| Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents the Corporation’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and 2021:
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March 31, 2022 |
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Notes |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Other financial assets - Sprout Call Option |
4 |
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$— |
|
$— |
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$— |
|
$— |
Total |
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$— |
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$— |
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$— |
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$— |
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Liabilities |
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Liability related to warrants |
12 |
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$— |
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$— |
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$5,570,530 |
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$5,570,530 |
Total |
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$— |
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$— |
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$5,570,530 |
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$5,570,530 |
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March 31, 2021 |
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Notes |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Marketable securities - Acasti Shares |
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$150,000 |
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$— |
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$— |
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$150,000 |
Other financial assets - Sprout Call Option |
4 |
|
– |
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– |
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5,615,167 |
|
5,615,167 |
Total |
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$150,000 |
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$— |
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$5,615,167 |
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$5,765,167 |
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Liabilities |
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Liability related to warrants |
12 |
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$— |
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$— |
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$10,462,137 |
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$10,462,137 |
Total |
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$— |
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$— |
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$10,462,137 |
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$10,462,137 |
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| Summary of Reconciliation of Beginning and Ending Balance of Call Option |
The following table presents a reconciliation of the beginning and ending balance of the Call Option:
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Years ended |
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Notes |
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March 31,
2022 |
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March 31,
2021 |
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Balance as at April 1st 2021 and 2020 |
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$5,615,167 |
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$— |
Increase arising from business combination |
4 |
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– |
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5,523,255 |
Change in fair value |
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(5,606,683) |
|
83,428 |
Effect of movements in exchange rate |
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(8,484) |
|
8,484 |
Balance as at March 31, 2022 and 2021 |
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$— |
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$5,615,167 |
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