation				282,082		116,810	398,892
Loss for the year					(7,537,749)	37,516	(7,500,233)
Ending Balance at Nov. 30, 2018	$ 18,032,601	12,550	771,623	282,082	(10,860,401)	1,838,941	10,077,396
Ending Balance, Shares at Nov. 30, 2018	4,010,108
Statement Line Items [Line Items]
Shares issued to settle debt	$ 634,175						634,175
Shares issued to settle debt, Shares	159,873
Units issued for convertible debentures and related interest	$ 2,040,346		(244,890)				1,795,456
Units issued for convertible debentures and related interest, Shares	1,000,167
Residual value of warrants issued for conversion of convertible debentures	$ (30,779)		30,779
Shares issued for services	$ 73,980						73,980
Shares issued for services, Shares	17,222
Commitment to issue shares		137,197					137,197
Subscriptions reclassified to payables		(12,550)					(12,550)
Convertible debenture - equity portion			$ 435,074				$ 435,074
Warrants exercised for cash	$ 158,291
Warrants exercised for cash, Shares	368,617						368,617
Share-based compensation			$ 1,173,512				$ 1,173,512
Foreign exchange on translation				21,383		(8,608)	12,775
Loss for the year					(7,581,384)	(43,932)	(7,625,316)
Ending Balance at Nov. 30, 2019	$ 21,118,940	137,197	2,166,098	303,465	(18,441,785)	1,786,401	7,070,316
Ending Balance, Shares at Nov. 30, 2019	5,345,661
Statement Line Items [Line Items]
Units issued for cash	$ 4,882,418						4,882,418
Units issued for cash, shares	2,666,672
Shares issued to settle debt	$ 331,967						331,967
Shares issued to settle debt, Shares	107,228
Units issued for convertible debentures and related interest	$ 1,121,514		(134,198)				987,316
Units issued for convertible debentures and related interest, Shares	527,402
Shares issued for restricted share units	$ 482,272		(482,272)
Shares issued for restricted share units, Shares	250,001
Shares issued for services	$ 276,384	(33,058)					243,326
Shares issued for services, Shares	125,675
Commitment to issue shares		574,457					574,457
Share issue costs	(1,072,590)						(1,072,590)
Warrants exercised for cash	$ 2,150,707	(104,139)	(28,056)				2,018,512
Warrants exercised for cash, Shares	1,066,282
Warrants issued for share issue costs			338,558				338,558
Options exercised for cash	$ 340,672		(144,245)				196,427
Options exercised for cash, Shares	53,505
Share-based compensation			1,917,172				1,917,172
Foreign exchange on translation				(292,775)		(20,110)	(312,885)
Loss for the year					(6,417,498)	(1,766,291)	(8,183,789)
Ending Balance at Nov. 30, 2020	$ 29,999,645	$ 574,457	$ 3,633,057	$ 10,690	$ (24,859,283)		$ 8,991,205
Ending Balance, Shares at Nov. 30, 2020	10,142,426

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Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Cash flows provided by (used in) operating activities
Loss from continuing operations for the year	$ (5,369,900)	$ (7,535,660)	$ (7,576,796)
Operating expenses of discontinued operations	38,635	113,876	119,667
Items not affecting cash:
Accretion expense	67,175	211,155
Accrued interest income	(61,562)	(60,662)	(49,404)
Accrued interest expense	128,171	162,152	126,360
Allowance for credit loss	184,881	145,431
Amortization - intangibles	101,350	100,202	17,722
Amortization - licenses	596,882	1,819,596	603,718
Depreciation	37,417	1,553
Bad debts			10,020
Change in value of derivatives	(1,231,899)	449,519	526,758
Commitment to issue shares		33,058
Deferred income tax recovery		(160,917)
(Gain) loss on settlement of debt	(39,032)	98,487	(172,816)
Non-cash listing expense			4,130,557
Share of (profit) loss on equity investment		(195,726)	119,654
Share-based compensation	1,917,172	1,173,512	111,135
Shares issued for services	243,326	73,980
Unrealized foreign exchange	18,045	(45,276)	(85,083)
Unrealized gains on equity instruments	(2,383,004)	(953,961)
Warrants issued for services	29,774
Write-off of intangible assets			116,352
Write-off of investments in associates			310,484
Write-off of investments in film			12,447
Write-off of license fees	330,276	717,125
Changes in non-cash working capital:
Receivables	(200,909)	(654,532)	51,889
Prepaids	(231,242)	(204,840)	172,815
Accounts payable and accrued liabilities	(387,602)	685,294	1,780,777
Cash flows from (used in) operating activities	(6,212,046)	(4,026,634)	326,256
Cash flows used in investing activities
Cash acquired from reverse acquisition			579,279
Cash received prior to reverse acquisition			124,561
Cash acquired for Majesco			(196,505)
Cash disposed on sale of Majesco	(103,794)
Acquisition of equipment	(56,436)
Investment in associate			(2,339)
Investment in intangibles	(4,464,885)		(79,808)
Loan receivable received	83,231	10,000
Interest received on loans	12,067	7,807
Restricted cash from reverse acquisition			(574,510)
Restricted cash received	679,021	574,510
Purchase of restricted deposit certificate	(6,358)	(672,663)
Investing expenses of discontinued operations		(133,356)	11,060
Cash flows from (used in) investing activities	(3,857,154)	(213,702)	(138,262)
Cash flows provided by (used in) financing activities
Loan proceeds	1,535	812,933	167,500
Loan repayments	(775,175)	(137,000)	(27,500)
Loan proceeds from related parties			37,582
Loan repayments to related parties		(172,203)	(50,500)
Long-term debt proceeds	51,936
Interest paid on loans	(463,272)	(23,260)
Convertible debentures issued		3,502,793
Shares and warrants issued for cash	5,353,203		4,157,760
Share issuance costs	(763,806)		(446,571)
Commitment to issue shares	574,457	104,139
Warrants issued for cash	2,018,512	368,617	156,615
Options exercised and issued for cash	196,427
Cash flows from (used in) financing activities	6,193,817	4,456,019	3,994,886
Effect of foreign exchange on cash	(7,045)	44,391	90,144
Change in cash during the year	(3,882,428)	260,074	4,273,024
Cash, beginning of year	4,587,405	4,327,331	54,307
Cash, end of year	704,977	4,587,405	4,327,331
Supplemental cash-flow disclosure:
Interest received	12,067	7,807	3,963
Interest paid	$ 463,272	$ 23,260	$ 1,161

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NATURE AND CONTINUANCE OF OPERATIONS

12 Months Ended

Nov. 30, 2020

Nature And Continuanve Of Operations [Abstract]

NATURE AND CONTINUANCE OF OPERATIONS

1.       Nature and Continuance of Operations

Liquid Media Group Ltd. (“Liquid” or the “Company”), formerly Leading Brands Inc. (“LBIX”), is the parent company of Liquid Media Group (Canada) Ltd. (“Liquid Canada”), formerly Liquid Media Group Ltd. The Company is an entertainment company with a portfolio of content IP spanning creative industries. The Company’s mission is to empower storytellers worldwide to develop, produce and distribute content across channels and platforms. The head office and registered records office of the Company is Suite 202 – 5626 Larch Street, Vancouver, British Columbia, V6M 4E1. The Company’s shares trade on the Nasdaq Stock Market (“Nasdaq”) under the trading symbol “YVR”.

On August 9, 2018, the Company announced the successful closing of the proposed business combination with Liquid Canada by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Pursuant to the Arrangement, Liquid Canada was acquired by and became a wholly-owned subsidiary of LBIX. As part of the Arrangement, on August 10, 2018, LBIX changed its name to Liquid Media Group Ltd. and Liquid Canada changed its name to Liquid Media Group (Canada) Ltd. At the time of completion of the Arrangement, LBIX had 1,848,980 common shares issued and outstanding which included 1,288,497 common shares issued to former Liquid Canada shareholders, representing 69.69% of the Company’s issued and outstanding shares. Initially, the common shares of the Company issued in connection with the Arrangement were listed on NASDAQ under the ticker symbol “LBIX”. Effective August 10, 2018, the trading symbol of LBIX was changed to “YVR”.

Upon closing of the transaction, the shareholders of Liquid Canada owned 69.69% of the common shares of the Company, and as a result, the transaction is considered a reverse acquisition of the Company by Liquid Canada. All previous common shares and warrants were exchanged at a ratio of one share of Liquid Canada for 0.5741 of LBIX (“Conversion Rate”). For accounting purposes, Liquid Canada is considered the acquirer and the Company, the acquiree. Accordingly, the consolidated financial statements are in the name of Liquid Media Group Ltd; however, they are a continuation of the financial statements of Liquid Canada (Note 3).

These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at November 30, 2020, the Company has generated losses since inception and has an accumulated deficit of $24,859,283. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. Subsequent to November 30, 2020, the Company closed a US$6,000,000 registered direct offering. Management has estimated that it has have sufficient working capital to meet the Company’s liabilities and commitments as they become due for the upcoming 12 months.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, customers, economies, and financial markets globally, potentially leading to an economic downturn. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for our product and harm our business and results of operations; however, the Company has also recognized that the pandemic has led to a global increase in screen time and online gaming which is beneficial to the Company’s operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business, results of operations, or how it will impact the Company’s ability to conduct financings at this time.

These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

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SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Nov. 30, 2020

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2.       Significant Accounting Policies

The following is a summary of the significant accounting policies used in the preparation of these consolidated financial statements.

Statement of compliance

These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”).

Basis of presentation

The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, except for certain financial assets and liabilities, including derivative instruments that are measured at fair value. The consolidated financial statements are presented in Canadian dollars unless otherwise noted.

Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries at the end of the reporting period as follows:

	Incorporation	Percentage owned
		2020		2019		2018
Liquid Media Group (Canada) Ltd. (“Liquid Canada”)	Canada	100	%	100	%	100	%
Companies owned by Liquid Canada:
Majesco Entertainment Company (“Majesco)	USA	0	%	51	%	51	%

On January 9, 2018, Liquid Canada acquired 51% of the shares of Majesco Entertainment Company (“Majesco”), a Nevada corporation. The Company is a provider of video game products primarily for the mass-market consumer (Notes 5 and 20). The Company deconsolidated Majesco as of August 31, 2020 as control was lost.

All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated upon consolidation.

Non-controlling interest represented the portion of a subsidiary’s earnings and losses and net assets that is not held by the Company. If losses in a subsidiary applicable to a non-controlling interest exceed the non-controlling interest in the subsidiary’s equity, the excess is allocated to the non-controlling interest except to the extent that the majority has a binding obligation and is able to cover the losses.

Subsidiaries

Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported revenues and expenses during the period.

Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates.

Significant judgements includes the determination of functional currency, assessments over level of control or influence over companies, the recoverability and measurement of deferred tax assets, assessments of acquisitions of groups of assets versus a business, and the determination of a discontinued operation.

The most significant accounts that require estimates as the basis for determining the stated amounts include the valuation of share-based compensation, derivative, and convertible features; the valuation of intangible assets including goodwill; the valuation of investments in equity instruments; the valuation of expected credit loss; and the valuation of convertible debentures.

Critical judgment exercised in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is as follows:

Functional currency

The functional currency of the Company and its subsidiaries is the United States dollar (“USD”); however, determination of functional currency may involve certain judgments to determine the primary economic environment which is re-evaluated for each new entity or if conditions change.

Level of control or influence over companies

The accounting for investments in other companies can vary depending on the degree of control and influence over those other companies. Management is required to assess at each reporting date the Company’s control and influence over these other companies. Management has used its judgment to determine which companies are controlled and require consolidation and those which are significantly influenced and require equity accounting. The Company has considered its ownership position in Waterproof Studios Inc. (“Waterproof”) to constitute significant influence up to February 28, 2019 and thereafter does not have the ability to influence the key operating activities of the entity. Accordingly, as of March 1, 2019 the Company has accounted for its investment under fair value through profit or loss (Notes 10 and 11). Additionally, the Company has assessed that control of Majesco was lost as of August 31, 2020 (Note 20).

Income taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Acquisition of group of assets

The Company acquired platform coding which did not meet the definition of a business and is accounted for as an asset acquisition. The Company applied the amended IFRS 3 Business Combinations standard in its determination that the acquisition did not meet the definition of a business, in particular, the optional concentration test, as substantially all the fair value of the assets acquired were accounted in a group of similar identifiable assets.

Discontinued operations

The Company classifies a component of the Company’s business as discontinued operations when there is a highly probable likelihood of a disposal of that component.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows:

Valuation of share-based compensation, derivatives, and convertible features

The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation and other equity based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves.

Valuation of intangible assets including goodwill

Goodwill and intangible assets are assessed for impairment indicators at each reporting date. Management first reviews qualitative factors in determining if an impairment needs to be recorded. Quantitative factors are then used to calculate the amount of impairment, if needed. Goodwill and certain intangibles resulted from a business acquisition which were valued based on estimated discounted cash flows. As at November 30, 2020, that business was sold.

Valuation of investment in equity instrument

The Company values its equity instruments in private companies at fair value at each reporting date. The determination of fair value is based on estimates made by management on the expected earnings before income, taxes, and amortization multiplied by a reasonable factor for the appropriate industry applicable to the private company.

Valuation of expected credit loss

Loans receivable are assessed for an estimated credit loss at each reporting date. The estimated loss is determined based on management’s knowledge of the debtor and their ability to repay the loan. As the current debtors’ are private entities, management must rely on assertions provided to them from the debtor to make their estimates.

Valuation of convertible debentures

The equity portion of the convertible debenture is calculated using a discounted cash flow method which requires management to make an estimate on an appropriate discount rate.

Foreign currency translation

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company and Liquid Canada changed from the CAD to the USD dollar effective September 1, 2018. The functional currency of Majesco was the USD. The functional currency of Waterproof is the CAD. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.

Transactions in currencies other than USD are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities in foreign currencies are translated at historical rates. Revenues and expenses are translated at the average exchange rates approximating those in effect during the reporting period.

For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company’s USD operations are translated into CAD at the exchange rate at the reporting date. The income and expenses are translated using average rate. Foreign currency differences that arise on translation for consolidation purposes are recognized in other comprehensive income (loss).

Financial instruments

Financial assets

On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income.

The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Receivables and loans receivable are measured at amortized cost with subsequent impairments recognized in profit or loss. Cash, restricted cash, and investment in equity instruments are classified as FVTPL.

Impairment

An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

For the years presented, the Company did not record an expected credit loss on its accounts receivable; however, an accumulated expected credit loss was recorded on its loans receivable as at November 30, 2020.

Financial liabilities

Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities, due to related parties, loans payable, convertible debentures, and long-term debt are classified as other financial liabilities and carried on the statement of financial position at amortized cost. Derivative liabilities are measured at FVTPL.

Investment in associates

The Company’s investment in associates was accounted for using the equity method of accounting. An associate is an entity in which the Company has significant influence and which is neither a subsidiary nor a joint venture.

Under the equity method, the investment in the associate is carried in the statement of financial position at cost. The statement of loss reflects the share of the results of operations of the associate until significant influence ceases. Where there has been a change recognized directly in the equity of the associate, the Company recognizes its share of any changes and discloses this, when applicable, in the statement of changes in shareholders’ equity (deficiency). Profits and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate.

Associates are those entities in which the Company has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. Investments in associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company from the date that significant influence or joint control commences, until the date that significant influence or joint control ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to nil, and the recognition of further losses is discontinued, except to the extent that the Company has obligations, or has made payments on behalf of the investee. The Company used the equity method of accounting for its 49% investment in Waterproof until significant influence ceased on March 1, 2019.

Equipment

Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

Assets under construction are not depreciated until available for their intended use.

Depreciation is charged over the estimated useful lives using the declining balance method as follows:

Computer equipment	30	%
Vehicles	30	%

Intangible assets

The Company has intangible assets from acquisitions and development of gaming content. The amortization method, useful life and residual values are assessed annually and the assets are tested for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Amortization expense is recorded on a straight-line basis beginning with the month the corresponding assets are available for use and over the estimated useful lives provided below:

Video game catalogues (years)	15
Platform coding (years)	3
Brands	indefinite

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated amortization are removed from the accounts and any gain or loss is reflected in profit and loss. Expenditures for repairs and maintenance are expensed as incurred.

Development expenditures, including the cost of material, direct labour, and other direct costs are recognized as an intangible asset when the following recognition requirements are met:

· the development costs can be measured reliably;

· the project is technically and commercially feasible;

· the Company intends to and has sufficient resources to complete the project;

· the Company has the ability to use or sell the asset, and

· the asset will generate probable future economic benefits.

Intangible assets being developed are amortized once development is complete and the asset starts to generate income.

Video game catalogues

The video game catalogues are made up of a diverse variety of games, ranging in age and popularity. The catalogues are unique due to the diverse nature of the products within the catalogues, making it difficult to assign a useful life. The useful life of 15 years represents management’s view of the expected period over which the Company expects benefits from the acquired gaming content packaged as catalogues. The election of this useful life is supported by internal game titles still producing revenue at this age.

Platform coding

The platform coding acquired by the Company is currently under development and is not yet subject to amortization.

Brand

Through the acquisition of Majesco (Note 5), the Company acquired the “Majesco Entertainment” brand which was determined to have an indefinite life.

Goodwill

Goodwill is deemed to have an indefinite life and is not amortized but is subject to, at a minimum, annual impairment tests. The Company assesses the impairment of goodwill on an annual basis or whenever events or changes in circumstances indicate that the fair value is less than its carrying value. Impairment is tested at the cost center level by comparing the fair value of a cost center with its carrying amount including goodwill. If the carrying amount of the cost center exceeds its fair value, goodwill of the cost center is considered impaired and the second step of the test is performed to determine the amount of impairment loss, if any.

Impairment of non-financial assets

The carrying amount of the Company’s non-financial assets is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years.

Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

Business combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable new assets. Acquisition costs incurred are expensed.

Discontinued operations

A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which:

· represents a separate majour line of business or geographic area of operations;

· is part of a single coordinated plan to dispose of a separate majour line of business or geographic area of operations; or

· is a subsidiary acquired exclusively with a view to re-sale.

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comparative statement of comprehensive loss is re-presented as if the operation had been discontinued from the start of the comparative year.

Derivative liability

Share purchase warrants outstanding during the years ended November 30, 2019 and 2018 met the criteria of a derivative instrument liability because they were exercisable in a currency other than the functional currency of the Company and thus did not meet the “fixed-for-fixed” criteria. As a result, the Company was required to separately account for the warrants as a derivative instrument liability recorded at fair value and marked-to-market each period with the changes in the fair value each period charged or credited to loss. Changes in fair value are recognized as gain/loss on derivative liability until the warrants are exercised or expire.

Convertible debentures

The Company’s convertible debenture was classified as a liability, less the portion relating to the conversion feature which is classified as a component of equity. As a result, the recorded liability to repay the convertible notes is lower than its face value. The liability was initially recorded at fair value and subsequently at amortized cost using the effective interest rate method; the liability is accreted to the face value over the term of the convertible debenture.

Share capital

Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares, share warrants, and options are classified as equity instruments.

Incremental costs directly attributable to the issue of new shares or options are recognized as a deduction from equity, net of tax.

Valuation of equity units issued in private placements:

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in private placements is determined to be the more easily measurable component as they are valued at their fair value which is determined by the closing price on the issuance date. The remaining balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded to reserves.

Loss per share

Basic and diluted loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of shares outstanding during the reporting period. If applicable, diluted income per share is computed similar to basic income per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of share options, warrants, and convertible debentures, if dilutive. The number of additional shares is calculated by assuming that outstanding share options and warrants were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting periods. For the years presented, this calculation proved to be anti-dilutive.

Share-based compensation

The Company grants stock options to buy common shares of the Company to directors, officers and consultants.

All stock options and compensatory warrants made to employees and non-employees are measured and recognized using the Black-Scholes option pricing model. For employees, the fair value of the options is measured at grant date. For non-employees, the fair value of the options is measured on the earlier of the date at which the counterparty performance is complete, the date the performance commitment is reached, or the date at which the equity instruments are granted if they are fully vested and non-forfeitable. Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. Stock options that vest over time are recognized using the graded vesting method. Share based compensation is recognized as an expense with a corresponding increase in reserves. At each financial reporting period, the amount recognized as expense is adjusted to reflect the number of share options expected to vest. If and when the stock options are ultimately exercised, the applicable amounts of reserves are transferred to share capital.

Where the terms of a stock option are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the stock-based compensation arrangement or is otherwise beneficial to the employee as measured at the date of modification over the remaining vesting period.

The Company may grant Restricted Share Units (RSUs) to directors, officers, employees, and consultants. The fair value of the RSUs are estimated using the value on the grant date and are recognized as an expense over the vesting period. As the RSUs are redeemed and common shares are issued, the amount previously recognized in reserves is recorded as an increase to share capital.

Revenue recognition

Animation production services

Revenue from animation production services provided is recognized when the services have been provided and control of the deliverable has been transferred to the customer. Revenue collected prior to it being earned is recorded as deferred revenue and recognized as the related services are provided. Management estimates the pace of revenue recognition based on contract milestones and determination of when it considered the revenue to be earned. The Company’s arrangements with customers are evidenced by contracts with customers. Any costs incurred to secure a contract will be capitalized and amortized over the period in which the revenue is recognized.

Software games

Revenue from sales of interactive software games on game consoles and PCs are recognized as revenue when games are purchased by a customer.

Sales of the Company’s games are made by third party gaming platform companies pursuant to license agreements, and these gaming platform companies retain an agreed upon portion of sales as fees. The Company reports revenues related to these arrangements net of the fees retained by the gaming platform companies, as the Company has determined that the gaming platform companies are considered the primary obligors to the end consumers for the sale of the games.

Streaming services

Revenue from streaming services are recognized as revenue when the services have been provided and control of the deliverable has been transferred to the customer. The streaming services allows independent film makers to monetize their films on the Company’s streaming platforms. The Company earns a percentage of the sales charged by the filmmakers which is collected by third party payments providers. The Company reports revenues related to these sales net of the fees paid to the filmmakers and payment providers.

Royalties and licenses

Royalty-based obligations with content licensors are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently paid. These royalty-based obligations are generally expensed to cost of sales at the contractual rate based on a percentage of the revenue earned.

Income taxes

Current income tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the country where the Company operates and generates taxable income.

