Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.2
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2020
INCOME TAXES  
Schedule of components of income tax expense (benefit)

The income tax rate of 24.39% (2019 - 25.30%) to the effective tax rate is as follows:

 

 

 

 

 

 

 

 

 

    

2020

    

2019

Net (Loss) before recovery of income taxes

 

$

(25,016,497)

 

$

(10,556,601)

Expected income tax (recovery) expense

 

$

(6,101,891)

 

$

(2,670,579)

Tax rate changes and other adjustments

 

 

32,616

 

 

(525,472)

Share based compensation

 

 

434,561

 

 

340,861

Accretion

 

 

 —

 

 

890,797

Change in fair value

 

 

 —

 

 

(85,487)

Other non-deductible expenses

 

 

50,131

 

 

83,578

Gain on mark to market

 

 

 —

 

 

(518,274)

Goodwill impairment

 

 

2,737,281

 

 

 —

Change in tax benefits not recognized

 

 

2,847,302

 

 

2,484,576

Income tax (recovery) expense

 

$

 —

 

$

 —

 

Schedule of deferred tax assets and liabilities

The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following:

 

 

 

 

 

 

 

 

Equipment

 

$

21,906

 

$

70,650

Non-capital losses – Canada

 

 

3,246,120

 

 

2,796,469

Net operating losses – US

 

 

7,266,374

 

 

5,911,320

SR&ED pool

 

 

1,038,983

 

 

844,001

Other

 

 

1,134,863

 

 

1,022,309

Valuation Allowance

 

 

(12,349,308)

 

 

(9,502,006)

 

 

 

358,938

 

 

1,142,743

Intangibles and other

 

 

(358,938)

 

 

(1,142,743)

 

 

 

 —

 

 

 —

 

Summary of income tax examinations

The following describes the open tax years, by major tax jurisdiction, as of March 31, 2020:

 

 

 

United States – Federal

2016 – present

United States – State

2016 – present

Canada – Federal

2015 – present

Canada – Provincial

2015 – present