| Components of loss before taxes |
| |
|
February 28, 2021 |
|
|
February 29, 2020 |
|
| U.S. operations |
|
$ |
(7,126,988 |
) |
|
$ |
(4,220,000 |
) |
| Foreign operations |
|
|
(29,217,935 |
) |
|
|
(10,285,455 |
) |
| Loss before taxes |
|
$ |
(36,344,923 |
) |
|
$ |
(14,505,455 |
) |
|
| Income tax rate reconciliation |
| |
|
February 28, 2021 |
|
|
February 29, 2020 |
|
| Statutory Federal rate |
|
|
21 |
% |
|
|
21 |
% |
| |
|
|
|
|
|
|
|
|
| Federal income tax at statutory rate |
|
$ |
(7,632,436 |
) |
|
$ |
(3,046,145 |
) |
| Effect of foreign jurisdiction |
|
|
(1,433,653 |
) |
|
|
(424,593 |
) |
| Non-deductible expenses |
|
|
695,941 |
|
|
|
1,069,845 |
|
| Tax credits related to research and development expenditures |
|
|
(302,703 |
) |
|
|
(446,967 |
) |
| Unrecognized tax benefit of net operating losses and other available deductions |
|
|
8,672,851 |
|
|
|
2,847,860 |
|
| Effective income tax expense |
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
$ |
- |
|
|
$ |
- |
|
|
| Deferred income tax assets and liabilities |
| |
|
As at |
|
| |
|
February 28, 2021 |
|
|
February 29, 2020 |
|
| Deferred tax assets |
|
|
|
|
|
|
| Canada net operating loss carry forward |
|
$ |
9,258,070 |
|
|
$ |
3,905,836 |
|
| U.S. net operating loss carry forward |
|
|
4,629,036 |
|
|
|
3,376,117 |
|
| Accrual and reserves |
|
|
335,742 |
|
|
|
186,985 |
|
| Intangibles |
|
|
123,711 |
|
|
|
92,292 |
|
| Property, plant and equipment |
|
|
2,482,633 |
|
|
|
140,538 |
|
| Research and development expenditures and credits |
|
|
1,778,078 |
|
|
|
1,426,470 |
|
| Other |
|
|
698 |
|
|
|
126,362 |
|
| Deferred tax assets |
|
|
18,607,968 |
|
|
|
9,254,600 |
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
- |
|
|
|
- |
|
| Intangibles |
|
|
(211,049 |
) |
|
|
(27,267 |
) |
| Accrual and reserves |
|
|
(64,112 |
) |
|
|
- |
|
| Investment tax credits |
|
|
- |
|
|
|
- |
|
| Unrealized foreign exchange |
|
|
- |
|
|
|
- |
|
| Other |
|
|
(244,910 |
) |
|
|
- |
|
| Deferred tax liabilities |
|
|
(520,072 |
) |
|
|
(27,267 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred tax assets, net |
|
|
18,087,896 |
|
|
|
9,227,333 |
|
| Valuation allowance |
|
|
(18,087,896 |
) |
|
|
(9,227,333 |
) |
| Deferred tax assets, net |
|
$ |
- |
|
|
$ |
- |
|
|