Deferred income tax

Deferred income tax is provided for based on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Current income and deferred tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Changes in accounting standards

On December 1, 2019, the Company elected to early adopt the amendments to IFRS 3 Business Combinations. The amendment:

· clarifies minimum requirements to be a business,

· clarifies market participants ability to replace missing elements,

· clarifies the assessment of whether an acquired process is substantive,

· narrows the definition of outputs, and

· provides for an optional concentration test which is met if substantially all of the fair value of the gross net assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The Company has also adopted the following accounting standards effective December 1, 2019, which had no significant impact on the consolidated financial statements:

· IFRS 16 - Leases

· IFRIC 23 – Uncertainty Over Income Tax Treatments

Accounting pronouncements not yet adopted

Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s consolidated financial statements.

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REVERSE ACQUISITION

12 Months Ended

Nov. 30, 2020

Reverse Acquisition [Abstract]

REVERSE ACQUISITION

3.       REVERSE ACQUISITION

As described in Note 1, on August 9, 2018, pursuant to an Arrangement between LBIX and Liquid Canada, LBIX acquired all of the issued and outstanding shares of Liquid Canada. The former shareholders of Liquid Canada received an aggregate of 1,288,497 common shares of LBIX for all of the outstanding common shares of Liquid Canada. LBIX shareholders retained 560,410 common shares on completion of the transaction and the former LBIX stock option holders were granted 117,000 stock options.

The transaction constituted a reverse acquisition of LBIX and had been accounted for as a reverse acquisition transaction in accordance with the guidance provided under IFRS 2, Share-based Payment and IFRS 3, Business Combinations. As LBIX did not qualify as a business according to the definition in IFRS 3, Business Combination, this reverse acquisition did not constitute a business combination; rather the transaction was accounted for as an asset acquisition by the issuance of shares of the Company, for the net assets of LBIX and its public listing. Accordingly, the transaction had been accounted for at the fair value of the equity instruments granted by the shareholders of Liquid Canada to the shareholders and option holders of LBIX. The sum of the fair value of the consideration paid (based on the fair value of the LBIX shares just prior to the reverse acquisition) less the LBIX net assets acquired, has been recognized as a listing expense in profit or loss for the year ended November 30, 2018.

For accounting purposes, Liquid Canada was treated as the accounting parent company (legal subsidiary) and LBIX had been treated as the accounting subsidiary (legal parent) in these consolidated financial statements. As Liquid Canada was deemed to be the acquirer for accounting purposes, its assets, liabilities and operations since incorporation are included in these consolidated financial statements at their historical carrying value. The results of operations of LBIX are included in these consolidated financial statements from the date of the reverse acquisition of August 9, 2018.

The following represents management's estimate of the fair value of the LBIX net assets acquired as at August 9, 2018 as a result of the reverse acquisition and is subject to final valuation adjustments.

	Total
	$
Cost of acquisition:
Shares retained by public company shareholders - 560,410 shares at US$5.85 x 1.3047	4,277,319
Fair value of stock options	96,303
	4,373,622
Allocated as follows:
Cash	4,769
Restricted cash	574,510
Prepaid expenses	37,132
Receivables	124,561
Liabilities	(497,907	)
	243,065
Allocated to listing expense	4,130,557
	4,373,622

Stock options granted were valued using the Black Scholes model using the following assumptions: risk free rate of 2.09%, volatility of 127%, dividend yield of $Nil, and expected life of 0.94 years.

During the year ended November 30, 2020, the Company incurred costs of $nil (2019 - $192,601; 2018 - $359,590) related to the reverse acquisition that were recorded as project investigation costs.

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RESTRICTED CASH

12 Months Ended

Nov. 30, 2020

Restricted Cash And Cash Equivalent Abstract

RESTRICTED CASH

4.       RESTRICTED CASH

As at November 30, 2020, the Company had a $Nil (November 30, 2019 - $672,663 (US$506,179)) deposit certificate which earned interest at 0.35% per annum and matured and renewed monthly. The deposit certificate was assigned as security to City National Bank for a revolving bank loan (Note 16).

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ACQUISITION OF MAJESCO ENTERTAINMENT COMPANY

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about business combination [abstract]

ACQUISITION OF MAJESCO ENTERTAINMENT COMPANY

5.       ACQUISITION OF MAJESCO ENTERTAINMENT COMPANY

On January 9, 2018, the Company acquired 51% of the issued and outstanding shares of Majesco Entertainment Company, a U.S. corporation. As consideration, the Company issued 66,667 common shares with a value of $415,000 and is required to pay cash consideration of up to US$1,000,000. During the year ended November 30, 2020, the Company settled the remaining balance of $632,061 (US$500,000) previously included in accounts payable (Note 20) (2019 - $664,405 (US$500,000)).

In connection with the acquisition of Majesco, the Company agreed to pay a finder’s fee of 5% of the total purchase price for a total fee of $97,809 (US$75,000). As at November 30, 2020, the agent forgave the remaining US$25,000 resulting in $nil (November 30, 2019 - $33,223 (US$25,000)) being included in accounts payable.

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RECEIVABLES

12 Months Ended

Nov. 30, 2020

Trade and other receivables [abstract]

RECEIVABLES

6.       RECEIVABLES

	2020	2019
	$	$
Accounts receivable	10,360	25,299
Sales tax receivable	227,699	14,293
Other receivables	-	658,769
	238,059	698,361

Other receivables as at November 30, 2019 included the Company’s insurance claim for certain legal bills in relation to a lawsuit.

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PREPAIDS

12 Months Ended

Nov. 30, 2020

Ranges Of Exercise Prices For Otstanding Share Options 16.29 [Member]

PREPAIDS

7.       PREPAIDS

As at November 30, 2020, prepaids includes $370,432 (US$285,714) (November 30, 2019 - $208,066 (US$156,570)) for a marketing campaign that is being expensed over the term of the campaign.

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LOANS RECEIVABLE

12 Months Ended

Nov. 30, 2020

Loans Receivable [Abstract]

LOANS RECEIVABLE

8.       LOANS RECEIVABLE

Current amounts

As at November 30, 2020, the current loans receivable including accrued interest is as follows:

	Waterproof		Participant  Games		Installment  Entertainment		Total
	$		$		$		$
Balance November 30, 2018	104,552		199,806		126,937		431,295
Reclassified as long-term	-		(199,806	)	(126,937	)	(326,743	)
Accrued interest income	8,137		-		-		8,137
Repayments received	(17,807	)	-		-		(17,807	)
Balance November 30, 2019	94,882		-		-		94,882
Accrued interest income	416		-		-		416
Repayments received	(95,298	)	-		-		(95,298	)
Balance November 30, 2020	-		-		-		-

During fiscal 2016, the Company entered into a revolving credit facility agreement with Waterproof and advanced $100,000 to Waterproof. The revolving credit facility was unsecured, bore interest at 8% per annum and was due on July 21, 2017. If there is a default or an event of default has occurred and is continuing, all amounts outstanding shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the applicable rate. Interest was payable on the first business day of each month. As at November 30, 2020, the Company had accrued interest receivable of $nil (November 30, 2019 - $11,651). The Company received payment in full in December 2019.

Long-term amounts

Loans receivable are classified as long-term when management has determined that they will not be receiving payment on these loans within the next twelve months. As at November 30, 2020, the long-term loans receivable including accrued interest are as follows:

	Participant  Games		Installment  Entertainment		Total
	$		$		$
Balance November 30, 2018	-		-		-
Reclassified from current	199,806		126,937		326,743
Accrued interest income	32,120		20,405		52,525
Expected credit loss	(115,963	)	(29,468	)	(145,431	)
Balance November 30, 2019	115,963		117,874		233,837
Accrued interest income	37,391		23,755		61,146
Expected credit loss	(86,026	)	(98,855	)	(184,881	)
Balance November 30, 2020	67,328		42,774		110,102

During fiscal 2017, the Company entered into a subordinated convertible note with Participant Games Inc. in the amount of $150,000. The convertible note is unsecured, bears interest at 15% per annum and was due on demand on or before December 21, 2017. The loan was convertible into shares, at any time prior to December 21, 2018 and accordingly the value of the conversion feature remaining from the convertibility feature was nominal as at November 30, 2018. As at November 30, 2020, the Company has accrued interest receivable of $119,317 (November 30, 2019 - $81,926) and has recorded an allowance for credit loss of $201,989 (November 30, 2019 - $115,963), on a cumulative basis, as the note remains unpaid.

During fiscal 2017, the Company entered into a convertible note with Installment Entertainment Inc. in the amount of $100,000. The convertible note is unsecured, bears interest at 15% per annum and was payable on demand on or before April 21, 2018. The loan was convertible into shares, at any time prior to April 21, 2018. As at November 30, 2020, the Company has accrued interest receivable of $71,097 (November 30, 2019 - $47,342) and has recorded an allowance for credit loss of $128,323 (November 30, 2019 - $29,468), on a cumulative basis, as the note remains unpaid.

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LICENSES

12 Months Ended

Nov. 30, 2020

Licenses [Abstract]

LICENSES

9.       LICENSES

Four licenses were acquired during the year ended November 30, 2018 through the issuance of 888,000 common shares valued at $4,880,639. During the year ended November 30, 2020, the Company wrote-off one license with an unamortized balance of $330,276 (year ended November 30, 2019 – one license with an unamortized balance $717,125). The remaining two licenses held at November 30, 2020 are being amortized over the term of the corresponding agreements ranging from three to four years.

During the year ended November 30, 2020, amortization, included in cost of sales, amounted to $596,882 (2019 - $1,819,596; 2018 – $603,718). The cumulative currency translation adjustment at November 30, 2020 was $101,718 (November 30, 2019 - $100,636).

The following table is a reconciliation of the licenses:

	2020		2019
	$		$
Balance, beginning of year	1,840,836		4,382,598
Amortization	(596,882	)	(1,819,596	)
Write-offs	(330,276	)	(717,125	)
Currency translation adjustment	1,082		(5,041	)
Balance, end of year	914,760		1,840,836

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INVESTMENT IN ASSOCIATE

12 Months Ended

Nov. 30, 2020

Disclosure of associates [abstract]

INVESTMENT IN ASSOCIATE

10.       INVESTMENT IN ASSOCIATES

Waterproof

On April 15, 2015, the Company acquired a 49% interest in Waterproof by paying $475,000 and issuing 100,000 common shares with a fair value of $125,001. The Company also issued 40,000 common shares as a finder’s fee with a fair value of $50,000 during the year ended November 30, 2015.

The Company owns 49% of Waterproof and previously held significant influence over the investment causing the Company to account for its investment using the equity method. As at March 1, 2019, the Company no longer had the ability to exert significant influence over Waterproof’s operating activities due to ongoing disputes, therefore causing the Company to reclassify the investment as FVTPL (Note 11).

The following table is a reconciliation of the investment in Waterproof as an equity investment:

	2020	2019		2018
	$	$		$
Balance, beginning of year	-	397,629		509,857
Share of profit (loss) of equity investment	-	195,726		(119,654	)
Currency translation adjustment	-	(6,081	)	7,426
Derecognition to investment in equity instruments (Note 11)	-	(587,274	)	-
Balance, end of year	-	-		397,629

The following table summarizes Waterproof’s revenue, expenses and losses for the comparative years:

	2018
	$
Revenue	4,999,395
Cost of sales	(3,951,861	)
Expenses	(1,291,786	)
Loss for the year	(244,252	)

Household Pests

The Company held a 50% interest in Household Pests Holdings Inc. (“Household Pests”) and accounted for its investment as a joint operation as the Company did not have the ability to control the key operating activities of the entity.

During the year ended November 30, 2017, Household Pests entered into a letter of understanding with Household Pests, LLC in connection with the development, financing, production and exploitation of the proposed animated feature film currently entitled Household Pests (the “Film”). Additionally, Household Pests entered in to an option agreement with Pigmental, LLC (“Owner”) with respect to the purchase of all rights, titles, and interests in the Animation Work Purchase Agreement dated as of July 2, 2014 by and between Sergio Animation Studios, S.L. and the Owner for a sum of US$625,000. During the year ended November 30, 2017, the Company paid $125,500 (US$100,000) as acquisition costs and incurred $181,872 in deferred costs.

As at November 30, 2018, Household Pests let the options lapse and as such, management wrote-off its $310,484 investment in Household Pests.

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INVESTMENT IN EQUITY INSTRUMENTS

12 Months Ended

Nov. 30, 2020

Ranges Of Exercise Prices For Otstanding Share Options 16.29 [Member]

INVESTMENT IN EQUITY INSTRUMENTS

11.       INVESTMENT IN EQUITY INSTRUMENTS

Until February 28, 2019, the Company accounted for the investment in Waterproof (Note 10) using the equity method of accounting resulting in a carrying value of $587,274 at March 1, 2019, however, the Company no longer exerts significant influence over Waterproof’s operating activities resulting in the investment being reclassified as FVTPL.

The fair value as at March 1, 2019 was determined to be $1,649,362 resulting in a gain of $1,062,088 on derecognition from the equity accounting carrying value.

As at November 30, 2020, the value of Waterproof’s common shares was estimated to be $3,845,598 (2019 - $1,551,324) resulting in an unrealized gain on equity instruments of $2,383,004 (2019 - $953,961). The cumulative currency translation adjustment as at November 30, 2020 was $(78,640) (2019 - $10,089).

The following table is a reconciliation of the investment in Waterproof:

	2020		2019
	$		$
Balance, beginning of year	1,551,324		-
Recognition from investment in associates (Note 10)	-		587,274
Change in fair value	2,383,004		953,961
Currency translation adjustment	(88,730	)	10,089
Balance, end of year	3,845,598		1,551,324

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EQUIPMENT

12 Months Ended

Nov. 30, 2020

Expected Dividend As Percentage Warrants

EQUIPMENT

12.       EQUIPMENT

	Computer  Equipment			Vehicles			Total
		$			$			$
Cost:
At November 30, 2018		-			-			-
Additions		125,143			-			125,143
Net exchange differences		(277	)		-			(277	)
At November 30, 2019		124,866			-			124,866
Additions		-			56,436			56,436
Net exchange differences		(3,043	)		(293	)		(3,336	)
At November 30, 2020		121,823			56,143			177,966
Depreciation:
At November 30, 2018		1,553			-			1,553
Net exchange differences		8			-			8
At November 30, 2019		1,561			-			1,561
Additions		37,417			-			37,417
Net exchange differences		(1,365	)		-			(1,365	)
At November 30, 2020		37,613			-			37,613
Net book value:
At November 30, 2019		123,305			-			123,305
At November 30, 2020		84,210			56,143			140,353

No depreciation was taken on the vehicle as it was purchased at the end of the fiscal year and not available for use.

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INTANGIBLE ASSETS

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about intangible assets [abstract]

INTANGIBLE ASSETS

13.       INTANGIBLE ASSETS

	Video Game  Catalogues		Platform  Coding		Brands		Total
	$		$		$		$
Cost:
At November 30, 2018	1,589,258		-		105,286		1,694,544
Additions - paid or accrued	133,356		-		-		133,356
Net exchange differences	(7,053	)	-		5,013		(2,040	)
At November 30, 2019	1,715,561		-		110,299		1,825,860
Additions - paid or accrued	-		4,464,885		-		4,464,885
Dispositions	(208,659	)	-		(111,454	)	(320,113	)
Net exchange differences	(40,598	)	(153,981	)	1,155		(193,424	)
At November 30, 2020	1,466,304		4,310,904		-		5,777,208
Amortization:
At November 30, 2018	17,722		-		-		17,722
Additions	100,202		-		-		100,202
Net exchange differences	(23	)	-		-		(23	)
At November 30, 2019	117,901		-		-		117,901
Additions	101,350		-		-		101,350
Net exchange differences	(6,469	)	-		-		(6,469	)
At November 30, 2020	212,782		-		-		212,782
Net book value:
At November 30, 2019	1,597,660		-		110,299		1,707,959
At November 30, 2020	1,253,522		4,310,904		-		5,564,426

As at November 30, 2020, included in video game catalogues is $nil (November 30, 2019 - $212,625) of development costs which the Company has not begun amortizing.

Brands pertained to Majesco Entertainment which were disposed of at August 31, 2020. (Note 20)

During the year ended November 30, 2020, the Company acquired platform coding for a cash payment of $4,464,885 (US$3,325,000) which is currently under development and not yet subject to amortization.

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GOODWILL

12 Months Ended

Nov. 30, 2020

Goodwill [Abstract]

GOODWILL

14.       GOODWILL

Goodwill of $3,356,355 was acquired during the year ended November 30, 2018 pursuant to the acquisition of Majesco. As at November 30, 2020, the goodwill was disposed of upon the deconsolidation of the Majesco operations (Note 20). The currency translation adjustment as at November 30, 2020 was $nil (November 30, 2019 - $226,193).

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ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Nov. 30, 2020

Trade and other current payables [abstract]

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

15.       ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	2020	2019
	$	$
Accounts payable (Note 29)	1,322,389	2,845,308
Accrued liabilities	154,958	821,014
Payroll taxes payable	13,406	474
Sales tax payable	-	2,911
Payable on Majesco acquisition (Note 5)	-	697,674
	1,490,753	4,367,381

During the year ended November 30, 2020, the Company issued 100,317 (2019 – 159,873; 2018 – 81,937) common shares valued at $306,620 (2019 - $634,175; 2018 - $449,291) to settle accounts payable of $346,000 (2019 - $535,688; $595,045) resulting in a gain of $39,380 (2019 – loss of $98,487; 2018 – gain of $145,764) which is included in gain (loss) on settlement of debt.

During the year ended November 30, 2020, the Company issued 12,402 units valued at $26,130 to convert interest on the convertible debentures included in accounts payable (Notes 17 and 19).

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LOANS PAYABLE

12 Months Ended

Nov. 30, 2020

Loan Payable [Abstract]

LOANS PAYABLE

16.       LOANS PAYABLE

A summary of loans payable balances and transactions is as follows:

	Related  party		Third  party		Credit  Facility		Bank  Loan		Total
	$		$		$		$		$
Balance, November 30, 2018	172,203		12,000		750,000		-		934,203
Advance	-		150,000		-		662,933		812,933
Repayment - cash	(172,203	)	(137,000	)	-		-		(309,203	)
Balance, November 30, 2019	-		25,000		750,000		662,933		1,437,933
Advance	-		-		-		1,535		1,535
Repayment - cash	-		-		(110,707	)	(664,468	)	(775,175	)
Repayment - shares	-		(25,000	)	-		-		(25,000	)
Balance, November 30, 2020	-		-		639,293		-		639,293

Related party loans

Related party loans consisted of amounts advanced by directors or companies controlled by them. Several of the loans were secured by assets of the Company with due dates ranging from demand loans to periods of one year and interest rates ranging from 0.0% to 8.0% per annum. As at November 30, 2019, all loans have been paid in full. As at November 30, 2020, interest of $nil (2019 - $39,747) remains outstanding and is included in accounts payable and accrued liabilities.

Third party loans

Third party loans included loans secured by assets of the Company with due dates ranging from demand loans to periods of one year and interest rates ranging from 0.0% to 14.4% per annum. As at November 30, 2019, the amount outstanding was due on demand and incurred interest of 14.4% per annum. During the year ended November 30, 2020, the Company issued 6,911 common shares valued at $25,347 to settle the $25,000 loan outstanding resulting in a loss of $348. Interest of $nil (2019 - $2,192) remains outstanding and is included in accounts payable and accrued liabilities.

Credit facility

In fiscal 2016 a $2,500,000 Credit facility was secured by assets of the Company under a general security agreement with a due date of November 30, 2018 and an interest rate of 14.4% per annum. A fee of $60,000 was settled through the issuance of shares during the year ended November 30, 2017. The Company repaid $1,750,000 of principal and $147,945 of interest during the year ended November 30, 2017.

In June 2018, a new lender acquired the remaining $750,000 loan and under new terms, the loan was due on August 20, 2018. The new lender obtained a Limited Power of Attorney over the Company’s 49% interest in Waterproof (“Waterproof POA”). In December 2018, the lender registered a general security agreement over all the Company’s current and future assets.

In November 2019, the new lender signed a Forebearance Agreement which extended the maturity date of the loan to November 30, 2020 and required the Company to make quarterly payments of $250,000 commencing on March 31, 2020 until the principal and interest on the loan have been paid in full. In accordance with the Forebarance Agreement, the Company issued 215,000 treasury shares of the Company as security for the loan which will be transferred to the lender upon any default of the loan. Additionally, the new lender released the Waterproof POA and amended their general security agreement to exclude the Company’s investment in Waterproof. In March 2020, the new lender provided an extension allowing the delay of the quarterly payments to commence June 30, 2020.

During the year ended November 30, 2020, the Company repaid a further $500,000 for this loan of which $110,707 has been applied to the principal and $389,293 has been applied to the outstanding interest. Interest of $7,062 (2019 - $289,282) remains outstanding and is included in accounts payable and accrued liabilities at November 30, 2020.

In February 2021, the new lender agreed to accept the 215,000 treasury shares held as security as full and final payment of the Forbearance Agreement (Note 29).

Bank loan

In May 2019, the Company entered into a revolving note for US$500,000 with City National Bank which bore interest at 2.35% per annum and was secured by a deposit certificate of US$500,000 (Note 4). As at November 30, 2020, the Company had repaid this loan in full.

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CONVERTIBLE DEBENTURES

12 Months Ended

Nov. 30, 2020

Ranges Of Exercise Prices For Otstanding Share Options 16.29 [Member]

CONVERTIBLE DEBENTURES

17.       CONVERTIBLE DEBENTURES

	Liability  component		Equity  component		Total
	$		$		$
Balance, November 30, 2018	-		-		-
Cash received	2,930,477		595,991		3,526,468
Deferred income tax liability	-		(160,917	)	(160,917	)
Interest expense and accretion	259,885		-		259,885
Settlement of convertible debentures	(1,795,455	)	(244,890	)	(2,040,345	)
Reallocation of interest to accounts payable	(25,156	)	-		(25,156	)
Currency translation adjustment	18,651		-		18,651
Balance, November 30, 2019	1,388,402		190,184		1,578,586
Interest expense and accretion	83,140		-		83,140
Settlement of convertible debentures	(961,186	)	(134,198	)	(1,095,384	)
Reallocation of interest to accounts payable	(21,079	)	-		(21,079	)
Currency translation adjustment	42,242		-		42,242
Balance, November 30, 2020	531,519		55,986		587,505

On February 28, 2019, the Company closed its private placement offering of unsecured convertible debentures raising $3,526,468 (US$2,678,000). Each debenture will mature two years from closing, will bear interest at 2% per annum, and can be converted into units at a price of US$1.50 per unit. Each unit will consist of one common share and one share purchase warrant with each warrant entitling the holder to acquire one common share of the Company for US$1.75 up to February 28, 2021.

