Schedule of Changes in Accounting Policy [Table Text Block] |
The following financial statement line items for the year ended
were affected by the change in accounting principle.
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Sales |
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$ |
571,945 |
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$ |
571,945 |
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$ |
- |
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Cost of Sales |
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388,756 |
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388,756 |
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- |
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Total operating expenses |
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8,829,481 |
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8,829,481 |
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- |
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Total other expenses |
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(4,709,718 |
) |
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(576,890 |
) |
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(4,132,828 |
) |
Net income (loss) and comprehensive loss for the Period |
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(3,936,574 |
) |
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(8,069,402 |
) |
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(4,132,828 |
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Basic loss per share |
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(6.00 |
) |
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(13.19 |
) |
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(7.50 |
) |
Diluted loss per share |
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(6.00 |
) |
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(13.19 |
) |
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(7.50 |
) |
As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11.
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Current assets |
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$ |
1,402,580 |
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$ |
1,402,580 |
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$ |
- |
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Capital assets |
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227,421 |
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227,421 |
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- |
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Intangible assets |
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27,338,899 |
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27,338,899 |
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- |
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Total assets |
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$ |
28,968,900 |
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$ |
28,968,900 |
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$ |
- |
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Warrant derivative liability |
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959,600 |
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- |
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(959,600 |
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Other current liabilities |
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4,818,205 |
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4,818,250 |
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45 |
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Total liabilities |
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$ |
5,777,805 |
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$ |
4,818,250 |
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$ |
(959,555 |
) |
Common stock |
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645 |
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645 |
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- |
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Additional paid in capital |
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38,736,855 |
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45,184,320 |
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6,447,465 |
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Deficit |
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(15,588,554 |
) |
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(21,076,464 |
) |
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(5,487,910 |
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Accumulated other comprehensive income |
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42,149 |
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42,149 |
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- |
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Total shareholders’ equity |
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$ |
23,191,095 |
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$ |
24,150,650 |
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$ |
959,555 |
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Total liabilities and shareholders’ equity |
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$ |
28,968,900 |
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$ |
28,968,900 |
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$ |
- |
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Net income (loss) for year |
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$ |
(3,936,574 |
) |
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$ |
(8,069,402 |
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$ |
(4,132,828 |
) |
Adjustment for items not affecting cash and changes in non-cash working capital items |
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(3,055,739 |
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1,077,089 |
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4,132,828 |
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Net cash (used in) operating activities |
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(6,992,313 |
) |
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(6,992,313 |
) |
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- |
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Net cash (used in) investing activities |
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(170,790 |
) |
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(170,790 |
) |
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- |
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Net cash provided by financing activities |
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2,324,996 |
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2,324,996 |
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- |
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Net (decrease) in cash and cash equivalents for the year |
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(4,838,107 |
) |
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(4,838,107 |
) |
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- |
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Cash and cash equivalents, beginning of year |
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5,381,757 |
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5,381,757 |
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- |
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Cash and cash equivalents, end of year |
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$ |
543,650 |
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$ |
543,650 |
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$ |
- |
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