| Components of loss before taxes |
| |
|
Years
ended February 28, |
|
| |
|
2018 |
|
|
2017 |
|
| U.S.
operations |
|
$ |
(8,509,651 |
) |
|
$ |
(2,155,934 |
) |
| Foreign
operations |
|
|
(5,527,727 |
) |
|
|
(1,958,067 |
) |
| Loss
before taxes |
|
$ |
(14,037,378 |
) |
|
$ |
(4,114,001 |
) |
|
| Effective income tax rate, as computed on loss before taxes |
| |
|
Years
ended February 28, |
|
| |
|
2018 |
|
|
2017 |
|
| Federal
income tax at statutory rate (32.67% in 2018; 35% in 2017) |
|
$ |
(4,585,497 |
) |
|
$ |
(1,439,900 |
) |
| Effect
of foreign jurisdiction |
|
|
320,769 |
|
|
|
40,018 |
|
| Non-deductible
expenses |
|
|
2,169,384 |
|
|
|
(48,326 |
) |
| Tax
credits related to research and development expenditures |
|
|
(146,757 |
) |
|
|
- |
|
| Impact
of Tax Cuts and Jobs Act Enactment |
|
|
876,812 |
|
|
|
- |
|
| Unrecognized
tax benefit of net operating losses and other available deductions |
|
|
1,365,289 |
|
|
|
1,448,208 |
|
| Effective
income tax expense |
|
$ |
-
|
|
|
$ |
-
|
|
|
| Deferred income tax assets and liabilities |
| |
|
As
at February 28, |
|
| |
|
2018 |
|
|
2017 |
|
| Deferred
tax assets |
|
|
|
|
|
|
| Canada
net operating loss carry forward |
|
$ |
1,127,381 |
|
|
$ |
73,947 |
|
| U.S.
net operating loss carry forward |
|
|
1,377,008 |
|
|
|
1,749,036 |
|
| Property,
plant and equipment |
|
|
136,200 |
|
|
|
22,795 |
|
| Research
and development expenditures and credits |
|
|
472,608 |
|
|
|
35,170 |
|
| Unrealized
foreign exchange |
|
|
9,462 |
|
|
|
- |
|
| Deferred
tax assets |
|
|
3,122,659 |
|
|
|
1,880,948 |
|
| Deferred
tax liabilities |
|
|
|
|
|
|
|
|
| Property,
plant and equipment |
|
|
(2,367 |
) |
|
|
(131 |
) |
| Intangibles |
|
|
(1,489 |
) |
|
|
(41,425 |
) |
| Accrual
and reserves |
|
|
(49,236 |
) |
|
|
(200,334 |
) |
| Unrealized
foreign exchange |
|
|
(8,697 |
) |
|
|
(24,610 |
) |
| Deferred
tax liability |
|
|
(61,789 |
) |
|
|
(266,500 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred
tax asset |
|
|
3,060,870 |
|
|
|
1,614,448 |
|
| Valuation
allowance |
|
|
(3,060,870 |
) |
|
|
(1,614,448 |
) |
| Deferred
tax asset, net |
|
$ |
- |
|
|
$ |
- |
|
|