For accounting purposes, the convertible debentures are separated into their liability and equity components by first valuing the liability component. The fair value of the liability component at the time of issue was calculated as the discounted cash flows for the convertible debentures assuming a 12% discount rate, which was the estimated rate for a similar debenture without a conversion feature. The fair value of the equity component (conversion feature) was determined at the time of issue as the difference between the face value of the convertible debentures and the fair value of the liability component, less a deferred income tax adjustment to reflect the book to tax difference in value of the convertible debentures at the time of issuance. As the Company has excess tax assets to offset the deferred tax liability, which was created from the book to tax difference in value of the convertible debentures, the deferred tax liability was reversed, resulting in a deferred tax recovery of $160,917 during the year ended November 30, 2019

During the year ended November 30, 2020, debentures of $961,186 (US$681,980) (2019 - $1,795,455 (US$1,133,761) were converted into 515,000 (2019 – 1,000,167) units of the Company of which $nil (2019 – $30,779) was allocated to reserves relating to the value of the warrants issued. As a result, the Company transferred $134,198 (2019 – $244,890) from reserves to share capital representing the proportionate balance of the equity component.

Interest and accretion expense for the year ended November 30, 2020 was $83,140 (2019 - $259,885).

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LONG-TERM DEBT

12 Months Ended

Nov. 30, 2020

Long-term Debt

LONG-TERM DEBT

18.       LONG-TERM DEBT

	Third  party
	$
Balance, November 30, 2019	-
Advances	51,936
Balance, November 30, 2020	51,936
Current portion	8,991
Long-term portion	42,945

During the year ended November 30, 2020, the Company entered into a Conditional Sales Contract for the purchase of a vehicle. The agreement bears interest of 6.99%, requires 60 monthly payments of $1,028, and is secured by a vehicle with a net book value of $56,143 (Note 12).

The principal payments required under the long-term debt for the next four fiscal years are as follows:

2022	$9,640
2023	10,336
2024	11,082
2025	11,887

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SHARE CAPITAL AND RESERVES

12 Months Ended

Nov. 30, 2020

Disclosure of reserves within equity [abstract]

SHARE CAPITAL AND RESERVES

19.       SHARE CAPITAL AND RESERVES

Authorized share capital

The Company is authorized to issue 500,000,000 common shares without par value.

The Company is authorized to issue the following preferred shares:

Preferred shares without par value	9,999,900
Series “A” preferred shares	1,000,000
Series “B” preferred shares	100
Series “C” preferred shares	1,000,000
Series “D” preferred shares	4,000,000
Series “E” preferred shares	4,000,000
	20,000,000

Issued share capital

Common shares

The Company had the following share issuances during the year ended November 30, 2020:

a) On January 22, 2020, the Company issued 57,125 common shares valued at $148,198 to settle debt of $190,706 (Note 15) resulting in a gain of $42,508 which is included in gain (loss) on debt settlements.

b) On January 22, 2020, the Company issued 11,764 common shares valued at $39,615 to a consultant of the Company for public relations services provided to the Company of which $33,058 of services were rendered during the year ended November 30, 2019 and was included in commitment to issue shares.

c) On April 27, 2020, the Company issued 50,103 common shares valued at $183,769 to settle debt of $180,294 (Notes 15 and 16) resulting in a loss of $3,476 which is included in gain (loss) on debt settlements.

d) On June 8, 2020, the Company closed a registered direct offering, under its F-3 registration statement in the United States, by issuing 2,666,672 common shares of the Company at US$1.50 per common share for total proceeds of $5,353,203 (US$4,000,002). Concurrent with this offering, the Company issued to the investors 1,333,334 share purchase warrants exercisable for US$1.88 per common share with a maturity date of June 9, 2025 (“Cashless Warrants”). In connection with these offerings, the Company paid legal fees of $409,200 (US$305,761), agent fees of $428,256 (US$320,000), and issued 213,333 agent warrants with a value of $338,558 and an exercise price of US$1.88 per common share with a maturity date of June 4, 2025 of which $103,424 related to the issuance of the Cashless Warrants and was expensed to professional fees.

e) On July 29, 2020, the Company issued 29,536 common shares valued at $60,000 to a consultant of the Company for advisory services provided to the Company.

f) On September 16, 2020, the Company issued 250,001 common shares valued at $482,272 in relation to the vesting of 250,001 restricted share units. As a result, the Company transferred $482,272 representing the fair value of the vested RSUs from reserves to share capital.

g) On November 17, 2020, the Company issued 84,375 common shares valued at $176,769 to a consultant of the Company for services provided to the Company.

h) During the year ended November 30, 2020, the Company issued the following for exercised stock options, warrants, and conversions:

· issued 515,000 units on the conversion of $961,186 (US$681,980) worth of net convertible debentures (Note 17) and 12,402 units on the conversion of $26,130 (US$18,605) worth of interest on the convertible debentures. As a result, the Company transferred $134,198 from reserves to share capital representing the proportionate balance of the equity component. Each unit comprised of one common share and one warrant with each warrant entitling the holder to acquire one common share of the Company for US$1.75 up to February 26, 2021.

· issued 493,111 common shares for total proceeds of $1,111,476 in connection with the exercise of 493,111 share purchase warrants at US$1.75 per warrant of which $104,139 was received during the year ended November 30, 2019. As a result, the Company transferred $28,056 representing the fair value of the exercised warrants from reserves to share capital.

· issued 573,171 common shares for total proceeds of $907,036 in connection with the exercise of 573,171 share purchase warrants at US$1.20 per warrant.

· received $574,457 for the exercise of 367,084 share purchase warrants with an exercise price of US$1.20 and an expiry date of August 30, 2020 which is included in commitment to issue shares. In December 2020, the shares were issued (Note 29).

· issued 53,505 common shares for total proceeds of $196,427 in connection with the exercise of 53,505 stock options at US$2.55 per option. As a result, the Company transferred $144,245 representing the fair value of the exercised options from reserves to share capital.

The Company had the following share issuances during the year ended November 30, 2019:

a) On February 28, 2019, the Company issued 113,334 common shares valued at $391,013 to settle debt of $335,792 resulting in a loss of $55,221 which is included in loss on debt settlements.

b) On April 30, 2019, the Company issued 46,539 common shares valued at $243,162 to settle debt of $199,896 resulting in a loss of $43,266 which is included in loss on debt settlements.

c) On April 30, 2019, the Company issued 17,222 common shares valued at $73,980 to various consultants of the Company for consulting and public relations services provided to the Company.

d) During the year ended November 30, 2019, the Company issued the following for exercised warrants and conversions:

· issued 158,291 common shares valued at $368,617 in connection to the exercise of 158,291 share purchase warrants with an exercise price of US$1.75 per warrant.

· issued 1,000,167 units on the conversion of $1,795,455 (US$1,133,761) worth of net convertible debentures (Note 17). As a result, the Company transferred $244,890 from reserves to share capital representing the proportionate balance of the unamortized equity component. Additionally, the Company allocated $30,779 to reserves representing the value of the warrants issued. Each unit comprised of one common share and one warrant with each warrant entitling the holder to acquire one common share of the Company for US$1.75 up to February 26, 2021.

The Company had the following share issuances during the year ended November 30, 2018:

a) On January 9, 2018, the Company issued 66,667 common shares valued at $415,000 pursuant to the December 12, 2017 share purchase agreement for Majesco (Note 5).

b) On August 9, 2018, a reverse acquisition transaction was completed whereby LBIX issued 1,288,497 common shares valued at $4,277,319 in exchange for all of the issued and outstanding shares of Liquid Canada (Note 3). Warrants held by Liquid Canada were transferred to the Company as part of the Arrangement valued at $96,303.

c) On October 15, 2018, the Company completed a brokered private placement which consisted of the issuance of 800,000 units at a price of US$4.00 per unit for gross proceeds of $4,157,760 (US$3,200,000). Each unit consisted of one common share and one share purchase warrant exercisable for a three-year period at an exercise price of US$5.00 per warrant. The Company incurred agents’ fees of $410,218, legal fees of $36,353, issued 10,000 common shares valued at $41,531 to an agent, and issued 8,000 agents warrants valued at $24,774 in connection with the closing of this private placement.

d) On October 15, 2018 the Company issued 888,000 common shares valued at $4,880,639 for licenses (Note 9).

e) On October 15, 2018, the Company issued 113,764 common shares valued at $623,771 to settle debt of $833,487 resulting in a gain of $209,716 which is included in gain on debt settlements and issued 28,451 common shares valued at $156,000 for a commitment to issue shares.

f) On October 15, 2018, the Company issued 268,000 common shares valued at $1,469,456 for the purchase of video games in connection with two separate purchase agreements (Note 13).

g) During the year ended November 30, 2018, the Company issued the following for exercised warrants and conversions:

· issued 51,148 common shares in connection with the exercise of share purchase warrants for proceeds of $154,320. As a result, the Company transferred $23,854 representing the fair value of the exercised share purchase warrants from reserves to share capital.

· issued 1,837 common shares in connection with the exercise of 1,837 agents’ warrants at $1.25 per warrant for proceeds of $2,296. As a result, the Company transferred $2,985 representing the fair value of the exercised share purchase warrants from reserves to share capital.

Preferred shares

As at November 30, 2020, 2019, and 2018, no preferred shares were issued and outstanding.

Treasury shares

On November 27, 2019, the Company issued 215,000 common shares into treasury as security against a loan in accordance with a Forbearance Agreement (Note 16). In February 2021, the Company transferred these shares to the lender as full and final payment of the Forbearance Agreement (Note 30).

Profit (loss) per share

	Year ended November 30,
	2020		2019		2018
	$		$		$
Basic and diluted loss per share attributable to the Company from continuing operations (Note 29)	(0.68	)	(1.77	)	(3.16	)
Basic and diluted loss per share attributable to the Company (Note 29)	(0.82	)	(1.78	)	(3.14	)
Basic and diluted loss per share attributable to the non-controlling interest	(0.23	)	(0.01	)	0.02
Weighted average number of common shares outstanding	7,845,300		4,255,297		2,397,117

Stock options

Prior to the Arrangement described in Note 3, the Company had a stock option plan whereby the Company could grant share options to directors, officers, employees, and consultants enabling them to acquire up to 15% of the issued common shares of the Company.

The exercise price of each option is set by the Board of Directors at the time of grant subject to a minimum price of $0.10 per share but cannot be less than the market price (less permissible discounts) on the Canadian Stock Exchange. Options can have a maximum term of five years and typically terminate ninety days following the termination of the optionee’s employment or engagement (thirty days for options granted for investor relations services), except in the case of retirement or death. Vesting of options is at the discretion of the Board of Directors at the time the options are granted.

All stock options outstanding in Liquid Canada were cancelled upon the completion of the Arrangement.

Following the Arrangement, the Company does not have a formal stock option plan. The Company occasionally grants stock options to its employees, officers, directors and consultants to purchase common shares of the Company. The options granted are exercisable at a price which is equal to or greater than the fair market value of the common shares at the date the options are granted. The options are granted with varied vesting periods but generally vest immediately on grant. Options granted generally have a life of five years.

During fiscal 2018 and in connection with the Arrangement, the Company granted 117,000 stock options, with a total fair value of $236,345, to former option holders of LBIX of which 89,000 stock options vest 25% on grant date, 25% on October 2, 2018, 25% on January 2, 2019, and 25% on April 2, 2019. Of the total fair value granted, $96,303 was considered to be part of the cost of acquisition of LBIX (Note 3). During the year ended November 30, 2020, the Company recorded share-based compensation of $Nil (2019 -$36,781; 2018 - $111,135) in relation to these options.

During the year ended November 30, 2019, the Company granted 461,500 stock options with a total fair value of $1,136,731 that vested immediately on grant.

During the year ended November 30, 2020, the Company granted 550,000 stock options with a total fair value of $1,011,582 that vested immediately on grant.

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the stock options granted:

		2020			2019			2018
Risk-free interest rate		0.47	%		1.82	%		2.09	%
Dividend yield		Nil			Nil			Nil
Expected life (years)		5.0			5.0			0.94
Volatility		103	%		92	%		127	%
Weighted average fair value per option	$	1.79		$	2.46		$	2.08

Stock option transactions are summarized as follows:

	Number of Stock Options		Weighted Average Exercise Price
			$
Balance, November 30, 2017	220,000		3.75
Cancelled – Plan of Arrangement	(220,000	)	3.75
Granted	117,000		17.24 (US$13.30)
Balance, November 30, 2018	117,000		17.24 (US$13.30)
Granted	461,500		3.31 (US$2.55)
Cancelled	(117,000	)	17.24 (US$13.30)
Balance, November 30, 2019	461,500		3.39 (US$2.55)
Granted	550,000		3.31 (US$2.55)
Exercised	(53,505	)	3.31 (US$2.55)
Balance, November 30, 2020	957,995		3.31 (US$2.55)

A summary of the share options outstanding and exercisable at November 30, 2020 is as follows:

Number of Stock Options	Exercise Price	Expiry Date
	$
407,995	3.31 (US$2.55)	February 28, 2024
25,000	3.31 (US$2.55)	January 8, 2025
25,000	3.31 (US$2.55)	February 13, 2025
25,000	3.31 (US$2.55)	March 10, 2025
25,000	3.33 (US$2.57)	April 13, 2025
450,000	3.31 (US$2.55)	July 23, 2025
957,995

The weighted average life of share options outstanding at November 30, 2020 was 4.01 years.

Warrants

Agents’ warrants

During the year ended November 30, 2020, the Company issued 213,333 agents warrants with a total fair value of $338,558 and an exercise price of US$1.88 per warrant in connection with the private placement which closed on June 8, 2020.

During the year ended November 30, 2018, the Company issued 8,000 agents’ warrants with an exercise price of US$4.00 per warrant with a total fair value of $24,774 in connection with the October 15, 2018 private placement.

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the warrants granted:

		2020		2019		2018
Risk-free interest rate		0.48	%	-		2.30	%
Dividend yield		Nil		-		Nil
Expected life (years)		5.0		-		2
Volatility		103	%	-		105	%
Weighted average fair value per warrant	$	1.59		-	$	3.10

Agents’ warrant transactions are summarized as follows:

	Number of Agents’ Warrants		Weighted Average Exercise Price
			$
Balance, November 30, 2017	4,574		1.25
Issued	8,000		5.19 (US$4.00)
Exercised	(1,837	)	1.25
Balance, November 30, 2018	10,737		4.35
Cancelled	(2,737	)	1.25
Balance, November 30, 2019	8,000		5.32 (US$4.00)
Issued	213,333		2.44 (US$1.88)
Cancelled	(8,000	)	5.19 (US$4.00)
Balance, November 30, 2020	213,333		2.44 (US$1.88)

A summary of the agents’ warrants outstanding and exercisable at November 30, 2020 is as follows:

Number of Agent’s Warrants	Exercise Price	Expiry Date
	$
213,333	2.44 (US$1.88)	June 4, 2025
213,333

The weighted average life of agent’s warrants outstanding at November 30, 2020 was 4.52 years.

Share purchase warrants

During the year ended November 30, 2018, the Company issued 800,000 share purchase warrants with an exercise price of US$5.00 per warrant in connection with the October 15, 2018 private placement.

The Company provided an anti-dilution clause on 132,043 warrants issued during the year ended November 30, 2017 that are triggered on exercise of such warrants. During the year ended November 30, 2018, 72,800 additional warrants with an exercise price of US$2.50 were issued under this provision.

During the year ended November 30, 2019, the Company issued 1,000,167 share purchase warrants with an exercise price of US$1.75 per warrant in connection with the conversion of various convertible debentures.

On October 18, 2019, the Company repriced six tranches of share purchase warrants to US$1.20.

During the year ended November 30, 2020, the Company:

· issued 527,402 share purchase warrants with an exercise price of US$1.75 per warrant in connection with the conversion of various convertible debentures;

· 621,865 share purchase warrants with an exercise price of US$1.20 per warrant in connection with the exercise of the “B” share purchase warrants described under Derivative liability below; and

· 1,333,334 share purchase warrants with an exercise price of US$1.88 per warrant in connection with the registered direct offering which closed in June 2020.

Share purchase warrant transactions are summarized as follows:

	Number of Share Purchase Warrants		Weighted Average Exercise Price
			$
Balance, November 30, 2017	320,946		4.36
Granted	800,000		6.65
Granted on anti-dilution clause	72,800		3.24 (USD$2.50)
Exercised	(51,148	)	3.01
Balance, November 30, 2018	1,142,598		6.05
Issued	1,000,167		2.33 (US$1.75)
Exercised	(158,291	)	2.33 (US$1.75)
Balance, November 30, 2019	1,984,474		1.92 (US$1.81)
Issued	2,482,601		2.18 (US$1.68)
Exercised	(1,433,366	)	1.80 (US$1.39)
Balance, November 30, 2020	3,033,709		2.15 (US$1.66)

A summary of the share purchase warrants outstanding and exercisable at November 30, 2020 is as follows:

Number of Share Purchase Warrants	Exercise Price	Expiry Date
	$
800,000	1.56 (US$1.20)	October 15, 2021
876,167	2.27 (US$1.75)	February 26, 2021
24,208	1.56 (US$1.20)	April 6, 2022
1,333,334	2.44 (US$1.88)	June 9, 2025
3,033,709

The weighted average life of share purchase warrants outstanding at November 30, 2020 was 2.30 years.

Restricted share units (“RSUs”)

During the year ended November 30, 2020, the Company granted 1,000,001 RSUs to certain directors, officers, and consultants of the Company which vest 25% on grant (September 3, 2020) and 25% each six months thereafter. The granted RSUs convert to common shares of the Company upon vesting, accordingly, 250,001 common shares were issued upon grant.

During the year ended November 30, 2020, the Company recorded share-based compensation expense of $905,590 in relation to the issued RSUs. The fair value of the RSUs was measured using the value on the grant date of US$1.47 per common share.

	Number of RSUs
Balance, November 30, 2017, 2018, and 2019	-
Granted	1,000,001
Vested	(250,001	)
Balance, November 30, 2020	750,000

Derivative liability

a) On August 30, 2017, the Company completed a non-brokered private placement of 132,043 units for cash proceeds of $126,000. Each unit consisted of one “A” share purchase warrant and one “B” share purchase warrant. Each “A” warrant entitles the holder to purchase one share of the Company for a period of three years from closing at a price of $3.00 per warrant. Each “B” warrant entitles the holder to purchase one share of the Company for a period of three years from closing at a price of $6.00, repriced to USD$1.20 on October 18, 2019. The warrant agreement provides an anti-dilution clause for each of the A and B warrants that, upon exercise of the warrants, will cause the Company to issue additional warrants sufficient to entitle the warrant holder to acquire 10% of the issued and outstanding common shares of the Company. Such right is limited to one exercise of either of the A and B warrants and all of the A warrants must be exercised prior to exercising any of the class B warrants.

The anti-dilution right for the A and B share purchase warrants was valued at $126,000 as at November 30, 2017 as the acquisition price approximated fair value due to the recency of the transaction. During the year ended November 30, 2018, certain A warrants were exercised causing the rights to expire resulting in a decrease to the liability.

During the year ended November 30, 2020, certain B warrants were exercised causing the rights to expire resulting in the elimination of the liability.

As at November 30, 2020, the rights attached to the B warrants were valued at $Nil (2019 - $1,102,277) resulting in a derivative gain of $1,102,277 for the year ended November 30, 2020 (2019 – loss of $1,001,365; 2018 - gain of $25,088).

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluation of the derivative liability as at November 30, 2020, 2019 and 2018:

	2020	2019		2018
Risk-free interest rate	-	1.70	%	2.16	%
Dividend yield	-	Nil		Nil
Expected life (years)	-	0.75		1.75
Volatility	-	106	%	114	%
Probability of exercise	-	75	%	20	%

b) Due to the Company changing its functional currency from the CAD to the USD during the year ended November 30, 2018, a derivative liability occurred on the date of change on the Company’s previously issued share purchase warrants with CAD exercise prices. During the year ended November 30, 2019, the share purchase warrants with a CAD exercise price was repriced to USD resulting in the elimination of the derivative liability.

As at November 30, 2019, the Company revalued the derivative liability to $Nil and recorded a gain of $551,846 (2018 - $1,005,240).

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluation of the derivative liability as at November 30, 2020, 2019, and 2018:

	2020	2019	2018
Risk-free interest rate	-	-	2.08	%
Dividend yield	-	-	Nil
Expected life (years)	-	-	2.25
Volatility	-	-	102	%

c) On June 8, 2020, the Company closed a registered direct offering, under its F-3 registration statement in the United States, by issuing 2,666,672 common shares of the Company at US$1.50 per common share for total proceeds of $5,353,203 (US$4,000,002). Concurrent with this offering, the Company issued to the investors 1,333,334 share purchase warrants exercisable for US$1.88 per common share with a maturity date of June 9, 2025. The holders of the Cashless Warrants may elect, if the Company does not have an effective registration statement registering or the prospectus contained therein is not available for the issuance of the Cashless Warrant shares to the holder, in lieu of exercising the Cashless Warrants for cash, a cashless exercise option to receive common shares equal to the fair value of the Cashless Warrants. The fair value is determined by multiplying the number of Cashless Warrants to be exercised by the previous day’s volume weighted average price (“VWAP”) less the exercise price with the difference divided by the VWAP. If a Cashless Warrant holder exercises this option, there will be variability in the number of shares issued per Cashless Warrant.

On initial recognition (Note 29), the Company allocated $470,785, being the fair value of the Cashless Warrants, from the proceeds of the offering included in share capital to set up the derivative liability. As at November 30, 2020, the Company revalued the derivative liability to $341,163 and recorded a gain of $129,622.

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the initial valuation and the valuation of the derivative liability as at November 30, 2020:

	2020
Risk-free interest rate	0.15	%
Dividend yield	Nil
Expected life (years)	0.33
Volatility	94	%
Discount rate	20	%
Weighted average fair value per warrant	0.36

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DISCONTINUED OPERATIONS

12 Months Ended

Nov. 30, 2020

Discontinued Operations

DISCONTINUED OPERATIONS

20.       DISCONTINUED OPERATIONS

On August 31, 2020, the Company agreed to settle $652,061 (US$500,000) payable for the Majesco acquisition (Note 5), along with $452,772 in consulting fees owed to the previous owner of Majesco, for $260,824 (US$200,000) in cash and the return of the Company’s 51% ownership of Majesco. Upon signing of the agreement, the Majesco operations were considered discontinued and the balances were reclassified as such.

