Income Taxes (Tables)
|
12 Months Ended |
Mar. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Tax (Recovery) Expense |
Income tax (recovery) expense:
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
Current |
|
$— |
|
$— |
Deferred taxes recovery |
|
— |
|
(3,477,711) |
Total tax recovery |
|
$— |
|
$(3,477,711) |
|
| Schedule of Reconciliation of Effective Tax Rate |
Reconciliation of effective tax rate:
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
Loss before income taxes |
|
$(84,424,529) |
|
$(127,741,941) |
|
|
|
|
|
Basic combined Canadian statutory income tax rate 1 |
|
26.50% |
|
26.50% |
Income tax |
|
$(22,372,500) |
|
$(33,851,614) |
Increase (decrease) resulting from: |
|
|
|
|
Change in valuation allowance |
|
18,982,099 |
|
26,696,339 |
Permanent difference on impairment on goodwill |
|
788,642 |
|
999,782 |
Permanent difference related to derivative |
|
(1,656,038) |
|
(2,004,305) |
Non deductible and tax exempt items |
|
71,653 |
|
(347,773) |
Non-deductible stock-based compensation |
|
2,050,909 |
|
2,660,390 |
Foreign exchange |
|
236,512 |
|
(101,188) |
Difference in statutory tax rates of foreign subsidiaries |
|
1,121,068 |
|
2,778,258 |
Other permanent differences |
|
474,339 |
|
(571,275) |
Adjustments in relation to prior years |
|
303,316 |
|
263,675 |
Total tax recovery |
|
$— |
|
$(3,477,711) |
1 The Canadian combined statutory income tax rate.
|
| Schedule of Components of Net Deferred Tax Asset (Liability) |
Components of the net deferred tax asset (liability)
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
Net operating losses ("NOL") and tax credit carryforwards |
|
$76,346,005 |
|
$61,321,242 |
Intangible assets and goodwill |
|
554,187 |
|
653,006 |
Reserves and accruals not currently deductible for tax purposes |
|
290,413 |
|
389,037 |
Financing fees not currently deductible for tax purposes |
|
1,446,462 |
|
22,651 |
Research and development costs |
|
3,098,560 |
|
533,372 |
Non-deductible interest |
|
3,349,307 |
|
3,985,157 |
Other |
|
1,693,301 |
|
1,723,027 |
Subtotal |
|
86,778,235 |
|
68,627,492 |
Less: valuation allowance |
|
83,934,321 |
|
64,418,752 |
Total net deferred tax assets |
|
2,843,914 |
|
4,208,740 |
|
|
|
|
|
Property, plant and equipment |
|
— |
|
(2,991,756) |
Intangible assets and goodwill |
|
(1,921,815) |
|
— |
Right-of-use assets |
|
(767,164) |
|
(748,475) |
Other |
|
(154,935) |
|
(468,509) |
Total deferred tax liabilities |
|
(2,843,914) |
|
(4,208,740) |
|
|
|
|
|
Net deferred tax |
|
$— |
|
$— |
|
| Schedule of Tax Losses Carried Forward |
We have income tax NOL carryforwards which will expire on various dates in the next 20 years as follows:
|
|
|
|
|
|
|
|
Federal |
|
Provincial/State |
|
|
|
|
|
2027 |
|
46,000 |
|
|
2028 |
|
- |
|
|
2029 |
|
- |
|
|
2030 |
|
- |
|
149,000 |
2031 |
|
474,000 |
|
1,523,000 |
2032 |
|
4,249,000 |
|
741,000 |
2033 |
|
11,099,000 |
|
11,210,000 |
2034 |
|
16,244,000 |
|
15,247,000 |
2035 |
|
11,275,000 |
|
10,429,000 |
2036 |
|
18,956,000 |
|
18,399,000 |
2037 |
|
9,835,000 |
|
9,178,000 |
2038 |
|
22,000 |
|
18,000 |
2039 |
|
7,974,000 |
|
8,473,000 |
2040 |
|
32,672,000 |
|
39,443,000 |
2041 |
|
42,380,000 |
|
40,506,000 |
2042 |
|
38,544,000 |
|
38,149,000 |
|
|
|
|
|
|
|
$193,770,000 |
|
$193,465,000 |
|
| Schedule of Unused Federal Investment Tax Credits |
Unused federal Investment tax credits may be used to reduce federal income tax payable and expire as follows:
|
|
|
|
2023 |
|
$174,000 |
2024 |
|
60,000 |
2025 |
|
43,000 |
2026 |
|
73,000 |
2027 |
|
116,000 |
2028 |
|
51,000 |
2029 |
|
113,000 |
2030 |
|
179,000 |
2031 |
|
216,000 |
2032 |
|
126,000 |
2033 |
|
104,000 |
2034 |
|
94,000 |
2035 |
|
234,000 |
2036 |
|
168,000 |
2037 |
|
127,000 |
2038 |
|
50,000 |
2039 |
|
58,000 |
|
|
$1,986,000 |
|