The following is the breakdown of the discontinued operations on the statement of comprehensive loss:

	Year ended November 30,
	2020		2019		2018
	$		$		$
Sales	415,335		402,127		687,381
Cost of sales	141,815		148,249		155,031
Gross profit	273,520		253,878		532,350
Operating expenses
Consulting and director fees	12,179		113,990		131,866
Other general and administrative expenses	14,371		30,296		23,041
Management and directors salaries and fees	89,658		113,229		95,121
Marketing	-		282		-
Professional fees	30,462		87,396		50,932
	146,670		345,193		300,960
Impairment of goodwill	(2,940,739	)	-		-
Write off of intangible assets	-		-		(116,352	)
Loss on settlement of debt	-		-		(36,854	)
	(2,940,739	)	-		(153,206	)
Profit (loss) before income taxes	(2,813,889	)	(91,315	)	78,184
Income tax expense	-		(1,659	)	1,621
Profit (loss) from discontinued operations	(2,813,889	)	(89,656	)	76,563
Profit (loss) attributable to non-controlling interest from discontinued operations	(1,766,291	)	(43,932	)	37,516
Profit (loss) attributable to the Company from discontinued operations	(1,047,598	)	(45,724	)	39,047

The following is a breakdown of the change in cash flows for the discontinued operations:

	Year ended November 30,
	2020	2019		2020
	$	$		$
Net cash provided by (used in) operating activities	38,635	113,876		119,667
Net cash used in investing activities	-	(133,356	)	11,060
Net cash flows for the year	38,635	(19,480	)	130,727

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RELATED PARTY TRANSACTIONS

12 Months Ended

Nov. 30, 2020

Disclosure of transactions between related parties [abstract]

RELATED PARTY TRANSACTIONS

21.       RELATED PARTY TRANSACTIONS

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and Board of Director members.

In November 2020, the Company signed employment agreements with two directors of the Company, and Daniel Cruz, the CFO and a director of the Company. The agreements require total payments of $17,500 per month each. Included in the agreements is a provision for 12 months written notice or salary paid in lieu of notice upon termination without just cause.

A summary of related party loans and related transactions is included in Notes 5 and 16. Interest expense paid or accrued to related parties during the year ended November 30, 2020 was $nil (2019 - $5,174; 2018 - $18,537).

Accounts payable and accrued liabilities at November 30, 2020 includes $27,098 (2019 - $945,940) owing to directors, officers, or to companies controlled by common directors for unpaid consulting fees, expense reimbursements, and loan interest. Additionally, accounts payable and accrued liabilities includes $nil (2019 - $664,452) payable to a director of Majesco relating to the purchase of the Company’s 51% interest in Majesco.

During the year ended November 30, 2020, the Company received $nil (2019 - $781,395 (US$588,000)) for convertible debentures detailed in Note 17 from three directors of the Company. In July 2019, two directors converted their debentures worth $116,990 (US$88,000) into 58,667 units of the Company. In April 2020, the remaining director converted his debenture of $706,350 (US$500,000) and the associated accrued interest of $14,941 (US$10,576) into 340,384 units of the Company.

As at November 30, 2019, a loan was due from Waterproof, which included accrued interest receivable, amounting to $94,882. As at November 30, 2020, the loan was repaid in full. During the year ended November 30, 2020, the Company recorded interest income of $416 (2019 - $8,137; 2018 - $8,116) in connection to this loan receivable. (Note 8).

The following is a summary of key management personnel compensation:

	Year ended November 30,
	2020	2019	2018
	$	$	$
Management and directors salaries and fees	625,000	577,500	407,525
Management and directors salaries and fees in discontinued operations	19,000	26,000	-
Share-based compensation	1,578,456	890,418	-
Interest expense	-	5,174	18,537
	2,222,456	1,499,092	426,062

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NON-CONTROLLING INTEREST

12 Months Ended

Nov. 30, 2020

Non-controlling Interest

NON-CONTROLLING INTEREST

22.       NON-CONTROLLING INTEREST

The following table presents the changes in equity attributable to the 49% non-controlling interest in Majesco:

	2020		2019
	$		$
Balance, beginning of year	1,786,401		1,838,941
Share of loss for the year	(1,766,291	)	(43,932	)
Foreign exchange on translation	(20,110	)	(8,608	)
Balance, end of year	-		1,786,401

The following table presents the non-controlling interest as at November 30, 2020 and 2019:

	2020	2019
	$	$
Assets
Current	-	33,770
Non-current	-	3,905,471
	-	3,939,241
Liabilities
Current	-	270,362
Non-current	-	23,163
	-	293,525
Net assets	-	3,645,716
Non-controlling interest	-	1,786,401

The following table presents the loss and comprehensive loss attributable to non-controlling interest:

		Year ended November 30,
	Note	2020		2019		2018
		$		$		$
Profit (loss) attributable to non-controlling interest from discontinued operations	20	(1,766,291	)	(43,932	)	37,516
Foreign exchange translation adjustment		(20,110	)	(8,608	)	116,810
Comprehensive loss attributable to non-controlling interest		(1,786,401	)	(52,540	)	154,326

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CAPITAL DISCLOSURE AND MANAGEMENT

12 Months Ended

Nov. 30, 2020

Capital Disclosure And Management [Abstract]

CAPITAL DISCLOSURE AND MANAGEMENT

23.       CAPITAL DISCLOSURE AND MANAGEMENT

The Company defines its capital as cash and shareholders’ equity. The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern. The Company manages its capital structure to maximize its financial flexibility making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital. The Company is not subject to externally imposed capital requirements other than disclosed in Note 16.

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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

12 Months Ended

Nov. 30, 2020

Disclosure of nature and extent of risks arising from financial instruments [abstract]

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

24.       FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

· Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

· Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

· Level 3 – Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumption that market participants would use in pricing.

The Company’s financial instruments consist of cash, restricted cash, receivables, loans receivable, investment in equity instruments, accounts payable and accrued liabilities, loans payable, convertible debentures, long-term debt, and derivative liability. The fair value of receivables, loans receivable, accounts payable and accrued liabilities, loans payable, and long-term debt approximates their carrying values. Cash and restricted cash are measured at fair value using level 1 inputs. Convertible debentures and derivative liability are measured using level 2 inputs. The investment in equity instruments is measured at fair value using level 3 inputs.

As at November 30, 2020, the fair value of the level 3 asset was $3,845,598 (2019 - $1,551,324) based on a multiple of 6.9 times management’s estimate of Waterproof’s expected earnings before interest, taxes, and expected amortization. The Company’s investment in Waterproof does not have a quoted market price on an active market and the Company has assessed the fair value of the investment based on Waterproof’s unobservable earnings. As a result, the fair value is classified as level 3 of the fair value hierarchy. The process of estimating the fair value of Waterproof is based on inherent measurement uncertainties and is based on techniques and assumptions that emphasize both qualitative and quantitative information. There is no reasonable quantitative basis to estimate the potential effect of changing the assumptions to reasonably possible alternative assumptions on estimated fair value of the investment.

The Company is exposed to a variety of financial risks by virtue of its activities including currency, credit, interest rate, and liquidity risk.

a) Currency risk

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company’s operations are carried out in Canada and the United States. As the Company’s functional currency is USD, the Company is subject to foreign currency exchange rate risk on its net assets denominated in CAD which could have an adverse effect on the profitability of the Company. As at November 30, 2020, the Company had assets totaling CAD$385,416 and liabilities totalling CAD$317,679. A 10% change in the exchange rate would change other comprehensive income/loss by approximately US$5,000. The Company currently does not have plans to enter into foreign currency future contracts to mitigate this risk, however it may do so in the future.

b) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

The Company’s cash is held in a large Canadian financial institution. The Company maintains certain cash deposits with Schedule I financial institutions, which from time to time may exceed federally insured limits. The Company has not experienced any significant credit losses and believes it is not exposed to any significant credit risk. The Company’s restricted cash is held with a law firm in trust in which credit risk exposure is low. The Company’s sales tax receivable is due from the Government of Canada; therefore, the credit risk exposure is low.

The maximum exposure to credit risk as at November 30, 2020 and 2019 is the carrying value of the loans receivable. The Company has allowed for an expected credit loss of $330,312 on the loans receivable as at November 30, 2020. During the year ended November 30, 2020, the Company increased the allowance by $184,881 which is included in the consolidated statements of comprehensive loss.

c) Interest rate risk

Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company does not hold any financial liabilities with variable interest rates. As at November 30, 2020, the loans included in loans payable and convertible debentures bear interest at rates of 14.4% and 2.0% per annum, respectively, and are due on demand. The long-term debt bears interest at 6.99% per annum and is payable over five years. The Company does maintain bank accounts which earn interest at variable rates but it does not believe it is currently subject to any significant interest rate risk.

d) Liquidity risk

The Company’s ability to continue as a going concern is dependent on management’s ability to raise required funding through future equity issuances and through short-term borrowing. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments. As at November 30, 2020, the Company had a cash balance of $704,977 to settle current financial liabilities of $2,670,556. Subsequent to the period, the Company also closed a registered direct offering raising $7,507,801 (US$6,000,000). The Company is exposed to liquidity risk.

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SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS

12 Months Ended

Nov. 30, 2020

Ranges Of Exercise Prices For Otstanding Share Options 16.29 [Member]

SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS

25.       SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS

	Years ended November 30,
	2020	2019	2018
	$	$	$
Supplemental non-cash disclosures
Reallocation of value of options upon exercise	144,245	-	-
Reallocation of value of warrants upon exercise	28,056	-	2,986
Reallocation of value of RSUs upon vesting	482,272	-	-
Shares issued for the acquisition of Majesco (Note 5)	-	-	415,000
Shares issued for intangible assets	-	-	1,469,456
Shares issued for licenses	-	-	4,880,639
Shares issued for debt settlements	331,967	634,175	623,771
Warrants issued for share issue costs	338,558	-	24,774
Net assets acquired on RTO (Note 3)	-	-	243,065
Shares issued for commitment to issue shares	137,197	-	156,000
Acquisition of equipment in accounts payable	-	125,143	-
Units issued for conversion of convertible debentures and associated interest	1,121,514	2,040,346	-
Accounts payable applied to convertible debentures	-	23,675	-
Derecognition of investment in associate	-	587,274	-
Loans receivable allocated to long-term	-	379,268	-
Residual value of warrants on conversion of convertible debentures	-	30,779	-
Accounts receivable applied to accounts payable	648,091	-	-

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CONTINGENCIES

12 Months Ended

Nov. 30, 2020

Disclosure Of Contingencies [Abstract]

CONTINGENCIES

26.       CONTINGENCIES

a) In January 2020, a consultant of the Company filed a lawsuit in the Supreme Court of British Columbia against the Company for approximately $400,000 for unpaid consulting fees, US$500,000 for the unpaid cash consideration for the purchase of 51% interest in Majesco, and a payment for the difference between US$500,000 and the value of the Company’s shares issued on the purchase of the 51% interest in Majesco. On August 31, 2020, a settlement agreement had been reached whereby the Company would pay US$200,000 and transfer the 51% interest in the common shares of Majesco back to the consultant (Note 20). As at November 30, 2020, the Company paid $260,824 (US$200,000) in full.

b) In February 2020, a consultant of the Company filed a lawsuit in the Supreme Court of British Columbia against the Company in relation to the issuance of a share certificate for 59,706 common shares of the Company, 32,149 of which the consultant states is owing to him and general and special damages in relation to the shares. In May 2020, the Company settled this lawsuit for $68,937 (US$50,000).

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INCOME TAXES

12 Months Ended

Nov. 30, 2020

Disclosure Of Income Tax [Abstract]

INCOME TAXES

27.       INCOME TAXES

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

	2020		2019		2018
	$		$		$
Loss from continuing operations before income taxes	(5,369,900	)	(7,696,577	)	(7,576,796	)
Profit (loss) from continuing operations before income taxes	(2,813,889	)	(91,315	)	78,184
Loss before income taxes	(8,183,789	)	(7,787,892	)	(7,498,612	)
Expected income tax expense (recovery) at statutory rates	(2,210,000	)	(2,103,000	)	(2,025,000	)
Change in statutory, foreign tax, foreign exchange rates and other	(35,000	)	(44,576	)	(75,379	)
Permanent difference	528,000		356,000		1,439,000
Impact of deconsolidation	(23,000	)	-		-
Share issue cost	(226,000	)	-		(132,000	)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	(9,000	)	(123,000	)	-
Change in unrecognized deferred tax assets	1,975,000		1,752,000		795,000
Income tax expense (recovery)	-		(162,576	)	1,621
Deferred tax expense (recovery) relating to continuing operations	-		(160,917	)	-
Current income tax expense (recovery) relating to discontinued operations	-		1,659		(1,621	)

The significant components of the Company’s deferred tax liability is as follows:

	2020		2019
	$		$
Deferred tax assets (liabilities)
Intangible assets	-		(23,163	)
Capital loss	197,000		-
Investment in associates	(434,000	)	(122,000	)
Debt with accretion	-		(41,000	)
Non-capital losses	237,000		163,000
Net deferred tax liability	-		(23,163	)

No deferred tax asset has been recognized in respect of the following losses and temporary differences as it is not considered probable that sufficient future taxable profit will allow the deferred tax asset to be recovered:

	2020	Expiry Date Range	2019	Expiry Date Range	2018	Expiry Date Range
	$		$		$
Property and equipment	3,222,000	No expiry date	2,675,000	No expiry date	437,000	No expiry date
Share issue costs	865,000	2020-2024	305,000	2020-2022	414,000	2019-2022
Debt with accretion	122,000	No expiry date	-	No expiry date	-	No expiry date
Investment in associates	-	No expiry date	-	No expiry date	56,000	No expiry date
Allowable capital losses	-	No expiry date	323,000	No expiry date	11,000	No expiry date
Non-capital losses	14,821,000	2026-2040	8,194,000	2026-2039	4,503,000	2026-2038

Tax attributes are subject to review, and potential adjustment, by tax authorities.

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SEGMENTED INFORMATION

12 Months Ended

Nov. 30, 2020

Disclosure of operating segments [abstract]

SEGMENTED INFORMATION

28.       SEGMENTED INFORMATION

During the years ended November 30, 2020, 2019, and 2018, the Company had two offices: a head-office in Vancouver, BC, and Majesco’s office in New York, New York. In evaluating performance, management does not distinguish or group its sales and cost of sales on a geographic basis. During the year ended November 30, 2018, the Company had two reportable operating segments: the investment in the production of films and the investment in video games. During the year ended November 30, 2019, the Company had one reportable operating segment: the investment in video games. Upon the acquisition of the Platform coding (Note 13) during the year ended November 30, 2020, the Company determined it now has two reportable operating segments: the investment in distribution of films and the investment in video games.

Revenue derived in the Company’s film and video games segments is earned from a large number of customers located throughout the world. No one customer exceeds 5% of the Company’s sales.

Below summarizes the Company’s reportable operating segments for year ended November 30, 2020.

	Film		Video Games		Total
	$		$		$
Segment Information
Revenue	16,587		30,730		47,317
Cost of sales	(56,058	)	(707,126	)	(763,184	)
Operating expenses	(499,144	)	(127,155	)	(626,299	)
Discontinued operations	-		(2,813,889	)	(2,813,889	)
Segment profit (loss)	(538,615	)	(3,617,440	)	(4,156,055	)
Corporate expenses:
Operating expenses					(7,234,434	)
Other income					3,206,700
Foreign currency translation					(312,885	)
Comprehensive loss for the year					(8,496,674	)
Capital expenditures	4,464,885		-		4,464,885

Below summarizes the Company’s reportable operating segments for the year ended November 30, 2019.

	Film	Video Games		Total
	$	$		$
Segment Information
Revenue	-	27,109		27,109
Cost of sales	-	(1,837,555	)	(1,837,555	)
Operating expenses	-	(100,202	)	(100,202	)
Other expenses	-	195,726		195,726
Discontinued operations	-	(89,656	)	(89,656	)
Segment loss	-	(1,804,578	)	(1,804,578	)
Corporate expenses:
Operating expenses				(5,401,320	)
Other expenses				(580,335	)
Tax recovery				160,917
Foreign currency translation				12,775
Comprehensive loss for the year				(7,612,541	)
Capital expenditures:
Equipment	-	125,143		125,143

Below summarizes the Company’s reportable operating segments for the year ended November 30, 2018.

	Film		Video Games		Total
	$		$		$
Segment Information
Cost of sales	-		(603,718	)	(603,718	)
Operating expenses	-		(17,722	)	(17,722	)
Other expenses	(442,585	)	-		(442,585	)
Discontinued operations	-		76,563		76,563
Segment loss	(442,585	)	(544,877	)	(987,462	)
Corporate expenses:
Operating expenses					(1,759,084	)
Other expenses					(4,753,687	)
Foreign currency translation					398,892
Comprehensive loss for the year					(7,101,341	)
Capital expenditures:
Intangible assets	-		79,808		79,808
Goodwill	-		3,585,883		3,585,883

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RESTATEMENT OF FINANCIAL STATEMENTS

12 Months Ended

Nov. 30, 2020

Restatement Of Financial Statements

RESTATEMENT OF FINANCIAL STATEMENTS

29.       RESTATEMENT OF FINANCIAL STATEMENTS

a) A review of the application of IFRS to the Company’s previously issued Cashless Warrants has resulted in a restatement of the Company’s previous accounting for the Cashless Warrants.

As described in Note 19, the registered direct offering completed by the Company on June 8, 2020, resulted in the issuance of Cashless Warrants, exercisable for a period of five years from the date of issuance at an exercise price of US$1.88 per Cashless Warrant. The holders of the Cashless Warrants may elect, if the Company does not have an effective registration statement registering or the prospectus contained therein is not available for the issuance of the Cashless Warrant shares to the holder, in lieu of exercising the Cashless Warrants for cash, a cashless exercise option to receive common shares equal to the fair value of the Cashless Warrants. The fair value is determined by multiplying the number of Cashless Warrants to be exercised by the previous day’s volume weighted average price (“VWAP”) less the exercise price with the difference divided by the VWAP. If a Cashless Warrant holder exercises this option, there will be variability in the number of shares issued per Cashless Warrant.

In accordance with IFRS, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in profit or loss at each period end. The derivative liability will ultimately be converted to the Company’s equity (common shares) when the Cashless Warrants are exercised, or will be extinguished upon the expiry of the outstanding Cashless Warrants, and will not result in any cash effect.

In the original accounting determination, the estimated fair value of the Warrants was recorded in equity at $nil. At initial recognition the Company should have recorded the derivative liability at $470,785, with allocated issuance costs of $103,424 recognized as professional fees. In addition, at November 30, 2020 the Company should have recorded the derivative liability at $341,163, which results in a gain on derivative liability in profit or loss for the year ended November 30, 2020 of $129,622.

b) In March 2021, the Company received invoices totaling US$159,120 from a consultant for services rendered during the year ended November 30, 2020. As at November 30, 2020, the Company should have recorded $206,301 in accounts payable and accrued liabilities. For the year ended November 30, 2020, the Company should have recorded $212,687 in consulting and director fees.

The following table illustrates the impact of the corrections.

	As previously reported		Adjustment		As restated
	$		$		$
As at November 30, 2020
Accounts payable and accrued liabilities	1,284,452		206,301		1,490,753
Derivative liability (long-term)	-		341,163		341,163
Share capital	29,999,645		(367,361	)	29,632,284
Accumulated other comprehensive income	4,304		6,386		10,690
Deficit	(24,672,794	)	(186,489	)	(24,859,283	)
For the year ended November 30, 2020
Consulting fees	993,215		212,687		1,205,902
Professional fees	588,039		103,424		691,463
Gain on derivative liability	1,102,277		129,622		1,231,899
Loss attributable to Liquid Media Group from continuing operations	(5,183,411	)	(186,489	)	(5,369,900	)
Loss for the year	(7,997,300	)	(186,489	)	(8,183,789	)
Foreign currency translation adjustment	(319,271	)	6,386		(312,885	)
Comprehensive loss for the year	(8,316,571	)	(180,103	)	(8,496,674	)
Loss attributable to Shareholders of the Company	(6,231,009	)	(186,489	)	(6,417,498	)
Comprehensive loss attributable to Shareholders of the Company	(6,530,170	)	(180,103	)	(6,710,273	)
Basic and diluted loss per share attributable to the Company from continuing operations	(0.66	)	(0.02	)	(0.68	)
Basic and diluted loss per share attributable to the Company	(0.79	)	(0.03	)	(0.82	)
Cash flows used in operating activities	(6,138,396	)	(73,650	)	(6,212,046	)
Cash flows provided by financing activities	6,120,167		73,650		6,193,817

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SUBSEQUENT EVENTS

12 Months Ended

Nov. 30, 2020

Disclosure of non-adjusting events after reporting period [abstract]

SUBSEQUENT EVENTS

30.       SUBSEQUENT EVENTS

a) Effective January 1, 2021, the Company signed an employment agreement with a new CEO of the Company. The agreement requires total payments of $20,000 per month. Included in the agreement is a provision for a salary increase to $30,000 per month upon the Company raising US$5 million in funding and three months written notice or salary paid in lieu of notice upon termination without just cause. On January 1, 2021, the Company granted the new CEO of the Company 750,715 stock options with an exercise price of US$1.90 and a term of five years. The options will vest as follows: 107,245 on June 1, 2021, 321,735 on January 1, 2022, and 321,735 on January 1, 2023.

b) On December 10, 2020, the Company issued 367,084 common shares for the exercise of 367,084 share purchase warrants with an exercise price of US$1.20 for total proceeds of $574,457 which were included in commitment to issue shares at November 30, 2020.

c) On January 1, 2021, the Company repriced 932,995 stock options with an exercise price of US$2.55 and 25,000 stock options with an exercise price of US$2.57 to US$1.90 per option. All other terms remained unchanged.

d) On January 14, 2021, the Company granted a consultant of the Company 321,735 stock options with an exercise price of US$1.90 and a term of five years. The options will vest as follows: 107,245 on January 14, 2021, 107,245 on July 14, 2021, and 107,245 on July 14, 2022.

e) On January 14, 2021, the Company extended the maturity date of the outstanding convertible debenture by one year to February 26, 2022.

f) On January 25, 2021, the Company issued 2,984 common shares to a consultant to settle $10,000 of outstanding accounts payable.

g) On January 29, 2021, the Company issued 17,907 common shares to a consultant of the Company for advisory services provided to the Company.

h) In February 2021, the Company issued 130,167 common shares for the exercise of 130,167 share purchase warrants with an exercise price of US$1.75.

i) On February 12, 2021, the Company transferred 215,000 treasury shares to a creditor as full and final payment of a Forbearance Agreement (Note 16).

j) On February 18, 2021, Waterproof commenced an action against the Company in which the Plaintiff claims that the Company misrepresented facts to Waterproof, inducing Waterproof to enter the Amended and Restated Shareholder Agreement (ARSA) with the Company. As a result, Waterproof claims that it has the right to purchase the Waterproof shareholdings from the Company at a fair market value as of May 17, 2019 in accordance with a calculation included in the ARSA. In March 2021, the Company filed a Response to Civil Claim denying the Plaintiffs’ claims, or alternatively, that the purchase price proposed by the Plaintiffs is not binding and does not reflect the full value of Liquid’s interest in Waterpoof. The litigation is at an early stage.

k) On February 12, 2021, the Company extended the expiry date of 346,000 share purchase warrants with an exercise price of US$1.75 from February 26, 2021 to March 11, 2021 due to the investors being subject to a trading blackout.

l) On March 3, 2021, the Company issued 250,001 common shares valued in relation to the vesting of 250,001 restricted share units.

m) On March 11, 2021, 316,000 share purchase warrants with an exercise price of US$1.75 expired unexercised.

n) On March 22, 2021, the Company closed a registered direct offering, under its F-3 registration statement in the United States, by issuing 1,791,045 common shares of the Company at US$3.35 per common share for total proceeds of $7,507,801 (US$6,000,000). In connection with this offering, the Company paid legal fees of $100,104 (US$80,000) and agent fees of $588,111 (US$470,000).

o) On March 24, 2021, the Company’s registration statement restricting the Cashless Warrant holders ability to elect to cashless exercise their Cashless Warrants became effective.

p) In March 2021, the Company issued the following for exercised warrants and conversions:

a. issued 30,000 common shares for total proceeds of $66,344 in connection with the exercise of 30,000 share purchase warrants with an exercise price of US$1.75 per warrant;

b. issued 574,013 common shares for total proceeds of $1,356,095 in connection with the exercise of 574,013 share purchase warrants with an exercise price of US$1.88 per warrant;

c. issued 186,666 common shares for total proceeds of $441,297 in connection with the exercise of 186,666 agents warrants with an exercise price of US$1.88 per warrant;

d. issued 121,319 common shares in accordance with the election of 175,000 Cashless Warrants (Note 17); and

e. issued 270,000 units on the conversion of $506,777 (US$405,000) worth of net convertible debentures (Note 17). Each unit comprised of one common share and one warrant with each warrant entitling the holder to acquire one common share of the Company for US$1.75 up to February 26, 2022.

q) In April 2021, the Company issued 229,321 common shares for total proceeds of $541,707 in connection with the exercise of 229,321 share purchase warrants with an exercise price of US$1.88 per warrant.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Nov. 30, 2020

Significant Accounting Policies [Abstract]

Statement of compliance

Statement of compliance

These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”).

Basis of presentation

Basis of presentation

The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, except for certain financial assets and liabilities, including derivative instruments that are measured at fair value. The consolidated financial statements are presented in Canadian dollars unless otherwise noted.

Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries at the end of the reporting period as follows:

	Incorporation	Percentage owned
		2020		2019		2018
Liquid Media Group (Canada) Ltd. (“Liquid Canada”)	Canada	100	%	100	%	100	%
Companies owned by Liquid Canada:
Majesco Entertainment Company (“Majesco)	USA	0	%	51	%	51	%

Use of estimates

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported revenues and expenses during the period.

Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates.

Significant judgements includes the determination of functional currency, assessments over level of control or influence over companies, the recoverability and measurement of deferred tax assets, assessments of acquisitions of groups of assets versus a business, and the determination of a discontinued operation.

The most significant accounts that require estimates as the basis for determining the stated amounts include the valuation of share-based compensation, derivative, and convertible features; the valuation of intangible assets including goodwill; the valuation of investments in equity instruments; the valuation of expected credit loss; and the valuation of convertible debentures.

Critical judgment exercised in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is as follows:

Functional currency

The functional currency of the Company and its subsidiaries is the United States dollar (“USD”); however, determination of functional currency may involve certain judgments to determine the primary economic environment which is re-evaluated for each new entity or if conditions change.

Level of control or influence over companies

The accounting for investments in other companies can vary depending on the degree of control and influence over those other companies. Management is required to assess at each reporting date the Company’s control and influence over these other companies. Management has used its judgment to determine which companies are controlled and require consolidation and those which are significantly influenced and require equity accounting. The Company has considered its ownership position in Waterproof Studios Inc. (“Waterproof”) to constitute significant influence up to February 28, 2019 and thereafter does not have the ability to influence the key operating activities of the entity. Accordingly, as of March 1, 2019 the Company has accounted for its investment under fair value through profit or loss (Notes 10 and 11). Additionally, the Company has assessed that control of Majesco was lost as of August 31, 2020 (Note 20).

Income taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Acquisition of group of assets

The Company acquired platform coding which did not meet the definition of a business and is accounted for as an asset acquisition. The Company applied the amended IFRS 3 Business Combinations standard in its determination that the acquisition did not meet the definition of a business, in particular, the optional concentration test, as substantially all the fair value of the assets acquired were accounted in a group of similar identifiable assets.

Discontinued operations

The Company classifies a component of the Company’s business as discontinued operations when there is a highly probable likelihood of a disposal of that component.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows:

Valuation of share-based compensation, derivatives, and convertible features

The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation and other equity based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves.

Valuation of intangible assets including goodwill

Goodwill and intangible assets are assessed for impairment indicators at each reporting date. Management first reviews qualitative factors in determining if an impairment needs to be recorded. Quantitative factors are then used to calculate the amount of impairment, if needed. Goodwill and certain intangibles resulted from a business acquisition which were valued based on estimated discounted cash flows. As at November 30, 2020, that business was sold.

Valuation of investment in equity instrument

The Company values its equity instruments in private companies at fair value at each reporting date. The determination of fair value is based on estimates made by management on the expected earnings before income, taxes, and amortization multiplied by a reasonable factor for the appropriate industry applicable to the private company.

Valuation of expected credit loss

Loans receivable are assessed for an estimated credit loss at each reporting date. The estimated loss is determined based on management’s knowledge of the debtor and their ability to repay the loan. As the current debtors’ are private entities, management must rely on assertions provided to them from the debtor to make their estimates.

Valuation of convertible debentures

The equity portion of the convertible debenture is calculated using a discounted cash flow method which requires management to make an estimate on an appropriate discount rate.

Foreign currency translation

Foreign currency translation

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company and Liquid Canada changed from the CAD to the USD dollar effective September 1, 2018. The functional currency of Majesco was the USD. The functional currency of Waterproof is the CAD. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.

Transactions in currencies other than USD are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities in foreign currencies are translated at historical rates. Revenues and expenses are translated at the average exchange rates approximating those in effect during the reporting period.

For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company’s USD operations are translated into CAD at the exchange rate at the reporting date. The income and expenses are translated using average rate. Foreign currency differences that arise on translation for consolidation purposes are recognized in other comprehensive income (loss).

Financial instruments

Financial instruments

Financial assets

On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income.

The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Receivables and loans receivable are measured at amortized cost with subsequent impairments recognized in profit or loss. Cash, restricted cash, and investment in equity instruments are classified as FVTPL.

Impairment

An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

For the years presented, the Company did not record an expected credit loss on its accounts receivable; however, an accumulated expected credit loss was recorded on its loans receivable as at November 30, 2020.

Financial liabilities

Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities, due to related parties, loans payable, convertible debentures, and long-term debt are classified as other financial liabilities and carried on the statement of financial position at amortized cost. Derivative liabilities are measured at FVTPL.

Investment in associates

Investment in associates

The Company’s investment in associates was accounted for using the equity method of accounting. An associate is an entity in which the Company has significant influence and which is neither a subsidiary nor a joint venture.

Under the equity method, the investment in the associate is carried in the statement of financial position at cost. The statement of loss reflects the share of the results of operations of the associate until significant influence ceases. Where there has been a change recognized directly in the equity of the associate, the Company recognizes its share of any changes and discloses this, when applicable, in the statement of changes in shareholders’ equity (deficiency). Profits and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate.

Associates are those entities in which the Company has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. Investments in associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company from the date that significant influence or joint control commences, until the date that significant influence or joint control ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to nil, and the recognition of further losses is discontinued, except to the extent that the Company has obligations, or has made payments on behalf of the investee. The Company used the equity method of accounting for its 49% investment in Waterproof until significant influence ceased on March 1, 2019.

Equipment

Equipment

Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

Assets under construction are not depreciated until available for their intended use.

Depreciation is charged over the estimated useful lives using the declining balance method as follows:

Computer equipment	30	%
Vehicles	30	%

Intangible assets

Intangible assets

The Company has intangible assets from acquisitions and development of gaming content. The amortization method, useful life and residual values are assessed annually and the assets are tested for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Amortization expense is recorded on a straight-line basis beginning with the month the corresponding assets are available for use and over the estimated useful lives provided below:

Video game catalogues (years)	15
Platform coding (years)	3
Brands	indefinite

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated amortization are removed from the accounts and any gain or loss is reflected in profit and loss. Expenditures for repairs and maintenance are expensed as incurred.

Development expenditures, including the cost of material, direct labour, and other direct costs are recognized as an intangible asset when the following recognition requirements are met:

· the development costs can be measured reliably;

· the project is technically and commercially feasible;

· the Company intends to and has sufficient resources to complete the project;

· the Company has the ability to use or sell the asset, and

· the asset will generate probable future economic benefits.

Intangible assets being developed are amortized once development is complete and the asset starts to generate income.

Video game catalogues

The video game catalogues are made up of a diverse variety of games, ranging in age and popularity. The catalogues are unique due to the diverse nature of the products within the catalogues, making it difficult to assign a useful life. The useful life of 15 years represents management’s view of the expected period over which the Company expects benefits from the acquired gaming content packaged as catalogues. The election of this useful life is supported by internal game titles still producing revenue at this age.

Platform coding

The platform coding acquired by the Company is currently under development and is not yet subject to amortization.

Brand

Through the acquisition of Majesco (Note 5), the Company acquired the “Majesco Entertainment” brand which was determined to have an indefinite life.

Goodwill

Goodwill

Goodwill is deemed to have an indefinite life and is not amortized but is subject to, at a minimum, annual impairment tests. The Company assesses the impairment of goodwill on an annual basis or whenever events or changes in circumstances indicate that the fair value is less than its carrying value. Impairment is tested at the cost center level by comparing the fair value of a cost center with its carrying amount including goodwill. If the carrying amount of the cost center exceeds its fair value, goodwill of the cost center is considered impaired and the second step of the test is performed to determine the amount of impairment loss, if any.

Impairment of non-financial assets

Impairment of non-financial assets

The carrying amount of the Company’s non-financial assets is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years.

Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

Business combinations

Business combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable new assets. Acquisition costs incurred are expensed.

Discountinued Operations

Discontinued operations

A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which:

· represents a separate majour line of business or geographic area of operations;

· is part of a single coordinated plan to dispose of a separate majour line of business or geographic area of operations; or

· is a subsidiary acquired exclusively with a view to re-sale.

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comparative statement of comprehensive loss is re-presented as if the operation had been discontinued from the start of the comparative year.

Derivative Liability

Derivative liability

Share purchase warrants outstanding during the years ended November 30, 2019 and 2018 met the criteria of a derivative instrument liability because they were exercisable in a currency other than the functional currency of the Company and thus did not meet the “fixed-for-fixed” criteria. As a result, the Company was required to separately account for the warrants as a derivative instrument liability recorded at fair value and marked-to-market each period with the changes in the fair value each period charged or credited to loss. Changes in fair value are recognized as gain/loss on derivative liability until the warrants are exercised or expire.

Convertible debentures

Convertible debentures

The Company’s convertible debenture was classified as a liability, less the portion relating to the conversion feature which is classified as a component of equity. As a result, the recorded liability to repay the convertible notes is lower than its face value. The liability was initially recorded at fair value and subsequently at amortized cost using the effective interest rate method; the liability is accreted to the face value over the term of the convertible debenture.

Share capital

Share capital

Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s common shares, share warrants, and options are classified as equity instruments.

Incremental costs directly attributable to the issue of new shares or options are recognized as a deduction from equity, net of tax.

Valuation of equity units issued in private placements:

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in private placements is determined to be the more easily measurable component as they are valued at their fair value which is determined by the closing price on the issuance date. The remaining balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded to reserves.

Loss per share

Loss per share

Basic and diluted loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of shares outstanding during the reporting period. If applicable, diluted income per share is computed similar to basic income per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of share options, warrants, and convertible debentures, if dilutive. The number of additional shares is calculated by assuming that outstanding share options and warrants were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting periods. For the years presented, this calculation proved to be anti-dilutive.

Share-based compensation

Share-based compensation

The Company grants stock options to buy common shares of the Company to directors, officers and consultants.

All stock options and compensatory warrants made to employees and non-employees are measured and recognized using the Black-Scholes option pricing model. For employees, the fair value of the options is measured at grant date. For non-employees, the fair value of the options is measured on the earlier of the date at which the counterparty performance is complete, the date the performance commitment is reached, or the date at which the equity instruments are granted if they are fully vested and non-forfeitable. Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. Stock options that vest over time are recognized using the graded vesting method. Share based compensation is recognized as an expense with a corresponding increase in reserves. At each financial reporting period, the amount recognized as expense is adjusted to reflect the number of share options expected to vest. If and when the stock options are ultimately exercised, the applicable amounts of reserves are transferred to share capital.

Where the terms of a stock option are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the stock-based compensation arrangement or is otherwise beneficial to the employee as measured at the date of modification over the remaining vesting period.

The Company may grant Restricted Share Units (RSUs) to directors, officers, employees, and consultants. The fair value of the RSUs are estimated using the value on the grant date and are recognized as an expense over the vesting period. As the RSUs are redeemed and common shares are issued, the amount previously recognized in reserves is recorded as an increase to share capital.

Revenue recognition

Revenue recognition

Animation production services

Revenue from animation production services provided is recognized when the services have been provided and control of the deliverable has been transferred to the customer. Revenue collected prior to it being earned is recorded as deferred revenue and recognized as the related services are provided. Management estimates the pace of revenue recognition based on contract milestones and determination of when it considered the revenue to be earned. The Company’s arrangements with customers are evidenced by contracts with customers. Any costs incurred to secure a contract will be capitalized and amortized over the period in which the revenue is recognized.

Software games

Revenue from sales of interactive software games on game consoles and PCs are recognized as revenue when games are purchased by a customer.

Sales of the Company’s games are made by third party gaming platform companies pursuant to license agreements, and these gaming platform companies retain an agreed upon portion of sales as fees. The Company reports revenues related to these arrangements net of the fees retained by the gaming platform companies, as the Company has determined that the gaming platform companies are considered the primary obligors to the end consumers for the sale of the games.

Streaming services

Revenue from streaming services are recognized as revenue when the services have been provided and control of the deliverable has been transferred to the customer. The streaming services allows independent film makers to monetize their films on the Company’s streaming platforms. The Company earns a percentage of the sales charged by the filmmakers which is collected by third party payments providers. The Company reports revenues related to these sales net of the fees paid to the filmmakers and payment providers.

Royalties and licenses

Royalties and licenses

Royalty-based obligations with content licensors are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently paid. These royalty-based obligations are generally expensed to cost of sales at the contractual rate based on a percentage of the revenue earned.

Income taxes

Income taxes

Current income tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the country where the Company operates and generates taxable income.

Deferred income tax

Deferred income tax is provided for based on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Current income and deferred tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Changes in accounting standards

Changes in accounting standards

On December 1, 2019, the Company elected to early adopt the amendments to IFRS 3 Business Combinations. The amendment:

· clarifies minimum requirements to be a business,

· clarifies market participants ability to replace missing elements,

· clarifies the assessment of whether an acquired process is substantive,

· narrows the definition of outputs, and

· provides for an optional concentration test which is met if substantially all of the fair value of the gross net assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The Company has also adopted the following accounting standards effective December 1, 2019, which had no significant impact on the consolidated financial statements:

· IFRS 16 - Leases

· IFRIC 23 – Uncertainty Over Income Tax Treatments

Accounting pronouncements not yet adopted

Accounting pronouncements not yet adopted

Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s consolidated financial statements.

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Nov. 30, 2020

Significant Accounting Policies [Abstract]

Schedule of Company and its subsidiaries at the end of the reporting period

These consolidated financial statements include the accounts of the Company and its subsidiaries at the end of the reporting period as follows:

	Incorporation	Percentage owned
		2020		2019		2018
Liquid Media Group (Canada) Ltd. (“Liquid Canada”)	Canada	100	%	100	%	100	%
Companies owned by Liquid Canada:
Majesco Entertainment Company (“Majesco)	USA	0	%	51	%	51	%

Schedule of estimated useful lives of intangible assets

Amortization expense is recorded on a straight-line basis beginning with the month the corresponding assets are available for use and over the estimated useful lives provided below:

Video game catalogues (years)	15
Platform coding (years)	3
Brands	indefinite

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REVERSE ACQUISITION (Tables)

12 Months Ended

Nov. 30, 2020

Reverse Acquisition [Abstract]

Schedule of estimate of the fair value of net assets acquired

The following represents management's estimate of the fair value of the LBIX net assets acquired as at August 9, 2018 as a result of the reverse acquisition and is subject to final valuation adjustments.

	Total
	$
Cost of acquisition:
Shares retained by public company shareholders - 560,410 shares at US$5.85 x 1.3047	4,277,319
Fair value of stock options	96,303
	4,373,622
Allocated as follows:
Cash	4,769
Restricted cash	574,510
Prepaid expenses	37,132
Receivables	124,561
Liabilities	(497,907	)
	243,065
Allocated to listing expense	4,130,557
	4,373,622

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RECEIVABLES (Tables)

12 Months Ended

Nov. 30, 2020

Trade and other receivables [abstract]

Schedule of trade receivable

	2020	2019
	$	$
Accounts receivable	10,360	25,299
Sales tax receivable	227,699	14,293
Other receivables	-	658,769
	238,059	698,361

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LOANS RECEIVABLE (Tables)

12 Months Ended

Nov. 30, 2020

Loans Receivable [Abstract]

Schedule of loans receivable including accrued interest

As at November 30, 2020, the current loans receivable including accrued interest is as follows:

	Waterproof		Participant  Games		Installment  Entertainment		Total
	$		$		$		$
Balance November 30, 2018	104,552		199,806		126,937		431,295
Reclassified as long-term	-		(199,806	)	(126,937	)	(326,743	)
Accrued interest income	8,137		-		-		8,137
Repayments received	(17,807	)	-		-		(17,807	)
Balance November 30, 2019	94,882		-		-		94,882
Accrued interest income	416		-		-		416
Repayments received	(95,298	)	-		-		(95,298	)
Balance November 30, 2020	-		-		-		-

As at November 30, 2020, the long-term loans receivable including accrued interest are as follows:

	Participant  Games		Installment  Entertainment		Total
	$		$		$
Balance November 30, 2018	-		-		-
Reclassified from current	199,806		126,937		326,743
Accrued interest income	32,120		20,405		52,525
Expected credit loss	(115,963	)	(29,468	)	(145,431	)
Balance November 30, 2019	115,963		117,874		233,837
Accrued interest income	37,391		23,755		61,146
Expected credit loss	(86,026	)	(98,855	)	(184,881	)
Balance November 30, 2020	67,328		42,774		110,102

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LICENSES (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure Licenses Tables Abstract

Schedule of reconciliation of licenses

The following table is a reconciliation of the licenses:

	2020		2019
	$		$
Balance, beginning of year	1,840,836		4,382,598
Amortization	(596,882	)	(1,819,596	)
Write-offs	(330,276	)	(717,125	)
Currency translation adjustment	1,082		(5,041	)
Balance, end of year	914,760		1,840,836

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INVESTMENT IN ASSOCIATE (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of associates [abstract]

Schedule of reconciliation of the investment in Waterproof

The following table is a reconciliation of the investment in Waterproof as an equity investment:

	2020	2019		2018
	$	$		$
Balance, beginning of year	-	397,629		509,857
Share of profit (loss) of equity investment	-	195,726		(119,654	)
Currency translation adjustment	-	(6,081	)	7,426
Derecognition to investment in equity instruments (Note 11)	-	(587,274	)	-
Balance, end of year	-	-		397,629

Schedule of statements of financial position and revenue, expenses and losses

The following table summarizes Waterproof’s revenue, expenses and losses for the comparative years:

	2018
	$
Revenue	4,999,395
Cost of sales	(3,951,861	)
Expenses	(1,291,786	)
Loss for the year	(244,252	)

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INVESTMENT IN EQUITY INSTRUMENTS (Tables)

12 Months Ended

Nov. 30, 2020

Investment In Equity Instruments

Schedule of reconciliation of the investment in Waterproof

The following table is a reconciliation of the investment in Waterproof:

	2020		2019
	$		$
Balance, beginning of year	1,551,324		-
Recognition from investment in associates (Note 10)	-		587,274
Change in fair value	2,383,004		953,961
Currency translation adjustment	(88,730	)	10,089
Balance, end of year	3,845,598		1,551,324

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EQUIPMENT (Tables)

12 Months Ended

Nov. 30, 2020

Expected Volatility Of Fair Value

Schedule of Equipment

	Computer  Equipment			Vehicles			Total
		$			$			$
Cost:
At November 30, 2018		-			-			-
Additions		125,143			-			125,143
Net exchange differences		(277	)		-			(277	)
At November 30, 2019		124,866			-			124,866
Additions		-			56,436			56,436
Net exchange differences		(3,043	)		(293	)		(3,336	)
At November 30, 2020		121,823			56,143			177,966
Depreciation:
At November 30, 2018		1,553			-			1,553
Net exchange differences		8			-			8
At November 30, 2019		1,561			-			1,561
Additions		37,417			-			37,417
Net exchange differences		(1,365	)		-			(1,365	)
At November 30, 2020		37,613			-			37,613
Net book value:
At November 30, 2019		123,305			-			123,305
At November 30, 2020		84,210			56,143			140,353

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INTANGIBLE ASSETS (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about intangible assets [abstract]

Schedule of intangible assets

	Video Game  Catalogues		Platform  Coding		Brands		Total
	$		$		$		$
Cost:
At November 30, 2018	1,589,258		-		105,286		1,694,544
Additions - paid or accrued	133,356		-		-		133,356
Net exchange differences	(7,053	)	-		5,013		(2,040	)
At November 30, 2019	1,715,561		-		110,299		1,825,860
Additions - paid or accrued	-		4,464,885		-		4,464,885
Dispositions	(208,659	)	-		(111,454	)	(320,113	)
Net exchange differences	(40,598	)	(153,981	)	1,155		(193,424	)
At November 30, 2020	1,466,304		4,310,904		-		5,777,208
Amortization:
At November 30, 2018	17,722		-		-		17,722
Additions	100,202		-		-		100,202
Net exchange differences	(23	)	-		-		(23	)
At November 30, 2019	117,901		-		-		117,901
Additions	101,350		-		-		101,350
Net exchange differences	(6,469	)	-		-		(6,469	)
At November 30, 2020	212,782		-		-		212,782
Net book value:
At November 30, 2019	1,597,660		-		110,299		1,707,959
At November 30, 2020	1,253,522		4,310,904		-		5,564,426

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ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Nov. 30, 2020

Accounts Payable And Accrued Liabilities

Schedule of Accounts Payable and Accured Liabilities

	2020	2019
	$	$
Accounts payable (Note 29)	1,322,389	2,845,308
Accrued liabilities	154,958	821,014
Payroll taxes payable	13,406	474
Sales tax payable	-	2,911
Payable on Majesco acquisition (Note 5)	-	697,674
	1,490,753	4,367,381

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LOANS PAYABLE (Tables)

12 Months Ended

Nov. 30, 2020

Loan Payable [Abstract]

Schedule of loans payable balances and transactions

A summary of loans payable balances and transactions is as follows:

	Related  party		Third  party		Credit  Facility		Bank  Loan		Total
	$		$		$		$		$
Balance, November 30, 2018	172,203		12,000		750,000		-		934,203
Advance	-		150,000		-		662,933		812,933
Repayment - cash	(172,203	)	(137,000	)	-		-		(309,203	)
Balance, November 30, 2019	-		25,000		750,000		662,933		1,437,933
Advance	-		-		-		1,535		1,535
Repayment - cash	-		-		(110,707	)	(664,468	)	(775,175	)
Repayment - shares	-		(25,000	)	-		-		(25,000	)
Balance, November 30, 2020	-		-		639,293		-		639,293

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CONVERTIBLE DEBENTURES (Tables)

12 Months Ended

Nov. 30, 2020

Expected Dividend As Percentage Of Fair Value

Schedule of Convertible Debentures

	Liability  component		Equity  component		Total
	$		$		$
Balance, November 30, 2018	-		-		-
Cash received	2,930,477		595,991		3,526,468
Deferred income tax liability	-		(160,917	)	(160,917	)
Interest expense and accretion	259,885		-		259,885
Settlement of convertible debentures	(1,795,455	)	(244,890	)	(2,040,345	)
Reallocation of interest to accounts payable	(25,156	)	-		(25,156	)
Currency translation adjustment	18,651		-		18,651
Balance, November 30, 2019	1,388,402		190,184		1,578,586
Interest expense and accretion	83,140		-		83,140
Settlement of convertible debentures	(961,186	)	(134,198	)	(1,095,384	)
Reallocation of interest to accounts payable	(21,079	)	-		(21,079	)
Currency translation adjustment	42,242		-		42,242
Balance, November 30, 2020	531,519		55,986		587,505

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LONG-TERM DEBT (Tables)

12 Months Ended

Nov. 30, 2020

Long-term Debt

Schedule of long term debt

	Third  party
	$
Balance, November 30, 2019	-
Advances	51,936
Balance, November 30, 2020	51,936
Current portion	8,991
Long-term portion	42,945

Schedule of principal payments required under the long-term debt

The principal payments required under the long-term debt for the next four fiscal years are as follows:

2022	$9,640
2023	10,336
2024	11,082
2025	11,887

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SHARE CAPITAL AND RESERVES (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of reserves within equity [abstract]

Schedule of authorized to issue of preferred shares

The Company is authorized to issue the following preferred shares:

Preferred shares without par value	9,999,900
Series “A” preferred shares	1,000,000
Series “B” preferred shares	100
Series “C” preferred shares	1,000,000
Series “D” preferred shares	4,000,000
Series “E” preferred shares	4,000,000
	20,000,000

Schedule of Profit Loss per share

Profit (loss) per share

	Year ended November 30,
	2020		2019		2018
	$		$		$
Basic and diluted loss per share attributable to the Company from continuing operations (Note 29)	(0.68	)	(1.77	)	(3.16	)
Basic and diluted loss per share attributable to the Company (Note 29)	(0.82	)	(1.78	)	(3.14	)
Basic and diluted loss per share attributable to the non-controlling interest	(0.23	)	(0.01	)	0.02
Weighted average number of common shares outstanding	7,845,300		4,255,297		2,397,117

Schedule of weighted average assumptions by Black-Scholes option-pricing model

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the stock options granted:

		2020			2019			2018
Risk-free interest rate		0.47	%		1.82	%		2.09	%
Dividend yield		Nil			Nil			Nil
Expected life (years)		5.0			5.0			0.94
Volatility		103	%		92	%		127	%
Weighted average fair value per option	$	1.79		$	2.46		$	2.08

Schedule of stock option transactions

Stock option transactions are summarized as follows:

	Number of Stock Options			Weighted Average  Exercise Price
					$
Balance, November 30, 2017		220,000			3.75
Cancelled – Plan of Arrangement		(220,000	)		3.75
Granted		117,000			17.24 (US$13.30)
Balance, November 30, 2018		117,000			17.24 (US$13.30)
Granted		461,500			3.31 (US$2.55)
Cancelled		(117,000	)		17.24 (US$13.30)
Balance, November 30, 2019		461,500			3.39 (US$2.55)
Granted		550,000			3.31 (US$2.55)
Exercised		(53,505	)		3.31 (US$2.55)
Balance, November 30, 2020		957,995			3.31 (US$2.55)

Schedule of summary of the share options outstanding and exercisable

A summary of the share options outstanding and exercisable at November 30, 2020 is as follows:

Number of Stock  Options	Exercise Price	Expiry Date
	$
407,995	3.31 (US$2.55)	February 28, 2024
25,000	3.31 (US$2.55)	January 8, 2025
25,000	3.31 (US$2.55)	February 13, 2025
25,000	3.31 (US$2.55)	March 10, 2025
25,000	3.33 (US$2.57)	April 13, 2025
450,000	3.31 (US$2.55)	July 23, 2025
957,995

Schedule of weighted average assumptions used in the Black-Scholes option-pricing model for the valuation of the agents' warrants granted

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the warrants granted:

		2020		2019		2018
Risk-free interest rate		0.48	%	-		2.30	%
Dividend yield		Nil		-		Nil
Expected life (years)		5.0		-		2
Volatility		103	%	-		105	%
Weighted average fair value per warrant	$	1.59		-	$	3.10

Schedule of agents' warrant transactions

Agents’ warrant transactions are summarized as follows:

	Number of Agents’ Warrants			Weighted Average  Exercise Price
					$
Balance, November 30, 2017		4,574			1.25
Issued		8,000			5.19 (US$4.00)
Exercised		(1,837	)		1.25
Balance, November 30, 2018		10,737			4.35
Cancelled		(2,737	)		1.25
Balance, November 30, 2019		8,000			5.32 (US$4.00)
Issued		213,333			2.44 (US$1.88)
Cancelled		(8,000	)		5.19 (US$4.00)
Balance, November 30, 2020		213,333			2.44 (US$1.88)

Schedule of agents' warrants outstanding and exercisable

A summary of the agents’ warrants outstanding and exercisable at November 30, 2020 is as follows:

Number of Agent’s  Warrants	Exercise Price	Expiry Date
	$
213,333	2.44 (US$1.88)	June 4, 2025
213,333

Schedule of share purchase warrant transactions

Share purchase warrant transactions are summarized as follows:

	Number of Share Purchase Warrants		Weighted Average Exercise Price
			$
Balance, November 30, 2017	320,946		4.36
Granted	800,000		6.65
Granted on anti-dilution clause	72,800		3.24 (USD$2.50)
Exercised	(51,148	)	3.01
Balance, November 30, 2018	1,142,598		6.05
Issued	1,000,167		2.33 (US$1.75)
Exercised	(158,291	)	2.33 (US$1.75)
Balance, November 30, 2019	1,984,474		1.92 (US$1.81)
Issued	2,482,601		2.18 (US$1.68)
Exercised	(1,433,366	)	1.80 (US$1.39)
Balance, November 30, 2020	3,033,709		2.15 (US$1.66)

Schedule of share purchase warrants outstanding and exercisable for warrants

A summary of the share purchase warrants outstanding and exercisable at November 30, 2020 is as follows:

Number of Share  Purchase Warrants	Exercise Price	Expiry Date
	$
800,000	1.56 (US$1.20)	October 15, 2021
876,167	2.27 (US$1.75)	February 26, 2021
24,208	1.56 (US$1.20)	April 6, 2022
1,333,334	2.44 (US$1.88)	June 9, 2025
3,033,709

Schedule of Restricted share units

The fair value of the RSUs was measured using the value on the grant date of US$1.47 per common share.

	Number of RSUs
Balance, November 30, 2017, 2018, and 2019	-
Granted	1,000,001
Vested	(250,001	)
Balance, November 30, 2020	750,000

Schedule of weighted average assumptions by Black-Scholes option-pricing model for the valuation of the derivative liability

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluation of the derivative liability as at November 30, 2020, 2019 and 2018:

	2020	2019		2018
Risk-free interest rate	-	1.70	%	2.16	%
Dividend yield	-	Nil		Nil
Expected life (years)	-	0.75		1.75
Volatility	-	106	%	114	%
Probability of exercise	-	75	%	20	%

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluation of the derivative liability as at November 30, 2020, 2019, and 2018:

	2020	2019	2018
Risk-free interest rate	-	-	2.08	%
Dividend yield	-	-	Nil
Expected life (years)	-	-	2.25
Volatility	-	-	102	%

The following weighted average assumptions were used in the Black-Scholes option-pricing model for the initial valuation and the valuation of the derivative liability as at November 30, 2020:

	2020
Risk-free interest rate	0.15	%
Dividend yield	Nil
Expected life (years)	0.33
Volatility	94	%
Discount rate	20	%
Weighted average fair value per warrant	0.36

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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure Discontinued Operations Tables Abstract

Schedule of Discontinued Operations

The following is the breakdown of the discontinued operations on the statement of comprehensive loss:

	Year ended November 30,
	2020		2019		2018
	$		$		$
Sales	415,335		402,127		687,381
Cost of sales	141,815		148,249		155,031
Gross profit	273,520		253,878		532,350
Operating expenses
Consulting and director fees	12,179		113,990		131,866
Other general and administrative expenses	14,371		30,296		23,041
Management and directors salaries and fees	89,658		113,229		95,121
Marketing	-		282		-
Professional fees	30,462		87,396		50,932
	146,670		345,193		300,960
Impairment of goodwill	(2,940,739	)	-		-
Write off of intangible assets	-		-		(116,352	)
Loss on settlement of debt	-		-		(36,854	)
	(2,940,739	)	-		(153,206	)
Profit (loss) before income taxes	(2,813,889	)	(91,315	)	78,184
Income tax expense	-		(1,659	)	1,621
Profit (loss) from discontinued operations	(2,813,889	)	(89,656	)	76,563
Profit (loss) attributable to non-controlling interest from discontinued operations	(1,766,291	)	(43,932	)	37,516
Profit (loss) attributable to the Company from discontinued operations	(1,047,598	)	(45,724	)	39,047

The following is a breakdown of the change in cash flows for the discontinued operations:

	Year ended November 30,
	2020	2019		2020
	$	$		$
Net cash provided by (used in) operating activities	38,635	113,876		119,667
Net cash used in investing activities	-	(133,356	)	11,060
Net cash flows for the year	38,635	(19,480	)	130,727

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of transactions between related parties [abstract]

Schedule of key management personnel compensation

The following is a summary of key management personnel compensation:

	Year ended November 30,
	2020	2019	2018
	$	$	$
Management and directors salaries and fees	625,000	577,500	407,525
Management and directors salaries and fees in discontinued operations	19,000	26,000	-
Share-based compensation	1,578,456	890,418	-
Interest expense	-	5,174	18,537
	2,222,456	1,499,092	426,062

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NON-CONTROLLING INTEREST (Tables)

12 Months Ended

Nov. 30, 2020

Non-controlling Interest

Schedule of non-controlling interest

The following table presents the changes in equity attributable to the 49% non-controlling interest in Majesco:

	2020		2019
	$		$
Balance, beginning of year	1,786,401		1,838,941
Share of loss for the year	(1,766,291	)	(43,932	)
Foreign exchange on translation	(20,110	)	(8,608	)
Balance, end of year	-		1,786,401

Schedule of noncontrolling interests assets liabilities

The following table presents the non-controlling interest as at November 30, 2020 and 2019:

	2020	2019
	$	$
Assets
Current	-	33,770
Non-current	-	3,905,471
	-	3,939,241
Liabilities
Current	-	270,362
Non-current	-	23,163
	-	293,525
Net assets	-	3,645,716
Non-controlling interest	-	1,786,401

Schedule of loss and comprehensive loss attributable to non-controlling interest

The following table presents the loss and comprehensive loss attributable to non-controlling interest:

		Year ended November 30,
	Note	2020		2019		2018
		$		$		$
Profit (loss) attributable to non-controlling interest from discontinued operations	20	(1,766,291	)	(43,932	)	37,516
Foreign exchange translation adjustment		(20,110	)	(8,608	)	116,810
Comprehensive loss attributable to non-controlling interest		(1,786,401	)	(52,540	)	154,326

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SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS (Tables)

12 Months Ended

Nov. 30, 2020

Supplemental Disclosures With Respect To Cash Flows [Abstract]

Schedule of disclosures with respect to cash flows

	Years ended November 30,
	2020	2019	2018
	$	$	$
Supplemental non-cash disclosures
Reallocation of value of options upon exercise	144,245	-	-
Reallocation of value of warrants upon exercise	28,056	-	2,986
Reallocation of value of RSUs upon vesting	482,272	-	-
Shares issued for the acquisition of Majesco (Note 5)	-	-	415,000
Shares issued for intangible assets	-	-	1,469,456
Shares issued for licenses	-	-	4,880,639
Shares issued for debt settlements	331,967	634,175	623,771
Warrants issued for share issue costs	338,558	-	24,774
Net assets acquired on RTO (Note 3)	-	-	243,065
Shares issued for commitment to issue shares	137,197	-	156,000
Acquisition of equipment in accounts payable	-	125,143	-
Units issued for conversion of convertible debentures and associated interest	1,121,514	2,040,346	-
Accounts payable applied to convertible debentures	-	23,675	-
Derecognition of investment in associate	-	587,274	-
Loans receivable allocated to long-term	-	379,268	-
Residual value of warrants on conversion of convertible debentures	-	30,779	-
Accounts receivable applied to accounts payable	648,091	-	-

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INCOME TAXES (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure Of Income Tax [Abstract]

Schedule of reconciliation of income taxes at statutory rates with the reported taxes

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

	2020		2019		2018
	$		$		$
Loss from continuing operations before income taxes	(5,369,900	)	(7,696,577	)	(7,576,796	)
Profit (loss) from continuing operations before income taxes	(2,813,889	)	(91,315	)	78,184
Loss before income taxes	(8,183,789	)	(7,787,892	)	(7,498,612	)
Expected income tax expense (recovery) at statutory rates	(2,210,000	)	(2,103,000	)	(2,025,000	)
Change in statutory, foreign tax, foreign exchange rates and other	(35,000	)	(44,576	)	(75,379	)
Permanent difference	528,000		356,000		1,439,000
Impact of deconsolidation	(23,000	)	-		-
Share issue cost	(226,000	)	-		(132,000	)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	(9,000	)	(123,000	)	-
Change in unrecognized deferred tax assets	1,975,000		1,752,000		795,000
Income tax expense (recovery)	-		(162,576	)	1,621
Deferred tax expense (recovery) relating to continuing operations	-		(160,917	)	-
Current income tax expense (recovery) relating to discontinued operations	-		1,659		(1,621	)

The significant components of the Company’s deferred tax liability is as follows:

	2020		2019
	$		$
Deferred tax assets (liabilities)
Intangible assets	-		(23,163	)
Capital loss	197,000		-
Investment in associates	(434,000	)	(122,000	)
Debt with accretion	-		(41,000	)
Non-capital losses	237,000		163,000
Net deferred tax liability	-		(23,163	)

Schedule of unrecognized temporary tax differences

No deferred tax asset has been recognized in respect of the following losses and temporary differences as it is not considered probable that sufficient future taxable profit will allow the deferred tax asset to be recovered:

	2020	Expiry Date Range	2019	Expiry Date Range	2018	Expiry Date Range
	$		$		$
Property and equipment	3,222,000	No expiry date	2,675,000	No expiry date	437,000	No expiry date
Share issue costs	865,000	2020-2024	305,000	2020-2022	414,000	2019-2022
Debt with accretion	122,000	No expiry date	-	No expiry date	-	No expiry date
Investment in associates	-	No expiry date	-	No expiry date	56,000	No expiry date
Allowable capital losses	-	No expiry date	323,000	No expiry date	11,000	No expiry date
Non-capital losses	14,821,000	2026-2040	8,194,000	2026-2039	4,503,000	2026-2038

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SEGMENTED INFORMATION (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of operating segments [abstract]

Schedule of reportable operating segments

Below summarizes the Company’s reportable operating segments for year ended November 30, 2020.

	Film		Video Games		Total
	$		$		$
Segment Information
Revenue	16,587		30,730		47,317
Cost of sales	(56,058	)	(707,126	)	(763,184	)
Operating expenses	(499,144	)	(127,155	)	(626,299	)
Discontinued operations	-		(2,813,889	)	(2,813,889	)
Segment profit (loss)	(538,615	)	(3,617,440	)	(4,156,055	)
Corporate expenses:
Operating expenses					(7,234,434	)
Other income					3,206,700
Foreign currency translation					(312,885	)
Comprehensive loss for the year					(8,496,674	)
Capital expenditures	4,464,885		-		4,464,885

Below summarizes the Company’s reportable operating segments for the year ended November 30, 2019.

	Film	Video Games		Total
	$	$		$
Segment Information
Revenue	-	27,109		27,109
Cost of sales	-	(1,837,555	)	(1,837,555	)
Operating expenses	-	(100,202	)	(100,202	)
Other expenses	-	195,726		195,726
Discontinued operations	-	(89,656	)	(89,656	)
Segment loss	-	(1,804,578	)	(1,804,578	)
Corporate expenses:
Operating expenses				(5,401,320	)
Other expenses				(580,335	)
Tax recovery				160,917
Foreign currency translation				12,775
Comprehensive loss for the year				(7,612,541	)
Capital expenditures:
Equipment	-	125,143		125,143

Below summarizes the Company’s reportable operating segments for the year ended November 30, 2018.

	Film		Video Games		Total
	$		$		$
Segment Information
Cost of sales	-		(603,718	)	(603,718	)
Operating expenses	-		(17,722	)	(17,722	)
Other expenses	(442,585	)	-		(442,585	)
Discontinued operations	-		76,563		76,563
Segment loss	(442,585	)	(544,877	)	(987,462	)
Corporate expenses:
Operating expenses					(1,759,084	)
Other expenses					(4,753,687	)
Foreign currency translation					398,892
Comprehensive loss for the year					(7,101,341	)
Capital expenditures:
Intangible assets	-		79,808		79,808
Goodwill	-		3,585,883		3,585,883

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RESTATEMENT OF FINANCIAL STATEMENTS (Tables)

12 Months Ended

Nov. 30, 2020

Restatement Of Financial Statements Tables Abstract

Schedule of illustrates the impact of the corrections

The following table illustrates the impact of the corrections.

	As previously reported		Adjustment		As restated
	$		$		$
As at November 30, 2020
Accounts payable and accrued liabilities	1,284,452		206,301		1,490,753
Derivative liability (long-term)	-		341,163		341,163
Share capital	29,999,645		(367,361	)	29,632,284
Accumulated other comprehensive income	4,304		6,386		10,690
Deficit	(24,672,794	)	(186,489	)	(24,859,283	)
For the year ended November 30, 2020
Consulting fees	993,215		212,687		1,205,902
Professional fees	588,039		103,424		691,463
Gain on derivative liability	1,102,277		129,622		1,231,899
Loss attributable to Liquid Media Group from continuing operations	(5,183,411	)	(186,489	)	(5,369,900	)
Loss for the year	(7,997,300	)	(186,489	)	(8,183,789	)
Foreign currency translation adjustment	(319,271	)	6,386		(312,885	)
Comprehensive loss for the year	(8,316,571	)	(180,103	)	(8,496,674	)
Loss attributable to Shareholders of the Company	(6,231,009	)	(186,489	)	(6,417,498	)
Comprehensive loss attributable to Shareholders of the Company	(6,530,170	)	(180,103	)	(6,710,273	)
Basic and diluted loss per share attributable to the Company from continuing operations	(0.66	)	(0.02	)	(0.68	)
Basic and diluted loss per share attributable to the Company	(0.79	)	(0.03	)	(0.82	)
Cash flows used in operating activities	(6,138,396	)	(73,650	)	(6,212,046	)
Cash flows provided by financing activities	6,120,167		73,650		6,193,817

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NATURE AND CONTINUANCE OF OPERATIONS (Details)	Aug. 09, 2018 $ / shares shares	Aug. 09, 2018 $ / shares shares
Liquid Media Group Canada Ltd [Member]
Statements Line Items [Line Items]
Issuance of common stock	1,288,497	1,288,497
Percentage of common shares issued and outstanding	69.69%
Leading Brands Inc [Member]
Statements Line Items [Line Items]
Number of common share issued	1,848,980	1,848,980
Number of common shares outstanding	1,848,980	1,848,980
Conversion price per share | $ / shares	$ 0.5741	$ 0.5741

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SIGNIFICANT ACCOUNTING POLICIES (Details)		12 Months Ended
	Jan. 09, 2018	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Parent [member] | CANADA
Significant Accounting Policies [Line Items]
Percentage owned		100.00%	100.00%	100.00%
Majesco Entertainment Company
Significant Accounting Policies [Line Items]
Percentage owned	51.00%
Majesco Entertainment Company | US [Member]
Significant Accounting Policies [Line Items]
Percentage owned		0.00%	51.00%	51.00%

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SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Nov. 30, 2020
Platform Coding [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets useful lives	3 years
Video Game Catalogues [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets useful lives	15 years

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REVERSE ACQUISITION (Details) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019	Aug. 09, 2018
Allocated as follows:
Restricted cash		$ 672,663
Liabilities	$ (3,054,664)	$ (8,319,156)
Leading Brands Inc [Member]
Cost of acquisition:
Shares retained by public company shareholders- 560,410 shares at US$5.85 x 1.3047			$ 4,277,319
Fair value of stock options			96,303
Total			4,373,622
Allocated as follows:
Cash			4,769
Restricted cash			574,510
Prepaid expenses			37,132
Receivables			124,561
Liabilities			(497,907)
Total			243,065
Allocated to listing expense			4,130,557
Total			$ 4,373,622

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REVERSE ACQUISITION (Details Narrative)			12 Months Ended
	Aug. 09, 2018 CAD ($) shares	Aug. 09, 2018 shares	Nov. 30, 2020 CAD ($) shares	Nov. 30, 2019 CAD ($) shares	Nov. 30, 2018 CAD ($) shares
Statements Line Items [Line Items]
Stock option holders granted stock options			550,000	461,500	117,000
Percentage of risk free rate	2.09%		0.47%	1.82%	2.09%
Percentage of volatility	127.00%		103.00%	92.00%	127.00%
Percentages of dividend yield | $	$ 0
Investigation Cost | $			$ 0	$ 192,601	$ 359,590
Liquid Media Group Canada Ltd [Member]
Statements Line Items [Line Items]
Issuance of common stock	1,288,497	1,288,497
Leading Brands Inc [Member]
Statements Line Items [Line Items]
Number of share retained	560,410
Stock option holders granted stock options	117,000

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RESTRICTED CASH (Detail Narrative) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Restricted Cash And Cash Equivalent Abstract
Restricted cash and cash equivalents		$ 672,663

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ACQUISITION OF MAJESCO ENTERTAINMENT COMPANY (Detail Narrative) - Majesco Entertainment Company [Member]	Jan. 09, 2018 CAD ($) shares	Nov. 30, 2020 CAD ($)	Nov. 30, 2019 CAD ($)
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired	51.00%
Number of share issued as consideration | shares	66,667
Value for share issued as consideration	$ 415,000
Amount of cash consideration accrued in business combination		$ 632,061	$ 664,450
Percentage of fee paid to finder	5.00%
Amount of fee payable to finder			$ 33,223

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RECEIVABLES (Details) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Trade and other receivables [abstract]
Accounts receivable	$ 10,360	$ 25,299
Sales tax receivable	227,699	14,293
Other receivables		658,769
Receivables	$ 238,059	$ 698,361

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PREPAIDS (Details Narrative) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Gain Loss On Debt Settlements
Prepaid Expenses	$ 370,432	$ 208,066

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LOANS RECEIVABLE (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Loans Receivable [Line Items]
Opening balance	$ 94,882	$ 431,295
Reclassified as long-term		(326,743)
Accrued interest revenue	416	8,137
Repayments received	(95,298)	(17,807)
Closing balance		94,882
Waterproof Studios Inc [Member]
Loans Receivable [Line Items]
Opening balance	94,882	104,552
Reclassified as long-term
Accrued interest revenue	416	8,137
Repayments received	(95,298)	(17,807)
Closing balance		94,882
Participant Games Inc [Member]
Loans Receivable [Line Items]
Opening balance		199,806
Reclassified as long-term		(199,806)
Accrued interest revenue
Repayments received
Closing balance
Installment Entertainment Inc [Member]
Loans Receivable [Line Items]
Opening balance		126,937
Reclassified as long-term		(126,937)
Accrued interest revenue
Repayments received
Closing balance

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LOANS RECEIVABLE (Details 1) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Loans Receivable [Line Items]
Opening balance	$ 233,837
Reclassified from current		326,743
Accrued interest income	61,146	52,525
Expected credit loss	(184,881)	(145,431)
Closing balance	110,102	233,837
Participant Games Inc [Member]
Loans Receivable [Line Items]
Opening balance	115,963
Reclassified from current		199,806
Accrued interest income	37,391	32,120
Expected credit loss	(86,026)	(115,963)
Closing balance	67,328	115,963
Installment Entertainment Inc [Member]
Loans Receivable [Line Items]
Opening balance	117,874
Reclassified from current		126,937
Accrued interest income	23,755	20,405
Expected credit loss	(98,855)	(29,468)
Closing balance	$ 42,774	$ 117,874

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LOANS RECEIVABLE (Detail Narrative) - CAD ($)	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2020	Nov. 30, 2019
Participant Games Inc [Member]
Loans Receivable [Line Items]
Advances	$ 150,000
Loan receivable interest rate	15.00%
Accrued interest receivable			$ 71,097	$ 201,989
Allowance for credit loss			128,323
Installment Entertainment Inc [Member]
Loans Receivable [Line Items]
Advances	$ 100,000
Loan receivable interest rate	15.00%
Accrued interest receivable			47,342	115,963
Allowance for credit loss			29,468
Waterproof Studios Inc [Member]
Loans Receivable [Line Items]
Advances		$ 100,000
Loan receivable interest rate		8.00%
Loans receivable default interest rate		2% plus the applicable rate
Accrued interest receivable				$ 11,651

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LICENSES (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Licenses [Abstract]
Balance, beginning of year	$ 1,840,836	$ 4,382,598
Amortization	(596,882)	(1,819,596)	$ (603,718)
Write-offs	(330,276)	(717,125)
Currency translation adjustment	1,082	(5,041)
Balance, end of year	$ 914,760	$ 1,840,836	$ 4,382,598

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LICENSES (Detail Narrative) - CAD ($)		12 Months Ended
	Oct. 15, 2018	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Licenses [Abstract]
Currency translation adjustment		$ 101,718	$ 100,636
Number of common shares issued for licenses	888,000			888,000
Amount of common shares issued for licenses				$ 4,880,639
Amortization licenses cost		$ (596,882)	$ (1,819,596)	$ (603,718)
Minimum term of corresponding agreements		3 years
Maximum term of corresponding agreements		4 years

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INVESTMENT IN ASSOCIATE (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of associates [line items]
Share of loss of equity investment		$ (195,726)	$ 119,654
Waterproof [Member]
Disclosure of associates [line items]
Balance, beginning of year		397,629	509,857
Share of loss of equity investment		195,726	(119,654)
Currency translation adjustment		(6,081)	7,426
Derecognition to investment in equity instruments		(587,274)
Balance, end of year			$ 397,629

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INVESTMENT IN ASSOCIATE (Details 2) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of associates [line items]
Revenue	$ 47,317	$ 27,109
Cost of sales	(763,184)	(1,837,555)	(603,718)
Loss for the year	$ (8,183,789)	$ (7,625,316)	(7,500,233)
Waterproof [Member]
Disclosure of associates [line items]
Revenue			4,999,395
Cost of sales			(3,951,861)
Expenses			(1,291,786)
Loss for the year			$ (244,252)

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INVESTMENT IN ASSOCIATE (Detail Narrative)	1 Months Ended	12 Months Ended
	Apr. 15, 2015 CAD ($) shares	Nov. 30, 2020
Waterproof [Member]
Disclosure of associates [line items]
Percentage of ownership interest	49.00%
Amount of cash consideration	$ 475,000
Number of share issued as consideration | shares	100,000
Value for share issued as consideration	$ 125,001
Number of common shares issued to finder as fees | shares	40,000
Value for number of common shares issued to finder as fees	$ 50,000
Household Pests [Member]
Disclosure of associates [line items]
Percentage of ownership interest		50.00%

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INVESTMENT IN ASSOCIATE (Detail Narrative 1) - CAD ($)		1 Months Ended	12 Months Ended
	Jul. 02, 2014	Apr. 15, 2015	Nov. 30, 2020	Nov. 30, 2018	Nov. 30, 2017
Household Pests [Member]
Disclosure of associates [line items]
Percentage of ownership interest			50.00%
Deferred costs					$ 181,872
Investment wrote-off				$ 310,484
Waterproof [Member]
Disclosure of associates [line items]
Percentage of ownership interest		49.00%
Pigmental Llc [Member] | Household Pests [Member] | Animation Work Purchase Agreement Between Sergio Animation Studios, S.L. And Owner [Member]
Disclosure of associates [line items]
Value of agreement	$ 625,000

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EQUIPMENT (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Line Items [Line Items]
Net book value	$ 140,353	$ 123,305
Computer equipment [member]
Statement Line Items [Line Items]
Net book value	84,210	123,305
Vehicles [member]
Statement Line Items [Line Items]
Net book value	56,143
Gross carrying amount [member]
Statement Line Items [Line Items]
Beginning Balance	124,866
Additions	56,436	125,143
Net exchange differences	(3,336)	(277)
Ending Balance	177,966	124,866
Gross carrying amount [member] | Computer equipment [member]
Statement Line Items [Line Items]
Beginning Balance	124,866
Additions		125,143
Net exchange differences	(3,043)	(277)
Ending Balance	121,823	124,866
Gross carrying amount [member] | Vehicles [member]
Statement Line Items [Line Items]
Beginning Balance
Additions	56,436
Net exchange differences	(293)
Ending Balance	56,143
Accumulated impairment [member]
Statement Line Items [Line Items]
Beginning Balance	1,561	1,553
Additions	37,417
Net exchange differences	(1,365)	8
Ending Balance	37,613	1,561
Accumulated impairment [member] | Computer equipment [member]
Statement Line Items [Line Items]
Beginning Balance	1,561	1,553
Additions	37,417
Net exchange differences	(1,365)	8
Ending Balance	37,613	1,561
Accumulated impairment [member] | Vehicles [member]
Statement Line Items [Line Items]
Beginning Balance
Additions
Net exchange differences
Ending Balance

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INTANGIBLE ASSETS (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of detailed information about intangible assets [line items]
Net book value	$ 5,564,426	$ 1,707,959
Video Game Catalogues [Member]
Disclosure of detailed information about intangible assets [line items]
Net book value	1,253,522	1,597,660
Platform Coding [Member]
Disclosure of detailed information about intangible assets [line items]
Net book value	4,310,904
Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Net book value		110,299
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	1,825,860	1,694,544
Additions - paid or accrued	4,464,885	133,356
Write-off	(320,113)
Net exchange differences	(193,424)	(2,040)
Ending balance	5,777,208	1,825,860
Gross carrying amount [member] | Video Game Catalogues [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	1,715,561	1,589,258
Additions - paid or accrued		133,356
Write-off	(208,659)
Net exchange differences	(40,598)	(7,053)
Ending balance	1,466,304	1,715,561
Gross carrying amount [member] | Platform Coding [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
Additions - paid or accrued	4,464,885
Write-off
Net exchange differences	(153,981)
Ending balance	4,310,904
Gross carrying amount [member] | Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	110,299	105,286
Additions - paid or accrued
Write-off	(111,454)
Net exchange differences	1,155	5,013
Ending balance		110,299
Accumulated depreciation and amortisation [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	117,901	17,722
Write-off	(6,469)
Net exchange differences		(23)
Additions	101,350	100,202
Ending balance	212,782	117,901
Accumulated depreciation and amortisation [member] | Video Game Catalogues [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance	117,901	17,722
Write-off	(6,469)
Net exchange differences		(23)
Additions	101,350	100,202
Ending balance	212,782	117,901
Accumulated depreciation and amortisation [member] | Platform Coding [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
Write-off
Net exchange differences
Additions
Ending balance
Accumulated depreciation and amortisation [member] | Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
Write-off
Net exchange differences
Additions
Ending balance

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INTANGIBLE ASSETS (Detail Narrative) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Video Game Catalogues [Member]
Disclosure of detailed information about intangible assets [line items]
Development costs		$ 212,625

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GOODWILL (Detail Narrative) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Goodwill [Abstract]
Goodwill			$ 3,356,355
Foreign currency translation adjustment		$ 226,193

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ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Accounts Payable And Accrued Liabilities [Abstract]
Accounts payable	$ 1,322,389	$ 2,845,308
Accrued liabilities	154,958	821,014
Payroll taxes payable	13,406	474
Sales tax payable		2,911
Payable on Majesco acquisition (Note 5)		697,674
Accounts payable and accrued liabilities	$ 1,490,753	$ 4,367,381

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ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail Narrative) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Accounts Payable And Accrued Liabilities [Abstract]
Stock issued during period, shares, issued for settlement of accounts payable	100,317	159,873	81,937
Stock issued during period, value, issued for settlement of accounts payable	$ 306,620	$ 634,175	$ 449,291
Amount of accounts payable settlement	346,000	535,688	595,045
Gain on debt settlements	$ 39,380	$ (98,487)	$ 145,764

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LOANS PAYABLE (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Loans Payable [Roll Forward]
Balance	$ 1,437,933	$ 934,203
Advance	1,535	812,933
Repayment - cash	(775,175)	(309,203)
Repayment - shares	(25,000)
Balance	639,293	1,437,933
Third Party [Member]
Loans Payable [Roll Forward]
Balance	25,000	12,000
Advance		150,000
Repayment - cash		(137,000)
Repayment - shares	(25,000)
Balance		25,000
Credit Facility [Member]
Loans Payable [Roll Forward]
Balance	750,000	750,000
Advance
Repayment - cash	(110,707)
Repayment - shares
Balance	639,293	750,000
Related Party [Member]
Loans Payable [Roll Forward]
Balance		172,203
Advance
Repayment - cash		(172,203)
Repayment - shares
Balance
Bank Loan [Member]
Loans Payable [Roll Forward]
Balance	662,933
Advance	1,535	662,933
Repayment - cash	(664,468)
Repayment - shares
Balance		$ 662,933

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LOANS PAYABLE (Details Narrative) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Loans Payable [Line Items]
Accounts payable and accrued liabilities	$ 1,490,753	$ 4,367,381
Third Party [Member]
Loans Payable [Line Items]
Percentage of interest rate	14.40%
Accounts payable and accrued liabilities		2,192
Credit Facility [Member]
Loans Payable [Line Items]
Percentage of interest rate	14.40%
Accounts payable and accrued liabilities	$ 7,062	$ 289,282

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CONVERTIBLE DEBENTURES (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Line Items [Line Items]
Balance at beginning	$ 1,578,586
Cash received		3,526,468
Deferred income tax liability		(160,917)
Interest expense and accretion	83,140	259,885
Settlement of convertible debentures	(1,095,384)	(2,040,345)
Reallocation of interest to accounts payable	(21,079)	(25,156)
Currency translation adjustment	42,242	18,651
Balance at end	587,505	1,578,586
Liability Component
Statement Line Items [Line Items]
Balance at beginning	1,388,402
Cash received		2,930,477
Deferred income tax liability
Interest expense and accretion	83,140	259,885
Settlement of convertible debentures	(961,186)	(1,795,455)
Reallocation of interest to accounts payable	(21,079)	(25,156)
Currency translation adjustment	42,242	18,651
Balance at end	531,519	1,388,402
Equity Component
Statement Line Items [Line Items]
Balance at beginning	190,184
Cash received		595,991
Deferred income tax liability		(160,917)
Interest expense and accretion
Settlement of convertible debentures	(134,198)	(244,890)
Reallocation of interest to accounts payable
Currency translation adjustment
Balance at end	$ 55,986	$ 190,184

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LONG-TERM DEBT (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Long-term Debt
Balance at beginning
Advances	51,936
Balance at end	51,936
Current portion	8,991
Long-term portion	$ 42,945

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LONG-TERM DEBT (Details 1)	Nov. 30, 2020 CAD ($)
Long-term Debt
2022	$ 9,640
2023	10,336
2024	11,082
2025	$ 11,887

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SHARE CAPITAL AND RESERVES (Details)	Nov. 30, 2020 shares
Disclosure of classes of share capital [line items]
Number of shares authorized	20,000,000
Preferred Shares Without Par Value [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	9,999,900
Series A Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	1,000,000
Series B Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	100
Series C Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	1,000,000
Series D Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	4,000,000
Series E Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares authorized	4,000,000
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Number of shares authorized	500,000,000

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SHARE CAPITAL AND RESERVES (Details 1) - $ / shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of reserves within equity [abstract]
Basic and diluted loss per share attributable to the Company from continuing operations (Note 29)	$ (0.68)	$ (1.77)	$ (3.16)
Basic and diluted loss per share attributable to the Company (Note 29)	(0.82)	(1.78)	(3.14)
Basic and diluted loss per share attributable to the non-controlling interest	$ (0.23)	$ (0.01)	$ 0.02
Weighted average number of common shares outstanding	7,845,300	4,255,297	2,397,117

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SHARE CAPITAL AND RESERVES (Details 2) - $ / shares		12 Months Ended
	Aug. 09, 2018	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of reserves within equity [abstract]
Risk-free interest rate	2.09%	0.47%	1.82%	2.09%
Dividend yield		0.00%	0.00%	0.00%
Expected life		5 years	5 years	11 months 8 days
Volatility	127.00%	103.00%	92.00%	127.00%
Weighted average fair value per option		$ 1.79	$ 2.46	$ 2.08

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SHARE CAPITAL AND RESERVES (Details 3)	12 Months Ended
	Nov. 30, 2020 shares $ / shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2018 shares $ / shares	Nov. 30, 2018 shares $ / shares
Numberofshareoptions [Abstract]
Balance | shares	461,500	461,500	117,000	117,000	220,000	220,000
Cancelled - Plan of Arrangement | shares			(117,000)	(117,000)	(220,000)	(220,000)
Granted | shares	550,000	550,000	461,500	461,500	117,000	117,000
Exercised | shares	(53,505)	(53,505)
Balance | shares	957,995	957,995	461,500	461,500	117,000	117,000
Weightedaverageexerciseprice [Abstract]
Balance | $ / shares		$ 3.39		$ 17.24		$ 3.75
Cancelled - Plan of Arrangement | $ / shares			$ 17.24		$ 3.75
Granted | $ / shares	$ 3.31		$ 3.31		$ 17.24
Exercised | $ / shares		3.31
Balance | $ / shares		$ 3.31		$ 3.39		$ 17.24

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SHARE CAPITAL AND RESERVES (Details 4)	12 Months Ended
	Nov. 30, 2020 shares $ / shares	Jun. 08, 2020 $ / shares	Nov. 30, 2019 shares	Nov. 30, 2018 shares	Nov. 30, 2017 shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	957,995		461,500	117,000	220,000
Exercise Price | $ / shares		$ 1.88
Ranges Of Exercise Prices For Outstanding Share Options 3.31a [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	25,000
Exercise Price | $ / shares	$ 3.31
Expiry Date Exercise Price Of Outstanding Share Options	Jan. 08, 2025
RangesOfExercisePricesForOutstandingShareOptions3.31bMember
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	25,000
Exercise Price | $ / shares	$ 3.31
Expiry Date Exercise Price Of Outstanding Share Options	Feb. 13, 2025
RangesOfExercisePricesForOutstandingShareOptions3.31cMember
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	25,000
Exercise Price | $ / shares	$ 3.31
Expiry Date Exercise Price Of Outstanding Share Options	Mar. 10, 2025
Ranges Of Exercise Prices For Outstanding Share Options $3.33 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	25,000
Exercise Price | $ / shares	$ 3.33
Expiry Date Exercise Price Of Outstanding Share Options	Apr. 13, 2025
RangesOfExercisePricesForOutstandingShareOptions3.31dMember
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	450,000
Exercise Price | $ / shares	$ 3.31
Expiry Date Exercise Price Of Outstanding Share Options	Jul. 23, 2025
Ranges Of Exercise Prices For Outstanding Share Options $3.31 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of Stock Options Outstanding | shares	407,995
Exercise Price | $ / shares	$ 3.31
Expiry Date Exercise Price Of Outstanding Share Options	Feb. 28, 2024

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SHARE CAPITAL AND RESERVES (Details 5) - $ / shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of reserves within equity [abstract]
Risk-free interest rate	0.48%		2.30%
Dividend yield	0.00%		0.00%
Expected life	5 years		2 years
Volatility	103.00%		105.00%
Weighted average fair value per option	$ 1.59		$ 3.10

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SHARE CAPITAL AND RESERVES (Details 6)		12 Months Ended
	Oct. 15, 2018 shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2018 shares $ / shares	Nov. 30, 2018 shares $ / shares
Weighted Average Exercise Price Of Other Equity Instruments [Abstract]
Balance			$ 3.39		$ 17.24		$ 3.75
Granted on anti-dilution clause		$ 3.31		$ 3.31		$ 17.24
Exercised			3.31
Cancelled				$ 17.24		$ 3.75
Balance			$ 3.31		$ 3.39		$ 17.24
Agents Warrants [Member]
Number Of Other Equity Instruments [Abstract]
Balance | shares		8,000	8,000	10,737	10,737	4,574	4,574
Issued | shares	8,000	213,333	213,333			8,000	8,000
Exercised | shares						(1,837)	(1,837)
Cancelled | shares		(8,000)	(8,000)	(2,737)	(2,737)
Balance | shares		213,333	213,333	8,000	8,000	10,737	10,737
Weighted Average Exercise Price Of Other Equity Instruments [Abstract]
Balance		$ 5.32		$ 4.35		$ 1.25
Issued		2.44				5.19
Exercised						1.25
Cancelled		5.19		1.25
Balance		$ 2.44		$ 5.32		$ 4.35
Share Purchase Warrants [Member]
Number Of Other Equity Instruments [Abstract]
Balance | shares		1,984,474	1,984,474	1,142,598	1,142,598	320,946	320,946
Issued | shares		2,482,601	2,482,601	1,000,167	1,000,167	800,000	800,000
Granted on anti-dilution clause | shares						72,800	72,800
Exercised | shares				(158,291)	(158,291)	(51,148)	(51,148)
Cancelled | shares		(1,433,366)	(1,433,366)
Balance | shares		3,033,709	3,033,709	1,984,474	1,984,474	1,142,598	1,142,598
Weighted Average Exercise Price Of Other Equity Instruments [Abstract]
Balance		$ 1.92		$ 6.05		$ 4.36
Issued		2.18		2.33		6.65
Granted on anti-dilution clause						3.24
Exercised		1.80		2.33		3.01
Balance		$ 2.15		$ 1.92		$ 6.05

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SHARE CAPITAL AND RESERVES (Details 7)	12 Months Ended
	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 shares	Nov. 30, 2018 shares	Nov. 30, 2017 shares
Share Purchase Warrants [Member]
Disclosure of classes of share capital [line items]
Number of Warrants	3,033,709	1,984,474	1,142,598	320,946
Share Purchase Warrants [Member] | Ranges Of Exercise Prices $1.56 [Member]
Disclosure of classes of share capital [line items]
Number of Warrants	800,000
Exercise Price | $ / shares	$ 1.56
Expiry Date	Oct. 15, 2021
Share Purchase Warrants [Member] | Ranges Of Exercise Prices $2.27 [Member]
Disclosure of classes of share capital [line items]
Number of Warrants	876,167
Exercise Price | $ / shares	$ 2.27
Expiry Date	Feb. 26, 2021
Share Purchase Warrants [Member] | RangesOfExercisePrices1.56aMember
Disclosure of classes of share capital [line items]
Number of Warrants	24,208
Exercise Price | $ / shares	$ 1.56
Expiry Date	Apr. 06, 2022
Share Purchase Warrants [Member] | Ranges Of Exercise Prices $2.44 [Member]
Disclosure of classes of share capital [line items]
Number of Warrants	1,333,334
Exercise Price | $ / shares	$ 2.44
Expiry Date	Jun. 09, 2025
Agents Warrants [Member]
Disclosure of classes of share capital [line items]
Number of Warrants	213,333	8,000	10,737	4,574
Agents Warrants [Member] | Ranges Of Exercise Prices For Outstanding Share Options 2.44 [Member]
Disclosure of classes of share capital [line items]
Exercise Price | $ / shares	$ 2.44
Expiry Date	Jun. 04, 2025

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SHARE CAPITAL AND RESERVES (Details 8) - Restricted share units	12 Months Ended
	Nov. 30, 2020 shares
Disclosure of classes of share capital [line items]
Balance	0
Granted	1,000,001
Vested	(250,001)
Balance	750,000

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SHARE CAPITAL AND RESERVES (Details 9) - Derivative Liability [Member] - $ / shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of financial liabilities [line items]
Risk-free interest rate	15.00%
Dividend yield
Expected life	3 months 29 days
Volatility	94.00%
Discount rate	20.00%
Weighted average fair value per warrant	$ 0.36
US [Member]
Disclosure of financial liabilities [line items]
Risk-free interest rate			2.08%
Dividend yield			0.00%
Expected life			2 years 3 months
Volatility			102.00%
CANADA
Disclosure of financial liabilities [line items]
Risk-free interest rate		1.70%	2.16%
Dividend yield		0.00%	0.00%
Expected life		9 months	1 year 9 months
Volatility		106.00%	114.00%
Probability of exercise		75.00%	20.00%

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SHARE CAPITAL AND RESERVES (Detail Narrative)													1 Months Ended	12 Months Ended
	Jun. 08, 2020 CAD ($)	Apr. 30, 2019 CAD ($) shares	Feb. 28, 2019 CAD ($) shares	Oct. 15, 2018 CAD ($) shares $ / shares	Aug. 09, 2018 shares	Aug. 09, 2018 CAD ($) shares	Oct. 23, 2017 CAD ($) shares	Sep. 12, 2017 CAD ($) shares	Sep. 06, 2017 CAD ($) shares	May 19, 2017 CAD ($) shares	Apr. 06, 2017	Mar. 14, 2017 CAD ($) shares	Nov. 30, 2019 CAD ($) $ / shares shares	Nov. 30, 2020 CAD ($) shares	Nov. 30, 2019 CAD ($) shares $ / shares	Nov. 30, 2018 CAD ($) shares	Jan. 09, 2018 CAD ($) shares
Disclosure of classes of share capital [line items]
Shares issued pursuant to exercise of stock options								$ 75,000
Shares issued pursuant to exercise of stock options (in shares) | shares								20,000
Number of common shares issued for licenses | shares				888,000												888,000
Shares issued for finder fees									$ 24,600
Shares issued for finder fees (in shares) | shares									4,000
Number of shares issued to settle debt | shares		46,539	113,334						73,291	22,854		117,750
Amount of shares issued to settle debt		$ 199,896	$ 335,792						$ 204,123	$ 69,100		$ 353,250		$ 331,967	$ 634,175	$ 623,771
Description of settlement of debt	On June 8, 2020, the Company closed a registered direct offering, under its F-3 registration statement in the United States, by issuing 2,666,672 common shares of the Company at US$1.50 per common share for total proceeds of $5,353,203 (US$4,000,002). Concurrent with this offering, the Company issued to the investors 1,333,334 share purchase warrants exercisable for US$1.88 per common share with a maturity date of June 9, 2025. The holders of the Cashless Warrants may elect, if the Company does not have an effective registration statement registering or the prospectus contained therein is not available for the issuance of the Cashless Warrant shares to the holder, in lieu of exercising the Cashless Warrants for cash, a cashless exercise option to receive common shares equal to the fair value of the Cashless Warrants. The fair value is determined by multiplying the number of Cashless Warrants to be exercised by the previous day’s volume weighted average price (“VWAP”) less the exercise price with the difference divided by the VWAP. If a Cashless Warrant holder exercises this option, there will be variability in the number of shares issued per Cashless Warrant.	On April 30, 2019, the Company issued 46,539 common shares valued at $243,162 to settle debt of $199,896 resulting in a loss of $43,266 which is included in loss on debt settlements.	On February 28, 2019, the Company issued 113,334 common shares valued at $391,013 to settle debt of $335,792 resulting in a loss of $55,221 which is included in loss on debt settlements.								On April 6, 2017, the Company closed a non-brokered private placement and issued 89,833 units at a price of $3.00 per unit for gross proceeds of $269,500 of which $16,500 was settled for debt. Each unit consisted of one common share and 0.287 of a share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share at a price of $3.75 per share for a term of five years from closing.	On March 14, 2017, the Company issued 117,750 units valued at $353,250 to settle debt. Each unit was comprised of one common share and 0.287 of a share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share at a price of $3.75 per share for a term of five years from closing.
Fair value of the cashless warrants	$ 470,785
Derivative liability	341,163
Recorded a gain	$ 129,622
Gain on debt settlements		$ (43,266)	$ (55,221)
Total amount of debt settlements		$ 243,162	$ 391,013
Amount of shaes issued for intangible assets				$ 1,469,456												1,469,456
Shares issued for intangible assets | shares				268,000
Number of warrants issued for exercise | shares													158,291
Amount of proceeds form warrants issued													$ 368,617
Exercise price of warrants | $ / shares				$ 5.00									$ 1.75
Number of units issued | shares				800,000
Units issue price per unit | $ / shares				$ 4.00
Shares issued for cash				$ 4,157,760												4,157,760
Total amount of agents fees				410,218
Legal fees				36,353
Shares issued for share issuance costs				$ 41,531												$ (423,371)
Shares issued for share issuance costs (in shares) | shares				10,000
Description Of Brokered Private Placement				Each unit consisted of one common share and one share purchase warrant exercisable for a three-year period at an exercise price of US$5.00 per warrant.
Fair value of exercised stock options reserves to share capital								$ 48,000
Agents Warrants [Member]
Disclosure of classes of share capital [line items]
Number of warrants issued | shares				8,000										213,333		8,000
Amount of warrant issued				$ 24,774											24,774
Fair value of exercised warrants reserves to share capital															$ 2,985
Number of warrants issued for exercise | shares															1,837
Amount of proceeds form warrants issued															$ 2,296
Exercise price of warrants | $ / shares															$ 1.25
Share Purchase Warrants [Member]
Disclosure of classes of share capital [line items]
Number of warrants issued | shares														2,482,601	1,000,167	800,000
Fair value of exercised warrants reserves to share capital															$ 23,854
Number of warrants issued for exercise | shares							4,750								51,148
Amount of proceeds form warrants issued							$ 17,812								$ 154,320
Issuance of cashless warrants														$ 103,424
Majesco Entertainment Company [Member]
Disclosure of classes of share capital [line items]
Number of share issued as consideration | shares																	66,667
Value for share issued as consideration																	$ 415,000
Liquid Media Group Canada Ltd [Member]
Disclosure of classes of share capital [line items]
Issuance of common stock | shares					1,288,497	1,288,497
Amount of issuance of common stock						$ 4,277,319
Amount of warrant issued						$ 96,303

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SHARE CAPITAL AND RESERVES (Detail Narrative 2)		12 Months Ended
	Aug. 09, 2018 CAD ($) shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 CAD ($) shares $ / shares	Nov. 30, 2018 shares $ / shares
Statements Line Items [Line Items]
Basic and diluted earnings (loss) per share | $ / shares		$ (0.68)	$ (1.77)	$ (3.16)
Basic and diluted profit per share attributable to non-controlling interests | $ / shares		$ (0.01)	$ 0.02
Attributable to non-controlling interests of weighted average number of common shares outstanding		4,255,297	2,397,117
Stock option holders granted stock options		550,000	461,500	117,000
Share Options [Member]
Statements Line Items [Line Items]
Stock option holders granted stock options			117,000
Share Options [Member] | Stock Option Vesting Tranche One [Member]
Statements Line Items [Line Items]
Percentage of vested share			25.00%
Share Options [Member] | Stock Option Vesting Tranche Two [Member]
Statements Line Items [Line Items]
Percentage of vested share			25.00%
Share Options [Member] | Stock Option Vesting Tranche Three [Member]
Statements Line Items [Line Items]
Percentage of vested share			25.00%
Leading Brands Inc [Member]
Statements Line Items [Line Items]
Stock option holders granted stock options	117,000
Fair value of stock options | $	$ 96,303
Leading Brands Inc [Member] | Share Options [Member]
Statements Line Items [Line Items]
Percentage of options granted			25.00%
Stock option holders granted stock options			89,000
Fair value of stock options | $			$ 96,303
Percentage of vested share			25.00%

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DISCONTINUED OPERATIONS (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Statement Line Items [Line Items]
Sales	$ 47,317	$ 27,109
Cost of sales	763,184	1,837,555	603,718
Gross profit	(715,867)	(1,810,446)	(603,718)
Operating expenses
Other general and administrative expenses	78,416	49,808	11,327
Marketing	2,102,152	1,166,286
Professional fees	691,463	891,673	519,076
Total operating expenses	7,860,733	5,501,522	1,776,806
Total other income (expenses)	3,206,700	(384,609)	(5,196,272)
Profit (loss) before income taxes	(5,369,900)	(7,696,577)	(7,576,796)
Profit (loss) from discontinued operations	(2,813,889)	(89,656)	76,563
Cash flows from (used in) operating activities	(6,212,046)	(4,026,634)	326,256
Cash flows from (used in) investing activities	(3,857,154)	(213,702)	(138,262)
Net cash flows for the year	(3,882,428)	260,074	4,273,024
Discontinued operations [member]
Statement Line Items [Line Items]
Sales	415,335	402,127	687,381
Cost of sales	141,815	148,249	155,031
Gross profit	273,520	253,878	532,350
Operating expenses
Consulting and director fees	12,179	113,990	131,866
Other general and administrative expenses	14,371	30,296	23,041
Management and directors salaries and fees	89,658	113,229	95,121
Marketing		282
Professional fees	30,462	87,396	50,932
Total operating expenses	146,670	345,193	300,960
Impairment of goodwill	(2,940,739)
Write off of intangible assets			(116,352)
Loss on settlement of debt			(36,854)
Total other income (expenses)	(2,940,739)		(153,206)
Profit (loss) before income taxes	(2,813,889)	(91,315)	78,184
Income tax expense		(1,659)	1,621
Profit (loss) from discontinued operations	(2,813,889)	(89,656)	76,563
Profit (loss) attributable to non-controlling interest from discontinued operations	(1,766,291)	(43,932)	37,516
Profit (loss) attributable to the Company from discontinued operations	(1,047,598)	(45,724)	39,047
Cash flows from (used in) operating activities	38,635	113,876	119,667
Cash flows from (used in) investing activities		(133,356)	11,060
Net cash flows for the year	$ 38,635	$ (19,480)	$ 130,727

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RELATED PARTY TRANSACTIONS (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of transactions between related parties [abstract]
Management and directors salaries and fees	$ 625,000	$ 577,500	$ 407,525
Management and directors salaries and fees in discontinued operations	19,000	26,000
Share-based compensation	1,578,456	890,418
Interest expense		5,174	18,537
key management personnel compensation	$ 2,222,456	$ 1,499,092	$ 426,062

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NON-CONTROLLING INTEREST (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Non-controlling Interest
Balance, Beginning of period	$ 1,786,401	$ 1,838,941
Share of income for the year	(1,766,291)	(43,932)	$ 37,516
Foreign exchange on translation	(20,110)	(8,608)	116,810
Balance, End of period		$ 1,786,401	$ 1,838,941

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NON-CONTROLLING INTEREST (Details 1) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Assets
Current	$ 1,470,630	$ 6,349,663
Assets	12,045,869	15,389,472
Liabilities
Current liabilities	2,670,556	5,805,314
Liabilities	3,054,664	8,319,156
Non-controlling interest		1,786,401	$ 1,838,941
Non-controlling Interests
Assets
Current		33,770
Non-current		3,905,471
Liabilities
Current liabilities		270,362
Non-current		23,163
Net assets		3,645,716
Non-controlling interest		$ 1,786,401

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NON-CONTROLLING INTEREST (Details 2) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Non-controlling Interest
Profit attributable to non-controlling interest	$ (1,766,291)	$ (43,932)	$ 37,516
Foreign exchange on translation	(20,110)	(8,608)	116,810
Comprehensive profit attributable to non-controlling interest	$ (1,786,401)	$ (52,540)	$ 154,326

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NON-CONTROLLING INTEREST (Details Narrative)	12 Months Ended
	Nov. 30, 2020
Non-controlling Interest
Percentage of equity attributable non-controlling interest held in Majesco	49.00%

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SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS (Details) - CAD ($)		12 Months Ended
	Oct. 15, 2018	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Supplemental non-cash disclosures
Reallocation of value of options upon exercise		$ 144,245
Reallocation of value of warrants upon exercise		28,056		2,986
Reallocation of value of RSUs upon vesting		482,272
Shares issued for the acquisition of Majesco (Note 5)				415,000
Amount of shaes issued for intangible assets	$ 1,469,456			1,469,456
Shares issued for licenses				4,880,639
Shares issued for debt settlements		331,967	634,175	623,771
Warrants issued for share issue costs		338,558		24,774
Net assets acquired on RTO (Note 3)				243,065
Shares issued for commitment to issue shares			33,058
Acquisition of equipment in accounts payable			125,143
Units issued for conversion of convertible debentures		987,316	1,795,456
Accounts payable applied to convertible debentures			23,675
Derecognition of investment in associate			587,274
Loans receivable allocated to long-term			379,268
Residual value of warrants on conversion of convertible debentures			30,779
Accounts receivable applied to accounts payable		$ 648,091

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INCOME TAXES (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure Of Income Tax [Abstract]
Loss from continuing operations before income taxes	$ (5,369,900)	$ (7,696,577)	$ (7,576,796)
Profit (loss) from continuing operations before income taxes	(2,813,889)	(89,656)	76,563
Loss before income taxes	(8,183,789)	(7,625,316)	(7,500,233)
Expected income tax expense (recovery) at statutory rates	(2,210,000)	(2,103,000)	(2,025,000)
Change in statutory, foreign tax, foreign exchange rates and other	(35,000)	(44,576)	(75,379)
Permanent difference	528,000	356,000	1,439,000
Impact of deconsolidation	(23,000)
Share issue cost	(226,000)		(132,000)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	(9,000)	(123,000)
Change in unrecognized deferred tax assets	1,975,000	1,752,000	795,000
Income tax expense		(162,576)	1,621
Deferred tax expense (recovery) relating to continuing operations		(160,917)
Current income tax expense (recovery) relating to discontinued operations		$ 1,659	$ (1,621)

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INCOME TAXES (Details 1) - CAD ($)	Nov. 30, 2020	Nov. 30, 2019
Deferred tax assets (liabilities)
Intangible assets		$ (23,163)
Capital loss	197,000
Investment in associates	(434,000)	(122,000)
Debt with accretion		(41,000)
Non-capital losses	237,000	163,000
Net deferred tax liability		$ (23,163)

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SEGMENTED INFORMATION (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Disclosure of operating segments [line items]
Revenue	$ 47,317	$ 27,109
Cost of sales	(763,184)	(1,837,555)	(603,718)
Other income (expenses)	3,206,700	(384,609)	(5,196,272)
Discontinued operations	(2,813,889)	(89,656)	76,563
Segment loss	(5,369,900)	(7,535,660)	(7,576,796)
Corporate expenses:
Foreign currency translation	(312,885)	12,775	398,892
Comprehensive loss for the year	(8,496,674)	(7,612,541)	(7,101,341)
Capital expenditures:
Goodwill		3,582,548
Operating segments [member]
Disclosure of operating segments [line items]
Revenue	47,317	27,109
Cost of sales	(763,184)	(1,837,555)	(603,718)
Operating expenses	(626,299)	(100,202)	(17,722)
Other income (expenses)		195,726	(442,585)
Discontinued operations	(2,813,889)	(89,656)	76,563
Segment loss	(4,156,055)	(1,804,578)	(987,462)
Corporate expenses:
Operating expenses	(7,234,434)	(5,401,320)	(1,759,084)
Other income (expenses)	3,206,700	(580,335)	(4,753,687)
Tax recovery		160,917
Foreign currency translation	(312,885)	12,775	398,892
Comprehensive loss for the year	(8,496,674)	(7,612,541)	(7,101,341)
Capital expenditures:
Intangible assets	4,464,885		79,808
Goodwill			3,585,883
Equipment		125,143
Operating segments [member] | Film [Member]
Disclosure of operating segments [line items]
Revenue	16,587
Cost of sales	(56,058)
Operating expenses	(499,144)
Other income (expenses)			(442,585)
Discontinued operations
Segment loss	(538,615)		(442,585)
Capital expenditures:
Intangible assets	4,464,885
Goodwill
Equipment
Operating segments [member] | Video Games [Member]
Disclosure of operating segments [line items]
Revenue	30,730	27,109
Cost of sales	(707,126)	(1,837,555)	(603,718)
Operating expenses	(127,155)	(100,202)	(17,722)
Other income (expenses)		195,726
Discontinued operations	(2,813,889)	(89,656)	76,563
Segment loss	(3,617,440)	(1,804,578)	(544,877)
Capital expenditures:
Intangible assets			79,808
Goodwill			$ 3,585,883
Equipment		$ 125,143

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SEGMENTED INFORMATION (Detail Narrative)	12 Months Ended
	Nov. 30, 2020 Segment
Disclosure of operating segments [abstract]
Number of reportable operating segments	2

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RESTATEMENT OF FINANCIAL STATEMENTS (Details) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Statement Line Items [Line Items]
Accounts payable and accrued liabilities	$ 1,490,753	$ 4,367,381
Derivative liability (long-term)	341,163	1,102,277
Share capital	29,632,284	21,118,940
Accumulated other comprehensive income	10,690	303,465
Deficit	(24,859,283)	(18,441,785)
Consulting fees	1,205,902	775,916	$ 344,003
Professional fees	691,463	891,673	519,076
Gain on derivative liability	1,231,899	(449,519)	1,030,328
Loss attributable to Liquid Media Group from continuing operations	(5,369,900)	(7,535,660)	(7,576,796)
Loss for the year	(8,183,789)	(7,625,316)	(7,500,233)
Foreign currency translation adjustment	(312,885)	12,775	398,892
Comprehensive loss for the year	$ (8,496,674)	$ (7,612,541)	$ (7,101,341)
Basic and diluted loss per share attributable to the Company	$ (0.82)	$ (1.78)	$ (3.14)
Cash flows used in operating activities	$ (6,212,046)	$ (4,026,634)	$ 326,256
Cash flows provided by financing activities	6,193,817	$ 4,456,019	$ 3,994,886
As previously reported [Member]
Statement Line Items [Line Items]
Accounts payable and accrued liabilities	1,284,452
Derivative liability (long-term)
Share capital	29,999,645
Accumulated other comprehensive income	4,304
Deficit	(24,672,794)
Consulting fees	993,215
Professional fees	588,039
Gain on derivative liability	1,102,277
Loss attributable to Liquid Media Group from continuing operations	(5,183,411)
Loss for the year	(7,997,300)
Foreign currency translation adjustment	(319,271)
Comprehensive loss for the year	(8,316,571)
Loss attributable to Shareholders of the Company	(6,231,009)
Comprehensive loss attributable to Shareholders of the Company	$ (6,530,170)
Basic and diluted loss per share attributable to the Company from continuing operations	$ (0.66)
Basic and diluted loss per share attributable to the Company	$ (0.79)
Cash flows used in operating activities	$ (6,138,396)
Cash flows provided by financing activities	6,120,167
Adjustment [Member]
Statement Line Items [Line Items]
Accounts payable and accrued liabilities	206,301
Derivative liability (long-term)	341,163
Share capital	(367,361)
Accumulated other comprehensive income	6,386
Deficit	(186,489)
Consulting fees	212,687
Professional fees	103,424
Gain on derivative liability	129,622
Loss attributable to Liquid Media Group from continuing operations	(186,489)
Loss for the year	(186,489)
Foreign currency translation adjustment	6,386
Comprehensive loss for the year	(180,103)
Loss attributable to Shareholders of the Company	(186,489)
Comprehensive loss attributable to Shareholders of the Company	$ (180,103)
Basic and diluted loss per share attributable to the Company from continuing operations	$ (0.02)
Basic and diluted loss per share attributable to the Company	$ (0.03)
Cash flows used in operating activities	$ (73,650)
Cash flows provided by financing activities	73,650
As restated [Member]
Statement Line Items [Line Items]
Accounts payable and accrued liabilities	1,490,753
Derivative liability (long-term)	341,163
Share capital	29,632,284
Accumulated other comprehensive income	10,690
Deficit	(24,859,283)
Consulting fees	1,205,902
Professional fees	691,463
Gain on derivative liability	1,231,899
Loss attributable to Liquid Media Group from continuing operations	(5,369,900)
Loss for the year	(8,183,789)
Foreign currency translation adjustment	(312,885)
Comprehensive loss for the year	(8,496,674)
Loss attributable to Shareholders of the Company	(6,417,498)
Comprehensive loss attributable to Shareholders of the Company	$ (6,710,273)
Basic and diluted loss per share attributable to the Company from continuing operations	$ (0.68)
Basic and diluted loss per share attributable to the Company	$ (0.82)
Cash flows used in operating activities	$ (6,212,046)
Cash flows provided by financing activities	$ 6,193,817

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RESTATEMENT OF FINANCIAL STATEMENTS (Details Narrative) - CAD ($)	12 Months Ended
	Nov. 30, 2020	Jun. 08, 2020	Nov. 30, 2019
Restatement Of Financial Statements Details Narrative Abstract
Exercise price		$ 1.88
Allocated issuance costs	$ 470,785
Professional fees	103,424
Derivative liability	341,163		$ 1,102,277
Gain on derivative liability	129,622
Consultant for services	159,120
Accounts payable and accrued liabilities	206,301
Consulting and director fees	$ 212,687